AMERICAN GOVERNMENT LESSON 1 Essay Example | Topics and Well Written Essays - 1000 words

AMERICAN GOVERNMENT LESSON 1 - Essay Example According to Glidden and Hill (2008, pg. 1), â€Å"The people elect public officials to represent them in free and frequent elections. People start voting to tell the government what they need at the age of eighteen.† An example of this is the upcoming presidential election. Anyone who is eligible to vote can cast a ballot for whom they wish to be president. The principle of limited power was born out of the fear that Americans had at the time since they had just gained independence. They now had their own power and freedoms and were not about to hand it over fully and freely to the government. Essentially, tyranny was their greatest fear because of the circumstances. According to Glidden and Hill (2008, pg. 1), â€Å"Many states pressured the framers of the constitution to add a Bill of Rights, or a list of the basic rights of citizens. The framers also made the national and state governments share power. But whatever the power, the people gave it to the government and they could take it away.† An example of this in today’s world is the rules governing equal opportunity rights. The next principle for discussion is the sharing of power. According to Glidden and Hill (2008, pg. 1), â€Å"Americas government was based on Federalism, where power is divided between the Federal (national) and state governments. The constitution states what powers the Federal government has and leaves the rest for the states. Whenever a dispute arises the constitution is the â€Å"supreme law of the land.† An example of this is gambling. Some states allow it, and some do not. There is no federal law outright forbidding it, though. The fourth principle to discuss is separation of powers. As it stands today, the federal government consists of the legislative, judicial, and executive branches. According to Glidden and Hill (2008, pg. 1), â€Å"The legislative branch includes the congress and House of

Azhar Research Paper Example | Topics and Well Written Essays - 500 words

Azhar - Research Paper Example n.The poem that I am considering is daddy by Sylvia Plath, this poem highlights the male dominating society through the character of a father, who is excessively dominating and neglects his daughter by being emotionally absent when she needs her ( Plath). This poem depicts the narcissistic attitude of a man towards women. Hence, through this poem one can realize how a man easily dominates over women in the society without feeling guilty. The short story that I am considering is â€Å"Hills like white elephant† by Ernest Hemingway, the writer explains how a woman is under immense pressure during pregnancy that she is fearful as to how she would raise this child. Her partner who is mentioned as American is shown to be very indifferent towards her, that he convinces her to have an abortion. The â€Å"white elephant† (Hemingway) is referred to the unborn child, who only the women can see. This story is also about the relationship of a man and women that is ending. The modern song that I am considering is â€Å"Modern Women† by Billy Joel, although the lyricist is a male but he beautifully portrays by using words like â€Å"Intellectual† and â€Å"confident.† The writer does not look down the women; instead, he sends a powerful message to the readers that a women today is no longer vulnerable so, men should not take her for granted because she is a â€Å"modern women† (Joel). The first academic article that I am considering is â€Å"men women and murder: gender-specific differences in rates of fatal violence and victimization.† shows the difference in the incidents of homicides involving men and women. Although, the male victims were 77% and females victims were found to be just 23 %,( Kellermann & Mercy), but the research shows that the incidents of murders of women by their husbands were much higher. Hence, after reading the article one comes to the conclusion that women in our society are still treated badly and a clear discrimination exists. Connecting Gender

Project management. What's that Essay Example | Topics and Well Written Essays - 1000 words

Project management. What's that - Essay Example The management of project components and clustering them under one unit is very important (Haugan, 2011). Project management enables following the guidelines and use of the right kind of tool and technique for performing the project. It further allows integration of stages of a project that are namely planning, organizing, staffing, leading and controlling phase (Weihrich & Cannice,pg 4, 2010). Project management further keeps a check on the various constraints that must be taken into account. These constraints are in time completion of project, keeping the costs within the allotted budget, and finally monitoring the performance at different levels of project by individuals and workgroups. The project performed was aimed at providing relief to the commuters in the particular area which is being congested due to traffic .A solution is proposed in form of A3 Hind head project which will ease the traffic load and bring about relief. Out of the nine broadly defined areas of management, f our are needed to be taken into consideration which are as follows: ‘Managing the scope of the project in controlling the project through aims, goals and objectives of its sponsors. The first of nine elements is indispensible and must be taken into consideration. ... The aim should be clearly conveyed to all the stakeholders both inside the organization and outside in order to enable them working according to the requirements. ‘Managing time planning, scheduling and controlling the project to achieve the time objectives through recognized control methodologies.’ This is the second most important element of managerial approach. Effective planning in any stage of project has its direct effect on the project, planning gives a roadmap as to what to achieve and how to achieve it ,it is the table work for practical implementation, scheduling of activities enable synchronization of work and allows reduction of extra activities which might consume resources and do not contribute towards the productivity. A generalized objective of any project is the completion of project in time, the element of scheduling is one of the most important factors to be considered since delay can have severe negative repercussions on the project and its stakeholde rs. Scheduling enables achieving work break down structure (Harris, 2010). The controlling aspect is also implementable to different components of the project body. Controlling could be in form of the spending, the inventory, and the transportation costs. Methodologies always help in standardizing the working procedures. Projects that involve the public directly, can less afford delays and schedule stretches, Hind Head is a similar case where public contact is in direct question, therefore this is one of the four most important elements needed to be taken in to account. Project Integration Management – develop the project charter, scope statement, and Plan. Direct, manage, Monitor and control Project Change.

