Management 2 Essay Example | Topics and Well Written Essays - 1250 words

The executives 2 - Essay Example The Chairman plots the exercises and money related states of the firm in the earlier year followed by his/her conversation on expectations and tentative arrangements for the firm. In this piece of the yearly report, the Chairman endeavors to clarify why the company’s tasks brought about the outcomes referenced and why it decides to progress with new ventures or approaches. More or less, the announcement or report is mostly a guarantee or clarification for organization exercises by the Chairman and its Board of Directors to the investors. Be that as it may, the inquiries are: Why do they need the reports? What do the investors do with them? What's more, more critically, what do they do to merit a clarification? To respond to these inquiries, one needs to right off the bat comprehend the idea of stockholder’s value. At the point when an individual goes to the market and purchases stocks, he/she essentially purchases possession! An organization is essentially an open possessed undertaking. By pronouncing itself an organization, the organization or undertaking is offering itself to general society. This is finished by the organization to basically produce more cash and funds. At the point when it turns into an organization, the organization is really giving the investors a privilege or benefit to decide in favor of the Board of Directors. The chosen Board of Directors is then capable to settle on choices about the organization and see where and how the organization can augment the benefits. The investors at that point gain from the benefits. The investors don't legitimately procure the benefit however are given profits. These profits are paid every year, consistently with the exception of when the organization is going in misfortune to a degree that it even neglects to take care of the liabilities it has obtained. At such occasions, the liabilities are liked and paid first and the remaining is given as profits to the investors. To additionally comprehend the connection between the organization and the investors, Walt Disney Corporation will be utilized as a case for investigation and enlightening clarification. Be that as it may, previously

Gender Discrimination in Saudi Arabia

Sexual orientation Discrimination in Saudi Arabia The issues of sexual orientation separation in Saudi Arabia truly should be aware of each lady out there. Open need to see how powerless these Saudi Arabia ladies been living all through as long as they can remember and the wretchedness they experienced. There is no opportunity for them. This happens in view of the incredibly preservation of strict culture. They are not simply being withdrawn by the Islam law, additionally by the social standards and convention. Area II THE ISSUES AND WHO ARE INVOVLED I have decided to concentrate on bias and oppression ladies in Saudi Arabia and contrasting it and Singapore. The motivation behind why I have picked this is on the grounds that I understood in Saudi Arabia, ladies have a forlorn life. They have been arranged by men for over numerous decades. Men are as a rule more organized over ladies in their nation as far as sexual orientation, instruction, society which I will cover in this subject. There is no ability to speak freely. Their life is being constrained by men. Subsequently there is a need to raise this issue to everybody so the separated sexual orientation in Saudi Arabia can be decreased and the womens personal satisfaction can be improved. Ladies in Saudi Arabia are ordinarily observed wearing dull hues shroud, head covering and a full dark shroud. They should cover the pieces of their body with the exception of the eyes. The garments must be thick and baggy which won't intrigue male. The explanation of dressing so is on the grounds that no enchantment is permitted to men. As indicated by Saudi culture, womens business place is at home while keeps an eye on is at the work environment. Ladies are not permitted to disregard their duties of house errands. Another report discharged by Human Right Watch (HRW), it express that Requirements that every female, paying little heed to age, be appointed a male watchman be it a dad, a spouse, or even a child who must give authorization for their charges to do everything from venture out abroad or locally to examine, look for clinical consideration, work and wed viably denies ladies of their most fundamental rights and makes their cooperation in open life unmistakably increasingly troublesome. (Jim Lobe, 2008 Apr 21) Also in a similar article, One 40-year-old Saudi lady, who was separated from her better half and whose father had passed on, who needed to look for authorization from her 23-year-old child to go outside the realm (Jim Lobe, 2008, Apr 21) This is an incredibly silly data for any Singaporean ladies to accept if this demonstration was to be actualized in Singapore. In typical circumstance in Singapore, it is generally the kids be it of sex need to look for consent from guardians to le ave a nation. Anyway in Saudi Arabia, they are being founded on sex where men have all the authority over ladies. Furthermore, much of the time, ladies are should have been joined by a man on boulevards. It is amazingly normal to see ladies driving out and about in Singapore. In contrast to Saudi Arabia, ladies are permitted to possess a vehicle however they are not given the rights to drive. Ladies can in any case own vehicles in Saudi Arabia, however they are restricted from driving them. (Related Press, July 5 2010) They are the main area that doesn't permit ladies to drive. Notwithstanding such expand, Saudi Arabia ladies really take steps to breastfeed their male partners or men that they frequently interact with. The motivation behind why they will do so is on the grounds that they imagine that by breastfeeding the men, it will make a representative maternal connection. Inside a similar article, it additionally expressed that if the ladies give their drivers their bosom milk, the escorts would have the option to blend with all individuals from the family without agonizing over damaging Islamic law. In the two situations, ladies are at hindrance in light of the fact that in spit e of breastfeeding those outsiders, they are still not permitted to drive. Be that as it may, on the off chance that they do as such, it additionally implies giving the opportunity for those aliens to connect with their relatives without fears overstepping the Islamic law. Area III WHY IS IT IMPORTENT FOR US TO TALK ABOUT IT? Ladies are regularly being viewed as progressively mediocre when contrasted with men in Saudi Arabia, particularly where the absence of instruction further checks this. Greater part of the ladies are not permitted to go to class in view of sexual orientation. It influences the general public as it doesn't give a decent impression to different nations. Ladies in Saudi Arabia don't have any state in nearly everything even fundamental human rights like getting clinical consideration or working. As expressed in the primary model, they should look for consent from their male gatekeeper before doing as such. They are additionally being illegal from taking part in policy centered issues, for example, political decision. Giving men the authority over ladies could implies a higher peril for them. An article expressed that The force given to male gatekeepers really adds to womens danger of misuse and family brutality, as per the report. In any event, when gatekeepers are seen as injurious against their charges, social laborers, specialists, and legal advisors who deal with such cases revealed to HRW that it was practically outlandish for their guardianship to be broken down or moved. (Jim Lobe, 2008 Apr 21) As ladies are viewed as the inadequate ones in the general public, greater part of them are not educated. The main employments that are reasonable for them are those that don't required any aptitudes as such being a local laborer. In a similar article, it likewise included that Many transient household laborers, generally ladies, were kept in exceptionally harsh conditions, being made to work as long as 18 hours consistently, at times for almost no compensation. Residential specialists have no assur ance under Saudi Arabian work law and have little chance by and by of acquiring change against oppressive or exploitative businesses. The legislature said that a law against aggressive behavior at home was being drafted. (Absolution International, 2009) In many circumstances, ladies can just endure with all the hopelessness and feel so powerless in regards to it. The pace of segregation in Saudi Arabia is amazingly high and should be raised to everybody. Ladies are not given a reasonable possibility with regards to work. Ladies stayed subordinate to men under family law, were denied equivalent work openings with men, stayed prohibited from driving vehicles or voyaging alone (Amnesty International, 2009) Ladies attempted to challenge the segregation demonstration that men put on them, anyway the manner in which they fight has restricted impact. For example, the occurrence of being restricted from driving, ladies fight it by taking steps to breastfeed the men. This conduct will never occur in Singapore since it is never rehearsed in here. One lady who was being meeting by the Gulf News said Is this all that is left to us to do: to give our bosoms to the outside drivers? She remarked this since she see even such compromise will just put ladies at detriment. Segment IV WHERE CAN WE START TO FIX PROBLEM? I accept equivalent rights exist for everybody paying little mind to age, sexual orientation. This disparity treatment ladies got is the general public is making ladies fight. In spite of the fact that the International advisory group, for example, United Nation (UN) has just ventured into Saudi Arabia to support those ladies, by and by there is still a lot of restriction they can do. There isnt much that should be possible by outcasts as its my conviction that feasible change is just change that occurs from inside. (Eman Fahad Al Nafjan, 2010, September 9) In 2001, the UN has a Convention on the Elimination of all Forms of Discrimination against Women (CEDAW). Its motivation was to request that Saudi Arabia make a move to end oppression ladies in all structures. The show oblige Saudi Arabia to seek after by every fitting mean and immediately an arrangement of killing oppression ladies, including any differentiation, avoidance or limitation made based on sex which has the motivation behind weakening or invalidating the acknowledgment, pleasure or exercise by ladies of human rights and major opportunities in the political, financial, social, social, common or some other field. (Human Rights Watch, 2009 July 8) However, this convection has little impact. The Saudi government penances fundamental human rights to keep up male authority over ladies. Saudi ladies wont gain any ground until the administration parts of the bargains originate from these confused approaches. (Jim Lobe, 2008 Apr 21) To end the hopelessness of ladies, right off the bat the administration need to begin their part. The Islam law is the greatest factor causing the limitations for ladies in the nation. Men should quit being bullheaded and attitude that they are prevalent, where ladies ought to be remain at home, this outlook should be featured. Different activities done by the Amnesty International USA of helping these defenseless ladies in Saudi Arabia was to make attention to individuals everywhere throughout the world about how are they being dealt with. They even urge perusers to send in bids to the Head of Election Committee and the Ministry of Interior to support these ladies. Keep in touch with the Head of the Election Committee and the Minister of Interior, calling for ladies in Saudi Arabia to be given their essential thing right to all inclusive testimonial immediately. (Reprieve International USA, 2004 November)

