My Oedipus Complex by Frank O’Connor

â€Å"My Oedipus Complex† by Frank O'Connor â€Å"My Oedipus Complex† is a story about a young boy of 5, Larry, who grows up in his own safe world with just himself and his mother. He is attached to his mother and wants her to belong only to him and considers his father a rival ? for her attention. However, when his father returns from WWI, a man whom Larry hardly knows, it is a constant battle between the two for the mother's love and attention. Larry is jealous of losing his mother’s undivided attention, and finds himself in a constant struggle to win back her affections. There are tree main characters in the story: Larry, his mother and father. Larry is a creative and imaginative boy. He gives his legs names Mrs. Right and Mrs. Left and invent „dramatic situations for them in which they discussed the problems of the day. â€Å" They discuss what mother and he „should do during the day and what presents Santa Claus should give a fellow for Christmas. He is full of joy, â€Å"feeling rather like the sun, ready to illuminate and rejoice. † He is a kind-hearted boy, thinking about his mo†¦. The novel My Oedipus Complex written by the famous Irish short storywriter Frank O’Conner, in my opinion, is more a spiritual exploration of the problems of youth and growing-up than just a simple story told by a little kid. The dramatic experience of Larry (both the narrator and the protagonist of the novel) seems to be the representation of part of our childhood stories. So let me have a brief analysis of the theme of the passage by looking into Larry’s character and what Larry went through in his heart in this story. While his father was fighting in the WW1 and rarely went back home, Larry was enjoying himself and relishing all of his mother’s attention and care, just as what he said in the third paragraph—â€Å"the war was the most peaceful period of my life†. However, things started to turn bad when his father came back and stayed at home: his mum’s love for him was shared by a â€Å"stranger†, he was told to shut up when the â€Å"stranger† was either talking or sleeping, and perhaps worst of all, he forfeited the right of climbing into the big bed and sharing his schemes with his mum every morning. These changes so upset and saddened him that, eventually, the boy became rebellious and declare an â€Å"open and avowed† war against his father, in which the two just contended for the mother’s attentions and care. As we know, to Larry’s disappointment, however hard he tried or whatever he did, he proved to be always on the disadvantaged side in the â€Å"war†. Then the author depicted an interesting dialogue between Larry and his mother, which may be construed as a reflection of the title â€Å"My Oedipus Complex†, but, according to me, it also perfectly reveals a change and maturation of Larry’s inner heart, for to be a husband means loads of responsibilities. What brought about the next big change in this family as well as the climax of the story was the birth of little sonny.

Describe the position of black people in the USA in 1945 Essay

Blacks in the USA in 1945 were not considered as equal; the treatment of people was based on their skin colour, a practice that had been going on for many years before, even after the Reconstruction of society after the Civil War in which the blacks were â€Å"liberated† from slavery. In theory, blacks were free to work and live where they wanted, but the figures at the time told a different story: by 1960, around 17% of the workforce of â€Å"white-collar† workers, i. e. professional, technical, administration, etc., were blacks, while the whites remained the majority at 47%. The â€Å"blue-collar† work, such as craftsmen, manual labourers, etc. – jobs that are renowned for needing less skill and education – had 40% of the workforce as blacks, and 36% were whites. Blacks just weren’t provided the education and qualifications to do the professional types of work due to separation of black and white facilities. Not only were they held back at getting the higher-class jobs, they were paid less for the same work that whites did; in 1950, blacks earned about 53% of a whites wage. This figure remained the same over the next 20 years, with it rising 11% to blacks earning 64% of a whites wage. All over the USA, blacks were discriminated against in almost all areas of life, whether it is the law of the state, or just by the custom of the local society. After the abolishment of slavery, slaves had the choice of moving away from their former homes and having their own lives; unfortunately, many blacks didn’t have any money to move halfway across the USA to the northern states that had fought to free them. Those who did have the finance to travel rarely had enough money afterwards to sustain a good quality of life after they had moved. The custom of de facto came into play in some of the Northern states; ghettos and places where the majority of the population were black sprung up in towns and cities. Segregation by custom in the North was contrasted with segregation by law, or de jure, in the South- Jim Crow laws forbade blacks, for example, to enter white facilities, or sit on buses with whites, etc. Places where de facto was in force came up with other ways to separate blacks from whites to keep the Southern order of things; â€Å"red lining† was when banks were not allowed to give money for mortgages if they suspected it would be a risky investment- if a black family moved into a certain area, it would lower the prices of the surrounding houses. This meant that places such as ghettos were built up, when the majority of the population were black. This type of segregation wasn’t by law, but by custom, blacks weren’t forced to live in â€Å"black† areas, but they felt pressured to live in certain places because of the practises such as red lining in effect. Although it is in the Constitution that everyone is equal and has the same civil rights, it is beliefs like red lining that push a wedge between races; it may not seem constitutional, but it is up to the Supreme Court in the USA to decide what is constitutional. They decided that slavery was lawful mainly due the fact that the Southern states economy was based on slavery; they were needed to produce cotton, the main export in the 19th century. Without them, the economy would have fallen apart. After the 13th amendment to the Constitution, slavery was no longer legal, but the Supreme Court still remained to overlook state laws that continued discrimination and practices that could be seen as worse then slavery- for example, the Ku Klux Klan were allowed to terrorise and lynch blacks, yet lynching was not made illegal. â€Å"The Supreme Court declared that the 14th amendment forbids states, but not citizens, from discriminating† (1) Separate facilities for blacks and whites were considered as the solution to the discrimination problem; the Supreme Court believed that the blacks were â€Å"separate but equal† when they were forced