A History of African Slave Traders

During the era of the trans-Atlantic slave trade, Europeans did not have the power to invade African states or kidnap African slaves at will. For the most part, the 12.5 million slaves transported across the Atlantic Ocean were purchased from African slave traders. It is a piece of the triangle trade about which there are still many critical misperceptions. Motivations for Slavery One question that many Westerners have about African slavers, is why were they willing to sell their own people? Why would they sell Africans to Europeans? The simple answer to this question is that they did not see slaves as their own people. Blackness (as an identity or marker of difference) was a preoccupation of Europeans, not Africans. There was also in this era no sense of being African. (Indeed, to this day, individuals are more likely to identify as being African rather than, say, Kenyan only after leaving Africa.) Some slaves were prisoners of, and many of these may have been seen as enemies or rivals to those who sold them. Others were people who had fallen into debt. They were different by virtue of their status (what we might think of today as their class). Slavers also kidnapped people, but again, there was no reason they would inherently see slaves as their own. Slavery as a Part of Life It might be tempting to think that African slave traders did not know how bad European plantation slavery was, but there was a lot of movement across the Atlantic. Not all traders would have known about the horrors of the Middle Passage or what life awaited slaves, but others at least had an idea. There are always people willing to ruthlessly exploit others in the quest for money and power, but the story of the African slave trade goes much further than a few bad people. Slavery and the sale of slaves, though, were parts of life. The concept of not selling slaves to willing buyers would have seemed strange to many people up until the 1800s. The goal was not to protect slaves, but to ensure that oneself and ones kin were not reduced to slaves. A Self-Replicating Cycle As the slave trade intensified in the 16 and 1700s, it also became harder not to participate in the trade in some regions of West Africa. The enormous demand for African slaves led to the formation of a few states whose economy and politics were centered around slave raiding and trading. States and political factions that participated in the trade gained access to firearms and luxury goods, which could be used to secure political support. States and communities who were not actively participating in the slave trade were increasingly at a disadvantage. The Mossi Kingdom is an example of a state that resisted the slave trade until the 1800s when it began trading in slaves as well. Opposition to the Trans-Atlantic Slave Trade The Mossi Kingdom was not the only African state or community to resist selling slaves to Europeans. For instance, the king of the Kongo, Afonso I, who had converted to Catholicism, tried to stop the slave of slaves to Portuguese traders. He lacked the power, however, to police the whole of his territory, and traders as well as nobles engaged in the Trans-Atlantic slave trade to gain wealth and power. Alfonso tried writing to the Portuguese king and asking him to stop Portuguese traders from engaging in the slave trade, but his plea was ignored. The Benin Empire offers a very different example. Benin sold slaves to Europeans when it was expanding and fighting many wars - which produced prisoners of war. Once the state stabilized, it stopped trading slaves, until it started to decline in the 1700s. During this period of increasing instability, the state resumed participation in the slave trade.

Evaluation Of The Police Department - 1146 Words

The goal of discipline is to produce desirable behavior. This function can be accomplished by encouraging appropriate behavior and punishing inappropriate or unacceptable behavior. (More Miller, 2014) As we can see in the case study of the Astonville Police Department there were some mistakes made as far as supervision goes. Some of the problems discussed could have been avoided had sound judgement and supervision been accounted for. Too many times officers are left unsupervised which can lead to an array of problems for the officers and the department as we saw in this case. This stems from the top supervisors all the way down to the street officers. The Astonville Police Department seems to be a great place to work and seems to have a†¦show more content†¦Their situation went unwatched or supervised and lead to some severe problems. Problems that could be detrimental to the police department and their policies. Looking at the above reference scenario, we can say that Serg eant Williams did not take the appropriate actions to protect everyone involved. Sergeant Williams already knew that FTO Tibbetts was seen as a â€Å"ladies man† within the department. This should have been a red flag for the Sergeant as he himself viewed Officer Roberts as â€Å"an attractive young woman†. The sergeant in this case thought that the officer would be able to handle FTO Tibbetts’ advances and be a professional. I’m sure he also thought that FTO Tibbetts would be professional. This, however, was not the case. Sergeant Williams did not monitor the training that was going on and did not see a problem until it was already too late. Knowing what he did in the beginning, Sgt. Williams should have assigned Officer Roberts to another FTO. Sergeant Williams should have seen the signs of a possible romantic relationship going on between Officer Roberts and FTO Tibbetts. Officer Roberts received high marks for her evaluations, even after she was clear ed and released on her own she would rely solely on FTO Tibbetts for advice and back up, rumors were going around the department about the two being seen kissing, and he himself saw them in a heated argument. All of these were opportunities for Sergeant

