The Debate over Global Warming - 1406 Words

The last time our planet sustained temperatures as high as the present, was millions of years ago when dinosaurs roamed Earth. Civilization has greatly progressed since then in areas such as technology and the arts, but with this development comes an increased standard of living for humans. In order to keep up with the industry and production of this age, our population releases environmentally harmful substances like greenhouse gases into the air every day. In recent decades’ findings, these substances have been found to trap heat in the atmosphere over time, contributing to global warming. To cut these emissions completely would bankrupt the world’s struggling, industry-dependent economy. Knowing that this isn’t a threat that will peak in our life time or even the next generation’s causes political progression to move slowly. If we misinterpret the climate change now when it’s shifting more noticeably, the time available to effectively respond to the issue could end. In order to react appropriately to the world’s changing climate, we must educate members of society in the distinct knowledge that humans have direct influence on the warming of the planet. The fundamental disagreement when arguing about global warming is whether or not humans have an impact on the process, and if so, to what extent. Essentially people have different answers to this question because there is no universally established frame of reference to view the data. In the article â€Å"The Nature of ScienceShow MoreRelatedThe Debate Over Global Warming1499 Words   |  6 PagesThe global warming debate has been at the top of the list for environmentalists increasingly over the last twenty years. The controversy of global warming is either considered due to human activity or natural causes. Although the earth’s climate and temperatures have changed, that does not mean it is humanly caused. Despite the pretense linking the association between man and global warming, which is heavily supported by consensus of scientists, eco-sensitive politicians, and the effort to restrictRead MoreThe Debate Over Global Warming1063 Words   |  5 Pagesclimate change debate has been ongoing for nearly thirty years now, the debate is over the causation(s) of global warming. Temperatures on earth have increased approximately 2.0 °F since the early 20th century. Levels of greenhouse gases such as carbon dioxide and methane have drastically increased within the atmosphere. Both sides within the debate surrounding global climate change can agree on these points. However; disagree on a number of other possible causations of global warming. Even though thereRead MoreThe Debate Over Global Warming Essay1249 Words   |  5 PagesAs the threat posed by global warming continues to mount, there has been much debate over how to stem the rise in global temperatures. Nearly all experts agree that the primary driver of global warming has been human activity. Over the last century and a half, human activity has released immense amounts of carbon dioxide and other greenhouse gases into the atmosphere, altering the Earth’s climate. Yet, although there is a pressing need to reduce our dependence on fossil fuels, it is impossible toRead MoreThe Debate Over Global Warming2192 Words   |  9 Pagesown thoughts about global warming, it’s not real or it’s too late for humans to fix the issue, the list goes on. The global warming debate would not be so heated if it didn t involve politics and it just reverted back to simple science. With many people looking to blame someone or something it’s hard for politics and science not to collide. Below i will focus on how politics are lacking in effort to stop global warming between the huge oil companies having more influence over the government, toRead MoreThe Debate Over Global Warming1159 Words   |  5 Pages The date is 450 years into the future. The calendar reads March 1st, 2465. The world is much different than how it was 400, 500 years ago. Your know those warnings scientists have been crying out for years about global warming? Well, they were true, and their effects were much more severe than anticipated†¦ Johanna is 15 years old. She lives in Kansas City, but this Kansas isn’t the one that our readers from the past may know. This Kansas is more like an island, surrounded by water on all sidesRead MoreGlobal Warming: Fallacy or Truth Essays1142 Words   |  5 PagesOver 35 years ago, climatologist Wally Broecker coined the term global warming in a paper outlining the trends that he was noticing with temperature and C02 levels (Stefan). Ever since then, the debate has heated up on the controversy of global warming. Politicians have even used the issue to boost their campaigns. Some question whether the earth’s temperature is rising at an unusual rate. Scientists perform experiments from glacial ice to observe the correlation between carbon dioxide levels andRead MoreGlobal Warming And Its Effects On The World1074 Words   |  5 PagesIt would be a rare week indeed without hearing about global warming on the television or radio, or reading about it in the newspaper or a n online blog. There have been many opinions from an abundance of points of view on the subject. Scientists, politicians, and environmentalists have all weighed in on the debate, and each of them is passionate about their beliefs. Some issues brought about due to global warming are polar ice caps melting, glaciers receding more and more each year, and risingRead MoreGlobal Warming Has Become A National Distraction1071 Words   |  5 PagesIt would be a rare week indeed without hearing about global warming on the television or radio, or reading about it in a magazine or an online blog. There have been many opinions from an abundance of points of view on the subject. Scientists, politicians, and environmentalists have all weighed in on the debate, and each of them is passionate about their beliefs. Some issues brought about due to global warming are polar ice caps melting, glaciers receding more and more each year, and rising oceanRead MoreGlobal Warming: Fact or Fiction1089 Wo rds   |  5 PagesGlobal Warming: Fact or Fiction Lower Capstone – Unit 3 Independent Project Rozlynn Mundy American InterContinental University Online July 4, 2010 Title: Global Warming: Fact or Fiction Abstract Introduction I. Overview of Global Warming A. Signs of global warming a. Support b. Skepticism II. Effects of Global Warming A. Contributors to global a. Manmade b. Natural Summary Abstract The information found in this paper is designed to raiseRead MoreHuman Activity Is Responsible For Our Current Warming Trend1598 Words   |  7 PagesHumans Are To Blame The biggest problem with climate change today is the debate on whether or not human activity is responsible for our current warming trend. According to Jonathon Schuldt (2014:219), around 99.7% of climatologists agree that man-made climate change is a reality, while only 40% of Americans believe that humans are the main driver. This is because we live in societies in which, thanks largely to the internet, everyone is free to express an opinion. On the issue of climate change

Essay On Colonialism In The Tempest - 1624 Words