to use different buildings, transport, schools and hospitals then the whites. Since the Supreme Court approved laws and could declare them unconstitutional if they wanted to, they were the ones who the blacks has to convince if they wanted to change anything; in legal cases, the trial had to be taken to the Supreme Court to have any impact, since the State Courts were always going to be in favour of the Jim Crow laws. The Plessy vs. Ferguson (1896) case was when Homer Plessy refused to sit in the â€Å"coloured† car of a train and sat in the â€Å"white† section instead. The case went to Supreme Court, and they ruled that Plessy was guilty and sentenced him to pay a fine or go to jail. This was considered the most shameful ruling of the Supreme Court in history; it shows the extent of the discrimination against blacks, even after slavery was abolished- even though Plessy was 1/8 black and 7/8 white, he was still considered as black in the eyes of the Louisiana law. Although many people thought that this ruling was shocking, there wasn’t much that could be done, since they did not have a definite leader to show them what the do; everything that the movement did was relatively unorganised, with maybe one person leading the others. People such as Martin Luther King Jr. and Booker T. Washington tried to unite blacks under one leadership, but it did not work, because everyone has different opinion on what should be done about the discrimination problem. Dr Martin King Jr. was a black leader that advocated peaceful resistance; because of this, many whites accepted him because they knew that he would not cause violence, but blacks did not like this as peaceful protest could only take them so far- they felt that King was weaker then some of the other extremist black leaders, such as Malcolm X. King’s approach to fighting against their oppression wasn’t enough to keep the blacks following him; they preferred people who were willing to do more for the benefit of all blacks. Another leader who was thought as weak by fellow blacks was Booker T. Washington; he was accused of being an accommodationist to the whites, as he wasn’t campaigning for equal civil rights, he was concentrating on equal job opportunities- this wasn’t what the blacks were fighting for; they wanted to be free to do what the whites could do, not only in jobs but in other aspects of life too. The leaders of the movement were not united, therefore they were not strong- many leaders were critical of others, for example, W. E. B DuBois criticised Washington, saying that blacks cannot get social equality if they do not get political equality first. The New Deal is a phrase used to explain the actions taken after Black Tuesday when the US Stock market crashed to stop the effects of the Depression disturbing the lives of the public. Laws were passed to help stop the consequences of the Depression becoming a long-term problem; within the first hundred days, President Roosevelt passed a law that lowered worker’s salaries and pensions by up to 15%- a move that people did not like, yet it saved a lot of money for the government. Another act was passed that stated that the government could inspect banks before letting them open again so they could see if the bank was eligible to lend and hold money. This prevented banks lending out money that they did not have, therefore they did not losing money for their customers and wouldn’t have to close, as they would have to have done if they did lend out money they didn’t have. The New Deal was produced so the government could help all of those that were affected by the Depression; this helped the blacks because they were some of the poorest people in the USA at the time, and as many as 8% of blacks were unemployed in 1955. For the blacks, the New Deal slightly improved their way of living as it was designed to help everyone without discrimination. Soon after New Deal was set up, the situation for blacks was improved socially by the outbreak of the Second World War. When the Americans were brought into the war, they needed as many men as they could to fight; blacks had regiments where they could join and be equal to whites, but they still were not allowed to belong to the same regiment as the whites- there were some who did, but they were rare, they normally belonged to an all-black regiment. At the end of the war, the blacks got more ambitious; they were allowed to fight for their country, but America wasn’t even grateful enough of them to let them be equal. This would have enraged African Americans since they had fought so hard to be a part of America, so the Civil Rights movement activity increased, which put pressure on the government to do something. The Nazi ideology also pushed the government into action, because what the Americans were doing to the blacks could be compared to the Germans discriminating against the Jews in Germany; the blacks realised this, so demanded equality, as they didn’t want the same to happen to them. In conclusion, the position of blacks in 1945 was not equal to whites: even after a century of supposed â€Å"freedom† from slavery, blacks were still treated as inferiors to whites. Laws and acts were in effect that encouraged the discrimination of blacks. Amendments such as the rights for blacks to vote and the rights for them to be equal were passed, but there were so many other laws that cancelled them out. Jim Crow laws in the South and practises such as â€Å"red lining† in the North made it impossible for blacks to be seen as equal politically, whilst rebellions by extremist whites and groups such as the Ku Klux Klan stopped blacks gaining any social standing or equality. Blacks were supposed to be equal, but by 1945, some may comment that the position of them was worse then slavery, as the blacks were on their own in there poverty and discrimination; before, they had their slave owners who would clothe and feed them to keep productive workers- they would never be out on the streets as slaves, but as â€Å"free† people, they received basically no help. Things that whites took for granted, such as clean and good-quality facilities, and jobs that are fair and just are things that blacks counted themselves lucky if they managed to get any equality. People like Martin Luther King Jr. and W. E. B. DuBois tried to get equality, both through violence and peaceful means, but it didn’t have much effect to the political and social standing of blacks. The discrimination of blacks continued right into the 20th century, even up into the 21st century. It was slow going for the blacks’ right to equality, but actions by both blacks and whites changed things for the better. However, in 1945, blacks were not considered as equal, but as 3/5s of a human being. Bibliography: (1) http://www. alternativeinsight. com/Reparations-Slavery. html Field, Ron; â€Å"Civil Rights in America 1865-1980†; Cambridge University Press http://www. lawbuzz. com/can_you/plessy/plessy. htm http://en. wikipedia. org/wiki/New_Deal.