Kldjsl;fkjasd Free Essays

You need talent, luck, and persistence. Pick any two if you want to be successful. Whether you are a basketball coach or player, you can reach your (realistic) goals and achieve a high level of success with Just two of those three. We will write a custom essay sample on Kldjsl;fkjasd or any similar topic only for you Order Now Don’t believe me? Let’s take a look†¦ Talent To some degree, what most people refer to as talent, Is nothing more than passion. If you love to do something†¦ you will do it every chance you can. And the more you do it, the better you get. Now obviously there are several uncontrollable factors that determine someone’s ultimate talent and success on the basketball court (height, athleticism, etc. ), but in many instances, talent comes from non-stop, obsessive practice. I have never met a lethal shooter who didn’t practice all of the time†¦ who dldnt shoot thousands and thousands of shots every single week. Being a talented shooter is 100% controllable. There is no debate that Kevin Durant was born with numerous physical gifts. But so are a lot of people. So how come KD Is an NBA All-Star and 3-tlme NBA leading scorer nd other 69†³ guys never get chance to play past college? Because KD has an unparalleled passion for basketball and he works on his craft every single day. The same can be said for Grelvls Vasquez of the New Orleans Hornets. I met Grelvls the day he got to the united States (from Venezuela) in 2005. He spoke very little English and weighed 150 lbs. Now he plays in the NBA. How is that possible? He made himself talented by working on his game every single day. Same goes for coaching. Who are some of the most talented coaches in college basketball? Coach K? Tom Izzo? Do you have any idea how much time and effort those guys have put into their coaching skill sets? They love the game of basketball and work relentlessly at becoming the best they can be. Talent is the ability to make the most of what you have with where you are. Luck Honestly, I don’t believe in luck. I think unsuccessful people use luck as an excuse I believe luck is when preparation meets opportunity. I love the quote, â€Å"the harder you work, the luckier you get. There is so much truth to that statement. So that means, in rder to be lucky, you need to be well prepared when opportunity knocks. Do you even know how to prepare? Players, what do your daily workouts consist of? Do you Just Jack up 300 shots or do you take game shots, from game spots, at game speeds? Do you practice ball handling drills looking down at the ball or do you force yourself to look up (even though you may lose the b all initially)? Do you visualize a defender in front of you when making moves to the basket or do you Just do the drill? Do you have a solid strength conditioning foundation or do you Just play pick-up? Equally important, are you a great teammate? Are you the type of player other players like to play with and coaches like to coach? Trust me†¦ you’ll be a lot luckier if you are! Coaches, do you Just study the X’s and O’s or do you work on communication and leadership? Do you put all of your focus on your out-of-bounds plays or do you spend time learning how to most effectively communicate wltn every memoer 0T your program? Do you relnTorce great work habits with your players 365 days a year? Do you read, watch film, and network with other coaches? I realize many resources cost money†¦ camps, clinics, DVDs, and trainers, which can me a limiting factor for some. However there are numerous resources that don’t (like this blog or my YouTube channel). Find them. Use them. If you want to be lucky, you need â€Å"to be in the right place at the right time. † Instead of waiting for that to happen, you need to make an effort to create real value in every place you go and every person you come in contact with. When opportunity knocks, will you be prepared to answer? Persistence This one is pretty obvious. Don’t give up on anything you cant go a day without thinking about it. Never quit. Keep practicing. Keep working. Most people think they are persistent, but in reality, they give up after a couple of â€Å"no’s† or a few minor failures. Be too stubborn to quit. Don’t be so pigheaded you won’t try to new approaches or make adjustments along the way†¦ Just don’t quit. Ever. My twin sons, Luke ; Jack, are 2 h years old. They have an unyielding persistence. They don’t stop until they get what they want! They are relentless and they don’t take no for answer. While that has certainly caused me some grey hairs, I hope it is a quality they never out grow. If they apply the same persistence to the game of basketball as they do to wanting to be fed†¦ they will indeed be McDonalds All-Americans in 2028! Bottom line is this. If you want to be successful, on the court, or in anything in life. How to cite Kldjsl;fkjasd, Papers

Culturally Oriented Mental Health Care in Australia †Free Samples

Question: Discuss about the Culturally Oriented Mental Health Care in Australia. Answer: Culture plays an important role in how care services are provided to mental health patients across communities and countries, including Australia. With an incessant diversity of individual variations, it is to be noted that culture is important for clinical settings. It is clear that cultural contexts mould the mental health of minority population and changes the course of services given to them. Acknowledging and respecting the cultural background of the patient cared for leads to the elimination of any misunderstandings between the clinician and the patient, any forms of clinical bias and the fragmentation of mental health services. When the clinicians consider providing care that is aligned with the cultural beliefs and values of the patient, they are no longer deterred from accessing the care services as desired (Huang and Zane 2016). A culturally sensitive care is aligned with the concept of social inclusion. Clinicians must consider the patientss lived experience that holds the potential to become a part of an appropriate recovery practice. How inequality and disadvantage impact individuals are to be understood by the care providers. For example, mental health care provided to Hispanic patients needs to be guarded by cultural aspects. The language barrier is a key concern, and thus an interpreter would be useful. Individuals from this origin have staunch belief in natural healing procedures, and clinicians can consider them as a part of the regular care plan along with modernised treatment option (Minas and Lewis 2017). References Huang, C.Y. and Zane, N., 2016. Cultural influences in mental health treatment.Current Opinion in Psychology,8, pp.131-136. Minas, H. and Lewis, M. eds., 2017.Mental Health in Asia and the Pacific: Historical and Cultural Perspectives. Springer.