As Shakespeare’s final play, The Tempest, holds phenomenal value. In his writing, Shakespeare often included contemporary issues of his time. In Hamlet, for example, the idea of a King dying was an important notion. This was drawn from the belief that a King got his authority from God, so if he died nature would become unbalanced and disturbed. In The Tempest, he included his supportive views of colonialism into his writing. Centuries later, Aimà © Cà ©saire made an adaptation of Shakespeare’s The Tempest, to create a direct critique of colonialism’s effects. Although both writers present viewpoints in regards to colonialism, Cà ©saire’s adaptation, â€Å"A Tempest†, possesses a better argument supportive of the author’s views. Cà ©saire’s, â€Å"A†¦show more content†¦In an acting of mocking, Prospero tells Caliban; â€Å"Cannibal would suit you† (page 20 Cà ©saire). A more contemporary audience, like that of wh ich Cà ©saire is aiming towards, would be much more likely to recognize the relationship between the words Caliban and cannibal being so casually used in the play. Thus, the usage of overemphasizing this irony helps critique the absurdity behinds its origins, and then to critique the treatment of indigenous colored people as a whole. This attack on racism and derogative representations towards indigenous people, help exacerbate Cà ©saire’s critique. One of the biggest ways Cà ©saire attempts to make Caliban sympathetic is in the beginning of Act 3. In act 3 of A Tempest, Caliban breaks an important literary element and tradition of plays during Shakespearian time, Caliban breaks the fourth wall. This is something Shakespeare never would have attempted. Caliban speaks directly to the audience, which helps establish a connection between the character and the audience. This technique is a brilliant was to support her claims, since Shakespeare would have considered this act a taboo. This is, therefore, another example of dramatic irony that the audience would have picked up on. Additionally, Cà ©saire strays away from Shakespeare through having the cast wear masks. As a result, this would help the audience be disassociated and alienated to the characters, to an extent. Consequently, as aShow MoreRelated The Theme of Colonialism in Shakespeares Tempest Essay example2636 Words   |  11 Pages The Tempest, by Shakespeare, offers t he reader a variety of themes. The one theme that stands out the most is that of colonialism. During the time of Shakespeare, many European countries such as Spain, France, and England, were expanding their borders by taking over less developed countries, referred to as colonies. During this time of exploitation, there was skepticism concerning the possible success of the colonies. While some scholars believe that the play is about the Americas, I argue thatRead MoreEssay on Imperialism and Colonialism in Shakespeare ´s The Tempest943 Words   |  4 PagesThe Tempest was Shakespeare’s last play that was written shortly after England colonized Virginia in 1609. Throughout the play, there are many different references to imperialism and colonialism within the characters. The Tempest analyzes the imperialistic relationships between England and America but applies it to personal human interaction between the central characters. The island gives newcomers a sense of endless po ssibilities like claiming the land for themselves because of the belief in theRead More tempcolon Confronting Colonialism and Imperialism in Aime Cesaires A Tempest1403 Words   |  6 PagesConfronting Colonialism in A Tempest   Ã‚  Ã‚   A Tempest by Aime Cesaire is an attempt to confront and rewrite the idea of colonialism as presented in Shakespeare’s The Tempest.   He is successful at this attempt by changing the point of view of the story.   Cesaire transforms the characters and transposes the scenes to reveal Shakespeare’s Prospero as the exploitative European power and Caliban and Ariel as the exploited natives.   Cesaire’s A Tempest is an effective response to Shakespeare’s The TempestRead More tempcolon Comparing Language in Shakespeares Tempest and Aime Cesaires A Tempest892 Words   |  4 PagesColonial Language in Shakespeares The Tempest and Aime Cesaires A Tempest      Ã‚  Ã‚   Language and literature are the most subtle and seductive tools of domination. They gradually shape thoughts and attitudes on an almost subconscious level. Perhaps Gayatri Chakravorty Spivak states this condition most succinctly in her essay The Burden of English when she writes, Literature buys your assent in an almost clandestine way...for good or ill, as medicine or poison, perhaps always a bit of both(137)Read MoreThe Tempest Critical Analysis1029 Words   |  5 Pagesone’s ability to defy and transcend contextual limitations. The prescribed text, William Shakespeare’s dramatic tragicomedy â€Å"The Tempest† (1619) exhibits the physical discovery of a new world, fostering renewed intellectual and emotional understandings in relation to the construct of power in a microcosmic manner. This is further demonstrated through George Orwell’s essay â€Å"Marrakech† (1939), which recounts the poverty in corrupt Colonialist Morocco amidst th e Second World War and presents the intellectualRead MoreThings Fall Apart By Chinua Achebe And William Shakespeare s The Tempest1417 Words   |  6 PagesRoughly based on personal encounters Joseph Conrad uses Heart of Darkness to comment on the negative aspects of colonialism. Colonialism by definition is, â€Å"the policy and practice of a power in extending control over weaker peoples or areas.† In the novel Things Fall Apart by Chinua Achebe and William Shakespeare’s play The Tempest, colonialism plays a significant role in the break down of humans. The conquerors in both stories disregard the natives believing that they are working towards the greaterRead More European Colonization in Shakespeares The Tempest Essay1279 Words   |  6 PagesNo Critique of European Colonization in The Tempest      Since the 1960s, several critics have found a critique of colonialism in their respective readings of Shakespeares The Tempest. The most radical of these analyses takes Prospero to be a European invader of the magical but primitive land that he comes to rule, using his superior knowledge to enslave its original inhabitants, most notably Caliban, and forcing them to do his bidding. While the textual clues concerning the geographic locationRead MoreEssay on Post Colonial Interpretations of Shakespeare’s The Tempest1908 Words   |  8 PagesPost Colonial Interpretations of Shakespeare’s The Tempest â€Å"†¦do we really expect, amidst this ruin and undoing of our life, that any is yet left a free and uncorrupted judge of great things and things which reads to eternity; and that we are not downright bribed by our desire to better ourselves?† – Longinus Since the seventeenth century many interpretations and criticisms of William Shakespeare’s The Tempest have been recorded. Yet, since the play is widely symbolical and allegorical Shakespeare’sRead MoreWilliam Shakespeare s The Tempest1267 Words   |  6 Pagesand whimsy, incorporating both fiction and nonfiction elements. One trademark of Shakespeare s plays were the subtle allusions to the concurrent events in the English government. This is evident in his well known and final play, The Tempest. The story of The Tempest tells the tale of Prospero, a fallen duke forced to live on a desolate island in exile. He intends to regain his dukedom and seek revenge upon those who wronged him. During his time on the island, Prospero masters the power of illusionRead MoreThe Selfish Act Of Colonialism : A Nascent Of English Colonialism1741 Words   |  7 PagesOn answering the question, â€Å"To what extent is The Tempest â€Å"about† nascent English colonial?† I would say that this Shakespearean play is completely a nascent of English colonialism, because it’s plot is based around colonialism. The story describes white men inhabiting an island and proceed to fight for control, without any input by the natives. What makes this a story specifically about nascent English colonialism is the alluding fact that humans are power hungry, which will prove to be true within