Assignment Example | Topics and Well Written Essays - 1250 words - 2

Assignment Example Globalization and Agreement or Disagreement on the Issues Wright’s argument was that globalization is a force that has ultimately contributed to why the 9/11 attacks occurred. Wright is saying that if there were more financial equality in the Middle East, then perhaps there would not be rioting and all kinds of dissent among people in the Arab world regarding savage inequalities. These inequalities are problems like poverty and high populations, and not enough resources. Perhaps one of the greatest issues, however, that concerns the Middle East is how poverty has affected the people. People in these regions feel very upset that they are being ignored. Take, for example, the current situation in Syria. These people, hundreds of thousands of them, have been left to die at the hands of Bashar Assad. The president of Syria thinks that just because he can kill people, he should kill people. He hedged a bet that no one would stop him, and he was right. He is figuring on being able t o kill a lot of defenseless, innocent people just because he can. ... America’s â€Å"Grander Mission† and Its â€Å"Deep and Subtle Moral Challenge† What is America’s â€Å"grander mission†? It seems that America’s grander mission would be to help those less fortunate than itself. However, that is not always the case, sadly. While in the U.S. we attempt to give aid to those who most need it, unfortunately what the case is is that we are drowning in a budget deficit that threatens to send us off the edge of a fiscal cliff. While America’s greater or grander mission is to help those who are less fortunate, we must also realize our deep and subtle moral challenges. Those moral challenges include: taking the moral high ground; having interest in situations where they do not necessarily benefit us financially but are still situations in which people need help; and not benefiting from the suffering of others. One of America’s biggest issues is that its leaders only do things that are for their own bene fit or America’s benefit. For example, one of the key reasons America does not have a vested interest in helping the Syrians is because they have no oil. They have no resources to offer the U.S. in return for what the Americans would do for them. And, unfortunately, that kind of reciprocity is exactly why the U.S. got involved in Libya and Iraq—because the oilfields there would have jeopardized the oil deliveries to the U.S. and other countries. The key word here is the United States. Anything affecting the United States directly are what we consider our best interests. Unfortunately, that is a selfish policy that our leaders execute while forgetting about people who are suffering elsewhere that have just as valid plights from which they

To Find Common Identifying Factors in different financial scandals Essay Example for Free

To Find Common Identifying Factors in different financial scandals Essay Financial scandals are known for their adverse effects on businesses. They can cripple a business entity or lead to total collapse. Thus, the value of looking into the issue of scandals constitutes a study area of great value both to the academic discourse and the general knowledge. This paper looks into financial scandals with a view to finding common factors underlying them. Through a case study approach, the Amaranth Advisors, Allfirst Group, and Soceite Generale are examined. Through the use of relevant literature review, it is established that though scandals are different in the nature of their emergence, there are a host of common factors that occasion them. The study finds that poor regulating posed by both internal and external mechanisms are to blame for this phenomenon. It is also established that issues such as rogue trading, office politics, laxity in rule application and sluggish responding constitute the other common factors underlying the scandals. The paper concludes by calling upon the tightening of measures, updating technologies, de-politicizing organizational business, and the adoption of stringent regulation to tame the vice. Introduction Financial scandals involve business and political misdeeds by executives entrusted with large public and private institutions. These schemes entail complex methodical application of schemes with a view to misdirecting and/or misusing funds. Other forms of scandals may pertain to understating expenses, underreporting business liabilities, overstating of revenues, overstating of assets, etc. This is normally done by officials and subordinates of businesses. In public enterprises, this kind of action constitutes fraud. In cases where scandals have been detected or reported, the norm is always to launch investigations with a view to unearthing the issues underlying the engagement of such criminal activity. The oversight agencies like Securities and Exchange Commission in the United States are responsible for investigating the emergence of this kind of crime. Scandals typically present a seriously dangerous scenario as most investigations point that such scams are nothing but a ‘tip of an iceberg’. As this paper finds out scandals are often led by officials within organizations. The officials are given support by either laxity or complacency by relevant organs. Literature review In any research, the use of literature review is of undisputed value. Literature review enables a researcher to find the status of an issue area. This is possible as literature review offers what other researchers have done on the study issue. On this basis, this study is no exception as it heavily relies on the works of other scholars towards raising important findings. The case of Societe Generale The scandal involving Societe Generale went on for a long period of time. It was first reported via an email on November 7th of 2007. A surveillance office stationed at Eurex raised the mater before a compliance officer of the bank. It was revealed that a trader; Jerome Kerviel, had engaged in a number of transactions which were suspicious in nature (Martin, Allen, Allen and Samuel, 1). The bank bid its time and launched its own response in 20th of November. In this response, a risk control expert at the bank purported that there was nothing irregular in the transactions executed between the bank and the client; Jerome Kerviel. In his response, the bank official claimed that the then ongoing volatility in the financial markets especially in the United States of America and Europe stocks, was the reason behind the bank’s requirement of after-hours trading (Martin, Allen, Allen and Samuel, 1). The office at Eurex did not stop there. On November 26, it sent a second email to the bank explaining its displeasure at the way the matter was handled by the bank. This explains what led the bourse to demand further information regarding this issue. The bank, Societe Generale provided further information on 10th of December. On this basis, the two parties; Societe Generale and the Eurex office let the issue disappear (Martin, Allen, Allen and Samuel, 1). When Kerviel raised another alarm, coming five weeks later, it proved too little too late. He made a lot of profit based on the surreptitious trading amounting to around two billion US dollars. However, this gain was soon to evaporate as a loss in the region of seven billion US dollars. The bank basically unwound the financial standing of Kerviel on 21st and 22nd of January (Clark and Jolly, 1). A spokesperson of Societe Generale declined to comment on the warning issued earlier by Eurex claiming an internal inquiry led by a special committee composed of independent directors was underway. It is hypothesized at this stage that ignoring the red flag raised by Eurex was a serious misstep in aiding this scandal. The loss suffered by the bank is almost wholly attributable to the actions of ignorance on the side of the bank (Sage, 1). The bank, despite being in business for over one hundred and forty four years, it failed by allowing a culture of risk taking to flourish within its ranks. Simply put, this seriously exposed the bank as it allowed for major flaws to characterize its operations. It is hypothesized that it is this allowance that paved way for the rogue businessman to rock the bank and make away with a good amount of money while leaving the bank with gaping holes in its financial status. The manner in which Kerviel was let to undertake his mischief undetected by a bank of Societe Generale stature serves to underscore this realization (Gregory and Anne-Sylvaine, 1). Instead of discouraging the making of big bets by clients, the Societe Generale group rewarded traders who made such risky investments. It is further revealed that it was never uncommon for traders to exceed the limits put on trading momentarily before holding back. This was however against controls limiting this (Martin, Allen, Allen and Samuel, 1). During January 2008, Societe Generale lost over 4. 