Police Brutality free essay sample

Analyzing an Argument This argument is directed to two different types of people: the police and the public. This addresses two different types of an audience. It addresses a hostile audience and it addresses a sympathetic audience. You can who the audience is because the author tells you in the essay. The tone of this essay is informative and it uses a lot of examples. This brings up our second major tool. This tool is called pathos. The author uses some very detailed examples of events that happened to get the people to have sympathy for the topic. The author tells his audience that most of the violence is directed towards African Americans and people of other races. This brings up pathos because race is still a touchy subject these days and some people can relate to what is happening in the world. The last major tool that the author uses is ethos. We will write a custom essay sample on Police Brutality or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The author gains credibility through his quotes and his examples. He uses things from people like Yussuf Naimkly from the University of Regina. He also uses people like Patrick V. Murphy who was a head of police commissions in Detroit, New York and Washington, D. C. There are two major assumptions that I have taken from this article. The first major assumption is that some police officers are good but most of them are bad and use their power ungratefully. The second assumption is that most of the police brutality is directed toward people with and ethnic background. He uses some examples to back these up but what the author fails to realize is that there are other incidents in which these assumptions can be countered. I feel that the argument in this essay is pretty effective towards the public audience. I feel that if the political audience were to read it they would need a little more evidence in order for the author to swing them. The police can just make comebacks saying that are only a few events that have happened; although, the author does address a statistic that a police officer stated dealing with the crime rate dropping. There aren’t that many improvements that I feel this article should have. The first improvement that I think this article should have is with its ethos. With using the quotes from the college professors the author never states what job that that person holds. The person could be a professor in a completely different field and that would take away from the credibility. The other thing that I think needs to be improved is the forcefulness. An essay should be there to force a person into believing something but this essays tone seems a little to laid back considering the one type of audience it is addressing. The final point that I am trying to make is that you cannot write and argument to two different groups. I think that the author should only address a sympathetic audience because of the tone of the passage. If people can relate to this essay then the essay with be strong but if people can’t relate to it then the essay will be weak.

Asian Elephant Essay Example

Asian Elephant Essay Example Asian Elephant Essay Asian Elephant Essay Asian Elephant: An Endangered Species Abstract The Asian Elephant also known by its scientific name the Elephas Maximus is an endangered species. They occur in grassland, tropical evergreen forest, semi-evergreen forest, moist deciduous forest, dry deciduous forested and dry thorn forest, in addition to cultivated and secondary forests and scrublands. The Asian elephant is one of the last few mega-herbivores still in existence on earth (Owen-Smith, 1988). These elephants are highly intelligent and live long lives but due to loss of habitat and hunting their numbers have decreased. To help conserve the Asian Elephant it is protected under appendix I of CITES. The Asian Elephant has been worshipped for centuries and is still used today for ceremonial and religious purposes. Although honored for its role in Asian culture and religion it is also a key biological species in the tropical forests of Asia (WWF, n.d). This animal is threatened with extinction in the wild. While the human population is increasing the Asian Elephantâ„ ¢s habitat is shrinking fast. The Asian elephant is the largest terrestrial mammal in Asia. It is smaller than the African elephant, with relatively smaller ears. Asian elephants have a single finger on the upper lip of their trunk. Only some male Asian elephants carry tusks and females have small tushes, which rarely show. A significant number of adult males are tusk less, and the percentage of males carrying ivory varies by region, from only about 5% in Sri Lanka to 90% in south India (About Elephants, n.d.). Asian elephants keep their ears in constant motion in order to radiate the heat they generate and therefore cool themselves. The species are reported to have well developed hearing, vision, and olfaction, and are also fine swimmers. Their body length varies from 550-640cm, their shoulder height is from 250-300cm, and they weigh?  5,000kg. Their skin color is dark grey to brown, with patches of pink on the forehead, the ears, and the base of the trunk and on the chest. The Asian Elephant provides a vital role in the ecosystem that it inhabits. The Asian Elephant modifies their habitat by converting savannah and woodlands to grasslands. They also provide water for other species by digging water holes in dry riverbeds (ARKive, n.d.). Another factor that leads to their vital role in their ecosystem is that they act as seed dispersers by their fecal matter. It is often carried below ground by dung beetles and termites causing the soil to become more aerated and further distributing the nutrients (About Elephants, n.d.). Also an Asian Elephants journey through the high grass provides food for birds by disturbing small reptiles, amphibians or insects. About twenty percent of the worldâ„ ¢s human population lives in or near the present range of the Asian Elephant (WWF, n.d.). Asian Elephants are threatened by habitat loss and fragmentation to illegal hunting and trade. With the human population growing rapidly, the Asian Elephants habitat is shrinking fast and wild elephant populations are mostly small, isolated, and unable to come together as ancient migratory routes are cut off by human settlements (WWF, n.d.). Large development projects, plantations, and spreading human settlements have fragmented what was once nearby elephant habitats into small fragments. Only male Asian Elephants carry tusks and therefore poaching is aimed exclusively at males. Poaching of Asian Elephants for ivory and meat remains a serious problem in many countries, especially in southern India and in north-east India where some people eat elephant meat (ARKive, n,d,). The capture of wild elephants for domestic use has also become a threat to wild popul ations where numbers have been seriously reduced. India, Vietnam, and Myanmar have banned capture in order to conserve their wild herds, but in Myanmar elephants are still caught each year for the timber industry or the illegal wildlife trade. Efforts are being made not only to improve safety but also to encourage captive breeding rather than taking from the wild (About Elephants, n.d.). Incidents of elephants raiding crops and villages are also on the rise. This causes losses to human property and sometimes human lives. Retaliation by villagers often results in killings of these elephants. Experts already consider such confrontations to be the leading cause of elephant deaths in Asia. In some countries, the government provides compensation for crop damage or deaths caused by elephants, but there is still often strong political pressure on wildlife authorities to eliminate elephants near populated regions (WWF, n.d.). To help stop the extinction of the Asian Elephant there are many efforts being made. For example The Wildlife Conservation Society and the World Wildlife Federation have teamed up to formulate a strategy to conserve the Asian elephantâ„ ¢s preferred environment across the continent of Asia. Also local communities in Thailand have helped stop the deforestation of trees by putting their spiritual and superstitious to good use and by planting new hard woods ( Animal Adoptions, n.d.). It has also been made illegal to hunt the elephants but some people still do it. References (n.d.). Animal Adoptions. In What is Being Done to Save the Asian Elephant. Retrieved March 12, 2011, from animaladoptions.org.uk/what-is-being-done-to-save-the-asian-elephant. (n.d.). ARKive. In Asian Elephant. Retrieved March 12, 2011, from arkive.org/asian-elephant/elephas-maximus/#text=All. (n.d.). Elephant Information Repository. In About Elephants. Retrieved March 12, 2011, from http://elephant.elehost.com/About_Elephants/about_elephants.htm. WWF. (n.d.). WWF Global. In Asian Elephants. Retrieved March 12, 2011, from http://wwf.panda.org/what_we_do/endangered_species/elephants/asian_elephants/.