How does culture influence international business

How cultures impact universal business How cultures impact universal business Because of the globalization, the undeniably close cooperation between firms which are from various societies has been blasting. In this manner, culture, which is show in conduct standards, concealed suspicions, and human instinct, each happening at an alternate degree of profundity, has significant effects on global business. (Kilmann, Sfixton, Serpa 1986) Under this situation, so as to arrange and manage remote accomplices all the more proficiently, and to enter new markets effectively also, we ought to investigate the outlandish societies and in what habits those mysterious societies will influence the manner in which we exchange As a rule, culture is comprised of language, religion, social foundations, political frameworks and reasoning, financial frameworks, training, and images. (Johnson, Turner 2010: 307) So, when discussing the impacts of culture on global business, these angles ought to be considered, particularly the effects from language, history, religion, and social establishment, which can mirror the propensities, perspectives, convictions of the general public. With the examination of these three angles, the incredible effects of culture on universal exchange will be clear. Regardless, language is one of the most huge components that have impacts on global business, since language is the pivotal mechanism for colleagues to speak with one another and comprehend their thoughts. During the continuous worldwide exchange and business, the trading of language is important, which has extraordinary impact on universal exchanges. There are some untouchable words and expressions in each language, which are probably going to cause issues. For example, some particular numbers are dealt with distinctively in various regions. The number 3 appreciates both applause and misuse the same. In Monaco, individuals like this number especially in light of the fact that they trust it will bring them flourishing. The Hong Kong individuals like this number, as well, on the grounds that in Cantonese, 3 is homophonic with advancement. Be that as it may, the Europeans by and large think of it as unfavorable. 4 is ordinarily loathed by individuals in Japan, Hong Kong and China, sinc e it implies demise. Along these lines, code-exchanging is imperative in global business, particularly as far as the association with accomplices and clients and notice. Lets take Microsoft Word for instance. From the outset, Word is basically a product bundle as opposed to a notice. Be that as it may, the dialects accessible in the program are a piece of Microsoft advertising talk, and furthermore offer expressions about how the brand needs to be seen. As a component of its confinement system, Word offers an extraordinary assortment of Englishes, from Australia to Zimbabwean. One such assortment offered is an Irish-English language choice and word reference. Microsoft portion give a far reaching language alternative in Irish, yet a word reference of Irish-English, arranged with a certifiable comprehension of the ordinary stirred up sociolinguistic setting of that assortment, ought to incorporate these and different models. (Kelly-Holmes 2008: 185) Here Microsoft is a run of the mil l great model of code-blending, which give comfort to clients, however grow it purchaser base just as accomplish global notoriety. At that point, as a critical job in worldwide exchange, strict factor cannot be disregarded, particularly for those states managed by strict position, since religion sets out a lot of basic standards and qualities which oversee the conduct and life of its followers. (Johnson, Turner 2010: 308) Religious convictions can impact exchanging conduct for the most part two different ways. To start with, having a similar strict conviction regularly infers having comparative qualities. A typical religion may consequently upgrade trust between exchanging accomplices and lessen exchange costs, expanding the exchange volume between brokers of a similar religion ought to be higher than exchange between various religions. Second, every religion has its own moral outlook towards the movement of exchanging. (Helble 2007) The effects of religion on can be demonstrated in people material life and their mentalities toward buying and utilizing product and administrations. Some of the time strict convent ions even disallow the utilization of specific merchandise and ventures inside and out, similar to Islam denies the eating of pork and Hindus don't expend meat. Hence, when Macdonald entered Muslim nations, it has changed its menu to become accustomed to their particular strict practices. The cheeseburgers (and all nourishment things besides) must be Halal, and truth be told, they don't call the burgers cheeseburgers thusly, rather they call them hamburger burgers in order to clarify that there is no ham in them. (The Travel Almanac n.d) So restrictions and inclinations must be investigated before entering a strict society and exchange with accomplices who are strict adherents. Thirdly, history is a reflection of a general public, which can demonstrate the foundation and improvement about financial and political type of a nation. While in creating financial aspects outside brands have status esteem, when nations create, individuals will in general spotlight more on their authentic national inclinations. For example, in the mid 1990s anything Western sold in Russia, however since 1996 worldwide organizations such Coca-Cola and Nestlã © have been confining their messages in Russia. As Russians have gotten progressively nationalistic, makers have attempted to make their items increasingly pertinent. (Mooij nd: 17) So chronicled qualities ought to be considered during global business to ensure that your items and methods for arranging are appropriate to the nations of goal as far as their propensities, tastes, and qualities. Japanese agents may lean toward continue saying indeed, yes. Be that as it may, their yes doesnt mean their acknowledgment to the term is offered, yet rather their comprehension of what is said. They continue saying yes just for ceremonies purpose. Still worth referencing there is that the Japanese have more trust in close to home affinity than in business contracts. This presents a sharp difference to the Americans. So while working with the Japanese, you should go to considerable lengths to set up obvious individual compatibility and companionships. Dont check a lot on contracts; they are bits of waste paper according to the Japanese once the two sides are in conflict. (Huang 2010: 2) From this model, it shows that working with remote nations has changed the customary reasoning examples, and some fruitful organizations have been adjusted to specific adapting styles as indicated by various societies. History is the best fortune, which clarifies the financial advancement of social orders that have had a critical influence in worldwide exchange, can assist agents with learning the data of the propensities and ways of life of the two accomplices and clients from goal nations. At last, social organizations are characterized as a complex of positions, jobs, standards, and qualities held up specifically kinds of social structures and sorting out moderately stable examples of HR as for central issues in continuing practical cultural structures inside a given situation by Turner (1997). It is likewise viewed as that the very idea of social organizations that produce esteems or principles of good and terrible can likewise empower supports of authorized practices.( Parboteeah, Hoegl, Cullen 2003) Lets accept China for instance. China is a nation with amazing social foundations, which influence Chinese business exercises a great deal. Then again, another significant foundation in China is the family and the common reliance of its individuals. Thusly, Chinese people groups practices and habits have impacted profoundly by these perspectives. In Chinese social orders, such connections are administered by what is named guanxi, which is a bond between individuals, bas ed on which companions are relied upon to take care of every others prosperity. (Bargiela-Chiappini and Harris 1997: 42) The complexities of relational relations irritated an enormous number of western businesspeople, since most Chinese representatives want to exchange with companions or companions and family members, who are believed to be increasingly trustful because of the exceptional guanxi between them. Along these lines, as Lafayette De Mente states, a fruitful business connection between Chinese organizations starts with the foundation of an individual bond between the important administrators of the organizations and depends especially on the cautious upkeep of these individual ties. (Bargiela-Chiappini and Harris 1997: 42) So, investigating the social foundation of the goal nations is extremely helpful for specialists to exchange various social orders productively. After the conversation of key determinants of culture, a well known investigation of social measurements, which can give an all the more away from of the effects of culture on universal business, will be featured. Measurements of social contrasts are extremely fundamental for associations particularly the individuals who work universally to comprehend and adapt to such contrasts that can show themselves as far as various guidelines, qualities and desires in the different nations in which they work. (Johnson, Scholes, Whittington 2008: 190) Here I need to make reference to one of the best investigations of social measurements, Hofstedes social measurements, which are comprised of intensity separation, vulnerability evasion, independence and community, manliness womanliness, and short/long haul direction. In any case, power separation talks about reliance connections inside nations and social orders. The littler the force separation is, the more reliance of subordinates on administrators will be. Bargiela-Chiappini and Harris (1997) found that from Hofstedes look into it is shows that in Chinese social orders, for example, Hong Kong and Singapore, individuals will in general exhibit more prominent concession towards people with great influence than they do in Western social orders. Malaysia is a case of a powerful separation culture and a greater part of the sites mirrored this social a

Physician Assistant Programs Offering Part-Time Options

Are you looking to be a PA on the DL? While updating the PA Schoolfinder Physician Assistant Program Database, I was surprised to learn that there are only three Physician Assistant Programs in the United States offering part-time options. Physician Assistant Programs Offering Part-Time Options Rutgers University Physician Assistant Program- New Jersey University of Detroit Mercy Physician Assistant Program- Michigan Drexel University Physician Assistant Program - Pennsylvania Part-time programsoffer a fantastic option for parents of small children or those working full-time or part-time while attending PA school. While attending Rutgers University in 2004, our part-time students were highly motivated and completed the program with high honors. At the time I figured most schoolshad a part-time track. I guess I was wrong. Let's keep our fingers crossed that as our profession grows, we will see an increase of physicianassistant programs offering part-time options to students. I see a lot of benefit to this and feel it opens the doors to many prospective students who would not be able to attend otherwise. If you have attended PA school as a part-time student or are interested in this as an option, I would love to hearyour thoughts as well! Here is a timeless outro for you to match the post image! View all posts in this seriesPA Schoolfinder The Ultimate Physician Assistant School and Program DirectoryPhysician Assistant Programs Offering Part-Time OptionsWhich State Has the Largest Number of Physician Assistant Programs?Physician Assistant School and Program Directory eBook2017 Physician Assistant Program Tuition and Cost Comparison TableMade by PA: The Applicants Manual of Physician Assistant ProgramsThe Perfect PA Program Picker: PA School Requirements and Admissions Tool You may also like -Physician Assistant School and Program Directory eBook Are you Looking for a good end of the summer read? I am so happy to offer my newly compiled PA Programs eBook to you for FREE. The Physician Assistant School and Program Directory is a complete list of every accredited Physician []Physician Assistant Postgraduate Residency and Fellowship Programs: The Ultimate Guide Postgraduate PA School Residency and Fellowship Programs As a new, or even experienced PA, it is normal to feel uncomfortable with the thought of jumping into a medical specialty. Often we have had little more than 30 days of []Does PA Program Length Matter? In a time long, long ago, just before the release of the first iPhone, I graduated from the UMDNJ (now Rutgers) PA program. It was a three-year PA program with a nearly 100% PANCE pass rate. At the time, Rutgers was one of the best []

Essay on Synthesis and Chemistry of K2S2O8 - 2122 Words

SYNTHESIS AND CHEMISTRY OF K2S2O8 ABSTRACT In this experiment, a sample of K2S2O8 was prepared by the electrolysis of an aqueous solution of H2SO4 and K2SO4. The peroxodisulfate anion, S2O82-, was also observed for its ability to serve as a counterion for precipitation by preparing a copper (II) complex by reacting hydrated copper (II) sulfate with ammonium peroxodisulfate in the presence of pyridine. This same ability, coupled with its strong oxidizing ability allowed for stabilization of the unusual oxidation state of 2+ for silver which was observed by preparing an analogous silver (II) complex by reacting silver (I) nitrate with ammonium peroxodisulfate in the presence of pyridine. IR spectra for the three products were†¦show more content†¦Thus, it is an important and popular tool for structural elucidation and compound identification. EXPERIMENTAL METHOD A. Preparation of potassium peroxodisulfate A potential set-up was prepared wherein the 25 x 150 mm test tube was filled with K2SO4 (30mL, 0.15 mol) saturated at 0  °C in 5M H2SO4. The test tube was immersed in ice, power supply was adjusted to give the solution a current of ~3.0 amps. Current was read and recorded as accurately a possible, as well as the time over which electrolysis was carried out. K2S2O8 precipitated over a period of 45-50 minutes during which the temperature was maintained close to 0  °C (~8  °C or lower) during electrolysis. Crystals were collected in a Buchner funnel, washed with alcohol, then ether, then transferred into a sample tube for storage. B. Reactions of Peroxodisulfate Ion A saturated solution of K2S2O8 in water was prepared and the following reactions were carried out. The results were compared with similar reactions using hydrogen peroxide. 1) Acidified KI solution, warming gently 2) Silver nitrate solution 3) MnSO4 solution in 2M H2SO4, containing 1 drop of AgNO3 solution 4) Titanium (IV) sulphate solution C. Preparation of Tetrapyridinecopper(II) Peroxodisulfate Solutions of CuSO4ï‚Ÿ5H2O (0.506 g in 10mL water, 3.17E-3 mol) and ammonium peroxodisulfate (1.030 g in 10mL water, 4.51E-3 mol) were prepared and mixedShow MoreRelatedThe Doping Of Semiconductor By Rare Earth Metal Nanoparticle1754 Words   |  8 Pagesensures high chemical homogeneity because of the aqueous solution mixture of initial reagents that favors the production of desired phases. Among the soft-chemistry techniques, the gel-combustion method needss comparatively shorter reaction times and lower temperatures. Recently gel combustion method has been utilized in organic and inorganic synthesis [36]. The benefits of gel-combustion methods includes fine chemical homogeneity, high purity fine particles size distribution and easy doping etc. There