Jp Morgan& Chase Annual Report

JPMorgan and Chase 2011 Financial Analysis Abbiton Mumba , Bomboma Douti, Thuy Doan, Tracy Nguyen [Type the company address] General Information: JPMorgan Chase (NYSE: JPM) is one of the oldest financial institutions in the United States with a history dating back over 200 years. JPMorgan and Chase is basically included Chase- the U. S. consumer and commercial banking businesses serve customers under the Chase brand. The consumer businesses include: Branch, ATM, telephone and  online banking, Credit cards, Small business, Home finance and  home equity loans, Auto finance, Education finance, Retirement & Investing, Retail Checking.The commercial banking businesses include: Middle Market, Corporate Client Banking, Commercial Real Estate, Business Credit, Equipment Finance, Commercial Term Lending, Community Development. – and JPMorgan which is J. P. Morgan clients include the world's most prominent corporations, governments, wealthy individuals and institutional investors. T hese businesses use the  J. P. Morgan brand: Investment Bank, Asset Management, Treasury Services, Worldwide Securities Services, Private Banking, Private Client Services, One Equity Partners.The corporate headquarters are in  270 Park Avenue,  Midtown,  Manhattan, New York City, New York, and the  retail  and  commercial bank  is headquartered in  Chase Tower,  Chicago Loop,  Chicago, Illinois, United States. The biggest event recently that JPMorgan anticipating in is acquisition of Washington Mutual in 2008. JPMorgan Chase raised $10  billion in a stock sale to cover write-downs and losses after taking on deposits and branches of Washington Mutual  Through the acquisition, JPMorgan now owns the former accounts of  Providian Financial, a credit card issuer Washington Mutual acquired in 2005.The company announced plans to complete the rebranding of Washington Mutual branches to Chase by late 2009. JPMorgan and Chase has the fiscal year end Dec 31. Interne t Information: The internet address of the corporation is www. jpmorgan. com. The website provides broad information. The most important section is the â€Å"Investor relation† section. We can find Financial Information including annual report/ proxy statements, SEC filing, earning release, credit releases, Investor presentations , shareholder information including stock price history.The purpose of website is describe the corporation, provide customer service information, promote the industry the corporate in, provide employment information, publicize corporate citizenship. The annual reports and other different reports can be found in the government website www. sec. gov. The primary Standard Classification (SIC) is 6021 6029 6712 and the Central Index Key (CIK) number assigned to corporations that file with the SEC is 19617. The latest form 10-K is dated February, 29th, 2012. Basically, JPMorgan and Chase have a moderate change in the price of the common stock over the las t two years.The biggest downward slope is between September 2011 to December 2011 and then it continues to be upward sloping. This fall price considers a narrow price range. Income Statement Compared to last year, Revenue growth decreased by -5. 3168%. A decreased of $5,460,000,000. The decline in net revenue from 2010 was driven by lower net interest income, securities gains, mortgage fees related income, and principal transactions revenue, partially offset by higher asset management, administration and commission revenue and higher other income.The increase in noninterest expense was driven largely by higher compensation expense, reflecting increased headcount. Despite the fact that the revenue lost than last year, over the last 5 year the company experienced the increased revenue due to net inflows to products with higher margins, higher deposit and loan balances, and the effect of higher average market levels. Growth in Revenue decreases than last year but Growth in profit incre ases by 9. 2458%. Although the Net Revenue of the current year is less than last year but Pre-provision profit on 2010 decreases from $16,639,000,000 to $7,574,000,000.That reason makes Growth in profit during the current year increased by 9. 2458%. Common-size Analysis: | Current Year| Previous Year| Revenue| 100%| 100%| Non-interest Expense| 64. 70%| 59. 59%| Interest Expense| 13. 99%| 12. 45%| Income Tax Expense| 7. 99%| 7. 29%| Income from continuing operations| 27. 51%| 24. 21%| Net Income| 19. 52%| 16. 91%| In general chase’s total non-interest expenses in 2011 rose 5. 11% higher than the total non-interest expense in 2010. The net income in 2010 seems lower than 2011 due to less operating and investment activities in 2010.Apart the item labeled other expenses and amortization of intangibles; all the other expenses were slightly higher. The increase in non-interest expense was driven largely by higher compensation expense reflecting headcount. The operating cost as part of the non-interest expense was definitely higher compared to 2010. The higher headcount visibly explains this increase. The provision for credit lost was 8. 41% lower than the 2010 provision. This was due to the amelioration of collection from customers. Consumer business modestly improved and mortgage net charge-offs and delinquencies improved.It is probably included in the item â€Å"other expenses† which were lower than 2010 but 6. 38% higher than 2009. Tax Burden: The total revenue in 2011 was 5. 62% lower than the revenue in 2011 but the bottom line was a lot higher than the previous year (2. 61%). The tax burden became consequently higher than the previous year; actually about 0. 7%. The increase in the tax burden due to the higher income in 2011 was definitely the result of the lower provision in credit loss in 2011. The provision in 2010 was about twice the provision in 2011, because of the lower interest revenue.Profitability in 2011 was better than the one in 2010 . As a percentage of total revenue, net income was 2. 61% higher than the one in 2010. Net income in 2011 was by itself 9. 