9 billion euros as it closed positions in three days. At this time, the market was experiencing a big drop in equity indices. It is claimed by the bank that these positions were fraudulent creations of one, Jerome Kerviel, a rogue trader. However, more surprises were sprung up as the police claimed they did not have the evidence to charge the culprit with fraud instead preferring abuse of confidence charges against Jerome Kerviel. Jerome Kerviel claimed that his actions were well known to the superiors at the bank and the major reason behind the collapse of the bank was based on panic selling (Sage, 1). It is claimed by bank officials that throughout the year 2007, Jerome Kerviel was trading profitably anticipating a fall in market prices. This was however done beyond authorized levels. The culprit is accused of engaging in trade totaling almost 50 billion, a figure way above the bank’s sum market capitalization. It is further revealed that Jerome Kerviel attempted to hide this engagement by intentionally creating losing trades in a bid to offset the early gains he had made. In addition to the above allegation, Jerome Kerviel is thought to have made over 1. 5 billion US dollars in hidden profits (Martin, Allen, Allen and Samuel, 14). The case of Allfirst John Rusnak, a former currency businessman at Allfirst bank, at the time an affiliate of AIB Company was given a 71/2 years jail term in connection to his role in the disappearance of six hundred and one US million dollars. This sum of money was lost due to the banking system’s encouragement of bad bets. The bad debts were later to snowball leading to a monstrous scam ever witnessed in the banking industry. The culprit, Rusnak John was transferred from prison to his house in June of 2008 to be under house detention until September the same year and later let free in 5th January 2009. This meant that in total, Rusnak served less than six years in incarceration (Robert, 45). If the original sentence could have been adhered to the later, Rusnak could have been held in prison for a period of over 30 years. However, the original sentence was a presentation of a plea bargain hammered in collaboration with the US prosecutors. While being released, it was alleged that Rusnak had earned good behavior and completed a drug treatment module. On his release, Rusnak was expected to begin paying one thousand US dollars a month to cater for his time in probation (Robert, 45). Though Rusnak was held responsible for the loss of six hundred and ninety one million US dollars, the case prosecutors claimed whatever amount to be paid was to depend on what the culprit was able to make after being freed. The fraudulent activities engineered by Rusnak were very harmful to the entire stakeholder ship as over one thousand and one hundred Allfirst employees lost their jobs during the sale of the company (Robert, 45). Early on at the discovery of the fraud, the executives at Alllfirst and AIB believed that there was no any form of conspiracy between Rusnak and any other member or official of the bank (Brian, 54). This finding may absolve the bank of any blame in the eyes of the public. However, this is a devastating finding since it paints a grisly picture on the part of the bank. That is to say if one bank official would carry out a fraud of this magnitude, then things were quite wrong. Simply put, the bank’s monitoring and self regulating mechanism was in tatters to say the least. The Ludwig report confirmed that the bank’s back office did not make attempts towards confirming the bogus options alongside their Asian counterparts. The negligence fronted by the company’s middle and back offices from confirming the foreign exchange rate from an independent source also puts the bank on the spot. It is also alleged that the internal audit done in 1999 did not bring out the real picture. Later in 2000, an audit carried only examined a single transaction to determine whether indeed there was impropriety. These failures of the bank only present actions that appear in support of graft (Brian (a), 34). The back office at the treasury had issued a warning regarding the events at the bank. The fact that the bank chose to let the opportunity points to gross misconduct by leadership. The treasury, backroom office had raised a host of issues regarding Rusnak’s personality concerns and confirming trades conducted by Rusnak. The culprit seemed excellent in playing organizational politics to his advantage. This is reflected by the fact that the back office desisted from reporting the actions of the trader as the management was behind Rusnak’s activities. If the back office had received support from the top management, then the rogue activities could have been curtailed (Brian, 54). Foreign exchange rules require that suspicious activities should be discouraged (Brian (a), 34). The two prime brokerage provision banks failed to uncover what Rusnak was undertaking. This was a notable omission on the part of the two banks. The Historical Rate Rollovers should never have been used to uncover fraud deals as it happened. The trading system at Allfirst was literary flawed as one employee was trying to run a hedge fund. Rusnak had no knowledge, diversification, skills, and other requisite attributes necessary to run the trading system (Brian (a), 35). The case of Amaranth Advisors The year 2006 was one of the most devastating in reference to the history of the Amaranth group. It is during this year that Amaranth Advisors lost in excess of two billion US dollars over a span of few weeks (Robert, 37). Amaranth Advisors engaged in a very risky venture in regards to trading. This left the business entity hugely exposed to the frugalities that characterise the business world. Liquidity is an aspect that should be closely monitored if businesses ae to be safe. But taking risks as this business did implies a readiness in the business to test the waters of uncertainty. Launched as a hedge fund business, Amaranth operated a very risky venture as its portfolio could change up to 80 percenty in reflection of the energy trade. As this soared, the group, Amaranth changed tack and put onside the concept of diversification with a view to mitigating the risks that were emerging. the group traded on Credit Arbitrage, Convertible Bond Arbitrage, Merger Arbitrage, Energy Arbitrage, etc. Initially, the the amount in Convertible Arbitrage reflected sixty percenty of te worth of the company. however, by september 2006, this had shifted to almost two percent. Such is the volatility that characterised the company activities (Robert, 37). One factor emerges at this point; there were no limits concerning the regulation of concentration. Leverage was also unrestricted. when leverage is unrestricted, it means that a company can engage in trading beyond the set limit or outside the confines of its budget. this portends ill for a business as in the case of a loss, the company can easily go under (Robert, 37). Brian Hunter who was hired in 2004 takes blame for the financial fiasco experienced by this group. Brian Hunter had already cut a niche for himself in the corridors of wall street. While trading in energy futures, Hunter had achieved great success and it is perhaps on this basis that Amaranth hired him. The trader was so renowned such that When he threatened to quit in 2004, his perks were adjusted upwards to tie him there. Hunter was also given the oportunity to trade separately from the group boss and awarded adittional compenation. Equally of note rests on the fact that the individual was given the privilege of relocating o his hometown and trade from there (Robert, 38). On the basisof the United States Senate Permanent Subcommitte on Finance, Amaranth lost money in the region of two bilion US dollars beginning the first week of August. This loss was attributed to the trading in natural gas which led to high liquidity in the entire company portfolio. The John Marthinsen estimates put the losses at around 6. 