Case Study Barings Free Essays

string(169) " in Japan caused a steep drop in the Nikkei 225 equity index , however, Leeson’s unauthorised trading positions suffered huge losses and his operation unravelled\." Summary: One of the most infamous tales of financial demise is that of Barings Bank. Trader Nick Leeson was supposed to be exploiting low-risk arbitrage opportunities that would leverage price low rage differences in similar equity derivatives on the Singapore Money Exchange (Simex) and the Osaka exchange. In fact, he was taking much riskier positions by buying and selling different amounts of the contracts on the two exchanges or buying and selling contracts of different types. We will write a custom essay sample on Case Study Barings or any similar topic only for you Order Now Thanks to the lax attitude of senior management, Leeson was given control over both the trading and back office functions. As Leeson’s losses mounted, he increased his bets. However, after an earthquake in Japan after caused the Nikkei Index to drop sharply, the losses increased rapidly, with Leeson’s positions going more than $1 billion into the red. This was too much for the bank to sustain; in March of 1995, it was purchased by the Dutch b bank ING for just one pound sterling. Overview: Barings Bank had a long history of success and was much respected as the UK’s oldest d merchant bank. But in February of 1995, this highly regarded bank, with $900 million in capital, was bankrupted by $1 billion of unauthorised trading losses. In 1993, Nick Leeson was appointed general manager of the bank’s Barings Futures subsidiary appointed in Singapore. In this capacity, he was able to conceal his unauthorised trading activities for over a year because he managed both the trading and back office functions. The senior managers at a Barings came primarily from a merchant banking background and knew very little about trading. Even in the face of large profits, which should have tipped management off to the fact that substantial risks were being taken, they continued to believe that Leeson held matched Leeson positions on the Singapore International Monetary Exchange (Simex) and the Osaka exchange, and hence was making a low-risk profit. low In fact, Leeson was trading derivatives contracts on the two exchanges that were, in some cases, of different types and, in some cases, in mismatched amounts. For example, Leeson rent executed a trading strategy known as a â€Å"straddle,† with the objective of making a profit by selling put and call options on the same underlying financial instrument, in this case, the Nikkei th 225 Index. A straddle will generally produce positive earnings when markets are stable but can result in large losses if markets are volatile. Leeson created an error account numbered 88888 as a holding area for any premiums or losses that he made. Leeson claims that he initially opened the account to conceal a single loss of e. 0,000 pounds sterling that had resulted from an accounting error until he could make up the difference through trading. However, he continued booking various losses into the account and also continued to increase his volume of trading and level of risk taking. Leeson took unauthorized speculative positions primarily in futures linked to the Nikkei 225 and Japanese government bonds (JGB) as well as options on the Nikkei. He hid his t rading in an unused BSS error account, number 88888. Exactly why Leeson was speculating is unclear. He claims that he originally used the 88888 account to hide some embarrassing losses resulting from mistakes made by his traders. However, Leeson started actively trading in the 88888 account almost as soon as he arrived in Singapore. The sheer volume of his trading suggests a simple desire to speculate. He lost money from the beginning. Increasing his bets only made him lose more money. By the end of 1992, the 88888 account was under water by about GBP 2 million. A year later, this had mushroomed to GBP 23 million. By the end of 1994, Leeson’s 88888 account had lost a total of GBP 208 million. Barings management remained blithely unaware. On February 23, 1995, Nick Leeson hopped on a plane to Kuala Lumpur leaving behind a GBP 827 million hole in the Barings balance sheet. As a trader, Leeson had extremely bad luck. By mid February 1995, he had accumulated an enormous position—half the open interest in the Nikkei future and 85% of the open interest in the JGB future. The market was aware of this and probably traded against him. Prior to 1995, however, he just made consistently bad bets. The fact that he was so unlucky shouldn’t be too much of a surprise. If he hadn’t been so misfortunate, we probably wouldn’t have ever heard of him. Traders sometimes speculate without authorization. Presumably, a few are able to cover their tracks. Others are caught. When they are caught, they are fired, and their employer eats the loss. Usually, neither the trader nor his employer has any interest in publicizing the incident. Leeson made headlines precisely because he was so unlucky. By the time he was discovered, he had bankrupted his employer. Publicity was unavoidable. What is amazing about Leeson’s activities is the fact that he was able to accumulate such staggering losses without Barings’ management noticing. As Leeson lost money, he had to pay those losses to SIMEX in the form of margin. Leeson needed cash. By falsifying accounts and making various misrepresentations, he was able to secure funding from various companies within the Barings organization and from client accounts. His misrepresentations were flimsy at best. For example, he claimed that he needed funds to make margin payments on behalf of BSS clients, and he gave a technical argument related to how the SIMEX collected margin as justification. This claim was false. It was actually against SIMEX rules for a broker to post its own money as margin for a client. Even if the claim were true, the funds would have been needed only temporarily—until the client could make payment. Instead, Leeson continued to ask for ever more funding. Leeson increased the size of his open positions even as his losses increased due to volatility in the markets. When an earthquake in Japan caused a steep drop in the Nikkei 225 equity index , however, Leeson’s unauthorised trading positions suffered huge losses and his operation unravelled. You read "Case Study Barings" in category "Free Case study samples" On March 3, 1995, the Dutch bank ING purchased Barings for 1 pound sterling, providing the final chapter in the story of the 223-year-old bank that had once helped the United States to finance the Louisiana purchase. The beginning of the end occurred on January 16, 1995, when Leeson placed a short straddle (an options trading strategy) in the Singapore and Tokyo stock exchanges, essentially betting that the Japanese stock market would not move significantly overnight. However, the Kobe earthquake hit early in the morning on January 17, sending Asian markets, and Leeson’s investments, into a tailspin. Leeson attempted to recoup his losses by making a series of increasingly risky new investments, this time betting that the Nikkei Stock Average would make a rapid recovery. But the recovery failed to materialize, and he succeeded only in digging a deeper hole. Realizing the gravity of the situation, Leeson left a note reading â€Å"I’m Sorry† and fled. Losses eventually reached ?827 million ($1. 