Determinants and testing of meat quality Essay Example | Topics and Well Written Essays - 3000 words

Determinants and testing of meat quality - Essay Example The determinants of quality for beef and lamb in Australia include texture, colour, flavour, marbling, nutrition variables and juiciness. All of these factors maintain radically different methodologies for ensuring that a quality meat product is placed into the retail supply chain. Scientific and qualitative studies contribute greatly to the process of improving operating standards for slaughter, processing and quality evaluation in the Australian meats industry. Determinants of Quality Meat Standards Australia (MSA) was established in the nation to take the guesswork out of quality meat purchasing options for Australian consumers related to beef and lamb. Supported by the Food Science Australia, Meat and Livestock Australia, the scientific community and over 600,000 samples tested by actual Australian consumers (MLA 2012), the MSA established a grading system that informs consumers of the juiciness, texture, and tenderness that should be expected by certain grades of lamb and beef. This system is the driving catalyst for the variety of experiments and sampling that occurs to ensure quality both pre-slaughter and after processing of animal carcasses. The establishment of the Meat Standards Australia grading system, as it pertains to consumer purchases of beef and lamb, also maintains a colour gradient chart to assist in making quality purchase decisions. One of the most fundamental scientific methods of determining meat quality is the pH test, which maintains several different scientific methodologies for testing. An industry norm was established in the 1970s, still used today, that has determined the most viable pH for optimum meat quality. The pH standard is 5.5, the optimal acidic range before texture and tenderness become negatively affected (Seideman et al. 1986). This is measured by considering meat proteins’ isoelectric point, where a pH of higher than 5.5 â€Å"results in an open structured muscle and a greater diffusion of light between the myo fibrils of the muscle†, leading to a darker meat colour (Seideman et al 1986: 57). Darker hues of beef and lamb, on the consumer and commercial market, are unfavourable and generally lead to poor texture and considerable drop in tenderness ratios. The pH of lamb and beef is often measured pre-slaughter and post-slaughter, taking into consideration a variety of variables that contributed to the acidic nature of the meat. Such tests are conducted with traditional litmus testing, electrical measurement, or through chemical manipulation in a variety of laboratory testings. Temperature control variables are considered critical factors in producing effective and quality meat products. One pH test, referred to as electrical stimulation (ES), is utilized to enhance meat tenderness. Generally conducted post-slaughter, the carcass is exposed to varying levels of electrical stimulation to promote muscular contraction prior to the natural rigor mortis processes. It is common practice in t he beef and lamb slaughtering and processing industry to fast chill meats upon slaughtering to prevent meat degradation that occurs during rigor mortis. To improve pH levels and also assist in preservation, electrical stimulation expedites the process of degradation within myofibrillar and cytoskeletal proteins (Hwang et al. 2003), which naturally occurs during elongated decomposition of the carcass in a natural environment. ES stimulates immediate muscular contractions, and protein degradation, thus allowing for rapid chilling or

An ethical review of four articles Article Example | Topics and Well Written Essays - 2250 words