2 % higher than the one in 2010. This was again the result of the lower provision for credit losses. The consumer portfolio also improved. The decline in 2010 was driven by lower net interest income, security gains, mortgage fees and related income. The other-than-temporary impairment losses are included in securities gains for the periods presented was $27million in 2011 and $94 million in 2010. Balance sheet JPMorgan Chase ; Co. s one of the oldest, largest and best-known financial institutions in the world. The firm's legacy dates back to 1799 and operates in more than 50 countries. JPMorgan and Chase is proved to be a mature firm with higher capital and liquidity. The Total Assets on the balance sheet grew $148,187 million, year ending Dec 31, 2011 from previous year ending Dec 31 2010 representing a percentage of 0. 07. The change in Assets were partly due to the acquisition of RBS Sempra on July 1, 2010 and the transaction in 2011 of RBS Sempra which is a commodities’ global oil, global metals and European power and gas businesses.This acquisition almost doubled the number of clients the firm’s commodities’ business can serve and has enabled the firm to offer clients more products in more regions of the world. J. P Morgan Chase completed purchase of the remaining interest in High bridge, which resulted in $228 million Capital surplus. Missing Common size analysis Cash Flow Statement: The cash flows resulting from operation activities in 2010 and 2011 were -$3752 million and $95,932 million. The cash flow resulting from investing activities in 2010 and 2011 was $54,002 million and -$170,752.The cash flow resulting from financing activities in 2010 and 2011was -$49,217 million and $107,706 million. There was a significant increasing in cash $ 32,035 in 2011 and a little $1,361 million in 2010. The beginning in cash balance was $27,567 million and $26,206 million respectively in 2011 and 2010. The ending cash balance in 2011 and 2010 were $59,602 million and $27,567 million. There were three significant sources of cash which were from a hug number of net change in deposit, proceeds from long-term borrowings and trust preferred capital debt securities and from net earnings and sell securities.The three most significant uses of cash were taken from acquisition of businesses or dispositions, purchase securities and loans out and proceed from sales, securitizations and pay downs of loans held-for-sale and net change in trading assets. Based on a comparison of the income statement to the statement of the cash flows, depreciation and amortization in intangible was add back to statement of cash flow and other-than-temporary impairment losses are included in securities gains for the periods presented, caused the greatest differences net income ( loss) and the cash flow from operation. Statement of cha nges in Stockholders’ Equity:The number of common shares outstanding has decreased over 3 years. On March 18, 2011, the Board of Directors approved a $15. 0 billion common equity (i. e. , common stock and warrants) repurchase program, of which $8. 95 billion was authorized for repurchase in 2011. The $15. 0 billion repurchase program superseded a $10. 0 billion repurchase program approved in 2007. During 2011 and 2010, the Firm repurchased (on a trade-date basis) an aggregate of 240 million and 78 million shares of common stock and warrants, for $8. 95 billion and $3. 0 billion, at an average price per unit of $37. 35 and $38. 9, respectively. The Firm did not repurchase any of the warrants during 2010, and did not repurchase any shares of its common stock or warrants during 2009. As of December  31, 2011, approximately 408 million unissued shares of common stock were reserved for issuance under various employee incentive, compensation, option and stock purchase plans, dire ctor compensation plans, and the warrants sold by the U. S. Treasury. Retained Earnings: fixed Dec 31 2011 Dec 31 2010 Beginning Retained earnings (2008) $54,013,000,000 Net Income $944. 00, 000 $1,001,000,000 Ending Retained Earnings $88,315,000,000 $73,998,000,000 From the number above we can conclude that Retained earnings increased in 2008 to $88,315,000,000 from $73,998,000,000 in 2010. Notes and supporting schedules to the financial statements. Cash and cash equivalents: the corporation define their cash equivalents by fund invested in US, T-bills, money market account, demand deposits or small-denomination time deposit and other investment with a maturity of 3 months or less when purchase.Account receivable: The corporation has the gross Account Receivable of $89,087 million current year and $102,413 million in 2010 reflects to 30. 9% and 31. 5% percentage of uncollectible. The lower the ratio the better, JPMorgan and Chase’s percentage uncollectible for 2011 is slight ly better than 2010. The results of the receivable turnover in 2011 and 2010 were 1. 48 times and 2. 69 times respectively. The higher the turnover is the better. However, the current year 2011 is lower than the previous year 2010.This is the result of the higher revenue in 2010. Inventories: N/A Property and Depreciation: The Corporation classified its property, plant and equipment into five categories: land, buildings, leasehold improvements, furniture and fixtures, hardware and software. JPMorgan Chase computes depreciation using the straight-line method over the estimated useful life of an asset. For leasehold improvements, the Firm uses the straight-line method computed over the lesser of the remaining term of the leased facility or the estimated useful life of the leased asset.None of the assets were recognized as impaired during the current year. The Accumulated Depreciation increased from $13,355,000,000 of last year to $14,041,000,000 of current year. Despite the land or co nstruction in progress, percentage of Fixed Asset Depreciation was approximately 23. 17% last year and 23. 26 % this year. For the percentage of fixed asset depreciation do not included land and construction in progress, there is slightly increased from last year to this year. The increase in premise and equipment was predominantly due to renovation of J.P Morgan Chase’s headquarters in New York City, the purchase of a building in London, retail branch expansion in the US, and investment in technology hardware and software, as well as other equipment. The increase was particularly offset by depreciation and amortization. This implies that in the future the company will spend more money on replacing the old equipment and that means it impacts on the capital expenditure on their financial statement. However, the company applies on the fixed asset turnover to generate revenue. The ratios are 7. 50 times last year and 7. 