4 billion at then-prevailing exchange rates), then prevailing twice the bank’s available trading capital. This led to the bank’s collapse. After fleeing to Malaysia, Brunei and finally Germany, Leeson was arrested and extradited back to Singapore on March 2, 1995. While he had authorization for the January 16 short straddle, he was charged with raud for deceiving his superiors about the riskiness of his activities and the scale of his losses, although some observers (and Leeson himself) have place much of the placed blame on the bank’s own deficient internal auditing and risk management practices. Sentenced to six and a half years in jail in Singapore, he was released from prison in 1999, having been diagnosed with colon cancer , which he has survived despite grim forecasts at the time. While in despite prison, in 1996, Leeson published an autobiography, Rogue Trader, detailing his acts. There may be a temptation to view this debacle as being caused by just one individual – the â€Å"rogue trader† – but in reality the fiasco should be attributed to the underlying structure of the firm, and particularly to the lack of internal checks and balances. Events: 1993: Nick Leeson becomes general manager of Barings Futures (Singapore), running the bank’s Simex (Singapore International Monetary Exchange) activities. January 1994: By this date (at the latest), Leeson started selling put and call options on the Nikkei 225 equity index, placing the premiums earned into an error account number 88888. This strategy, known as a straddle, is essentially a bet on the stability of market prices. 24 February 1994: A memorandum from the Barings’ asset and liability committee values the 4 options portfolio at 2. 8 billion yen. July 1994 – August 1994: James Baker, an internal auditor, spends two weeks in Singapore investigating the immense profits being made there. Baker identifies the weakness of internal controls and recommends that the general manager should no longer be responsible for the back office. In response, a separate financial manager in Hong Kong is given part part-time responsibility for watching over the back office. ng August 1994: In an attempt to better evaluate its overall risk, Barings sets up an integrated Group Treasury and Risk function, reporting to a new asset and liability committee (Alco). December 1994: A later Barings investigation reveals that, for unknown reasons, Leeson has run up an accrued loss amounting to Y7. 7 billion on the account by the end of 1994. 23 January 1995: The Nikkei 225 drops by 1000 points after an earthquake hits Japan’s industrial heartland. 6 January 1995: The London futures team gives Barings’ Alco Committee a presentation on the Baring Futures (Singapore) operation, which states that Leeson is operating a perfectly perfectl matched book – long in Osaka, but short to the same amount on Simex. 8 February 1995: Coopers Lybrand decides to hold off signing off on Barings’ accounts until it becomes possibl e to clear up a few points with Leeson. 23 February 1995: At close of trading, the error account contains 55,399 Nikkei contracts trading, expiring in March and 5640 expiring in June. As of February 25, this totalled a loss of 59 billion yen on Simex. 24 February 1995: The Barings Board meets to discuss a hastily prepared analysis of the hastily-prepared transactions in Account 88888. March 1995: The Dutch Bank ING agrees to purchase Barings for 1 pound and assume all of its liabilities (Bull, 1995). Lessons to be Learned: Lack of internal checks and balances Even when segregation of duties was suggested by internal audit, the concentration of power in the Leeson’s hands was scarcely diluted. Lack of understanding of the business. If Barings’ auditors and top management had understood the trading business, they would have realised that it was not possible for Leeson to be making the profits that he was reporting without taking on undue risk, and they might have questioned where the money was coming from. Arbitrage is supposed to be a low risk, and hence low profit, business, so Leeson’s large m. profits should have inspired alarm rather than praise. Given that arbitrage should be cash cashneutral or cash-rich, additional alarms should have gone off as the Bank wired hundreds of rich, millions of dollars to Singapore. Poor supervision of employees Although Leeson had never held a trading license prior to his arrival in Singapore, there was little oversight of his activities and no individual was directly responsible for monitoring his trading strategies. Lack of a clear reporting line Leeson’s fraud may have been facilitated by the confusion caused by two reporting lines: one to London, for proprietary trading, and another to Tokyo for trading on behalf of customers. customer Allikas: http://www. erisk. com/Learning/CaseStudies/ref_case_barings. asp Kusimused: 1. Millist kauplemisstrateegiat Nick Leeson oma ulemustele teadaolevalt kasutas? Kuidas selle strateegiaga teoreetiliselt raha on voimalik teenida? 2. Millist kauplemisstrateegiat Nick Leeson tegelikult kasutas? Kuidas selle strateegiaga teoreetiliselt raha on voimalik teenida? 3. Mis on back-office funktsioonid? 4. Mis sundmus sai Barings pangale saatuslikuks? Mis selle tulemusel juhtus Leesoni positsioonidega? 5. Mis olid pohjused (mida tehti valesti), et kaesolev Baringsi case sai uldse juhtuda (5 pohjust)? 6. Milliseid eetilisi noudeid Nick Leeson oma tegutsemisega rikkus ning kuidas oleks tulnud korrektselt kaituda? How to cite Case Study Barings, Free Case study samples

Case Study Barings Free Essays

string(169) " in Japan caused a steep drop in the Nikkei 225 equity index , however, Leeson’s unauthorised trading positions suffered huge losses and his operation unravelled\." Summary: One of the most infamous tales of financial demise is that of Barings Bank. Trader Nick Leeson was supposed to be exploiting low-risk arbitrage opportunities that would leverage price low rage differences in similar equity derivatives on the Singapore Money Exchange (Simex) and the Osaka exchange. In fact, he was taking much riskier positions by buying and selling different amounts of the contracts on the two exchanges or buying and selling contracts of different types. We will write a custom essay sample on Case Study Barings or any similar topic only for you Order Now Thanks to the lax attitude of senior management, Leeson was given control over both the trading and back office functions. As Leeson’s losses mounted, he increased his bets. However, after an earthquake in Japan after caused the Nikkei Index to drop sharply, the losses increased rapidly, with Leeson’s positions going more than $1 billion into the red. This was too much for the bank to sustain; in March of 1995, it was purchased by the Dutch b bank ING for just one pound sterling. Overview: Barings Bank had a long history of success and was much respected as the UK’s oldest d merchant bank. But in February of 1995, this highly regarded bank, with $900 million in capital, was bankrupted by $1 billion of unauthorised trading losses. In 1993, Nick Leeson was appointed general manager of the bank’s Barings Futures subsidiary appointed in Singapore. In this capacity, he was able to conceal his unauthorised trading activities for over a year because he managed both the