An ethical review of four articles - Article Example The ability of the Americans to repay loan has been decreasing especially after the 2008 economic crisis. Unemployment rate is ever rising and the income level is ever declining. As such, the default rates have gone up to the ceiling. The rising inflation, skyrocketing cost of education and living is expected to make things worse in the near future. As indicated in this article, this phenomenon has far-reaching negative effect on the entire economy of the country. It is ethical for people to honor their financial obligations hence students who take loans are not exceptional. In this article, the increasing rate of loan defaulters is the main ethical concern that is likely to pose a threat to the entire economy unless something is done immediately. Even though economic conditions are getting harsher, students are expected to be cautious when taking these loans and should plan on how to repay them, otherwise it will cause economic damage to the general populace. What I feel or think af ter reading the article The article reveals a phenomenon that ought to be taken seriously by the state. It is a crisis that is likely to cause serious economic problems in the near future. The revelations by the article provide useful insights about the precautions that ought to be taken by students before they borrow loan. ... In my view, I feel that most students do not take full responsibility for the loans. This is because of the fact that some students are repaying the loans despite earning very low income. For instance, Macaluso has been paying for the loans even though it has affected his savings. I also think that students should not be allowed to take these loans if they are financially stable as this would help reduce the number of the defaulters (Reynolds 1). My opinion In 2012, National Student Clearinghouse Research Center did a research which showed that more than 50% of college graduates are unemployed and are employed in unskilled jobs that are below their academic credentials. A report by the National Center for Education Statistics shows that more than 70% of American students fail to graduate within 3 years. Despite this trend, most of these students still carry student debt. This issue is also happening in other developed countries particularly Canada and Australia. In my opinion, there is immorality that has been spared in the student-loan world. In 2012, the student debt in the United States had surpassed the trillion-dollar level. It is now a major economic burden on graduates and the larger society. This burden cannot be easily offset by increased incomes among the graduates (Reynolds 1). Article Two Ethical Issue The whole world is facing the reality of depleting natural resources such as oil and gas. Middle East is considered to be the hub of energy resources and reserves hence the region has attracted the attention of powerful countries around the world. In this article, Dowd (1), suggests that the supply demand for energy has drastically increased while the supply is ever dropping. In this article, Arctic region is believed to hold approximately 30 per

Physiology of Organ Systems Essay Example | Topics and Well Written Essays - 1000 words

Physiology of Organ Systems - Essay Example The blood pressure of the arteries increases and decreases with each cycle or stage where the blood passes through the chambers of the heart. Blood enters the heart with a specific sequence or order (National Aeronautics and Space Administration, 2007). The heart also has four valves which control and manage the entry and exit of the blood into and out of the heart. The blood would enter the right atrium through the superior and inferior vena cavae and the right atrium would contract and the tricuspid valve would open and allow blood to enter the right ventricle (NASA, 2007). As the right ventricle contracts, the tricuspid valve closes and simultaneously, the pulmonary valve opens and blood enters the pulmonary artery which brings the blood to the lungs where it is infused with oxygen and eliminates carbon dioxide (Shibao, et.al., 2007). The blood then exits the lungs and enters the left atrium where it is pumped out into the different parts of the body. The blood vessel walls have l ayers of smooth muscle and such muscles as well as the heart muscles are regulated by the autonomic nervous system (Shibao, et.al., 2007). Where there is a decrease in the diameter of the blood vessel, the flow of the blood would be more difficult. The persistent decrease in diameter would increase the pressure needed to push the blood into the different cells of the body. The greater pressure is imposed on the heart which is forcing the blood into the different parts of the body (Lohmeier, et.al., 2004).... The blood would enter the right atrium through the superior and inferior vena cavae and the right atrium would contract and the tricuspid valve would open and allow blood to enter the right ventricle (NASA, 2007). As the right ventricle contracts, the tricuspid valve closes and simultaneously, the pulmonary valve opens and blood enters the pulmonary artery which brings the blood to the lungs where it is infused with oxygen and eliminates carbon dioxide (Shibao, et.al., 2007). The blood then exits the lungs and enters the left atrium where it is pumped out into the different parts of the body. The blood vessel walls have layers of smooth muscle and such muscles as well as the heart muscles are regulated by the autonomic nervous system (Shibao, et.al., 2007). Where there is a decrease in the diameter of the blood vessel, the flow of the blood would be more difficult. The persistent decrease in diameter would increase the pressure needed to push the blood into the different cells of the body. The greater pressure is imposed on the heart which is forcing the blood into the different parts of the body (Lohmeier, et.al., 2004). As the smooth muscles would relax, there is lesser resistance and therefore less pressure needed to maintain the blood flow rates. The autonomic nervous system regulates the diameter of the blood vessels (Lohmeier, et.al., 2004). It also regulates the heart rate, increasing or decreasing it where necessary. With these processes, the autonomic nervous system is able to manage blood pressure. Maintenance of continuous blood flow to the brain and the cells of the body are carried out by the â€Å"regulation of blood pressure by the autonomic nervous system† (NASA, 2007, p. 104). The brain is the receptor of data related to pressure exerted by the