The Impact Of Nike And Globalization - 765 Words

Introduction Nike Inc is an athletic footwear company founded in the United States, they also has athletic clothing and sporting goods. Nike dominates the sporting industry along side its famous competitors; Adidas, Fila, Converse and Reebok (Locke, 2002). Regardless of its competitors and the controversies‘ that rose from their success, Nike is currently the largest and most important athletic wear company in the world. They dominate the market and have a global presence all over the world. Significantly because they took advantage of globalization and outsourcing opportunities, it has allowed them to take over the market share for athletic footwear. But there was negative results from becoming a multinational corporation. We will be†¦show more content†¦Pakistan After the Indonesia incident, Nike faced child labor accusations in Pakistan. Life’s magazine did an article on a 12 year old boy that was stitching a soccer ball for Nike (Locke, 2002). Their criticism came from consumers, trade unions and NGOs. In response to this incident, Nike decided to associate themselves with UNICEF and ILO, these organizations implemented the elimination of child labor and allowed for nike to rebuild their image to become positive again (Locke, 2002). Contractors were instructed to pay the child’s wages for the rest of their lives until they reach the legal working age in their country. Nikes response was ensuring new child labor policies and I agree that it is a responsible idea. Vietnam Lastly, Nike was accused of having health and safety regulations in their factories, it was found that toluene concentrations were high in factories in Vietnam. This chemical being released at levels higher then 6 cause damage to the central nervous system, the liver and kidneys. Protective equipment was also not provided to workers, therefore putting them in danger, creating poor working conditions (Locke, 2002). Work hours were also unfair. Nike first responded to these accusations by denying it was true but afterwards they decided to incorporate a new Code of Contact for their suppliers in order to ensure that the required environmental and health standards were met. They even adopted the OSHA standards for indoor air qualityShow MoreRelatedA Case Of Globalization ; Nike. University Of The People1308 Words   |  6 Pages A Case Of Globalization; Nike University Of The People â€Æ' Two decades ago advances in technology developed innovated the way individuals and business interact with each other. Innovations made possible to increase productivity, it made possible for companies and individuals to multitask, for the world to be united, and in general for us to be us. We can summarize this, as the most innovative time of globalization. Globalization comes because advances in technology, desire of individualsRead MoreThe Case Of Nike : Review Analysis1334 Words   |  6 Pages Case of Nike: Review Analysis 3 Over the decades, globalization, where economic integration across border allow businesses to expand beyond their domestic boundaries. (Malamud, V. Rotenberg, Y. (2010)); has become a phenomenon that is seen across the globe. Businesses large and both small are able to compete, produce, and sell their products without limits to either demographic or geographic factors. This allows company s to enlarge their base, their workforce, their consumers, and thereforeRead MoreNike Positive And Negative Effects Of Globalization1367 Words   |  6 PagesThe Promises and Perils of the Globalization of Nike Globalization involves global interaction and cooperation between individuals, corporations, countries and their governments. As demand for products grows and the technology it takes to improve the process by which products can be manufactured more cheaply grows, globalization grows as well. It is supported by advancements in technology. These changes can have both short-term and lasting effects on issues surrounding economics, politics, the environmentRead MoreDiscussion Questions for Globalization Is Good Followed by Discussion Questions on Global Village or Pillage1154 Words   |  5 PagesDiscussion Questions for Globalization is good followed by discussion questions on Global Village or Pillage Taiwan: Discussion questions 1.How has ‘land reform’ contributed to the rapid industrialization of Taiwan? Land reform contributed greatly to industrialization of Taiwan because the people were able to own land due to their governments property ownership program. Since the citizens were allowed to own their own piece of land, this encouraged them to make their land better and moreRead MoreEssay on Globalization Is Good1443 Words   |  6 PagesDiscussion Questions for Globalization is Good Taiwan: Discussion questions 1. How has ‘land reform’ contributed to the rapid industrialization of Taiwan? Back in the 1950s the government of Taiwan started to offer yields of land for families to own and operate off of. The land, which was supplied with food/crop, released man power for industry to prosper. As the government distributed the land, the owners took advantage. Taiwan’s rural beginnings lead to industrial wealth like Mr. WangRead MoreHow Globalisation has affected developing countries in the Asia - pacific region1609 Words   |  7 PagesAn important trend occurring in the world economy is the process of globalization. Globalization is the progressive integration between national economies and the breaking down of barriers between trade and financial flows around the world, which will eventually lead to the emergence of a single world market. Globalization has affected many different nations in different ways, depending on their degree of development and extent to which they are open to the flows of the world economy. China, whichRead MoreThe Expansion Strategy Of Nike1287 Words   |  6 PagesGlobalization has helped many giant U.S. product manufacturers, such as Coca Cola and McDonalds, become globally successful household names. However, so much power and popularity can come at price; any public relation (PR) nightmare can blow up at record speed thanks to the growing availability and popularity of the Internet, which can result in a negative reputation, followed by a catastrophic decrease in sales. 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I have always wanted to know the practices that Nike used in order to make their bu siness last this long and how have they been so successful. I will explain to you how globalization and technology changes have helped or hurt the company and the major role that it has played. I also plan to construct a plan to see how my corporation couldRead MoreStrategic Management And Strategic Competitiveness1190 Words   |  5 Pagesthat I have chosen to write about is Nike. I have always wanted to know the practices that Nike used to make their business last this long and how have they been so successful. I will explain to you how globalization and technology changes have helped or hurt the company and the major role that it has played. I also plan to construct a plan to see how my corporation could earn above-average returns and increase their gaining potential. I will explain Nike s vision and mission statement and show

Coming Together with Music free essay sample

A wrinkled old woman waves hello as she heads indoors to pick up her usual Sunday lunch at the food court. She weaves her way through the crowd around us, navigating past an Israeli family, a few Spanish-speaking men, and a group of Red Sox bound Bostonians. Home to 18,000,000 tourists a year, the lively historical marketplace, Faneuil Hall, is not an easy location for her to pass through. The member of the band whose part is the least busy — either my mom, my sister, or I — waves hello, letting the musical harmonies wane from three parts to two, and back to three again after she picks up her bow and continues playing. Playing music as a part of the Performance Roster on the buzzing streets of Faneuil Hall Marketplace is not about a perfect performance. I’ve thought it started to rain, only to realize it was actually bird poop dropping onto my head. We will write a custom essay sample on Coming Together with Music or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page I’ve witnessed our whole stack of business cards fly away with a breeze. I’ve smiled so big while playing watching a little girl dance that I couldn’t possibly run a steady bow on the strings of my violin. These little moments, gems of live, outdoor performance, bring the focus of my music on joy, rather than flawlessness. My family band, Tatu Mianzi, got together years ago for a family wedding. Over the years, we’ve moved far beyond the classical genre. These days, in a typical set, we might bounce from a Brazilian Bossa Nova to Scottish Fiddle, from Hava Nagila to Eleanor Rigby. We focus on learning music from as many regions of the world as we can, reaching out to specialists to teach us their traditions. It doesn’t matter that our band – made up of two violins and a cello – learned to play tangos from an accordion player, or jazz from a saxophonist. Music is music. We take our eclectic shows all over the country and the world, performing more than 50 concerts a year. When we play in schools, I ask the kids, â€Å"Where do you want to travel today?† A girl in the front calls out a country, probably from her family heritage, and we play her a song from that region, watching her face light up as she listens to her culture come alive. I’ve played some songs in my repertoire well over 500 times, yet performing with my band never gets old. I’m no longer thinking about playing the right notes or bowings. Instead, I’m listening closely and responding to what my sister and mom are playing as we take turns trading off the melody, choosing a bass line, and improvising harmonies. I play from the heart, not the page. Back at Faneuil Hall, people with seemingly nothing in common – no common language, different skin colors, wide age gaps – enjoy each other as they listen to us play. They start to clap and dance together, and I dance too. In these moments, letting my emotions take over and seep through me, at the expense of a few lost notes, is okay. In fact, it’s encouraged. While playing in Tatu Mianzi is technically a job, and it’s great to make money, I gain so much more from my trio than the tangible. In a time when my country seems divided – politically, economically, and racially – our music is a catalyst, melding people together who would normally be at odds. Our music creates a community of people, if only for a few minutes at a time, that gets along. They stop to listen, opening themselves up to their emotional impulses and refreshing themselves for whatever lies ahead. I too am refreshed. Goodness can be so simple.

The Dissolution Of The Manasteries Essay Research free essay sample

The Dissolution Of The Manasteries Essay, Research Paper Background to the Dissolution The Dissolution of the Monasteries and the events which followed, were all brought approximately as a direct consequence of the interruption with Rome. The ground for the interruption, lies merely in Henry? s defeat at his inability to procure a divorce signifier his married woman Catherine of Aragon, and a approval from the Pope for his new matrimony to Anne Boleyn, although arguably, there was a demand for reformation within the church. Prior to the interruption with Rome, the church was rife with pluralism, barratry ( one of the Catholic Pope? s chief weaknesss ) and breaches of the vows of celibacy. It is hence clear that there were jobs with the English church prior to the interruption, but although it was unpopular, many people including Henry remained Catholic: ? A house Catholic, he was acute to hold apostolic blessing, and the more improbable this became, the more he was forced to oppugn the Pope? s legal power in England? [ 2 ] To carry through a interruption, Henry needed some sort of justification, and he would besides hold to guarantee that in implementing the interruption itself, he was non seen as back uping unorthodoxy and the Protestant reformation in peculiar. We will write a custom essay sample on The Dissolution Of The Manasteries Essay Research or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page With the assistance of adviser Thomas Cromwell, Henry aims to ordain the interruption with Rome utilizing codified authorization ; that of the male monarch, Godheads and parks moving through parliament. ? A sequence of genuinely radical Acts of the Apostless of parliament now cut the bonds? religious, legal, fiscal? which linked the English church and province to Rome? [ 3 ] There were several chief landmarks in the interruption with Rome, the first of which was the act in restraint of entreaties. This was a justification and definition of royal domination, and was grafted by Thomas Cromwell. It was the act of domination in 1534 nevertheless, that would turn out to be Henrys greatest measure frontward in the interruption. It confirmed Henry? s headship of the church and explicitly reserved the Crown the rights to the organizing and jurisdictional powers once held by the Papacy. By this, the Crown would command the right O specify the church? s instructions and doctrinal determinations, finally ensuing in the ruin of the monasteries. As a consequence of Henry? s force per unit area on the English clergy in his efforts to convert the Pope to allow a divorce, the disintegration of the monasteries became an of import and necessary undertaking. By taking the Pope? s most loyal protagonists from England, Henry was badly restricting his power. In 1533, in position of Anne Boleyn? s impending gestation, Thomas Cranmer, an archbishop, declared Henry? s matrimony to Catherine shut-in, ( ? the male monarch must halt life in this wickedness with this adult female who is non his married woman? [ 4 ] ) and married him to Anne Boleyn. ? The Act of Supremacy? so, established Henry as caput of the Church of England, and marked the terminal of the Pope? s influence in his kingdom. Threatened by the Pope with exclusion, if he did non take Catherine back, all hopes of rapprochement with Rome were passed. Henry? s reformation was traveling quickly.When H VIII foremost initiated the disintegration of the Monasteries, he was confronting unfavorable judgment from assorted sides. It must be understood that in make up ones minding the cogency of Henry? s claims for the disintegration, there are two sides to the statement. Protestant supp orters of Henry? s actions, argue that after the 1530? s, all the monasteries were corrupt and a topographic point where evildoers lived in a luxury paid for by others. The grounds for cloistered life they claimed, were based on a prevarication created by the Papacy, to beef up its ain place: In order to decrease the clip a individual spends in purgatory when they die, money must be donated to the church in order to salvage their psyche. As a consequence of these false and morally corrupt claims on behalf of the Papacy, Protestants argued that the monasteries deserved to be dissolved, as the money they survived upon was gained under false pretensions. Another factor that supports Henry? s statement for the disintegration, were the consequences found from the? heroism Ben Sira? . Within this, it was discovered that on norm, one one-fourth of a cloistered houses wealth went to the caput of the house, normally an absentee leader, populating their life as a state gentleman, free signifier duty. Disclosures such as this evidently angered the populace, but whether or non Henry was angered in the same manner, or simply saw these factors as farther support for his claims to fade out the monasteries is problematic. It is true that there was a certain component of corruptness nowadays, with immorality, sexual perversion and homosexual patterns all being admitted to by 100s of monastics. But certainly, all these factors point to a demand for reform instead than disintegration. The above grounds entirely does non show a clear image of the existent state of affairs of the monasteries in England, that is certain. It is now known that merely 10 per centum of the cloistered houses in England were capable to corruptness, and that the bulk followed their cloistered ideals and manner of life unfailingly, greatly supported by the populace, and hence laying waste to Henry? s claims that the monasteries were no longer regarded as topographic points of worship, but of wickedness, animal and detestable. Monasteries by and large functioned good, and there is an air of lip service about these claims, if we consider that Thomas Cromwell himself gained wealth at the monasteries # 8217 ; expense wherever possible. Cromwell accepted assorted? gifts? from the smaller cloistered houses, in return for back uping their entreaties against the new statute law? s, an act which he neither intended to transport out nor brood upon. It is clear so that following his promise to the King to do him and the Crown wealthy and moneymaking one time more, Cromwell decided that the closing of the monasteries was where he would accomplish this proposed wealth. By lawfully shuting the monasteries, this? larceny? would do the King affluent beyond his wildest dreams. If we consider so, that Henry? s motivations were about wholly based on his want for wealth, and without which his proposed disintegration would neer hold taken topographic point, the cogency of his claims is slightly decreased. Henry VIII? s grounds for he disintegration of the monasteries hence, were non at all justified in the manner he had claimed. He sought merely wealth, and it is this desire to derive control and achieve the wealths that came with it which motivated Henry. His greed and the falseness of his many claims against the monasteries succeeds in uncovering his existent wants, and nullifies any old statements based on his spiritual concerns for the disintegration.