trading and back office functions. The senior managers at a Barings came primarily from a merchant banking background and knew very little about trading. Even in the face of large profits, which should have tipped management off to the fact that substantial risks were being taken, they continued to believe that Leeson held matched Leeson positions on the Singapore International Monetary Exchange (Simex) and the Osaka exchange, and hence was making a low-risk profit. low In fact, Leeson was trading derivatives contracts on the two exchanges that were, in some cases, of different types and, in some cases, in mismatched amounts. For example, Leeson rent executed a trading strategy known as a â€Å"straddle,† with the objective of making a profit by selling put and call options on the same underlying financial instrument, in this case, the Nikkei th 225 Index. A straddle will generally produce positive earnings when markets are stable but can result in large losses if markets are volatile. Leeson created an error account numbered 88888 as a holding area for any premiums or losses that he made. Leeson claims that he initially opened the account to conceal a single loss of e. 0,000 pounds sterling that had resulted from an accounting error until he could make up the difference through trading. However, he continued booking various losses into the account and also continued to increase his volume of trading and level of risk taking. Leeson took unauthorized speculative positions primarily in futures linked to the Nikkei 225 and Japanese government bonds (JGB) as well as options on the Nikkei. He hid his t rading in an unused BSS error account, number 88888. Exactly why Leeson was speculating is unclear. He claims that he originally used the 88888 account to hide some embarrassing losses resulting from mistakes made by his traders. However, Leeson started actively trading in the 88888 account almost as soon as he arrived in Singapore. The sheer volume of his trading suggests a simple desire to speculate. He lost money from the beginning. Increasing his bets only made him lose more money. By the end of 1992, the 88888 account was under water by about GBP 2 million. A year later, this had mushroomed to GBP 23 million. By the end of 1994, Leeson’s 88888 account had lost a total of GBP 208 million. Barings management remained blithely unaware. On February 23, 1995, Nick Leeson hopped on a plane to Kuala Lumpur leaving behind a GBP 827 million hole in the Barings balance sheet. As a trader, Leeson had extremely bad luck. By mid February 1995, he had accumulated an enormous position—half the open interest in the Nikkei future and 85% of the open interest in the JGB future. The market was aware of this and probably traded against him. Prior to 1995, however, he just made consistently bad bets. The fact that he was so unlucky shouldn’t be too much of a surprise. If he hadn’t been so misfortunate, we probably wouldn’t have ever heard of him. Traders sometimes speculate without authorization. Presumably, a few are able to cover their tracks. Others are caught. When they are caught, they are fired, and their employer eats the loss. Usually, neither the trader nor his employer has any interest in publicizing the incident. Leeson made headlines precisely because he was so unlucky. By the time he was discovered, he had bankrupted his employer. Publicity was unavoidable. What is amazing about Leeson’s activities is the fact that he was able to accumulate such staggering losses without Barings’ management noticing. As Leeson lost money, he had to pay those losses to SIMEX in the form of margin. Leeson needed cash. By falsifying accounts and making various misrepresentations, he was able to secure funding from various companies within the Barings organization and from client accounts. His misrepresentations were flimsy at best. For example, he claimed that he needed funds to make margin payments on behalf of BSS clients, and he gave a technical argument related to how the SIMEX collected margin as justification. This claim was false. It was actually against SIMEX rules for a broker to post its own money as margin for a client. Even if the claim were true, the funds would have been needed only temporarily—until the client could make payment. Instead, Leeson continued to ask for ever more funding. Leeson increased the size of his open positions even as his losses increased due to volatility in the markets. When an earthquake in Japan caused a steep drop in the Nikkei 225 equity index , however, Leeson’s unauthorised trading positions suffered huge losses and his operation unravelled. You read "Case Study Barings" in category "Free Case study samples" On March 3, 1995, the Dutch bank ING purchased Barings for 1 pound sterling, providing the final chapter in the story of the 223-year-old bank that had once helped the United States to finance the Louisiana purchase. The beginning of the end occurred on January 16, 1995, when Leeson placed a short straddle (an options trading strategy) in the Singapore and Tokyo stock exchanges, essentially betting that the Japanese stock market would not move significantly overnight. However, the Kobe earthquake hit early in the morning on January 17, sending Asian markets, and Leeson’s investments, into a tailspin. Leeson attempted to recoup his losses by making a series of increasingly risky new investments, this time betting that the Nikkei Stock Average would make a rapid recovery. But the recovery failed to materialize, and he succeeded only in digging a deeper hole. Realizing the gravity of the situation, Leeson left a note reading â€Å"I’m Sorry† and fled. Losses eventually reached ?827 million ($1. 4 billion at then-prevailing exchange rates), then prevailing twice the bank’s available trading capital. This led to the bank’s collapse. After fleeing to Malaysia, Brunei and finally Germany, Leeson was arrested and extradited back to Singapore on March 2, 1995. While he had authorization for the January 16 short straddle, he was charged with raud for deceiving his superiors about the riskiness of his activities and the scale of his losses, although some observers (and Leeson himself) have place much of the placed blame on the bank’s own deficient internal auditing and risk management practices. Sentenced to six and a half years in jail in Singapore, he was released from prison in 1999, having been diagnosed with colon cancer , which he has survived despite grim forecasts at the time. While in despite prison, in 1996, Leeson published an autobiography, Rogue Trader, detailing his acts. There may be a temptation to view this debacle as being caused by just one individual – the â€Å"rogue trader† – but in reality the fiasco should be attributed to the underlying structure of the firm, and particularly to the lack of internal checks and balances. Events: 1993: Nick Leeson becomes general manager of Barings Futures (Singapore), running the bank’s Simex (Singapore International Monetary Exchange) activities. January 1994: By this date (at the latest), Leeson started selling put and call options on the Nikkei 225 equity index, placing the premiums earned into an error account number 88888. This strategy, known as a straddle, is essentially a bet on the stability of market prices. 24 February 1994: A memorandum from the Barings’ asset and liability committee values the 4 options portfolio at 2. 