The reasons that caused Lehman Brothers to collapse

The reasons that caused Lehman Brothers to collapse The bankruptcy of Lehman Brothers was a result of the investment banks exposure to the 2007-2010 financial crisis. In fact, the demise of the investment bank would come to symbolize the crisis. Therefore, in order to understand the Lehman Brothers bankruptcy, a consummate understanding of the 2007-2010 financial crisis is requisite. As such, an examination of crisis will serve as introductory. Several factors contributed to the fall of Lehman Brothers. Perhaps most important, however, was the period of deregulation that preceded the crisis. Arguably, the period of deregulation started during the Reagan Era. Reaganomics, the lassiez faireeconomic policies advocated by the former president, may have served as the starting point for the deregulatory climate that ensued for the following two decades. Either way, the following two decades witnessed an overriding belief in the virtues of deregulation. In 1999, President Clinton signed the Gramm-Leach-Bliley Financial Services Modernization Act into law. The act repealed portions of the Glass-Steagall Act (Banking Act of 1933). The Glass-Steagall Act prohibited universal banking. Universal banking is defined as a single institution acting as an investment bank, a commercial bank, and an insurance company(Investopedia). The repeal of Glass-Steagall allowed for harmful activity on the part of several financial intermediaries, including Lehman Brothers. For example, commercial banks played a crucial role as buyers and sellers of mortgage-backed securities, credit-default swaps and other explosive financial derivatives. Without the watering down and ultimate repeal of Glass-Steagall, the banks would have been barred from most of these activities (Demos 3). Several other factors contributed to the financial crisis, including:subprime lending, credit conditions, financial instruments, and an increase in home prices. Many subprime mortgages were predatory in nature. Often, the borrower had little chance of repayment. As mortgages were often bundled and sold, lenders were less concerned with a borrowers ability to repay the mortgage. In addition, over 80% of subprime mortgages were adjustable-rate mortgages (ARMs)(Lee).A combination of declining home prices and higher reset rates for ARMs caused delinquencies to increase dramatically. Subprime lending was fueled by low interest rates. After September 11, 2001, the Fed lowered rates. In periods of low interest rates, lending becomes more profitable. As such, banks were pressured to increase subprime lending. By 2006, subprime loans accounted for 20 percent of all mortgage loans (Kratz). The use of financial innovation to create complex financial instruments (derivatives) played a significant role in both subprime lending and the financial crisis. For example, banks sold mortgages, through the securitization process, to investors, in order to finance subprime lending. Asset-backed securities (ABSs) were a common securitization arrangement. A portfolio of income-producing assets (loans) is sold by the originating banks to a special purpose vehicle and the cash flows from the assets are then allocated to tranches (Hull 190). The securitized loan is then sold to investors as an ABS. The process is depicted below. ABS CDS In addition, another derivative, a credit default swap (CDS), was designed to provide insurance to protect against default. CDSs allowed investors to synthetically bet against the asset-backed securities. The process is akin to multiple people buying insurance on the same house (Demos). As such, when mortgages began to default, causing the value of ABSs to decline, the losses to insurance agencies were magnified. The combination of all three of the aforementioned factors caused a remarkable increase in home prices. Low interest rates encouraged borrowing. In addition, many subprime borrowers believed home prices would continue to appreciate in perpetuity. As such, subprime borrowers acquired ARMs. ARMs were a product of the financial innovation mentioned earlier. Between 1997 and 2006, the amalgamation of these factors resulted in a 124 percent increase in home prices (SP/Case-Shiller). Market Making In order to better understand the collapse of Lehman Brothers, it is necessary to examine the functions and practices of an investment bank. The sales and trading desks at investment banks had primarily acted as market makers. Market makers are a broker-dealer firms that  accept the risk of holding a  certain number of shares of a particular security in order to facilitate trading in that security (Investopedia). In other words, market makers provide liquidity to markets by quoting both bid and offer prices. In contrast,investment banks eventually began proprietary trading. Proprietary trading involves taking positions in assets, as opposed to profiting from the bid-offer spread (market making). Lehman Brothers, through proprietary trading, had large levered positions in both subprime mortgages and mortgage-backed securities. When the value of these assets began to decline, the firms equity was wiped out and the bank became insolvent. Proprietary Trading Collapse On September 15, 2008, Lehman Brothers filed for chapter 11 bankruptcy. This was the largest bankruptcy filing in U.S. history. The bank declared a debt of $613 billion, bond debt of $155 billion and $639 billion worth of assets. The demise of Lehman Brothers was caused by a combination of the rejection of bailout from the government, lack of a willing buyer, and the mortgage crisis. The reasons behind the government rejection of a Lehman Brothers bailout are hotly contested. Prior to Lehmans bankruptcy, the government had saved both American Insurance Group (AIG) and Bear Sterns from a similar fate. According to Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, the government failed to bailout Lehman Brothers for two reasons. First, the government lacked legal authority to intervene. Second, Lehman had insufficient capital. The Federal Reserve could only make a loan, Bernanke explained, if collateral supported ità ¢Ã¢â€š ¬Ã‚ ¦Giving Lehman a loan then would be lending into a run, Bernanke feltà ¢Ã¢â€š ¬Ã‚ ¦ The assessment was that if there was a run, which there would be . . . all we would have accomplished would be to make counterparties whole and not succeed in preventing the collapse of the company (dailyfinance.com).Many theorize that the government didnt save Lehman Brothers in order to teach market participants a lesson. However , Bernanke refutes, I speak for myself, and I think I can speak for others, that at no time did we say, We could save Lehman, but we wont. Our concern was about the financial system, and we knew the implications for the greater financial system would be catastrophic, and it was (dailyfinance.com). Lehman Brothershad potential buyers in bothBank of America and Barclays Capital. However, without government assistance,both Bank of America and Barclays Capital walked. Lehman was forced into liquidation. September 16, 2008, the day following Lehman Brothers file for bankruptcy, Barclays signed a definitive agreement to acquire certain parts of Lehman as well as their New York headquarters building. The deal was revised days later for Barclays to acquire the core business of Lehman Brothers including their $960 million Midtown Manhattan office skyscraper and 10,000 employees for $1.35 billion. With few other options, Lehman had little choice but to acquiesce. On September 22, 2008, Nomura Holdings Inc. acquired Lehman Brothers franchise in the Asia Pacific region including multiple locations and 3,000 employees. The mortgage crisis played a significant role in the collapse of Lehman Brothers. Lehman was a major player in subprime lending. Lehman was a leader in both mortgage lending and loans securitization of mortgages. Subprime lending and securitization represented an increasing large portion of Lehmans revenues. As such, the firm was irrevocably linked to the mortgage market. When mortgage default rates began to rise, demand for MBSs decreased. Lehman was stuck with billions of dollars of toxic assets on its balance sheet. Lehman would eventually close its mortgage lending operations. The following year, due to holding on to large positions in subprime and other lower-rated mortgage tranches, Lehman faced significant losses. By 2007, Lehmans leverage ratio (measurement of risk) also increased tremendously to 31:1 putting them in a very vulnerable position because they were too thinly capitalized for the leverage used. This was allowed because they were not subject to the same regulations as depository banks. Deregulation allowed for Lehman to take those increasingly risky positions. Market Effects Lehman Brothers bankruptcy filing on September 15, 2008 caused the DJIA to drop over 500 points (-4.4%). September 15, 