0 this year Operating and Capitalized leases: JP Morgan Cha se hasn’t declared any capitalized leases in the 2011 10K. We do have a section devoted to operating leases. Obligation associated with operating leases in 2011was $2,228 million, and expense associated with operating leases in the current year is $1,825 million. Payment for operating leases next year is $1,753 million. Long term debt: JPMorgan Chase issues long-term debt denominated in various currencies, although predominantly U. S. dollars, with both fixed and variable interest rates.Included in senior and subordinated debt below are various equity-linked or other indexed instruments, which the Firm has elected to measure at fair value. Changes in fair value are recorded in principal transactions revenue in the Consolidated Statements of Income. The following table is a summary of long-term debt carrying values (including unamortized original issue discount, valuation adjustments and fair value adjustments, where applicable) by remaining contractual maturity as of December 31, 2011. Most debts were JPMorgan Chase Capital.The five largest debt were JPMorgan Chase Capital X $1,016 million in amount with the rate of 7%, JPMorgan Chase Capital XXV $2,292 million in amount with the rate of 6. 8% rate, JPMorgan Chase Capitals XXVI $1,815 million in amount with the rate of 8. 0% , JPMorgan Chase Capitals XXVIII $1,500 million in amount with the rate of 7. 2%, JPMorgan Chase Capitals XXIX $1,500 million in amount with the rate of 6. 7%. Those debts aren’t due until next 30 years. JPMorgan and Chase don’t have any significant debt payment outstanding.Pension Plans: JPMorgan and Chase recognize in its statement of financial position the funded status of a benefit plan; measure defined benefit plan assets and obligations as of the end of the employer’s fiscal year (with limited exceptions) and recognize as a component of other comprehensive income, net of tax, the gains or losses and prior service costs or credits that arise but are not rec ognized as components of net periodic benefit costs pursuant to prior existing guidance. JPMorgan and Chase don’t have Defined Contribution Pension expense but Defined Benefit Pension with the expense of 11,808 billion.Defined benefit obligation in the current year: $13461 millions for U. S and Non U. S plans. Fair value of the retirement plan assets at the end of the current year: At December 31, 2011 defined benefit pension plan amounts not measured at fair value included $50 million. At the end of December 2011, the accumulated defined benefit pension obligation had a balance of ($9,008) million, but in my opinion, the plan is well funded. At December 2011, the plan was said to have 2. 6 billion balance overfunded. It is clearly stated in the notes that by December 31st 2011, the U. K plan was $33 million unfunded.Amount recognized on the balance sheet related to pension: $ 1,429 million funded in the U. S, and a non-U. S balance of 160 million. The amount contributed to t he defined benefit pension plan in 2011 was 37 million for the U. S and 169 million for the Non-US. $540 million were paid to retirees in the U. S whereas 93million were paid to non U. S in 2011. Investments in the defined benefit pension fund are the Firm’s U. S. defined benefit pension plan assets are held in trust and are invested in a well-diversified portfolio of equity and fixed income securities, real estate, cash and cash equivalents, and alternative investments (e. . , hedge funds, private equity, real estate and real assets). Non-U. S. defined benefit pension plan assets are held in various trusts and are also invested in well-diversified portfolios of equity, fixed income and other securities. Assets of the Firm’s COLI policies, which are used to partially fund the U. S. OPEB plan, are held in separate accounts with an insurance company and are invested in equity and fixed income index funds. The investment policy for the Firm’s U. S. efined benefit p ension plan assets is to optimize the risk-return relationship as appropriate to the needs and goals using a global portfolio of various asset classes diversified by market segment, economic sector, and issuer. Assets are managed by a combination of internal and external investment managers. Periodically the Firm performs a comprehensive analysis on the U. S. defined benefit pension plan asset allocations, incorporating projected asset and liability data, which focuses on the short-and long-term impact of the asset allocation on cumulative pension expense, economic cost, present value of contributions and funded status.Postretirement Benefits other than Pensions: there is no expense associated with non-pension post-retirement benefit. Benefits obligation for the non-pension post-retirement benefit plan was $999 million in 2011. Fair market value of assets held for non-pension post-retirement benefits plan was 1,435 million in 2011. The plan is adequately funded. The fair market valu e of the post-retirement benefit plan has enough resources to operate. Amount recognized on the balance sheet related to the non-pension post-retirement plan was $436 million.Amount contributed to non-pension post retirement benefits during the current year is $2 million, and amount of non-pension post retirement benefits paid to retirees during the current year is $26 million. Income Taxes: The income tax expense for the current year in the income statement is $7,773 million and $1,693 million of the current year’s income tax expense has been deferred to future periods. The effective tax rate for current year is 29. 1%. There are two types of Income taxes disclosed on the notes: Gross deferred tax asset is $27,632 million and Gross deferred tax liability is $12,856 million.As the results, the Net deferred tax amount is $14,776 million. The significant activities resulted in recognition of deferred tax liabilities that are not yet due to a tax authority are depreciation and a mortization, leasing transactions, non-US transaction and others. On other hand, the significant activities led to the recognition of deferred tax assets will be utilized in the future are allowance for loan losses, employee benefits, accrued expenses and others, non-US operations, tax attribute carry forwards. Stock-Based Compensation: MISSING Segmental and Geographic Information: JPMorgan Chase & Co. JPMorgan Chase) is a financial holding company. The Company is a global financial services firm and a banking institution in the United States, with global operations. The Company is engaged in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, asset