8 billion yen. July 1994 – August 1994: James Baker, an internal auditor, spends two weeks in Singapore investigating the immense profits being made there. Baker identifies the weakness of internal controls and recommends that the general manager should no longer be responsible for the back office. In response, a separate financial manager in Hong Kong is given part part-time responsibility for watching over the back office. ng August 1994: In an attempt to better evaluate its overall risk, Barings sets up an integrated Group Treasury and Risk function, reporting to a new asset and liability committee (Alco). December 1994: A later Barings investigation reveals that, for unknown reasons, Leeson has run up an accrued loss amounting to Y7. 7 billion on the account by the end of 1994. 23 January 1995: The Nikkei 225 drops by 1000 points after an earthquake hits Japan’s industrial heartland. 6 January 1995: The London futures team gives Barings’ Alco Committee a presentation on the Baring Futures (Singapore) operation, which states that Leeson is operating a perfectly perfectl matched book – long in Osaka, but short to the same amount on Simex. 8 February 1995: Coopers Lybrand decides to hold off signing off on Barings’ accounts until it becomes possibl e to clear up a few points with Leeson. 23 February 1995: At close of trading, the error account contains 55,399 Nikkei contracts trading, expiring in March and 5640 expiring in June. As of February 25, this totalled a loss of 59 billion yen on Simex. 24 February 1995: The Barings Board meets to discuss a hastily prepared analysis of the hastily-prepared transactions in Account 88888. March 1995: The Dutch Bank ING agrees to purchase Barings for 1 pound and assume all of its liabilities (Bull, 1995). Lessons to be Learned: Lack of internal checks and balances Even when segregation of duties was suggested by internal audit, the concentration of power in the Leeson’s hands was scarcely diluted. Lack of understanding of the business. If Barings’ auditors and top management had understood the trading business, they would have realised that it was not possible for Leeson to be making the profits that he was reporting without taking on undue risk, and they might have questioned where the money was coming from. Arbitrage is supposed to be a low risk, and hence low profit, business, so Leeson’s large m. profits should have inspired alarm rather than praise. Given that arbitrage should be cash cashneutral or cash-rich, additional alarms should have gone off as the Bank wired hundreds of rich, millions of dollars to Singapore. Poor supervision of employees Although Leeson had never held a trading license prior to his arrival in Singapore, there was little oversight of his activities and no individual was directly responsible for monitoring his trading strategies. Lack of a clear reporting line Leeson’s fraud may have been facilitated by the confusion caused by two reporting lines: one to London, for proprietary trading, and another to Tokyo for trading on behalf of customers. customer Allikas: http://www. erisk. com/Learning/CaseStudies/ref_case_barings. asp Kusimused: 1. Millist kauplemisstrateegiat Nick Leeson oma ulemustele teadaolevalt kasutas? Kuidas selle strateegiaga teoreetiliselt raha on voimalik teenida? 2. Millist kauplemisstrateegiat Nick Leeson tegelikult kasutas? Kuidas selle strateegiaga teoreetiliselt raha on voimalik teenida? 3. Mis on back-office funktsioonid? 4. Mis sundmus sai Barings pangale saatuslikuks? Mis selle tulemusel juhtus Leesoni positsioonidega? 5. Mis olid pohjused (mida tehti valesti), et kaesolev Baringsi case sai uldse juhtuda (5 pohjust)? 6. Milliseid eetilisi noudeid Nick Leeson oma tegutsemisega rikkus ning kuidas oleks tulnud korrektselt kaituda? How to cite Case Study Barings, Free Case study samples

World Change Esssay Essays - Technology, Non-fiction Literature

To the people of america we have come to it a stop and must push forward we have hit a barrier and have not been able to move around it. Our society has not grown because of the change in technology and the common man of the past ages has not been able to adapt to what we now are. They think that technology is killing us ever so slowing calling the new minority things like zombies because we are always on our cell phones and they have started hating things that just involve even if it is for the better. Our Elders lived in a world where society was not about technology it was about socializing face to face they don't like to see us on our phones at all really , And yes some like to see that we are in a new age of technology and that is one of the bigger deals. Seeing both generations bind together is something good will eventually help us in the end because technology really is the future of the world. Technology has done things for us that no human can it can make people better in p lenty of ways and assists us on a daily basis it can do surgery and it will be extremely precise it can also navigates and shows people where to go it helps us grasp different cultural aspect like if you where to go to another country or state it can help assist you while you are staying there . Technology is a great thing not only for us but for everything if you really think about it . That phone you have has revolutionized society , that smart watch probably send you reminders on a daily basis. You can now talk to people from all around the world and it should amaze you that you can now do that with just a couple clicks of a touch screen. Schools everywhere use things like smart boards and computers to help their students get a bigger concept on whatever subject it is Math , English, History etc it all makes life just that much more easier. All must get people to realise that technology is what is going to be shaping our future as we move forward and it will amaze everyone that t he progress from back then till now did take a big leap obviously it's no flying cars but they do now have environmental safe cars that will also benefit us in the long run. We must change how we see the world and we must protect the future of our world and make it a greater place and this is why growth is a big thing for the world it will shape counties and it will help all of us push. Think about the clean energy that will be created in the near future .Artificial Intelligence is another thing that will be and has been revolutionising thing all over the place. Online Education has been becoming better and better and will probably be a reason on why their is a shortage on students at actual schools . Virtual Reality is something else that has changed things for people aswell it has made alot of people famous and such but it isn't just for entertainment it helps doctors see inside the body and also help Technology runs everyday lives these days. Telephones , tablets and computers,we really cant seem to function without them. In a very short amount of time, technology has exploded in the market and now, many people cannot imagine a life without it. Tremendously exceed the limitations of their bodies. Putting a machine on the farm, a tractor, increased food productivity at least over the technology of the plow and the horse.The internet is a huge place full of information that millions of people use and depend on every day. This is what I am talking about it is in people's everyday lives yet some people still think that it is going to backfire some day and change peoples views on a lot of things. Technology has boosted productivity of not only life but also everything it helps build cars, phones ,

The Best SAT Flashcards How to Make and Use Them