2008 marked the biggest one day drop since the markets reopened following September 11, 2001. The DJIA would eventually lose an additional 43% of its value, erasing more than US$ 1 T in market capitalization. World stock market indices suffered a similar fate. The FTSE All-World Index would eventually lose 2400 points (44% of its value). The prospect of Lehman liquidating $4.3 billion in mortgage securities sparked a selloff in the commercial mortgage-backed security (MBS) market. Several money and institutional funds had significant exposure to Lehman. BNY Mellons institutional cash fund and the primary reserve fund (an MMMF) both fell below $1 per share due to exposure to Lehman. The Net Asset Value (NAV) of MMMFs normally stays constant at $1 because investment products usually do not produce capital gains or losses (Investopedia). This event was referred to as the breaking of the buck. Overall systematic risk increased drastically as a result of the bankruptcy filing. Due to the increase in systemic risk, there was a US$ 737 B decline in collateral outstanding in the securities lending market. In addition, the TED Spread, the spread between U.S. treasury rates and LIBOR rates, increased almost 400 basis points. Essentially, the dramatic increase in the TED spread was due to overwhelming uncertainty. LIBOR rates incorporate a small amount of credit risk; U.S. Treasury rates are seen as virtually risk-free. The uncertainty caused the rate differential between a small amount of credit risk and risk-free to widen. After the Lehman Brothers bankruptcy filing, in order to address the escalating crisis, the government created the Troubles Assets Relief Program (TARP). TARP was designed to purchase both assets and equity from financial intermediaries (FIs). The purpose of its design was threefold. First, by purchasing assets, the government hoped to remove toxic assets from the banks balance sheets. Second, by increasing equity positions, TARP recapitalized the troubled banks. Third, TARP was also implemented to encourage inter-bank lending. Opinion The bankruptcy of Lehman Brothers was preventable. The preventability of the Lehman Brothers bankruptcy is primarily due to three factors. First, corporate culture is dictated by upper-level management (this is especially true in top-down hierarchical organizations). At Lehman Brothers, CEO Richard Fuld created a culture of risk taking. A corporate culture that reflected conservatism could have prevented the banks demise. Second, as a corollary, tougher risk management policies could have prevented risk taking behavior. For example, by historical measures, Lehman had a tremendous used a tremendous amount of leverage. As mentioned, a 3 percent decline in asset prices would wipe out the firms equity. A leverage cap could have been used to prevent the overuse of leverage. Third, the weak economic climate was disastrous for Lehman. Lehman had large positions in the mortgage market. When the market began to decline, those positions went against the investment bank. To prevent the three factors, the firm should have hired a CEO that advocated a less risky business strategy. In addition, reduce employees compensation based on profit generation. The firm could have also employed a more market neutral trading strategy. In doing so, Lehman would have avoided insolvency. As mentioned, several ways exist to prevent the failure of the investment bank. However,all the above approaches Lehman CEO Richard Fuld are tailored to Lehman Brothers unique situation. They may or may not, however, be industry-wide or socially beneficial.To prevent another financial crisis and, therefore, the failure of financial institutions, we must align the self-interests of those institutions with societal interests. The following are recommendations for aligning the above interests: à ¢- Long-term Incentive Structure à ¢- Fiduciary Responsibility à ¢- Promote Financial Education à ¢- Prevent the Manipulation of Social Interests We need to develop a long-term incentive structure to prevent executives trying to capture profit upfront at expense of the company and/or societys long-term interests. We could design a longer-term incentive structure that employees will be compensated for their performance over longer periods of times other than the currently yearly compensation. Also we could design compensation program make the compensations based on certain activities callable in the future, if the loss of the company is deemed directly related to the those activities that the compensations are based on. Fiduciary responsibility should be mandatory and financial institutions should be held legally accountable. We need to require full disclosure of conflict of interest, not only in the event that two parties have a direct interest conflict, but also full disclosure when companies providing a financial service have different opinions than the clients current position. In addition, we should expand the concept of full disclosure. We propose making academic researchers disclose the benefit they are getting from financial institutions, including board positions and monetary compensation. Promote education of the general public. Specifically, implement finance classes in public high schools, ensuring all students are aware of market basics. In addition, make firms provide optional education on specific products to clients. Lastly, we must reduce or eliminate attempts to make social interests subservient to self-interests. This concept could apply to all industries. We could limit the funding of lobbyists a firm could hire, and highly restrict the political donations from large firms.We must also eliminate the links between government regulators and market participants, eliminating the conflict of interest between corporations and society. In general, the aforementioned actions are attempts to align self-interest with the social interest. Self-interest, the invisible hand in the successful free market system, must be made to serve the interest of the society. Conclusion This report has examined the following: the Lehman Brothers bankruptcy, the bankruptcys causes, the culpable parties, market effects of the bankruptcy, and risk management errors relating to the bankruptcy. In addition, the opinion section of the paper answers the question, Was the bankruptcy preventable? In summary, on September 15, 2008, the Lehman Brothers filed for bankruptcy. It was the largest bankruptcy filing in U.S. history. Several causes forced Lehman into bankruptcy. Of primary importance, however, was the investment banks exposure to the subprime mortgage market. Deregulation and risk management errors allowed Lehman to increase that exposure. Lehmans CEO Richard Fuld, Treasury Secretary Henry Paulson, and Fed Chairman Ben Bernanke are each culpable. Mr. Fuld is responsible because he created a culture of risk taking and pay based on short-term performance. Henry Paulson and Mr. Bernanke could have saved the bank and chose to do otherwise. We believe this event was entirely preventable. As mentioned, the banks exposure to the subprime mortgage market was, ultimately, its downfall. If more stringent risk management policies had been in place and Lehmans corporate culture had been more conservative, the banks exposure to the crisis would have been reduced. Reduced exposure would have undoubtedly increased Lehmans chances for survival. A singular theme continuously appeared while we conducted our research and, consequently, appeared throughout this report. That theme is greed. Greed is defined as excessive or rapacious desire, especially for wealth or possessions. Unquestionably, human greed contributed to the 2007-2010 financial crisis. Both financial intermediaries and individuals erred. For example, AIG reported record profits in 2007. Unfortunately, the insurer earned those profits by taking on enormous amounts of Off-Balance-Sheet risk. These OBS liabilities (contingent liabilities) resulted in an $85 B government bailout of the firm. Individuals speculated on home prices by refinancing mortgages. Often times, these loans were secured by home equity. When home prices declined, the mortgages went underwater.Mortgage defaults soared. In both cases, greed blinded the market participants. Lehman Brothers wasnt impervious to the rapacious desire either. Leverage is the use of either borrowed money and/or derivatives to multiply gains and losses. The multiplication of gains and losses (greater volatility) implies an increase in risk. Recklessly increasing risk demonstrates an excessive desire for wealth.Therefore, leverage metrics (ratios) can be used tomeasure greed. Prior to the crisis, Lehmans leverage ratios soared. Viewing a single financial product, event, action, or asset bubble as the sole cause of the crisis is overly simplistic. Greed served as a catalyst for each. By ignoring this fact, we are doomed to repeat our mistakes.