5 billion. The Amaranth group was deeply engaged in various types of contracts that captured futures, options, and swaps. The company position remained hugely independent on the future prices of natural gas (Robert, 38). Historically, natural gas prices rose during the winter times. This was held as natural gas is commonly used as a heating source at tis tme. so it was commonsense that gas prices would rise during te time. Amaranth was banking on this norm to enable the company reap profits. However, this is an instinctive way of runing business which cannot be relied upon though it wored previously. this ponts to a lack of well oiled strategies in running the business (Robert, 38). Allfirst hired John Rusnak as a currency trader with a view to help in the proprietary exchange of foreign currency. This was a costly acquistion as the fellow cost the bank around 691 million dollars. Through the use of various methods, Rusnak overstepped his mandate and traded beyond limits putting the bank’s fortunes at stake in the process (Robert, 38). The wild derivatives were the first error towards the financial meltdown. It appears like Brooksley Born, the then chairperson of Commodity Futures Trading Commission had foreseen the danger posed by deregulation of derivatives. The idea to extend the regulation mandate as proposed by Brooksley was rebuffed by the officials of the Securities and Exchange Commission, the Federal Reserve, and the Treasury Department. While it remains debatable whether the regulation could prevent or alter the financial trend, few dispute the idea that such control would have slowed the emergence of the problem. Financial analysts believe if this was introduced 10 years or earlier, the control would have mitigated the rise of the problem (Blinder, 1). Wild derivatives have adverse effects on any business, the deregulation of derivatives at Amaranth, Allfirst, and Societe Generale point to the fact that such a precedent is dangerous as it portends ill for a business. Blinder has observed that the alarm bells signaling the financial credit crunch went long ago and individuals in positions of influence refused to act rather preferring to protect huge business interests. The innermost government sanctums were basically to blame as they chose to protect few businesses at the expense of the common good (Blinder, 1). Brooksley, while serving at CFTC made it clear to congress that controlling the financial markets was necessary. The financial instruments commonly known as derivatives were the focus point. It is little surprise that ultimately the collapse of the derivatives market served as a trigger towards the 2008 financial crisis. Brooksley was overly concerned about the ‘swaps’ unregulated trading (Blinder, 1). This unregulated trading led to the near collapse of the economy. Similarly the unregulated nature of activities of the three companies presented the necessary conditions for the scandals to take place. For an efficient market operation, there are no illusions, regulation by an independent body is necessary. On the basis of Blinder’s observation ‘sky high leverage’ an issue that arose in 2004 leads to serious effects on businesses (1). During this period, the S. E. C allowed securities firms to up their leverage to levels unmatched before. Prior to this instance, leverage stood at 12 to 1. After this event, the leverage sky rocketed to 31 to 1 (Blinder, 1). This is a pointer to madness on the side of the S. E. C and firms’ heads. It is known that at 33 to 1 leverage, a small decline, for example a three percent decline in assets valuation can lead to a wiping out of a business company. If the authorities had ensured that the leverage was kept at 12 to 1, then the firms would have remained stable as they would not have grown that big or exposed to vulnerability. The firms being examined in this study equally let their officials exceed their normal leverage explaining why the effects were lethal. Findings When Eurex issued a warning, the Societe Generale officials did not respond adequately, instead they took to time wasting with a view to getting the issued buried. Warnings are expected to serve an entity to refocus or correct something going wrong. The Societe Generale group did not heed this, nor did Amaranth do. The officials of Societe Generale affirmed that there was nothing wrong with the transactions executed by Kerviel. This is an indication that Kerviel must have been operating under the protection of big officials at the institution or that the institution checking mechanisms were amiss. The internal self regulating and checking mechanism were in a total mess. This explains why Kerviel was able to wage such criminal activities without being noticed. However, this may point to another issue concerning politics of organization. Accomplices must have been used from the highest levels of management. For Kerviel to engage in this act, he must have been damn aware that there was some form of protection that would come his way. Risk ventures hold huge potential both in reference to loss and profit making. Societe Generale encouraged traders to continue engaging in such ventures. Jerome Kerviel claimed that superiors were aware of his actions. The losses incurred by Societe Generale were reflected in a very short time; three days. This does not however imply that prior to this; the business was in a sound position. This is because before such a position is reached, there must have been factors at play. The senior management based in Dublin and Baltimore failed to focus on the happenings at Allfirst. The role of any management team in all organizations is and remains one of overseeing the transactions executed. Simply put, the management should sanction all activities. Activities which carry the importance as the one carried out by Jerome Kerviel should have been closely monitored. However, this was not done. The betting business is a risky business venture which Allfirst bank encouraged. It is a fact that profits can be made in this business. However, it is also possible to make huge losses which may lead to collapse of a business entity. On this basis, there are regulative measures always put in place to guide in the setting the right amount to be gambled. Laxity in rules comes into the fore as Rusnak was given a relatively big sentence at the beginning but this was watered down to a mere 7 years though the culprit ended up serving even less. The amount payable back; 1 000 US dollars presented a slap in the face of justice considering the amount of losses the person had led Allfirst into incurring. The foreign exchange rules requiring the disapproval of suspicious ventures was also discarded as Rusnak continued with his business unhindered. Internal mechanisms at Allfirst and AIB at first claimed there was nothing sinister about Rusnak’s engagements. All other bank officials were cleared of any wrong doing claiming that there was no form of collusion between Rusnak and any member at the bank. The middle and the back office must have slept on the job. They did little to seek valid information from independent sources regarding exchange rates. In addition to this, the audit carried out by the bank examined only a single transaction involving the activities of Rusnak. How fair was this? The back office at the treasury issued a warning of impropriety at the bank concerning Rusnak’s activities, but this was either unheeded or ignored. The senior management monitoring and control system like auditing were overrated as they miserably failed on the very aspect they were there for. Just like Allfirst and the Societe Generale group, Amaranth Advisors engaged in a very risky trading system. Thus the uncertainty in the bank was bound to reflect on its financial and business