The Best SAT Flashcards How to Make and Use Them SAT / ACT Prep Online Guides and Tips Studying for the new 2016 SAT and struggling to remember specific concepts? Flashcards might be a great study resource for you! Flashcards can help you memorize the information you need to know. In this guide, I’ll explain how to make SAT flashcards for vocabulary and math formulas and how to study with the flashcards you make. An important disclaimer before we start: I don’t suggest using flashcardsas your only method ofpreparation for the SAT; they should only really be used for memorizing SAT vocabulary and math formulas. Keep in mind that on the new SAT,vocabulary only accounts for 20% of the Evidence-Based Reading and Writing section questions,and it's all tested in the context of the passages. While flashcards are useful for preparing for those questions as well as memorizing Math formulas, theywon’t help you learn the SAT strategies. To really improve your score, you'll need to focus on learning test strategies and taking practice tests. Feature image credit: Deb Stgo/Flickr Why You Should Make Your Own SAT Flashcards I suggest creating your SAT flashcards by hand instead of buying pre-made SAT flashcards or creating online flashcards (using a website like Quizlet). By making your own flashcards by hand, you'll start to learn the information before you even start using the flashcards.I recommend writing them out by hand because rather than creating online flashcards because when you create the flashcards online, you’ll likely end up just copying and pasting information onto the flashcards without taking the time to read the information.Making physical flashcards will require that you read and transcribe all of the material, which means you'll start to learn the material as you go. If you don’t have a lot of time to prepare, you can download our 200 free printable SAT flashcards.But, again, if you have the time, I strongly recommend making your own physical flashcards. Creating SAT Vocabulary Flashcards When creating your vocabulary flashcards for the new 2016 SAT,since the SAT is becoming more like the ACT (testing vocabulary in context instead of using sentence completion questions), I suggest using ACT vocabulary words to study instead of using old SAT vocabulary lists.Use our PrepScholar ACT list, which teaches 150 medium-difficulty words, many with multiple meanings. If you’re still struggling with vocabulary after making those flashcards and want supplementary material, check out this 100-word list from Scholastic, which pulled SAT/ACT words from one of their student magazines. Again, it focuses on less-obscure words that often have multiple meanings. When creating the flashcards, write the word itself on one side of the card and the definition on the back.In addition to the definition, you must write an example of how to use the word in context, and if there are multiple definitions for the word, write an example of how to use the word in context for each definition. I’ll use the first word from our PrepScholar ACT list, "adhere," as an example. On the front of your flashcard, write: adhere On the back of your flashcard write: Definition: 1. stick completely to a surface or substance 2. believe in and follow the practices of Example: 1. I used the glue to adhere the picture to the poster. 2. The monkadhered to all of the principles of Buddhism. Why do you need to write an example using the word in context? As I said before, on the new 2016 SAT, you’ll no longer be tested on vocabulary through fill-in-the-blank type questions.Instead, the new SAT asks you to identify the meaning of vocabulary in context. Knowing the definition of the word is vital to understanding and answering the question asked, but typically the exact meaning of the word isn’t asked about directly. In other words, it's less about the vocabulary itself and more about how the vocabulary fits with the words around them.For example, on the new SAT Evidence-Based Reading and Writing section, you could be asked the following: In line 84, â€Å"adhere† most nearly means to stick to a surface to dive into to follow the practices of to acknowledge as correct Both A and C are definitions of adhere, so simply memorizing the definition will not help you answer the question.Line 38 read, â€Å"the priest adhered to Catholicism.†Knowing the definitions of adhere AND picking up on the context clues, you’d realize the correct answer is C. The answer can’t be A because the priest did not physically stick himself to a surface. The answer is C because the priest follows the practices of Catholicism. This question shows why it’s criticalto not only include definitions on your flashcards but also to include an example sentence using the word in context.If you’re struggling to come up with examples yourself (or are afraid of using the word improperly in context), I suggest conducting a Google Search for â€Å"[Word] definition.†Usually, that’ll bring up the definitions along with examples of the word used in context. For example, I searched for â€Å"adhere definition† and found this result with examples for both definitions of the word used in a sentence. Once you finish creating your SAT vocabulary flashcards, make flashcards for the SAT Math formulas. Creating SAT Math Flashcards On the SAT Math section, you're given nine mathformulas and two geometry laws. However, there are many more math formulas you need to knowbecause there are many questions you won’t be able to answer without knowing these additional formulas. When creating your SAT Math flashcards, I recommend using our list of 21 Critical SAT Math Formulas You Must Know. This list also tells you the formulas you DON’T need to memorize(since some are given to you on the SAT test). When making your flashcards, write the name of the formula on the front and the actual formula on the back.Also on the back, write what each variable in the formula stands for and the definition of the formula/concept.I’ll use the first formula (not provided on the SAT) from our list of 21 Critical SAT Math Formulas you must know as an example. On the frontside of my card, I'd write: midpoint formula On the back, I’d write: Given two points A $(x_1, y_1)$ and B $(x_2, y_2)$, use the midpoint formula to find the exact middle point of a line that connects point A and B (the point will be equidistant from points A and B and will be in between the two). Formula: midpoint = $((x_1 + x_2)/2) , ((y_1 + y_2)/2)$ Also, include what the variables stand for in order to remember the significance of the formula and how to use it.If you only memorize $x_1$, $y_1$, $x_2$, and $y_2$, on the day of the test, you may totally forget what $y$ and $x$ mean in the formula. Don’t memorize formulas as a bunch of random variables. Memorize the formula, formula definition, and what each part of the formula stands for, so you’ll be prepared to use the formula to answer questions. How to Study With Your SAT Flashcards Now that you have your SAT flashcards, how should you use them? At PrepScholar, we recommend the waterfall method to study flashcards.This technique requires you to focus on the words/formulas you don't know, while not wasting your time on the concepts you do know.The waterfall method was developed from a proven memorization method called Spaced Repetition.I’ll give a brief overview of the method, but check out our other article for a more in-depth explanation of the waterfall method. Start with 20-50 flashcards.I recommend studying the math formulas and Vocabulary separately, so you don’t get confused