Free Essays on Nietzsche

In Nietzsche’s philosophy he made no room for God, let alone religion itself. Nietzsche saw religion, especially Christianity, as a weakness. A Burden put on man to cloud the mind with thoughts of another world in order to justify their meager existence in this one. When used as a tool of education or cultivation, religion could be useful just as politics or economics (Cowan72). The problem arises when religions do not want to be used as a tool for education, â€Å"but insist on having their own sovereign way†. They believe that they are not the means to any kind of end, but rather the end itself. Religion can be an intellectual journey, but it cannot be allowed to become the destination to which we are all struggling to arrive. (Cowan 74). This can only serve to downplay the role of man in the universe, a role that is already dangerously insignificant. In the eyes of Nietzsche Christianity has many sacrifices, these sacrifices are made for someone or something th at only exists in the man- written accounts of the Bible. Nietzsche saw Christianity as an endless cycle of sacrifice. Not by any means sacrifice for the better good, nor for any kind of enlightenment, but rather sacrifice for the pure sake of sacrifice. What good could possibly come of this? I believe he would be quick to answer the question. With the exception of a somewhat Hobbesean premise of being â€Å"one more means for overcoming resistances, for the ability to rule† (Cowan 72) and giving â€Å"some of the ruled the instruction and opportunity to prepare themselves for future ruling and obeying† (Cowan 73), no good can come of this. Nietzsche makes his dislike for Christianity quite evident, and I believe rightly so, for it serves as a lifelong scapegoat for the man who knows worldly failure. This same man who may fail to hold on to employment in the temporal world, for it seems that economic prosperity is anti-Christian, or who can’t ‘turn the other ch... Free Essays on Nietzsche Free Essays on Nietzsche Nietzsche claims that we live in an historical age that is â€Å" beyond good and evil.† We are no longer restricted or limited by moral authorities and hence possess a new freedom and creativity. Citing works we have covered, what is the political promise and danger arising from the teaching that morality is a myth? Does the realization that we are â€Å"beyond good and evil† benefit and fulfill man? Why or Why not? If not, what else is necessary? Finally, given the readings, are you hopeful about the future? Why? Nietzsche believes that no history can be defined and claims that there is no such thing as something that has no history. Through examining Nietzsche it becomes evident that searching for the definition of species is not only futile but also unnecessary. This definition is something that he believes changes over time, without any permanent lasting and stable reality. Unlike Hobbes Nietzsche believed that our value systems are culturally determined, they arise not from conventional folk wisdom. His relationship with the truth has nothing to do with the meaning of a moral system. Humans described by Nietzsche are like human culture and have a history. We have a personal history were we ourselves cannot be defined, we continue to be a constant process of becoming, and or transcending the person we have been into something new. Many might feel that we are defined by some essential quality when in fact we are constantly being defined by other factors. Nietzshe states that humans believ e they must create their own system or become enslaved by another man's system. The lives of the human must be lived in solitude from others, we choose to create our own horizon. In comparison with Marx, he believes that the material forces of production and division of labor control the process of transformation of the individual self and ideas. This is said to be the logic behind the creation of history through Marx. Through the creation of h... Free Essays on Nietzsche In Nietzsche’s philosophy he made no room for God, let alone religion itself. Nietzsche saw religion, especially Christianity, as a weakness. A Burden put on man to cloud the mind with thoughts of another world in order to justify their meager existence in this one. When used as a tool of education or cultivation, religion could be useful just as politics or economics (Cowan72). The problem arises when religions do not want to be used as a tool for education, â€Å"but insist on having their own sovereign way†. They believe that they are not the means to any kind of end, but rather the end itself. Religion can be an intellectual journey, but it cannot be allowed to become the destination to which we are all struggling to arrive. (Cowan 74). This can only serve to downplay the role of man in the universe, a role that is already dangerously insignificant. In the eyes of Nietzsche Christianity has many sacrifices, these sacrifices are made for someone or something th at only exists in the man- written accounts of the Bible. Nietzsche saw Christianity as an endless cycle of sacrifice. Not by any means sacrifice for the better good, nor for any kind of enlightenment, but rather sacrifice for the pure sake of sacrifice. What good could possibly come of this? I believe he would be quick to answer the question. With the exception of a somewhat Hobbesean premise of being â€Å"one more means for overcoming resistances, for the ability to rule† (Cowan 72) and giving â€Å"some of the ruled the instruction and opportunity to prepare themselves for future ruling and obeying† (Cowan 73), no good can come of this. Nietzsche makes his dislike for Christianity quite evident, and I believe rightly so, for it serves as a lifelong scapegoat for the man who knows worldly failure. This same man who may fail to hold on to employment in the temporal world, for it seems that economic prosperity is anti-Christian, or who can’t ‘turn the other ch...

The Benefits and the Drawbacks of Voice over Internet Protocol (VoIP) Research Paper

The Benefits and the Drawbacks of Voice over Internet Protocol (VoIP) Telephony - Research Paper Example In simple terms, VoIP can be considered to have similar function like that of telephone but this process has many extended features. The project will broadly analyze the importance of this technology and all those areas where it can be widely implemented and applied. The study will also comprise of the scope of development of this particular technology and the extent to which this technology can be made popular and relied upon. Furthermore, all those broad measures will also be highlighted that can be implemented for making widespread application of the technology. Beside the importance, the problems that will be faced while identifying the measures along with the drawbacks associated with this technology will also be listed and discussed upon. The study will also encompass the various issues related with the security and privacy concern associated with the use of VoIP. Additionally, it will also highlight the other essential features of VoIP reflecting its efficiency in terms of cos t of the technology, accuracy, quality, and timely delivery of services among other factors. THESIS STATEMENT The main aim of the study would be to analyze all those broad factors that can prove to provide opportunities of growth for Voice over Internet Protocol (VOIP) technology. ... VIEW Identifying the Network System Used In the VoIP Telephony According to Hiwasaki, Ohmuro, Mori, Kurihara and Kataoka (2006), a very high tech networking process is followed in the process of VoIP. The networking system allows uninterrupted communication process both in audio and video modes. The network codifies the signals in such a way that all round clarity is maintained in the overall communication process (Hiwasaki, Ohmuro, Mori, Kurihara and Kataoka 1-7). Defining the Importance of VoIP Telephony for the Business World As per Garrie and Wong (2007), there are various factors that can be considered for determining the importance of VoIP telephony for the business world. Accordingly, if the voice that transmits through the networks is regulated properly over the internet protocols then it would be able to create a positive impact in the overall voice process. Furthermore, if the voice is processed and transmitted from one channel to another in a more precise form then it woul d provide great benefits and this efficiency can also be utilized in a business and can prove to derive much better results. It can be strongly admitted that applicability of VoIP telephony is widely gaining popularity in the business segment as an effective modes of communication. It has been ascertained that VoIP telephony offers quick dissemination audio-visual messages relatively at lower costs and at higher speed (Garrie and Wong 550-574). Evaluating the Benefits of VoIP Telephony in the Global Communication Kerner (2005) suggested that the use of VoIP is becoming widespread and is continuously being utilized in the overall market. It has been argued that the application of VoIP can be made even more efficient if more stress is laid upon providing end to end results. It has been

Do the questions below. ( every questions should be more than 200 Term Paper

Do the questions below. ( every questions should be more than 200 words) - Term Paper Example However, it does not mean that labor is the most valuable practice though some historical perspectives give labor such prominence. This occurs in social structures where development of productive forces is minimal so the labor activity completely occupies the individual’s life. This highlights the need to recognize labor as the centre of the ontology of culture (Stanley and Wise 1). This is because additional aspects of human activity entirely depend on the capability of individuals to provide labor within a stipulated time. Additionally, advancement of productive forces determines the capacity of individuals coupled with the extent of complication of social needs that require labor satisfaction. Marx’s expression â€Å"changes his own nature† draws mistranslation, particularly because the word â€Å"nature† can have two interpretations. The first meaning relates to human beings as the subjects of the action; a subject performing an activity needs to alter his or her own nature in a definite way to achieve the stipulated targets. The other meaning of â€Å"nature† relates to environment and emphasizes the alterations of the world because of intentional activity (Stanley and Wise 1). Additionally, humans alter the world to launch their own social objects to change the course of the society. Q: 66. â€Å"Give everyday examples illustrating the contradiction that in everyday practical activity exchange-value is sometimes considered immanent and sometimes considered relative†. Presently, in each practical activity, exchange value may be either immanent or relative. Products attain value because they are expressed in monetary terms. The value form of a product exists after different products have been compared with each other. The value of products is dynamic because it continuously develops based on trading processes (Lendvai 1). Presently, individuals objectify the worth of produced goods to enhance trade. By doing this, t he individuals are evaluating and contrasting the value of their efforts. Additionally, while individuals are comparing and justifying the products’ value before exchange, they are also comparing the intensity of their efforts. Therefore, the worth of a product largely depends on the worth of other products regardless of product evaluation (Lendvai). This depicts that exchange value is at times relative. It is imperative to say that immanence is a notion of relationship. Therefore, exchange value is at times transcendental and exceeds the physical features of objects, implying that values exist above the individual senses (Lendvai 1). An example to illustrate this is that the aesthetic worth of a painting is not similar with the textile of the canvas and the oils within it, though the painting cannot exist without these substances. Additionally, the exchange value of an object like diamond cannot subsist without its physical and chemical reality. Similarly, two portions of wo od fixed with the figure of a cross may enjoy sacramental value. Therefore, these examples clearly show that exchange value can be immanent or relative. Q: 98. â€Å"Take two very different kinds of labor, such as teaching and construction work, and discuss in what respect they are equal†. There exists a relationship between teaching and construction work. Teachers serve as architects of a better future of students because they nurture and monitor their progress, thereby ensuring that these