health. Unregulated leverage was the crucial issue that brought down the bank. Brian Hunter the fellow behind the scam at Amaranth Advisors was given special treatment. Rusnak overstepped his mandate and traded beyond Amaranth Advisors’ limits. While Rusnak was doing this, the Amaranth Advisors just like the other two companies had internal mechanisms of regulating and monitoring activities within the organization. Outside regulators were also in place. The fact that both internal and outside sources of regulation failed to act puts such bodies or departments on the spot. Comparison of findings Poor rules and regulations regarding business operations are found to be reflected by the three business entities. Rules and regulations play a very pivotal role in the running of a business. Such rules and regulations stem from either within or from outside a business. The regulations relating to trading limits were flouted. Internal and external mechanisms equally failed to unearth these events. Where they were unearthed by external offices, the establishments at the three companies poured cold scorn on the advice. It appears like engineering episodes that were bound to happen. In the three cases, there are single individuals masterminding huge scandals. What baffles scholars and the public alike is the manner in which the events proceeded undetected for a long period of time. With the current levels of technology, it also leaves a lot to be desired why institutions like these could not use such technological assistance. Office politics, a regular phenomenon in most public offices also rears its ugly head again. The revelation by the former chief economist, Yves-Marie Laulan that what happened at Soceite Generale was inevitable offers strong support to this position. Yves-Marie Laulan further claimed that some things are hard enough and thus difficult to control, an implication that the economist could have well been aware the scam was in the making. The fact that when red flags were raised in these scandals nothing of note was taken by the companies serves as a pointer that senor and powerful individuals were behind the scams. Only that, they were achieving their goals through proxies. The proxies in the cases include the three individuals mentioned as the perpetrators of the scam. Rules regarding business operations were flouted. If rules and regulations are not obeyed things are bound to go awry at some point. The trading limit rules were ignored by these companies. Risk ventures which were suspect in nature were let tom thrive. As if that wasn’t bad enough, warnings issued were ignored. Where they were heeded, the approach was truly sluggish in nature. The companies; Amaranth, Allfirst, and Societe Generale presented cases of flouting expected levels of leverage. It is crucial that leverage levels be kept at the right level if businesses are to remain afloat. In the cases of the three businesses, this was never observed. The failure to observe set rules and regulations serves to point to impropriety in handling the businesses. Discussion On the basis of findings, it is discernable that there was laxity in rule implementation. Every trade has its regulations which aid operations in day to day transactions. The three entities examined in this survey exhibit an unwillingness or sluggish nature in implementing the regulations of business. In the three cases, the three culprits wee found to have operated way beyond the limits set by their businesses. System weakness and other failures are equally found to have served as impediments in the success of business. The scandals raised or rather examined in this paper are of big magnitude. However, despite calls for investigations and the raising of alarm bells in reference to the scandals at their initial stages, nothing worthy was engineered to curtail the explosion of the scandal. Every system is supposed to regulate itself fully. A system that fails this test is out of sorts and lacks the legitimacy of being in operation. Assuming that there was no abetting of these criminal activities in the respective scandals, then the systems regulation and control mechanisms were a total mess. Such systems should e replaced and completely done away with. Technology plays a critical role in present day business activities. For example, it aids the flow of transactions in a very expedient and efficient manner. Thus each company is encouraged to employ latest and up to date technologies in order to move a business forward in tandem with present trends. However, the scenario at Alfirst points to a different direction. The use of the Crossmar Matching System to monitor trade should have been used, working as a group would have equally helped. Instead of applying this latest technological support, Allfirst was employing the use of telephone and fax. The use of spreadsheets to feed information regarding exchange rates to the business is also another shortcoming attributable to the inability of the business from taking important and necessary steps in addressing business requirements. Simply put, it is a shame that a company of Alllfirst’s stature could be using the methods mentioned above. Whichever explanation is given in support of this position is unacceptable and unwelcome to level headed individuals. One of the greatest mistakes of the companies though not expressly captured in the paper relates to office politics. Office politics is almost commonplace in every business as human beings often tend to align themselves to different cocoons at the work place. However, it is the duty of the top management to focus on this aspect and ensure that office politics does not work to the detriment of an entity. If a business leadership fails on this, then there is no good in the office leadership being in office. A closer look at events in the three scandals implies an absence of good leadership characterized by political intrigues. When warnings were issued at initial stages of the scandal, the top leadership in the organizations seemed to brush aside the allegations. They equally failed to investigate and either authenticate or dispel the rumors in total. This, in my considered view, was an act outlining a possibility of role playing in which case the top leadership was an accomplice in the scandals. In the case of Allfirst, the preferential treatment of one employee illustrated by receiving extra perks and being allowed to work from home also underscores the point. The key to success in any business rests on good management practices (Barrett, 51). This points to the ability of the management to set achievable goals and embarking on a mission towards realizing them. For success to be attained, the management must outline the necessary tasks in setting up and managing the business. The goals set for the business must be measurable in performance terms. Towards that end, major goals should be broken into smaller goals. These sub goals should have timelines which must be observed. This is an area in which the businesses failed leading to the witnessed scandals. After setting goals and the sub goals, the individual owner or manager must move into action and make the necessary steps towards attaining them. The efforts required in achieving the different goals and sub goals are different, then the deviations should be reflected in the actions or the steps taken towards the achievement. The required effort must remain reasonable so as not to discourage the manager. Caution should be taken to avoid chasing too many goals as such pursuit may scuttle the success of a business (Wright, 75). In this regard, priorities must be set. The businesses studied in this research should prioritize vigilance and caution while trading. The planning and setting of goals must be done well in advance. This enables the manager to understand what to expect in most circumstances. As the business grows the set goals should gradually be achieved as such achievement is expected to motivate the manager. Normally, obstacles will be on the way of any business venture, this should be anticipated and provided for in terms of arrangements to counter or mitigate the effects (Wright, 75). The businesses mentioned in this study should have done this to avoid such scandals.