jumping between different subjects. Create a math formula pile with 21 cards. Then, create three piles of 50 vocabulary cards each (using the 150-wordPrepScholar ACT list). If you decide to use an additional vocabulary list, create additional Vocabulary piles. Go through onepile, looking at the word or formula name. If you know the definition or formula immediatelyput it in a â€Å"Know It† pile. If you couldn’t remember it immediately(or at all), put it in a â€Å"Struggled† pile.After going through all of the flashcards in the original, you'll have twopiles: a "Know It" pile a "Struggled" pile Pick up the â€Å"Struggled† pile and test yourself again. This time, create a new â€Å"Know It† pile and â€Å"Struggled† pile for these flashcards. You should now have three piles: the original â€Å"Know It† pile the new â€Å"Know It† pile the new â€Å"Struggled" pile Keep repeating this exercise (using the â€Å"Struggled† pile and separating into new â€Å"Know It† and â€Å"Struggled† piles) until you have five or fewerwords or formulas left in the â€Å"Struggled† pile. Now, combine the remaining â€Å"Struggled† pile with the most recent â€Å"Know It† pile. Test yourself on all of the words/formulas until you don’t get a single one wrong. If you get one wrong, restart the pile until you get zero wrong. Once you’ve mastered all of those concepts, add in the next highest â€Å"Know It† pile, and test yourself on all of those concepts until you don't get a single one wrong. Keep repeating until you have all of your original 20-50 cards in one stack, and once you go through that stack without making a single mistake, you’ll officially know every concept in that stack!Move on to the next stack, repeating the same method. How Much Time Should You Spend Studying Flashcards? While flashcards are helpful for the SAT, you shouldn’t spend all of your time studying these flashcards. I'd recommend spending at most 5% of your total SAT study time (two hours if you're following ourrecommendation of studying about40 hours for the SAT). Knowing vocabulary definitions and math formulas isn't enough to help you reach a high score on the SAT. As I said before, the new 2016 SAT only tests vocabwords in the context of sentences, and although knowing formulas is important for the math, you can answer the majority of the questions with only the ones provided to you. Flashcards should be just one small part of your SAT study plan.You need to be learning other new SAT strategies, learning the content of each section on the new SAT, and taking SAT practice tests to practice applying these strategies. What’s Next? Concerned about the Evidence-Based Reading and Writing section on the new SAT? Learn more about the section changes and strategies. Looking for more general new SAT prep help? Check out these guides on how to study for the new 2016 SAT and on how to figure out what’s a good new 2016 SAT score for your target school. Want to improve your SAT score by 240 points?We have the industry's leading SAT prep program. Built by Harvard grads and SAT full scorers, the program learns your strengths and weaknesses through advanced statistics, then customizes your prep program to you so you get the most effective prep possible. Check out our 5-day free trial today:

Mexicos Geographic Potential

Mexicos Geographic Potential Geography can have a profound influence on a countrys economy. States that are landlocked are nautically disadvantaged in global trade compared to coastal states. Countries located in the mid-latitudes will have greater agricultural potential than those in the high latitudes, and lowland areas encourage industrial development more so than highland areas. It is widely believed that Western Europes financial success is a fundamental result of the continents superior geography. However, despite its influence, there remain cases in which a country with good geography could still experience economic distress. Mexico is an example of such a case. The Geography of Mexico The country is also rich in natural resources. Gold mines are scattered throughout its southern regions, and silver, copper, iron, lead, and zinc ores can be found virtually anywhere within its interior. There is an abundance of petroleum along Mexicos Atlantic coast, and gas and coal fields are dispersed throughout the region near the Texas border. In 2010, Mexico was the third largest oil exporter to the United States (7.5%), behind only Canada and Saudi Arabia. With approximately half of the country located south of the Tropic of Cancer, Mexico has the ability to grow tropical fruits and vegetables nearly year-round. Much of its soil is fertile and the consistent tropical rainfall help provide natural irrigation. The countrys rainforest is also home to some of the worlds most diverse species of fauna and flora. This biodiversity has great potential for biomedical research and supply. Mexicos geography also provides great tourism possibilities. The crystal blue waters of the Gulf illuminate its white sand beaches, while ancient Aztec and Mayan ruins present visitors with an enriching historical experience. The volcanic mountains and forested jungle terrain provide an avenue for hikers and adventure seekers. Enclosed resorts in Tijuana and Cancun are perfect places for couples, honeymooners, and families on vacation. Of course, Mexico City, with its beautiful Spanish and Mestizo architecture and cultural life, attracts visitors of all demographics. Mexico's Economic Struggles In the last three decades, Mexicos economic geography has progressed somewhat. Thanks to NAFTA, northern states such as Nuevo Leon, Chihuahua, and Baja California have seen great industrial development and income expansion. However, the country southern states of Chiapas, Oaxaca, and Guerrero continue to struggle. Mexicos infrastructure, already inadequate, serves the south far less well than the north. The south also lags in education, public utilities, and transportation. This contrast is leading to a great deal of social and political strife. In 1994, a radical group of Amerindian peasants formed a group called the Zapatista National Liberation Army (ZNLA), who consistently rages guerrilla warfare on the country. Another major obstacle to Mexicos economic advancement is the drug cartels. Over the past decade, drug cartels from Colombia established new bases in northern Mexico. These drug barons have been murdering law enforcement officers, civilians, and competitors by the thousands. They are well armed, organized, and they have begun to undermine the government. In 2010, the Zetas drug cartel siphoned more than $1 billion dollars worth of oil from Mexicos pipelines, and their influence continues to grow. The future of the country depends on the governments effort to close the gap between rich and poor in order to reduce regional inequalities. Mexico needs to invest in infrastructure development and education, all while pursuing strong trade policies with neighboring states. They need to find a way to abolish the drug cartels and create an environment that is secure for citizens and tourists. Most importantly, Mexico needs  to expand industrial avenues that can benefit from their good geography, such as the development of a dry canal across the narrowest part of the country to compete with the Panama Canal. With some proper reforms, Mexico has the great potential for economic prosperity. Sources: De Blij, Harm. The World Today: Concepts and Regions in Geography 5th Edition. Carlisle, Hoboken, New Jersey: John Wiley Sons Publishing, 2011