Alcohol Essay -- essays research papers

Giovanni Vaccarello, a retired machinist form Brooklyn, New York, never took the safety of his family for granted. He often drove Maria, 18, and Concetta, 17, to their part time jobs. John, his fourteen year old son, was to wear a beeper at all times so that he would never be out of reach. Giovanni routinely walked Cathy, his wife of twenty five years, one block to her job at the beauty salon. But with all the precautions Giovanni took, nothing could stop him from Abraham Meyers, a 25-year-old janitor from Brooklyn. At about 11:30 on May 1, 1994, Giovanni left the Russo’s catering hall in Queens with Cathy, Maria, and Concetta. John lingered behind as the others crossed the street and headed for the car. It was then that Meyers, allegedly going at speeds over 70 mph without headlights on, smashed into them, sending the Vaccarello’s flying. Maria and Concetta died instantly, while Cathy held on for a few hours on life support before dying. Giovanni escaped with his leg broken in three places, but suffered a heart attack that kept him in the hospital for a month. Meyers’ blood alcohol was tested at .2, double the legal limit for driving while intoxicated. This was not the first time he would face charges for driving under the influence of alcohol, he has had his license suspended 26 times and has drunk driving convictions dating back to 1967. Although Meyers kept driving without a license, he never spent one day in jail. He now faces up to life in prison, but this is of no con... Alcohol Essay -- essays research papers Giovanni Vaccarello, a retired machinist form Brooklyn, New York, never took the safety of his family for granted. He often drove Maria, 18, and Concetta, 17, to their part time jobs. John, his fourteen year old son, was to wear a beeper at all times so that he would never be out of reach. Giovanni routinely walked Cathy, his wife of twenty five years, one block to her job at the beauty salon. But with all the precautions Giovanni took, nothing could stop him from Abraham Meyers, a 25-year-old janitor from Brooklyn. At about 11:30 on May 1, 1994, Giovanni left the Russo’s catering hall in Queens with Cathy, Maria, and Concetta. John lingered behind as the others crossed the street and headed for the car. It was then that Meyers, allegedly going at speeds over 70 mph without headlights on, smashed into them, sending the Vaccarello’s flying. Maria and Concetta died instantly, while Cathy held on for a few hours on life support before dying. Giovanni escaped with his leg broken in three places, but suffered a heart attack that kept him in the hospital for a month. Meyers’ blood alcohol was tested at .2, double the legal limit for driving while intoxicated. This was not the first time he would face charges for driving under the influence of alcohol, he has had his license suspended 26 times and has drunk driving convictions dating back to 1967. Although Meyers kept driving without a license, he never spent one day in jail. He now faces up to life in prison, but this is of no con...