The Bible: An Eternal Canon

The Bible: An Eternal Canon When one thinks of the word Bible, it evokes images of revelation at Sinai, full of lightning and thunder, where an awestruck nation received the ten commandments. It conjures images of Isaiahs soaring prophecies, the anguish of Esther, and the courage of Daniel. However, despite the history within it, the Bible is not a history book. One who turns the pages and reads the ancient words will find promises of the rewards that await those who do good and the punishments that come in the wake of evil. The Bible is a roadmap to living life wisely; it gives advice and guidance, comforts the aggrieved and inspires the crestfallen. It illuminates events and helps place them in perspective. It is not an old storybook and not just a book of law but rather a compilation of the periods and people whose actions hold relevant lessons to be learned, even thousands of years later. When they compiled and finalized which books would be included in the biblical canon, it was understood by the ancient Jewish authorities that it was to be a guide for generations on how to live life. A central part of Judaism is the study of Torah in order to learn and adhere to the laws and way of life that is expected by God, as it says in the book of Joshua this book of the law shall not depart out of your mouth, but you shall meditate on it day and night, that you may be careful to do according to all that is written in it; for then you shall make your way prosperous, and then you shall have good success[1], meaning that one who studied the Bible would glean from it what the correct thing to do in their own life was and therefore, would find success. As such, while there were likely other books written, and certainly there were many other prophets and prophecies experienced, before the redaction of the biblical canon began, not everything was worthy of eternal inclusion. A crite rion for inclusion was that each book chosen by the ancient Jewish authorities was a selection which provided teachings, be they ethical or moral, that would be applicable and relevant for all future generations, regardless of time and place. If the Jewish authorities did not feel that it would still be relevant to be studied by future generations, regardless of how interesting it may have been, they did not include it. The biblical canon is meant to shape people. It is logical to believe that the Creator of the Universe provided man with a code of conduct, as it says God insist[s] that His worshippers live up to strict standards of ethics and morality[2]. God, through His actions, displayed the moral and ethical path that one should strive to emulate. When the ancient Jewish authorities compiled the biblical canon, it was clear that they were including the books that presented examples of upright and holy behaviour that future generations should strive to emulate. The biblical canon also endeavours to bring people who read its ancient pages closer to God. The books included in the biblical canon were selected with the intention that these timeless words would have an impact on all future generations and would still create a framework for a relationship with God, even thousands of years later. Another of the criteria for being included in the bible was that the works be composed during the era of prophetic revelation; that is, no later than the time of the building of the Second Temple in Jerusalem by the returned exiles from Babylonia[3]. Books and prophecies that emerged after this cut-off date were not included in the biblical canon. It is for this reason that the Books of the Maccabees were not considered for biblical inclusion, since they were written after the period of prophetic revelation had ended. An opinion as to why this was the cut-off date for inclusions is that it was believed that no addition would be on the holy level of the books originally included in the bible. This is because the era of divine prophecy had concluded. There was also a feeling of being post-biblical Jews, meaning they felt that no matter how good a proposed new book for the Bible was, it did not matter since the Bible was closed for new additions. However, there is evidence that as late as the second century CE there was an ongoing debate occurring regarding certain books that had originally been included in the biblical canon that some rabbis believed should be removed. This debate is displayed in a Mishnah where the books Ecclesiastes and Song of Songs are discussed with the concept of ones hands becoming impure following contact with these holy books.[4] A difficult concept to understand, the essence of the idea is that if holy books make ones hands impure, they would be handled more delicately, and the very few hand-written copies in circulation at the time would be protected from too much use. An additional explanation for this idea, is that there was holy bread that people would place next to the holy books, thinking that since both were considered holy it was an appropriate thing to do. However, it was found that rodents nibbling on the food would also gnaw on the scrolls, thereby damaging them. Therefore, the rule was put in place to prevent damage to the books. The debate regarding this rule with respect to Ecclesiastes and Song of Songs in this Mishnah is whether the two books mentioned render ones hands impure, meaning are they considered holy like the other books that compile the biblical canon. The Mishnah brings several differing opinions on the subject, and it is clear that while both books remain in the Biblical Canon and are considered holy like all the others, there was, at some point, a debate about whether they should have continued to be included. It is evident that the ancient Jewish authorities recognized the centrality of the biblical canon to Judaism and took the task of compiling which books were appropriate for inclusion very seriously. Working with an understanding that the collection of books they were putting together would be studied intimately and thoroughly for thousands of years, they made the decision that only those books whose stories had applicable lessons for future generations would be included. Potential volumes that told of times where no lasting life instruction could be gleaned were dismissed. Materials that did not help to further ones relationship with God were also dismissed, since a key component of the biblical canon is to bring individuals closer to God as well as to teach individuals what God expects from them, ethically and morally, through Gods actions in the bible. A final criterion for inclusion in the biblical canon was the time in which an event happened. If the book was written after the er a of revelation had stopped, it was automatically disregarded since the biblical canon was closed to new additions that were not divinely inspired. The ancient Jewish authorities and their rabbinic heirs did not subscribe to the New Testament or the Koran because they did not agree with the belief that those books were of divine inspiration. Thus, their criteria for inclusion was intended as a protection against future man-made and human-inspired works that potentially negated or contradicted the precepts of the Torah. In sum, the ancient Jewish authorities were aware of the tremendous responsibility of compiling a canon of books that would be relevant for future generations and would hold strong the ideal of emulating Gods ways with fealty and steadfast allegiance. With that in mind, they established detailed criteria to follow to ensure that even thousands of years later, an individual could open these books to look in the creased pages of time to reveal eternal knowledge and wisdom of how one can transform their experience of life today. References Segal, Eliezer. Introducing Judaism. Vol. 4. Routledge, 2009 [1] Joshua 1:8 Bible RSV [2]Segal, Eliezer. Introducing Judaism. Vol. 4. Routledge, 2009, 147. [3] Ibid. 15 [4] Mishnah Yadayim 3:5

Crossâ€Cultural Management in Albania