Bicycle Lanes are Overdue in Dallas Essay Example for Free

Bicycle Lanes are Overdue in Dallas Essay Bicycles have been a major part of our transportation system for over a hundred years. There are more than a billion bicycles in the world and they outnumber the automobile 2:1. Yet in Dallas, we have been very slow to take steps that would make them an integral part of our transportation system. Bike lanes and the lack of them are an excellent example. Texans have always prided themselves on their wide open spaces and have long had a love affair with their cars. This may partially explain why Dallas has not made a priority of alternative means of getting around town. However, with changes in the economy and the environment, the city would be well served to start looking at all options for commuting. Dependence on foreign oil has made gas-guzzling cars both an economic and a foreign policy matter. And the pollution that these cars generate affects not only us, but the world as a whole. Bike lanes are a way to encourage people to be less dependent on their cars. First, where are we starting from? Since 1980, while other cities added hundreds of miles of bike lanes, Dallas chose to sit idly by. According to Bike Friendly Oak Cliff, â€Å"by the 2000s, Dallas had one of the lowest bike-commuting percentages in the nation, and one of the highest accident rates. The publication twice gave Dallas the ignominious title of worst cycling city in the United States, in 2008 and 2012† (Roberts). Opponents of bike lanes point to our current traffic congestion and wonder how taking lanes away from cars can possibly improve the situation. First, a bike lane frequently does not require the removal of an automobile lane. It can be accomplished by narrowing existing auto lanes, using median space, and other techniques. Second, while some auto lanes are inevitably lost, this is offset by the fact that there are fewer automobiles on the roads, because their former occupants are now on bicycles using the bike lanes. A model for urban planning and traffic management that was popular in the 1950’s through the 1980’s was to simply build more freeways and build more parking in the central business district. Dallas was a poster child for this model. This was the thinking behind the construction of the Dallas North Tollway and the Central Expressway expansion. It was thought that if we added enough freeway capacity and parking capacity that traffic problems would be a thing of the past. But what is seen in Dallas today is what has been discovered everywhere else. By building more capacity, more cars simply come in to take up that space and the system is overwhelmed again. But we continue to pursue that same model, as evidenced by the current LBJ/635 expansion and the â€Å"Horseshoe† project slated to begin later this year and go through 2017 to expand the â€Å"canyon† in downtown Dallas. While freeway expansions are inevitable and to some degree necessary, what is needed is a fundamental change in the way we approach getting around town. Bicycles, walking, public transportation, shared rides are all things that citizens should consider when it is available as an option. The city has a responsibility to make alternatives to automobile travel available to us. And they have done a fairly good job with Dart  and Dart  rail, and are aggressively expanding the hike and bike trails. But the first bike lane was not painted until September, 2012. The city is grudgingly making progress. They unveiled CentraLink, a network of bike lanes in the central business district designed to connect the downtown area hike/bike trails with Union Station and the Jefferson Cycle Track. The city has announced plans to add 70 miles of bike lanes by the end of 2014, but after that, according to the Dallas Observer, â€Å"things get murky† (Nicholson). Bicycle commuting is great for a person’s health, the environment, and saves the commuter money. According to the Bureau of Labor Statistics, the average US household spent 15. 7 percent of their total income on automotive expenses in 2011 (USDL). Contrary to popular belief, bike lanes are not necessarily expensive to implement. It can usually be accomplished when a street is undergoing its regularly scheduled repairing and restriping. Bike Friendly Oak Cliff indicates that there are a variety of funding methods used when there is a need for build out, including Tax Increment Financing Districts, Federal Grants, and â€Å"Friends of† organizations (Roberts). They go on to point out that the return on investment for streets with bike lanes and businesses surrounding these streets has proven to far offset any cost. It is important to remember that the purpose of building roads is not to move people as quickly as possible (as is the case with highways), it is to promote interaction between individuals and businesses, as well as ransport. Commuting by bicycle is an option that more and more people are choosing every year for a variety of reasons. Bike lanes are a reasonable way that the city can accommodate these citizens and provide a safe way for them to exercise this choice. It is incumbent on the leaders of this city to think beyond the initial cost of the project and allow Dallas to realize the benefits tha t this will bring to the city and its citizens.

Isaac Manuel Francisco Albéniz Biography :: essays research papers

Isaac Manuel Francisco Albà ©niz was born on May 29, 1860 in Camprodà ³n, the Catalan province of Gerona in northeastern Spain. As a child he was exceptionally gifted at the piano and gave his first public performance in Barcelona at the age of four. Two years later his mother took him to Paris where, for nine months, he studied privately with a renowned professor of piano at the Paris Conservatory. An attempt was made to enroll Albà ©niz at the Conservatory, but the boy was denied admission because he was too young. Upon returning to Spain he gave several concerts and published his first composition, Marcha Militar. In 1868 the Albà ©niz family moved to Madrid where Isaac began studying at the Royal Conservatory of Music. The boy’s astonishing pianistic ability inspired great praise and he was acclaimed as Spain’s greatest prodigy, often being compared to Mozart. Soon, however, Albà ©niz became restless and impatient with his studies and attempted many times to run away from home. Twice he ran away from home and supported his living by playing piano for the public and, sometimes, a job as a potter at the deck. After returning home and with the companion of his father, Albà ©niz first performed in the New World in the spring of 1875 when he gave a series of concerts in Puerto Rico. From there he traveled to Cuba where, in the fall of 1875, he gave several more concerts before returning to Spain. Upon returning to Spain, the 15 year old Albà ©niz gave concerts in several Spanish cities, including Barcelona, Valencia, and Salamanca. Realizing that his child prodigy days were nearing an end, and that the transition from child prodigy to mature artist is never a simple one, Albà ©niz enrolled at the Leipzig Conservatory where he hoped to gain the measure of credibility that one gets from studying at a world famous institution. While there he studied piano with students of Liszt. Short of money, ill at ease with the German language, and unhappy with the rigorous discipline imposed on him by his teachers, Albà ©niz returned to Spain after spending less than two months in the Saxon city where Bach, Schumann, and Mendelssohn once lived. Later that same year, Albà ©niz obtained a royal stipend to study at the Brussels Conservatory where, in 1879, he won first prize in piano performance. Following this he made a well-publicized tour of Europe.