management and private equity. JPMorgan Chase’s principal bank subsidiaries are JPMorgan Chase Bank, National Association, a national bank with the United States branches in 23 states, and Chase Bank USA, National Association, a national bank that is the Company’s credit card-issuing bank.The bank and non-bank subsidiaries of JPMorgan Chase operate nationally, as well as through overseas branches and subsidiaries, representative offices and subsidiary foreign banks. One of the Company’s principal operating subsidiaries in the United Kingdom is J. P. Morgan Securities Ltd. , a subsidiary of JPMorgan Chase Bank; N. A. JPMorgan Chase’s activities are organized into six business segments, as well as Corporate/Private Equity. JPMorgan Chase’s activities are organized into six business segments, as well as Corporate/Private Equity.The Company’s wholesale businesses comprise the Investment Bank (IB), Commercial Banking (CB), Treasury & Securities Services (TSS) and Asset Management (AM) segments. The Company’s consumer businesses comprise the Retail Financial Services (RFS) and Card Services & Auto (Card) segments. Contingencies: NEED TO FIX Probable Litigation: The Firm has established reserves fo r several hundred of its currently outstanding legal proceedings. The Firm accrues for potential liability arising from such proceedings when it is probable that such liability has been incurred and the amount of the loss can be reasonably estimated.The Firm evaluates its outstanding legal proceedings each quarter to assess its litigation reserves, and makes adjustments in such reserves, upwards or downwards, as appropriate, based on management’s best judgment after consultation with counsel. During the years ended December 31, 2011, 2010 and 2009, the Firm incurred $4. 9 billion, $7. 4 billion and $161 million, respectively, of litigation expense. There is no assurance that the Firm’s litigation reserves will not need to be adjusted in the future.Mortgage Foreclosure Investigations and litigation: JPMorgan Chase and four other firms have agreed to a settlement in principle (the â€Å"global settlement†) with a number of federal and state government agencies, in cluding the U. S. Department of Justice, the U. S. Department of Housing and Urban Development, the Consumer Financial Protection Bureau and the State Attorneys General, relating to the servicing and origination of mortgages. The global settlement, which is subject to the execution of a definitive agreement and court approval, calls for the Firm to, among other things: (i) make cash payments of approximately $1. billion (a portion of which will be set aside for payments to borrowers); (ii) provide approximately $500 million of refinancing relief to certain â€Å"underwater† borrowers whose loans are owned by the Firm; and (iii) provide approximately $3. 7 billion of additional relief for certain borrowers, including reductions of principal on first and second liens, payments to assist with short sales, deficiency balance waivers on past foreclosures and short sales, and forbearance assistance for unemployed homeowners. If the Firm does not meet certain targets for provision o f the refinancing or other borrower relief within certain prescribed time periods, the Firm will instead make cash payments. ) In addition, under the global settlement the Firm will be required to adhere to certain enhanced mortgage servicing standards. Overdraft Fee/Debit Posting Order Litigation: JPMorgan Chase Bank, N. A. has been named as a defendant in several purported class actions relating to its practices in posting debit card transactions to customers’ deposit accounts.Plaintiffs allege that the Firm improperly re-ordered debit card transactions from the highest amount to the lowest amount before processing these transactions in order to generate unwarranted overdraft fees. Plaintiffs contend that the Firm should have processed such transactions in the chronological order they were authorized. Plaintiffs seek the disgorgement of all overdraft fees paid to the Firm by plaintiffs since approximately 2003 as a result of the re-ordering of debit card transactions.The cl aims against the Firm have been consolidated with numerous complaints against other national banks in multi-District litigation pending in the United States District Court for the Southern District of Florida. The Firm’s motion to compel arbitration of certain plaintiffs’ claims was initially denied by the District Court. On appeal, the United States Court of Appeals for the Eleventh Circuit vacated the District Court’s order and remanded the case for reconsideration in light of a recent ruling by the United States Supreme Court in an unrelated case addressing the enforcement of an arbitration provision in a consumer product agreement.The Firm has reached an agreement in principle to settle this matter in exchange for the Firm paying $110 million and agreeing to change certain overdraft fee practices. The settlement is subject to documentation and court approval. Service Members Civil Relief Act and Housing and Economic recovery Act Investigations and litigation : multiple government officials have conducted inquiries into the Firm’s procedures related to the Service Members Civil Relief Act (â€Å"SCRA†) and the Housing and Economic Recovery Act of 2008 (â€Å"HERA†).These inquiries were prompted by the Firm’s public statements about its SCRA and HERA compliance and actions to remedy certain instances in which the Firm mistakenly charged active or recently-active military personnel mortgage interest and fees in excess of that permitted by SCRA and HERA, and in a number of instances, foreclosed on borrowers protected by SCRA and HERA. The Firm has implemented a number of procedural enhancements and controls to strengthen its SCRA and HERA compliance.In addition, an individual borrower filed a nationwide class action in United States District Court for South Carolina against the Firm alleging violations of the SCRA related to home loans. The Firm agreed to pay $27 million plus attorneys’ fees, in addition t o reimbursements previously paid by the Firm, to settle the class action. Additional borrowers were subsequently added to the class, and the Firm agreed to pay an additional $8 million into the settlement fund. The court entered a final order approving the settlement in January 2012. Reasonable Possible:The Firm believes the estimate of the aggregate range of reasonably possible losses, in excess of reserves established, for its legal proceedings is from $0 to approximately $5. 