Cross–Cultural Management in Albania Brunilda Mucollari Daniela Hallaci Jona Likskendaj Arli Barxhani Eraldo Bode Date: 01/20/2014 Course: Organizational Behavior Leadership Instructor: Dr. Perparim Dervishi Part I â€Å"Culture is more often a source of conflict than of synergy. Cultural differences are a nuisance at best and often a disaster.† (www.uscivilizatio.com) Globalization, the land on which Cross – Cultural Management was sawed Intro Globalization is now becoming the future of the world. Humanity is now walking on the path that leads to, what we call â€Å"Becoming One†. Technology innovation is the main factor of this process. It brings people and cultures up together and by doing so they learn and enjoy each other’s way of living. The process seems to be long and basically changing us and bringing in front what we can consider positive or negative effects. People from different cultures in fact might have conflicts when working together, or they might share experiences and improve their selves. Cultures intercept each other to exchange knowledge, traditions and experience and history has taught this to us. On the other hand has also taught us that cultures exchange goods. At this point we come to the creation of a distinct concept; Cross – Cultural Management. Cross-Cultural Management â€Å"Cross-cultural management explains the behavior of people in organizations around the world and shows them how to work in organizations with employees and client populations from many different cultures.† (Kawar, 2012) Multinational companies existed as early as 2 000 B.C.; the Assyrians, the Phoenicians, the Greeks and the Romans – they all had their own version of globalize trading. Multinational Management is getting more and more necessary for all kinds of branches as the global market is shrinking. In the past century operation between advanced industrial countries had it up and downs. Because of the two world wars this partnership came to a halt. This wars, on the other hand gave a boost later on to the global market. After and between the two wars the World Bank was Created, International Monetary Fund and General Agreement on Tariffs and Trade and after the Berlin Wall fall new markets were opened to the free trade. These new emerging markets gave chances and opportunities to the business sector to increase their revenues. In fact every country has its culture and makes them distinguishable from each other, as in fact every country has its middle class that was and is willing to buy more international products and services. The need to decrease the costs without affecting the revenue but on contrary increase them makes the global entrepreneurs to invest and construct th eir plants in locations that provide lower cost of production. While companies grow and enter the international trade, their size increases with their earnings. When this happens the companies need to established their activity overseas and after than monitoring their activities across the border. This is in fact where cross-cultural management enters on the stage. Under these circumstances more and more the need for management is needed in the operations abroad. Managers often are part of the shareholder’s nationality, in other words an American business in Albania will definitely send an America citizen to manage their operations in Albania. The cultures are different between the two countries and this diversification brings up its problems. Problems â€Å"Cross†?!?! Dealing with people from different cultures and nationalities has its own problems. The main problem that Cross-Cultural Management faces is barriers. Barriers complicate the ongoing of operations and processes and tend to create mostly misunderstandings. The main barriers are: Language Culture Company Culture Language is the first tool when interacting with people. English is accepted as the international language all around the world and business has embraced this idea, but every country uses its own language firstly when dealing and communicating. Having said so, people have to learn first English even though it is not enough. The problem here is that words can lose their meaning when translated and the thought also. Culture also creates a huge barrier by its set of values, language, behavior, business ethics, expected etiquette or expressions. So if a manager operating in a foreign culture does not know the differences in the hosting culture, his or her message can be misunderstood. Company Culture mainly is considered as the norms and expectations that a company implies. This includes policies and specific procedures, the basis of a company’s culture. When a company enlarges its operations it is needed to find a connection between the cultures in order for the company culture to be accepted by the hosting culture. Culture shape Cross-Cultural Management! The vast part of a culture is absorbed by people during their childhood by the interaction with the surrounding people and environment and by doing so it helps people live within their society. Culture can be found on four different levels: National Level has to do with the differences between cultures in a national point of view. It deals with the values that people learn during their early life that becomes unchangeable and saint for them. Organizational level is the culture that is created within an organization and that is superficial. This culture is different from the company culture because it can change from an organization to another within the same country. Occupational level deals with different cultures created within an organization. This means that different cultures can be created in all departments of an organization. Gender level has to do with the cultures men and women create within their gender. This level can be defined as the most common one. In fact all the upper paragraphs are a theoretical overview of Cross-Cultural Management and this is what generally happens around the world but will all this theory feet in the Albanian reality. To give an idea about this point an Albanian case is presented in the second part of the paper. Part II EDUCATIONAL CENTRE RESEARCH Presentation of the Problem There are differences in cultures in general between countries, in addition to this there are differences among working countries as well. The problem is how this affects the way of managing the organization. Educational Centre is a company that operates in six countries: Albania, Bulgaria, Moldova, Rumania, Montenegro, and Serbia. It is a Greek company and it has succeeded well. It is interesting to see how the different Bookshops are dealing with culture differences. Educational Centre main office is placed in Thessaloniki, Greece and it has branches in six countries. We will concentrate our thoughts on the below: Are there any differences in how the six offices in the different countries are managed? If yes, are they a result of national business culture differences? If not, why are there no differences? Purpose The purpose of this research is to get an insight on how difficult is to manage a company across cultures. The purpose is to come up with a result that will reflect this or with a solution to dealing with differences. Countries of Study The countries in the study are the branches of Educational Centre in six countries: Albania, Bulgaria, Moldova, Rumania, Montenegro, Serbia Research Method There are different approaches in developing a research paper. We have chosen the qualitative method which is more about having long interviews with a smaller amount of people in order to get more detailed information. The purpose of this method is to receive thorough descriptions and it is very useful when you do not know much of the phenomenon, or very small amounts of researches have already been done, as in the case of Educational Centre. Although the qualitative approach does not give any foundation, which can be used as a generalization for results. The purpose of the research is to get more thorough knowledge and understanding how Educational Centers in six countries , the qualitative approach will be used with a deductive approach. Six branch managers in six countries will be interviewed. The selective selection of the interviews has been on the purpose of getting in contact with people that have great insight on how things work in an Educational Centre. So the analysis of the Qualitative approach will consist: Type of Data: Qualitative data, text sections which illustrate theoretical variables or categories Flexibility: Big Data and analysis: Interpret , in consecutive order and integrated with data collection Use beyond the concrete examination: Transferability All the interviews were intended to be filled in an sent back by email but in the end we had to Skype called and filled in with the answers. What is culture? Culture is a set of basic values, perceptions, wants and behaviors, related to achievement and success, activity and involvement, efficiency and practicality, progress, comfort, individualism, freedom, humanitarianism, youthfulness, fitness