Aig Case Solution

[pic] LEADERSHIP AT AIG: DOES STYLE MATTER? Case Overview This case deals with executive leadership styles. In particular, this case deals with American International Group, the world’s insurance company, and its CEO Maurice â€Å"Hank† Greenberg. Greenberg, an autocratic leader, was recently deposed by his board of directors after problems emerged regarding possible earning manipulation. It describes his leadership style, reasons his two sons (former employees) left the company, and Martin Sullivan, Greenberg’s successor. Like his former boss, Sullivan micromanages the organization, but is well liked by employees. Teaching Objectives ) To show students the impact of autocratic leadership style on employees. 2) To distinguish between micro and participative management in an organization. 3) To introduce the concept of leadership succession and its effects on organizations. Purpose This case presents various leadership styles used by CEOs. It suggests that executi ves who uses a more participative leadership style are more likely to create an effective employee workplace. Relationship to Part 4 The relationship of this case to part 4: leadership and its styles, possible motivation of employees through style, the encouragement of team work and communication.This case can draw on various theories in all four chapters of Part 4. Questions Question 1. AIG Chairman and CEO Maurice â€Å"Hank† Greenberg was considered an autocratic leader and a micromanager by many employees; yet the company grew dramatically during his reign as CEO. Does leadership style matter as long as the company performs well and shareholders are satisfied with their return on investment? Answer Leadership does matter. A company may perform well, and shareholders may be satisfied with their return on investment, but on another level this style of leadership may do irreparable hard to employee effectiveness and morale.Eventually autocratic leadership will take it toll o n the organization and its ability to operate effectively. Question 2. AIG’s new CEO Sullivan has been labeled a micromanager, but with a more pleasant personality. Can he, as a micromanager, develop a more participative leadership style? How? Answer It may be very difficult for a manager/leader to change his management and leadership style. There is indeed a time and place for autocratic leadership (e. g. , when time is limited), but we know that participative leadership often produces better results.While it is often difficult for executives (managers) to let go and delegate more to underlings, AIG’s new CEO Sullivan can learn to develop a more participative leadership style. He must begin to create more teams, motivate more employees to participate in corporate activities, and communicate more effective. In part, his micromanagement style may be a result of following Greenberg’s lead. As Sullivan becomes more comfortable in his new role, he should be able to delegate more effectively, especially if he is to deal with more strategic corporate issues. Leadership is a very important aspect that is prominent in our professional life.If a team is led by an effective good leader, the team is more likely to perform well as per the expectations of the project. On the other hand, if the leader is a person who just issues orders and commands the tasks to be done, the team is demotivated and does tend to perform less than they actually can. If you are a working professional, you might have got an idea about the types of leadership styles and techniques. The working and managing style of a leader plays a very important part in making the leadership role effective. There are various managers who adopt different leadership styles and methods for employee and process management.Each leadership style has its own methods, behavior, effects, and aspects. Participative leadership is a very significant leadership style that is most beneficial to employees, managers alike. What is Participative Leadership Style? As the name suggests, this leadership style relates to a method of having things done by involving team members in goals setting and decision making. Since there is an involvement of team members and employees in being a part of the management, this is by far the most useful management style in the business world.Though there is employee participation, the leader is handed over the responsibility of taking the final decision. In this corporate leadership style, the manager works with the team and not over the team, which is why he can determine even the minutest errors of the processes that have to be executed. Advantages of Participative Leadership Style There are many apparent and proven advantages of the participative leadership practice. A very important advantage is that employees and team members are motivated to work, because they realize that the management is ready to consider their suggestions and viewpoints.And if t here is such employee motivation, the team members happen to work more effectively than expected. This eventually has a good effect on the company's revenue. Secondly, since the manager becomes like a team member and takes part in the decision-making process, it has a good impact on teamwork. Thirdly, as more than one minds are working on goal setting and decision making, there is an all-round analysis of the possibilities of failures. Therefore, the manager can majorly rule out any errors and possibilities of failures in the project.You can say that there is a broader assessment of the situation which is to be worked upon. The result of participative leadership can also be effective decisions suggested by experts in the respective field. In this kind of business leadership, the manager does not only involve team members, but can also take guidance from his peers. One of the most suitable participative leadership examples can be when a manager divides project work in his team member s including himself, discusses the project requirements and expectations with the team leader and other members, and then they work on it collectively.Participative leadership surely increases employee satisfaction, reduces the workload of managers, and creates better teamwork; with all this eventually contributing to good worLeadership is a very important aspect that is prominent in our professional life. If a team is led by an effective good leader, the team is more likely to perform well as per the expectations of the project. On the other hand, if the leader is a person who just issues orders and commands the tasks to be done, the team is demotivated and does tend to perform less than they actually can.If you are a working professional, you might have got an idea about the types of leadership styles and techniques. The working and managing style of a leader plays a very important part in making the leadership role effective. There are various managers who adopt different leaders hip styles and methods for employee and process management. Each leadership style has its own methods, behavior, effects, and aspects. Participative leadership is a very significant leadership style that is most beneficial to employees, managers alike. What is Participative Leadership Style?As the name suggests, this leadership style relates to a method of having things done by involving team members in goals setting and decision making. Since there is an involvement of team members and employees in being a part of the management, this is by far the most useful management style in the business world. Though there is employee participation, the leader is handed over the responsibility of taking the final decision. In this corporate leadership style, the manager works with the team and not over the team, which is why he can determine even the minutest errors of the processes that have to be executed.Advantages of Participative Leadership Style There are many apparent and proven advant ages of the participative leadership practice. A very important advantage is that employees and team members are motivated to work, because they realize that the management is ready to consider their suggestions and viewpoints. And if there is such employee motivation, the team members happen to work more effectively than expected. This eventually has a good effect on the company's revenue. Secondly, since the manager becomes like a team member and takes part in the decision-making process, it has a good impact on teamwork.Thirdly, as more than one minds are working on goal setting and decision making, there is an all-round analysis of the possibilities of failures. Therefore, the manager can majorly rule out any errors and possibilities of failures in the project. You can say that there is a broader assessment of the situation which is to be worked upon. The result of participative leadership can also be effective decisions suggested by experts in the respective field. In this kind of business leadership, the manager does not only involve team members, but can also take guidance from his peers.One of the most suitable participative leadership examples can be when a manager divides project work in his team members including himself, discusses the project requirements and expectations with the team leader and other members, and then they work on it collectively. Participative leadership surely increases employee satisfaction, reduces the workload of managers, and creates better teamwork; with all this eventually contributing to good wor Question 3. Greenberg named his son Evan as the heir apparent. Yet, Greenberg never set a departure date.Should a good leader set a date for departure once a successor is named? Why? Why not? Answer Most of the time succession in organizations creates a host of problems. On the one hand, incumbent CEOs are less than willing to give up the power and prestige that accompany their position. On the other hand, the successor (heir ap parent) may be eager to assume the top position. If the successor has to wait too long for the top leadership position, he may decide to seek out a top level position in another company, and the company may lose a unique opportunity for a smooth leadership transition.CEOs should set a deadline for their departure so that all stakeholders are informed which can facilitate a change in leadership. LEADERSHIP AT AIG: Does Style Matter Question 1: AIG Chairman and CEO Maurice â€Å"Hank† Greenberg was consider an autocraticleader and micromanager by many employee, yet the company grew dramaticallyduring his reign as CEO. Does leadership style matter as long as the company  performs well and shareholders are satisfied with their return on investment?Leader is a person who led people towards to the common goal. In the process of managing anorganization, I believe leadership style is the one of important factor in deciding the performanceof the company. Leader’s style of lea dership changes according to the situation of the company. Based on managerial grid concept by Robert Blake and Jane Mouton, there are five style of  leadership that combine different degrees of concern for production and concern for people andthis five styles of leadership is shown in figure 1 below.In the case study, CEO Maurice â€Å"Hank†was more concern of production compare to the concern for people and of course, this kind of  leadership will produce good performance. That is why Maurice â€Å"Hank† able to bring thecompany from midlevel insurance company becomes the international company and give thesatisfaction towards the shareholders. However, to sustain the company at the same level,Maurice â€Å"Hank† kinds of leadership will causes the performance of the company to be declined  because lack of concern for people will affect the workers performance and this result would notsatisfy the shareholders.The workers in AIG will become less motivated due the pressure given  by the management practice by Maurice â€Å"Hank†. This style of leadership by Maurice â€Å"Hank† fallunder style of leadership â€Å"produce or perish† as shown in figure 1. As conclusion, the style of  leadership is the key player in determine the successful of a company. Question 2: AIG’s new CEO Sullivan has been labeled a micromanager, but with a more  pleasant personality. Can he as a micromanager, develop more participativeleadership style?How? Participative leadership style is defined as  leader  who involves his subordinatesin the process of   making decision such as setting goal, solving  problemand others, but retains the final  decision making  authority. By referring the case study, CEO Sullivan can develop more participative style leadership by segregating the works to his subordinates in order to enabling his subordinate to  play their role in the organizations and indirectly developing the trust between himself with his subordinate.This action will enable the workers especially his subordinate to create a feeling of  self-belonging towards the company. Once the trust is there, he should implement groupdiscussion or brainstorming before making any decision but while conducting the groupdiscussion, he should be the person who get all the buy-in from the group members. In the groupdiscussion, he should use his authority in deciding the decision and this kind of ways in making decision helps his subordinate to accept and thus implement the action with full enthusiasm.Besides that, he should often communicate with his workers through out the three layer of  management such as having chitchat with the workers during teatime in order to understand the needs of workers in the company and thus raise his level of concern towards people. As he developing his understanding towards his workers, he can easily delegate the works that suit the workers best and as the result, company p erformance increases and building the security towards the investor and the people in the company especially shareholders. Question 3:Greenberg named his son Evan as the heir apparent. Yet Greenberg never set adeparture date. Should a good leader set a date for departure? When should hename a successor? Every thing that starts must have an end. Leaders also have his own starts and ends in hisera of leadership. For my point of view, a good leader should set a date for his departure. This is  because a leader knows better his own limitation and capabilities. A leader should alsounderstand his abilities and weakness in managing the organization as the time passes by.I  believe that every leader would like to leave his position without tarnishing his reputation andintegrity. However, it is not wise action to take if he announced his name of successor long  before his departure date for the position. This is because the successor required a time for him toadapt with the changes in role and the leader himself required time to hand over and coaching hisnew successor to take over his positions but how long is the duration for the this process, it alldepends on the successor himself.Normally, a leader had already started to look for hissuccessor long before he announced his departure date. This is because to identify a good leader  does not happen in a single day. It will consume so much time and effort for leader to be bornand as been mention by Richard Arvey, a human resources and industrial relations professor inthe Carlson School of Management, â€Å"While environmental influences determine many of our  leadership behaviors and the roles we obtain, our genes still exert a sizable influence over  whether we will become leaders. That is why, I do believe that leadership is both inherited andacquired. As conclusion, a good leader always think three steps ahead, that’s why it is importantfor a good leader to prepare for his succession plan American International Group From Wikipedia, the free encyclopedia Jump to: navigation, search â€Å"AIG† redirects here. For other uses, see AIG (disambiguation). |American International Group, Inc. |[pic] | |Type |Public | |Traded as |NYSE:  AIG | | |S&P 500 Component | |Industry |Insurance, Financial services | |Founded |Shanghai, China (1919)[1] | |Founder(s) |Cornelius Vander Starr | |Headquarters |American International Building, New York City, | | |New York, United States | |Area served |Worldwide | |Key people |Bob Benmosche | | |(President & CEO) | | |Robert Miller (Chairman)[2] | |Products |Insurance annuities, mutual funds | |Revenue |[pic]US$ 77. 