1 billion at December 31, 2011. This estimated aggregate range of reasonably possible losses is based upon currently available information for those proceedings in which the Firm is involved, taking into account the Firm’s best estimate of such losses for those cases for which such estimate can be made. For certain cases, the Firm does not believe that an estimate can currently be made.The Firm’s estimate involves significant judgment, given the varying stages of the proceedings (including the f act that many are currently in preliminary stages), the existence in many such proceedings of multiple defendants (including the Firm) whose share of liability has yet to be determined, the numerous yet-unresolved issues in many of the proceedings (including issues regarding class certification and the scope of many of the claims) and the attendant uncertainty of the various potential outcomes of such proceedings.Accordingly, the Firm’s estimate will change from time to time, and actual losses may be more than the current estimate. Auction Rate Securities Investigations and Litigation: Beginning in March 2008, several regulatory authorities initiated investigations of a number of industry participants, including the Firm, concerning possible state and federal securities law violations in connection with the sale of auction-rate securities.The market for many such securities had frozen and a significant number of auctions for those securities began to fail in February 2008. Th e Firm also faces a number of civil actions relating to the Firm’s sales of auction-rate securities, including a putative securities class action in the United States District Court for the Southern District of New York that seeks unspecified damages, and individual arbitrations and lawsuits in various forums brought by institutional and individual investors that, together, seek damages totaling approximately $50 million.The actions generally allege that the Firm and other firms manipulated the market for auction-rate securities by placing bids at auctions that affected these securities’ clearing rates or otherwise supported the auctions without properly disclosing these activities. Some actions also allege that the Firm misrepresented that auction-rate securities were short-term instruments. The lawsuits are being coordinated before the federal District Court in New York.Additionally, the Firm was named in two putative antitrust class actions. The actions allege that the Firm, along with numerous other financial institution defendants, colluded to maintain and stabilize the auction-rate securities market and then to withdraw their support for the auction-rate securities market. In January 2010, the District Court dismissed both actions. An appeal is pending in the United States Court of Appeals for the Second Circuit.Interim (Quarterly Reporting: During the current year 2011, the company’s revenue for 1st quarter is $25,221 million, 2nd quarter is $26,779 million, 3rd quarter is $23,763 million and 4th quarter is $21,471 million. There is a significant fluctuation in quarterly data because It experienced a decrease in revenues during the current year from 1st quarter to 4th quarter. Report of independent Auditors: Auditor is PricewaterhouseCoopers LLP located at 300 Madison Avenue New York, NY 10017. The auditor believes that the financial statements were presented fairly.Their opinion is stated as follow: In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of income, changes in stockholders' equity and comprehensive income and cash flows present fairly, in all material respects, the financial position of JPMorgan Chase ; Co. and its subsidiaries (the â€Å"Firm†) at December 31, 2011 and 2010, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2011, in conformity with accounting principles generally accepted in the United States of America.Also in our opinion, the Firm maintained, in all material respects, effective internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Report of Internal control: Management of JPMorgan Chase ; Co. (â€Å"JPMorgan Chase â€Å"or the â€Å"Firm†) is responsible for establishing and maintaining adequate internal control over financial reporting. The same authority, Management of JPMorgan Chase ; Co. â€Å"JPMorgan Chase â€Å"or the â€Å"Firm†) is responsible for maintaining adequate internal control over financial reporting. The auditor does believe that the corporation maintained adequate internal control over financial reporting. Here is their opinion: â€Å"in our opinion, the Firm maintained, in all material respects, effective internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Ratio Analysis Analysis of profitability: The profit margins were 16. 1% and 19. 52 % to the following 2010 and 2011 year end. The increase in profit margin due to the advantage of the allowance for losses, noninterest revenue and interest expense. Interest income and interest expense is recorded in the Consolidated Statements of Income and classified based on the nature of the underlying asset or liability. Interest income and interest expense includes the current-period interest accruals for financial instruments measured at fair value, except for financial instruments containing embedded derivatives that would be separately accounted for in accordance with U.S. GAAP absent the fair value option election; for those instruments, all changes in fair value including any interest elements, are reported in principal transactions revenue. For financial instruments that are not measured at fair value, the related interest is included within interest income or interest expense, as applicable. The corporation has the return on assets of 0. 86% in 2011 and 0. 79% in 2010. The returns on assets were significant low compare to return on stockholder’s equity of 10. 5% in 2011 and 9. 66% in 2010. In general, JPMorgan and Chase is a big corporation, but they had a tight controlled and managed very well. Therefore, their earning is improved and very stable in recent year although the economy looks doom. Earnings per share (â€Å"EPS†) is calculated under the two-class method under which all earnings (distributed and undistributed) are allocated to each class of common stock and participating securities based on their respective rights to receive dividends.JPMorgan Chase grants restricted stock and RSUs to certain employees under its stock-based compensation programs, which entitle recipients to receive non-forfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock; these unvested awards meet the definition of participating securities. Options issued under employee benefit plans that have an anti-dilutive effect are excluded from the computation of diluted EPS. EPS in 2011 was $4. 