and health. Culture is the most basic cause of a person’s wants and behavior, learned by a member of the society from the family, his own life experience and other important institutions; COMPANY CULTURE? Organizational Culture: is the set of values, norms, standards of behavior, and common expectations that control the ways individuals and groups in an organization interact with each other and work together to achieve the organizational goals. The History of Educational Centers The Educational Centers were first opened in Rumania and Bulgaria in 1992 (at that time known as Oxford Centers) providing the exclusivity of Oxford University Press in both ELT and Academic publications. Mr. Petros Papasarantoupoulos is their owner. Later on in 1994 they opened the offices in Serbia, Montenegro, Albania and Moldova. The business has increased rapidly by the novelty it offered in six countries which before 1990 were all isolated to foreign publishing’s and were eager to leering foreign languages which was totally forbidden in communist times. In the coming years the business was going to expand to more than just an International Bookshop. It was going to Provide International Exams and International Qualifications for Teachers which was so much needed in order to meet the international standards. The Vision of Educational Centers Expand and the success of the business was due to a vision which Educational Centre followed: BETTER BOOKS, BETTER SERVICES. This was the philosophy everybody had to be focused how to be better. The Educational Centre Organization The company has such a flat structure. The Central Office is in Thessaloniki Greece and the branches are in the below countries directly depending on the Main office Thessaloniki: Educational Centre Albania Educational Centre Bulgaria Educational Centre Rumania Educational Centre Serbia Educational Centre Montenegro Educational Centre Moldova Results and Analysis It is important in analyzing the central office and the inspiration that this central office located in Thessaloniki is transmitting to its subordinate, Managers in six countries. Out of the questionnaire that is Appendix 1 at the end of this research paper resulted that , The global manager was a skilled one and he almost always took care of all the skills he is required to have in order to be successful. He paid too much attention of the regional differences in terms of subordinate and much more attention in terms of suppliers in international cultures. Attention was paid to his subordinates in terms of respect and always asked for the best possible to include all his managers in setting strategies and being involved in team decisions. So ethical values that they should respect in the company were central to the CEO of Educational Centers . Business Culture Due to the fact that almost all of these countries were mainly coming out of the Communism effects in the 1990s they were relatively quiet new to business culture. While people in Greece, from antiquity, have been quite skilled with business and trade. A new culture was imposed to these people in the all these countries. They were more than open to a new business and especially focused in Foreign Literature. But there was needed a knowhow to settle it in a conservative market. The imposed culture in all these countries has been almost similar but being adapted in the way it could have been most successful. The results given in this table are coming as an analysis of the questionnaire given to the Managers in all these countries, revealed in the Appendix 2 in the end. In the analysis you will see that there are some slight changes between management in some countries due to the slight cultural differences. The Analysis In all these countries as we may see there are a lot of similarities. First of all the structure is flat and the people are freely invited to talk to local managers and express their opinions. Every company uses first name based communications, which makes the atmosphere more warm and human based. The employee seems to be trusted only 10% turnover seems to be present in some countries, which means that people feel comfortable and happy to work for the company. The company pays attention to the worked by organizing trips and meetings which helps so much in building the team spirit. An important impact from the analysis is also the values inside the company. People from the selection phase before entering the job are requested to be honest, responsible, loyal which are important in building a team spirit inside the companies. Although may be slight changes in the order and qualities requested as the most important in a company. But they all are important and they all respect an inspired top management atmosphere. Cross Cultural differences There may be seen slight changes in the way people from these different countries see their colleagues in the other countries concerning the way they express their emotions. Some countries are more open than the others, but what is important is that they all pay attention in respecting their colleagues in other countries. We may also have to take into consideration if these is all the work of them or is an inspired leader to dictate their way? If we base our self at Appendix 1 analysis we will see that the figure of the Top Management shows how much are taken in to consideration the differences between cultures before making a decision and all the skills required to be a good manager in a cross cultural environment. Being a successful manager means: Gather information information about other cultures Have an open-minded approach to different cultures and values Show cultural differences and make the others aware of them and understand and gain valid experiences from them Learn from other cultural experiences and train people to attend cross cultural training and sessions All the above points are some of the most important noticed at the Educational Centre Top Management characteristics, which make him a skilled Global Manager. Results The noticeable result out of the research was that between Educational Centers in these countries tried hard to keep a unique culture, norms and values. The way that this is shown is that in every Educational Centre, everyone is participating in team building activities. The way they are all coping with cultural differences is very inspiring; it may seem somehow restricted to the Top management way. It is how they are working on preserving their own values and norms that are remarkable. From the very first day as an employee you will feel the culture and values within the institution, if you are not in tune with them they will be enforced upon you. So a newcomer will by rule follow the company trainings and then the sister companies trainings until being part of a trained team. The managers also participate in routine checkups to ensure that the staff is living by these norms, the staff answers questions regarding if the managers are working by them as well. You could say that Educational Centre does not fail on the aspect of taking in mind other countries’ cultures. They know about the different cultures in the countries where they enter, in order not to offend anyone. But they go on by imposing a similar culture. It is almost impossible for Educational Centers to offer what market offers, they have to be unique in what offer and their concept – it has been a winning concept so far. The main concerns for these companies, such as Educational centers, are to make sure they have strong culture on their own. They should have clear values and norms and this should be diffused throughout the entire organization. It is also necessary that everyone feels comfortable making their voice heard working in an environment with differences in cultures. If they would not be so open in the organization and having such a flat hierarchy there probably would be a lot more complications. References Publishing References Cross Cultural Management, Ray French , second edition, cipd Ajohannssen and P.A.Tufte 2003 Hofstede , Geert and Hofstede , Gerty Jan 2005 Interviews: B. Mucollari – Educational Centre Albania(Manager) R. Saric- Educational Centre Serbia(Manager) G. Puerda – Educational Centre Romania(Manager) T. Cernoc- Educational Centre Moldova (Manager) Bogovac – Educational Centre Montenegro (Manager) K. Tetova – Educational Centre Bulgaria (Manager) http://uscivilization.wordpress.com/2011/10/08/01/ Kawar, T.I (2012). Cross-cultural Difference in Management.Journal of Business and Social Science , 3(6), 107.