301 billion (2010)[3] | |Operating income |[pic]US$ 17. 936 billion (2010)[3] | |Net income |[pic]US$ 7. 786 billion (2010)[3] | |Total assets |[pic]US$ 683. 443 billion (2010)[3] | |Total equity |[pic]US$ 113. 239 billion (2010)[3] | |Employees |96,000 (2010)[3] | |Website |AIG. com | American International Group, Inc. NYSE:  AIG) or AIG is an American multinational insurance corporation. Its corporate headquarters is located in the American International Building in New York City. The British headquarters office is on Fenchurch Street in London, continental Europe operations are based in La Defense, Paris, and its Asian headquarters office is in Hong Kong. According to the 2011 Forbes Global 2000 list, AIG was the 29th-largest public company in the world. [4][5] It was listed on the Dow Jones Industrial Average from April 8, 2004 to September 22, 2008. AIG suffered from a liquidity crisis when its credit ratings were downgraded below â€Å"AA† levels in September 2008.The United States Federal Reserve Bank on September 16, 2008 created an $85  billion credit facility to enable the company to meet increased collateral obligations consequent to the credit rating downgrade, in exchange for the issuance of a stock warrant to the Federal Reserve Bank for 79. 9% of the equity of AIG. The Federal Re serve Bank and the United States Treasury by May 2009 had increased the potential financial support to AIG, with the support of an investment of as much as $70  billion, a $60  billion credit line and $52. 5  billion to buy mortgage-based assets owned or guaranteed by AIG, increasing the total amount available to as much as $182. 5  billion. [6][7] AIG subsequently sold a number of its subsidiaries and other assets to pay down loans received, and continues to seek buyers of its assets. Contents | |  [hide]   | |1 History | |2 Business | |2. 1 Holdings | |2. 2 Auto insurance | |2. 3 Travel Insurance | |3 Financial crisis | |3. 1 Chronology of September 2008 liquidity crisis | |3. 2 Federal Reserve bailout | |3. Additional bailouts of 2008 | |3. 4 Counterparty controversy | |3. 5 Post-bailout expenditures | |3. 6 Settlement of credit default swaps | |3. 7 Sales of assets | |3. 8 Record losses | |3. 2009 employee bonus payments | |3. 10 Manchester United Sponsorshi p | |3. 11 Share buyback | |4 Litigation | |4. 1 Accounting fraud claims | |5 Corporate governance | |5. Board of directors | |6 See also | |7 Notes | |8 References and further reading | |9 External links | [edit] History [pic] [pic] The American International Building in Lower Manhattan. AIG history dates back to 1919, when Cornelius Vander Starr established an insurance agency in Shanghai, China.Starr was the first Westerner in Shanghai to sell insurance to the Chinese, which he continued to do until AIG left China in early 1949—as Mao Zedong led the advance of the Communist People's Liberation Army on Shanghai. [8][9] Starr then moved the company headquarters to its current home in New York City. [10] The company went on to expand, often through subsidiaries, into other markets, including other parts of Asia, Latin America, Europe, and the Middle East. [11] In 1962, Starr gave management of the company's lagging U. S. holdings to Maurice R. â€Å"Hank† Greenberg , who shifted its focus from personal insurance to high-margin corporate coverage. Greenberg focused on selling insurance through independent brokers rather than agents to eliminate agent salaries.Using brokers, AIG could price insurance according to its potential return even if it suffered decreased sales of certain products for great lengths of time with very little extra expense. In 1968, Starr named Greenberg his successor. The company went public in 1969. [12] Beginning in 2005, AIG became embroiled in a series of fraud investigations conducted by the Securities and Exchange Commission, U. S. Justice Department, and New York State Attorney General's Office. Greenberg was ousted amid an accounting scandal in February 2005; he is still fighting civil charges being pursued by New York state. [13][14][15] The New York Attorney General's investigation led to a $1.   billion fine for AIG and criminal charges for some of its executives. [16] Greenberg was succeeded as CEO by Martin J. Sullivan, who had begun his career at AIG as a clerk in its London office in 1970. [17] On June 15, 2008, after disclosure of financial losses and subsequent to a falling stock price, Sullivan resigned and was replaced by Robert B. Willumstad, Chairman of the AIG Board of Directors since 2006. Willumstad was forced by the US government to step down and was replaced by Edward M. Liddy on September 17, 2008. [18] AIG's board of directors named Robert Benmosche CEO on August 3, 2009 to replace Mr. Liddy, who earlier in the year announced his retirement. [19] [edit] Business [edit] HoldingsFurther information: Holdings of American International Group In the United States, AIG is the largest underwriter of commercial and industrial insurance, and AIG acquired American General Life Insurance in August 2001. [20] [edit] Auto insurance AIG sold auto insurance policies through its subsidiary unit, AIG Direct (aka aigdirect. com). The policies they offered included insurance for private au tomobiles, motorcycles, recreational vehicles and commercial vehicles. AIG purchased the remaining 39% that it did not own of online auto insurance specialist 21st Century Insurance in 2007 for $749  million. [21] With the failure of the parent company and the continuing recession in late 2008, AIG rebranded its insurance unit to 21st Century Insurance. 22][23] In April 2009 it was announced that AIG was selling the 21st Century Insurance subsidiary to Farmers Insurance Group for $1. 9  billion. [24] [edit] Travel Insurance Main article: AIG Travel Guard AIG sells travelers insurance internationally through Travel Guard, headquartered in Stevens Point, Wisconsin. [edit] Financial crisis Further information: Subprime mortgage crisis,  Financial crisis of 2007–2010,  and  Liquidity crisis of September 2008 [edit] Chronology of September 2008 liquidity crisis On September 16, 2008, AIG suffered a liquidity crisis following the downgrade of its credit rating. Industry p ractice permits firms with the highest credit ratings to enter swaps without depositing collateral with their trading counter-parties.When its credit rating was downgraded, the company was required to post additional collateral with its trading counter-parties, and this led to an AIG liquidity crisis. AIG's London unit sold credit protection in the form of credit default swaps (CDSs) on collateralized debt obligations (CDOs) that had by that time declined in value. [25] The United States Federal Reserve Bank announced the creation of a secured credit facility of up to US$85  billion, to prevent the company's collapse by enabling AIG to meet its obligations to deliver additional collateral to its credit default swap trading partners. The credit facility provided a structure to loan as much as US$85  billion, secured by the stock n AIG-owned subsidiaries, in exchange for warrants for a 79. 9% equity stake, and the right to suspend dividends to previously issued common and preferre d stock. [17][26][27] AIG announced the same day that its board accepted the terms of the Federal Reserve Bank's rescue package and secured credit facility. [28] This was the largest government bailout of a private company in U. S. history, though smaller than the bailout of Fannie Mae and Freddie Mac a week earlier. [29][30] AIG's share prices had fallen over 95% to just $1. 25 by September 16, 2008, from a 52-week high of $70. 13. [citation needed] The company reported over $13. 2  billion in losses in the first six months of the year. 31][32] The AIG Financial Products division headed by Joseph Cassano, in London, had entered into credit default swaps to insure $441  billion worth of securities originally rated AAA. Of those securities, $57. 8  billion were structured debt securities backed by subprime loans. [33] CNN named Cassano as one of the â€Å"Ten Most Wanted: Culprits† of the 2008 financial collapse in the United States. [34] As Lehman Brothers (the largest bankruptcy in U. S. history at that time) suffered a catastrophic decline in share price, investors began comparing the types of securities held by AIG and Lehman, and found that AIG had valued its Alt-A and sub-prime mortgage-backed securities at 1. 7 to 2 times the values used by Lehman which weakened investors' confidence in AIG. 31] On September 14, 2008, AIG announced it was considering selling its aircraft leasing division, International Lease Finance Corporation, to raise cash. [31] The Federal Reserve hired Morgan Stanley to determine if there are systemic risks to a financial failure of AIG, and asked private entities to supply short-term bridge loans to the company. In the meantime, New York regulators allowed AIG to borrow $20  billion from its subsidiaries. [35][36] At the stock market's opening on September 16, 2008, AIG's stock dropped 60 percent. [37] The Federal Reserve continued to meet that day with major Wall Street investment firms, hoping to broker a deal for a non-governmental $75  billion line of credit to the company. 38] Rating agencies Moody's and Standard and Poor downgraded AIG's credit ratings on concerns over likely continuing losses on mortgage-backed securities. The credit rating downgrade forced the company to deliver collateral of over $10  billion to certain creditors and CDS counter-parties. [39] The New York Times later reported that talks on Wall Street had broken down and AIG may file for bankruptcy protection on Wednesday, September 17. [40] Just before the bailout by the US Federal Reserve, AIG former CEO Maurice (Hank) Greenberg sent an impassioned letter to AIG CEO Robert B. Willumstad offering his assistance in any way possible, ccing the Board of Directors. His offer was rebuffed. [41] [edit] Federal Reserve bailoutOn the evening of September 16, 2008, the Federal Reserve Bank's Board of Governors announced that the Federal Reserve Bank of New York had been authorized to create a 24-month credit-liquidity faci lity from which AIG could draw up to $85  billion. The loan was collateralized by the assets of AIG, including its non-regulated subsidiaries and the stock of â€Å"substantially all† of its regulated subsidiaries, and with an interest rate of 850 basis points over the three-month London Interbank Offered Rate (LIBOR) (i. e. , LIBOR plus 8. 5%). In exchange for the credit facility, the U. S. government received warrants for a 79. 9 percent equity stake in AIG, with the right to suspend the payment of dividends to AIG common and preferred shareholders. [17][27] The credit facility was created under the auspices of Section 13(3) of the Federal Reserve Act. 27][42][43] AIG's board of directors announced approval of the loan transaction in a press release the same day. The announcement did not comment on the issuance of a warrant for 79. 9% of AIG's equity, but the AIG 8-K filing of September 18, 2008, reporting the transaction to the Securities and Exchange Commission stated t hat a warrant for 79. 9% of AIG shares had been issued to the Board of Governors of the Federal Reserve. [17][28][44] AIG drew down US$ 28  billion of the credit-liquidity facility on September 17, 2008. [45] On September 22, 2008, AIG was removed from the Dow Jones Industrial Average. [46] An additional $37. 8  billion credit facility was established in October.As of October 24, AIG had drawn a total of $90. 3  billion from the emergency loan, of a total $122. 8  billion. [47] Maurice Greenberg, former CEO of AIG, on September 17, 2008, characterized the bailout as a nationalization of AIG. He also stated that he was bewildered by the situation and was at a loss over how the entire situation got out of control as it did. [48] On September 17, 2008, Federal Reserve Board chair Ben Bernanke asked Treasury Secretary Henry Paulson join him, to call on members of Congress, to describe the need for a congressionally authorized bailout of the nation's banking system. Weeks later, Congress approved the Emergency Economic Stabilization Act of 2008.Bernanke said to Paulson on September 17, â€Å"We can’t keep doing this. Both because we at the Fed don’t have the necessary resources and for reasons of democratic legitimacy, it's important that the Congress come in and take control of the situation. â€Å"[49] [edit] Additional bailouts of 2008 From mid September till early November, AIG's credit-default spreads were steadily rising, implying the company was heading for default. [50][51] On November 10, 2008, the U. S. Treasury announced it would purchase $40  billion in newly issued AIG senior preferred stock, under the authority of the Emergency Economic Stabilization Act's Troubled Asset Relief Program. 52][53][54] The FRBNY announced that it would modify the September 16 secured credit facility; the Treasury investment would permit a reduction in its size from $85  billion to $60  billion, and that the FRBNY would extend the life of the facility from three to five years, and change the interest rate from 8. 5% plus the three-month London interbank offered rate (LIBOR) for the total credit facility, to 3% plus LIBOR for funds drawn down, and 0. 75% plus LIBOR for funds not drawn, and that AIG would create two off- balance-sheet Limited Liability Companies (LLC) to hold AIG assets: one to act as an AIG Residential Mortgage-Backed Securities Facility and the second to act as an AIG Collateralized Debt Obligations Facility. [52][54]Federal officials said the $40  billion investment would ultimately permit the government to reduce the total exposure to AIG to $112  billion from $152  billion. 52] On December 15, 2008, the Thomas More Law Center filed suit to challenge the Emergency Economic Stabilization Act of 2008, alleging that it unconstitutionally promotes Islamic law (Sharia) and religion. The lawsuit was filed because AIG provides Takaful Insurance Plans, which, according to the company, avoid investments a nd transactions that are†un-Islamic†. [55][56] As of January 2012, TARP had about $50 billion invested in AIG according to one report. Break even for the government was figured at $28. 73 a share v. then-current share price of about $25. [57] [edit] Counterparty controversy AIG was required to post additional collateral with many creditors and ounter-parties, touching off controversy when over $100  billion was paid out to major global financial institutions that had previously received TARP money. While this money was legally owed to the banks by AIG (under agreements made via credit default swaps purchased from AIG by the institutions), a number of Congressmen and media members expressed outrage that taxpayer money was going to these banks through AIG. [58] In January, 2010, a document known as â€Å"Schedule A – List of Derivative Transactions† was released to the public, against the wishes of the New York Fed. It listed many of the insurance deals tha t AIG had with various other parties, such as Goldman Sachs, Societe Generale, Deutsche Bank, and Merrill Lynch. 59][60] Had AIG been allowed to fail in a controlled manner through bankruptcy, bondholders and derivative counterparties (major banks) would have suffered significant losses, limiting the amount of taxpayer funds directly used. Fed Chairman Ben Bernanke argued: â€Å"If a federal agency had [appropriate authority] on September 16, [2008], they could have been used to put AIG into conservatorship or receivership, unwind it slowly, protect policyholders, and impose haircuts on creditors and counterparties as appropriate. That outcome would have been far preferable to the situation we find ourselves in now. â€Å"[61] [edit] Post-bailout expenditures The week following the September bailout, AIG employees and distributors participated in a California retreat which cost $444,000 and featured spa treatments, banquets, and golf outings. 62][63] It was reported that the trip was a reward for top-performing life-insurance agents planned before the bailout. [64] Less than 24 hours after the news of the party was first reported by the media, it was reported that the Federal Reserve had agreed to give AIG an additional loan of up to $37. 8  billion. [65] AP reported on October 17 that AIG executives spent $86,000 on a previously scheduled English hunting trip. News of the lavish spending came just days after AIG received an additional $37. 8  billion loan from the Federal Reserve, on top of a previous $85  billion emergency loan granted the month before. Regarding the hunting trip, the company responded, â€Å"We regret that this event was not canceled. [66] An October 30, 2008 article from CNBC reported that AIG had already drawn upon $90  billion of the $123  billion allocated for loans. [67] On November 10, 2008, just a few days before renegotiating another bailout with the US Government for $40  billion, ABC News reported that AIG spent $34 3,000 on a trip to a lavish resort in Phoenix, Arizona. [68] [edit] Settlement of credit default swaps On October 22, 2008, those creditors of Lehman Brothers who bought credit default swaps to hedge them against Lehman bankruptcy settled those accounts. The net payments were $5. 2  billion[69] even though initial estimates of the amount of the settlement were between $100  billion and $400  billion. 70] By December 2008, AIG had paid at least $18. 7  billion to various financial institutions, including Goldman Sachs and Societe Generale to retire obligations related to credit default swaps (CDS). As much as $53. 5  billion related to swap payouts are part of the bailout. [71] On March 15, 2009, under mounting pressure from Congress and after consultation with the Federal Reserve, AIG disclosed a list of major recipients of collateral postings and payments under credit default swaps, guaranteed investment agreements, and securities lending agreements. [72] Below is data fr om one of the charts AIG released, representing only a portion of the total payouts, over a period of a few months. AIG collateral postings to credit default swap counterparties, from the period September 16, 2008 to | |December 31, 2008[73] | |Counterparty |US $ posted |Counterparty |US $ posted | |Societe Generale |$4,100,000,000 |Deutsche Bank |$2,600,000,000 | |Goldman Sachs |$2,500,000,000 |Merrill Lynch |$1,800,000,000 | |Calyon |$1,100,000,000 |Barclays |$900,000,000 | |UBS |$800,000,000 |DZ Bank |$700,000,000 | |Wachovia |$700,000,000 |Rabobank |$500,000,000 | |KFW |$500,000,000 |JPMorgan |$400,000,000 | |Banco Santander |$300,000,000 |Danske Bank |$200,000,000 | |Reconstruction Finance |$200,000,000 |HSBC Bank |$200,000,000 | |Corporation[74] | | | |Morgan Stanley |$200,000,000 |Bank of America |$200,000,000 | |Bank of Montreal |$200,000,000 |Royal Bank of Scotland |$200,000,000 | |Other (unknown) |$4,100,000,000 | | | [edit] Sales of assets AIG since September 2008 has ma rketed its assets to pay off its government loans. A global decline in the valuation of insurance businesses, and the weakening financial condition of potential bidders, has challenged its efforts. If the U. S. government decides to continue to protect the company from falling into bankruptcy, it may have to take the assets itself in exchange for the loans, or offer further direct financial support. 75] As of September 6, 2009, The Wall Street Journal reported that Pacific Century Group had agreed to pay $500  million for a part of American International Group's asset management business, and that they also expected to pay an additional $200  million to AIG in carried interest and other payments linked to future performance of the business. [76] Also in 2009, AIG sold its operations in Colombia to Ecuador's Banco del Pichincha. On March 1, 2010, insurance company Prudential confirmed that it was in advanced negotiations to buy the Asian operations of AIG. [77] Prudential was to buy the pan-Asian life insurance company, American International Assurance (AIA), for approximately $35. 5  billion. 78] On June 1, 2010 the deal failed because AIG would not accept the $30. 5  billion after Prudential lowered the amount by $5  billion from the originally planned $35. 5  billion after Prudential shareholder discontent. [79] AIG agreed on March 8, 2010, to sell its American Life Insurance Co. unit (ALICO) to MetLife Inc. for $15. 5  billion in cash and stock by November 1, 2010. Alico has annuities, life and health insurance operations in Japan, Middle East (including Nepal, Bangladesh and Pakistan), Western and Eastern Europe, Latin America and the Caribbean. AIG said it will sell Alico for $6. 8  billion in cash and the remainder in MetLife equity.The deal leaves AIG as the second-largest shareholder of MetLife, with a stake of more than 20% in the company. On March 29, 2010, Bloomberg L. P. reported that after almost three months of delays, AIG had com pleted the $500  million sale of a portion of its asset management business, branded PineBridge Investments, to the Asia-based Pacific Century Group. [80] On September 30, 2010, AIG announced an agreement to sell two of its life insurance companies in Japan, AIG Star and AIG Edison, to Prudential Financial for $4. 2  billion in cash and $600  million in the assumption of third party debt to help repay some of the money owed to the U. S. government. 81] On November 1, 2010, AIG announced it had raised $36. 71  billion from the sale of ALICO and an initial public offering for AIA. The company will use the proceeds Federal Reserve Bank of New York credit facility and make payments on other interests owned by the government. [82] On September 2, 2011, AIG filed with the SEC to spin off their aircraft leasing firm, International Lease Finance Corporation (ILFC), in an initial public offering. [83] [edit] Record losses On March 2, 2009, AIG reported a fourth quarter loss of $61. 7 bn (? 43bn) and revenue of ? $23. 7bn ( 16. 2bn) for the final three months of 2008. This was the largest quarterly loss in corporate history at that time. 84] The announcement of the loss had an impact on morning trading in Europe and Asia, with the FTSE100, DAX and Nikkei all suffering sharp falls. In the US the Dow Jones Industrial Average fell to below 7000 points, a twelve-year low. [85][86] The news of the loss came the day after the U. S. Treasury Department had confirmed that AIG was to get an additional $30  billion in aid, on top of the $150  billion it has already received. [87] The Treasury Department suggested that the potential losses to the US and global economy would be ‘extremely high' if it were to collapse[88] and has suggested that if in future there is no improvement, it will invest more money into the company, as it is unwilling to allow it to fail. 89] The firm's position as not just a domestic insurer, but also one for small businesses and many list ed firms, has prompted US officials to suggest its demise could be ‘disastrous' and the Federal Reserve said that AIG posed a ‘systemic risk' to the global economy. [84] The fourth quarter result meant the company made a $99. 29  billion loss for the whole of 2008,[88] with five consecutive quarters of losses costing the company well over $100  billion. [89] In a testimony before the Senate Budget Committee on March 3, 2009, the Federal Reserve Chairman Ben Bernanke stated that â€Å"AIG exploited a huge gap in the regulatory system,† †¦ and â€Å"to nobody's surprise, made irresponsible bets and took huge losses†. [90] [edit] 2009 employee bonus paymentsMain article: AIG bonus payments controversy In March 2009, AIG announced that they were paying $165  million in executive bonuses. Total bonuses for the financial unit could reach $450  million and bonuses for the entire company could reach $1. 2  billion. [91] President Barack Obama, who vo ted for the AIG bailout as a Senator[92] responded to the planned payments by saying â€Å"[I]t's hard to understand how derivative traders at AIG warranted any bonuses, much less $165  million in extra pay. How do they justify this outrage to the taxpayers who are keeping the company afloat? † and â€Å"In the last six months, AIG has received substantial sums from the U. S. Treasury.I’ve asked Secretary Geithner to use that leverage and pursue every legal avenue to block these bonuses and make the American taxpayers whole. â€Å"[93] [pic] [pic] Protester outside 60 Wall Street Deutsche Bank's US main office in the wake of the bonus controversy is interviewed by news media. Politicians on both sides of the Congressional aisle reacted with outrage to the planned bonuses. Senator Chuck Grassley (R-Iowa) said â€Å"I would suggest the first thing that would make me feel a little bit better toward them if they'd follow the Japanese example and come before the Americ an people and take that deep bow and say, I'm sorry, and then either do one of two things: resign or go commit suicide. [94] Senator Chuck Schumer (D-New York) accused AIG of â€Å"Alice in Wonderland business practices† and said â€Å"It boggles the mind. † He has threatened to tax the bonuses at up to 100%. [95] Senator Richard Shelby (R-Alabama) said â€Å"These people brought this on themselves. Now you're rewarding failure. A lot of these people should be fired, not awarded bonuses. This is horrible. It's outrageous. â€Å"[96] Senator Mitch McConnell (R-Kentucky) echoed his comments, saying â€Å"This is an outrage. â€Å"[97] Senator Jon Tester (D-Montana) said â€Å"This is ridiculous. † and AIG executives â€Å"need to understand that the only reason they even have a job is because of the taxpayers. â€Å"[98] Senator Dick Durbin (D-Illinois) said â€Å"I've had it. and â€Å"The fact that they continue to do it while we pour in billions of doll ars is indefensible. â€Å"[99] Representative Barney Frank (D-Massachusetts), Chairman of the House Financial Services Committee, said paying these bonuses would be â€Å"rewarding incompetence†[98] and â€Å"These people may have a right to their bonuses. They don't have a right to their jobs forever. â€Å"[96] Representative Mark Kirk (R-Illinois) said â€Å"AIG should not be on welfare from Uncle Sam, and yet paying bonuses and transferring a considerable amount of taxpayer funds to entities overseas. â€Å"[99] Federal Reserve Chairman Ben Bernanke said â€Å"It makes me angry. I slammed the phone more than a few times on discussing AIG. [96] Lawrence Summers, Director of the National Economic Council, said â€Å"The easy thing would be to just say, you know, ‘Off with their heads,’ and violate the contracts, but you have to think about the consequences of breaking contracts for the overall system of law. †[100] Austan Goolsbee, of the Council of Economic Advisers said â€Å"I don't know why they would follow a policy that's really not sensible, is obviously going to ignite the ire of millions of people. † and â€Å"You worry about that backlash. â€Å"[101] Political commentators and journalists expressed an equally bipartisan outrage. [94][102][103][104][104][105][106][107][108][109][110] On March 24, 2009, The New York Times printed the resignation letter of Jake DeSantis, executive vice president of AIG's financial products unit, to Edward M. Liddy, the chief executive of AIG.DeSantis stated he had nothing to do with the credit default swaps, he lost much of his life savings in the form of deferred compensation invested in the capital of AIG Financial Products; he had agreed to work for an annual salary of $1 out of a sense of duty, that he was assured many times the bonuses would be paid in March 2009, and that he believed he and others were let down by Liddy's lack of support. He also stated he was going to donate his bonus to those suffering from the global economic downturn. [111] It was reported that Senator Christopher Dodd (D-Con) (who first denied, then admitted to amending the legislation to allow the AIG bonuses), received $160,000 from employees of AIG. [112][113][114][115] A memo issued in 2006 by Joseph Cassano, AIGFinancial Products chief executive, urged AIG employees to donate to Dodd, saying that as â€Å"next in line to become chairman of the Senate Banking, Housing, and Urban Affairs Committee†¦ Senator Dodd will now have the opportunity to set the committee's agenda on issues critical to the financial services industry. â€Å"[116] [edit] Manchester United Sponsorship AIG was the principal sponsor of English football club Manchester United from 2006–2010, and as part of the sponsorship deal, its logo was prominently displayed on the front of the club's jerseys and other merchandise. The AIG deal was announced by Manchester United chief executive David G ill on April 6, 2006, for a British shirt sponsorship record ? 56. 5  million, to be paid over four years (? 14. 1  million a year).The deal became the most valuable sponsorship deal in the world in September 2006, after the renegotiation and subsequent degrading of the ? 15  million-a-year deal Italian team Juventus had with oil firm Tamoil. During AIG's sponsorship, Manchester United enjoyed one of its most successful periods in history, winning the Premier League three consecutive years, two Football League Cups, and the UEFA Champions League. [citation needed] On January 21, 2009, it was announced that AIG would not be renewing its sponsorship of the club at the end of the deal in May 2010. It is not clear, however, whether or not AIG's agreement to run MU Finance will continue.American risk consulting firm Aon Corporation was named the club's new principal sponsor on June 3, 2009, with its sponsorship of the club taking effect from the beginning of the 2010–11 seas on. The terms of the deal were not revealed, but it has been reported to be worth approximately ? 80  million over four years. [citation needed] [edit] Share buyback Due to the Q3 2011 net loss widened, so on November 3, 2011 the AIG shares has plunged 49 percent year to date. The insurer's board has approved the share buyback of as much as $1 billion. [117] [edit] Litigation |[pic] |This section needs additional citations for verification. Please help improve this article by adding citations to reliable | | |sources.Unsourced material may be challenged and removed. (September 2008) | In November 2004, AIG reached a US$126  million settlement with the U. S. Securities and Exchange Commission and the Justice Department partly resolving a number of regulatory matters, but the company must still cooperate with investigators continuing to probe the sale of a non-traditional insurance product. [118] On June 11, 2008, three stockholders, collectively owning 4% of the outstanding stock of AIG, delivered a letter to the Board of Directors of AIG seeking to oust CEO Martin Sullivan and make certain other management and Board of Directors changes.This letter was the latest volley in what the Wall Street Journal deemed a â€Å"public spat† between the Company's Board and management, on the one hand, and its key stockholders, and former CEO Maurice â€Å"Hank† Greenberg on the other hand. [119] Death Bet Circa 2010 the WSJ reported that a family sued AIG for alleged complicity in a ‘stranger-originated life insurance' scheme, whereby AIG managers allegedly welcomed people without an insurable interest to take out life insurance policies against others. The case involved JB Carlson and Germaine Tomlinson, and was one of many similar lawsuits in the US at the time. [120] [edit] Accounting fraud claimsOn October 14, 2004 the New York State Office of Attorney General Eliot Spitzer announced that it had commenced a civil action against Marsh & McLennan Companies for steering clients to preferred insurers with whom the company maintained lucrative payoff agreements, and for soliciting rigged bids for insurance contracts from the insurers. The Attorney General announced in a release that two AIG executives pleaded guilty to criminal charges in connection with this illegal course of conduct. In early May 2005, AIG restated its financial position and issued a reduction in book value of USD $2. 7  billion, a 3. 3 percent reduction in net worth. On February 9, 2006, AIG and the New York State Attorney General's office agreed to a settlement in which AIG would pay a fine of $1. 6  billion. [121] [edit] Corporate governance [edit] Board of directors