50 compare to 2010 of $ 3. 98. This increase is the result of increasing in net income in 2011 due to bet ter management.The corporation does disclose the diluted EPS with $4. 48 in 2011 and $3. 96 in 2010. Cash dividend per share in 2011 was $ 0. 94 dollar per share and $0. 36 dollar per share in 2010. Dividend payout ratio for 2010 was 16% and 35% in 2011. Price/ Earning ratio also improves between 2010 with 9. 26 times and 2011 with 9. 62 times. In the past decade, the average P/E ratio for Major Corporation has ranged from 14 to 25. JPMorgan and Chase’s P/E was below the range about 5 points. However, we can’t say that JPMorgan and Chase is no t growing.JPMorgan Corporation is huge plus with the gloomy economy right now, but this corporation still generates profitability while other corporation in the same industry is struggling. This tell us that JPMorgan is a stable for a long run. Analysis of Liquidity: JPMorgan and Chase had the current (working capital) ratio in 2011 of 1. 55:1 and 1. 71:1 in 2010. Net working capital was $964,168 million in 2011 and $932,220 in 2 010. Quick (Acid –Test) ratios were 0. 28:1 in 2011 and 0. 31:1 in 2010. The liquidity position of the corporation weakened a little in 2011.Although there was an increase in cash and receivables in 2011, there was less account receivable compared to 2010. There was also a large increase in current liabilities in 2011, because of the increase in deposit. Based on this, JP Morgan Chase should be able to meet its current obligation even though the ratio was a little down compare to the previous year of 2010. Since it is a big and sustainable corporation in the financial industry, there is rarely a change for them to have a problem with the working capital. Analysis of Solvency: Debt to total Assets in 2011 was 91. 8% and 91. 6% in 2010.There is not much difference between the debt to assets ratio showing the amount of leverage JP Morgan Chase used to finance its operations between the year 2011 and the year 2010.. The rule of thumb is to make sure that the bottom which is the a ssets is larger than the top which is the liabilities. The ratio of 91. 8% percent for the year 2011 and 91. 6% for the year 2010 at first glance would give an impression of a company which is over leveraged. This is not the case, JPMorgan Chase Debt to Assets ratio is very consistent with the banking industry standards especially banks of JPMorgan Chase size.Banks make money by lending other peoples money. It never hurts however, to bring the ratio a little lower as it would give the bank more space to maneuver should there be a financial melting in the general economy like the one experienced in 2008. Potential lenders would prefer the ratio to be as lower as much as possible because that would show that the company has more Assets than Liabilities which can help the company pay its debt when it’s due or assets that can be liquidated to pay its lenders should the company end up in liquidation. Missing Time Interest Earned Ratio Industry Competitor Comparison:A close competi tor of JPMorgan Chase is Bank of America Corporation. The difference between these large banks is that Bank of America is primarily a bank operating in other financial services while J. P. Morgan is an investment firm also operating as a bank. It has offices in more than 60 countries of the world. Both companies have relatively similar gross profit percentages; but percentages changed if we go down to income from continuing operations of both companies. As we see on the table 3, we know that the Net income from continuing operations of JP Morgan Chase is greater than Bank of America Corporation.This shows that Chase is good at managing costs on other income and expenses besides selling general and administrative and others. On the balance sheets, we both see the similar common-size on total assets of both companies. Another difference between two of them is the profitability. As we see on Table 3, profit margin of Chase bank is higher due to net income (gain) while Bank of America e xperiences a net loss. Return on asset for both companies are pretty low on last year. Return on equity for Chase bank is higher that means the shareholders earn a sufficient return on their equity investment.The major different on Profitability ratio between two companies is the dividend payout ratio which is the Bank of America is way too high. It indicates the company pays high dividends whose stock price is temporary not good. Moreover, a high dividend payout ratio can also point to a mature company with few growth opportunities. On other hand, Chase bank has low dividend payout ratio that we know Chase is a fast-growing company whose shareholders willingly forego cash dividends, because the company uses the extra money to generate higher returns and, in turn, a high stock price.As a conclusion, JP Morgan Chase is more profitable than Bank of America Corporation. Compared on the liquidity ratios, both companies meet their requirements on pay their liabilities on time. If we take down to Acid test, we easily understand Bank of America has more liquid assets available to pay its current debts. On the debt ratio, both companies’ ratios are over 0. 5 which means both companies’ assets are finances through debts. On the Time interest earned ratio, JP Morgan Chase is little bit higher which is better since Bank of America Corporation Company has more debts.Last but not least, Operational ratios are very similar and they both efficiently know how to use the assets on sales. As the whole comparison between too biggest bank firms, I think they are overall doing very well on managing their companies. Taking on to the details, JP Morgan Chase has more probability on sales. Bank of America is still doing fine but if I prefer invest on JP Morgan Chase’ stock. |   JP Morgan ;Chase |   | Bank of America Corp. |   | Income Statement Common-Size Data|   |   |   |   | Gross Profit/Sales| 92. 0%|   | 95. 6%|   | Income from Continuing O perations/Sales| 19. 5%|   | 7. %|   | Balance Sheet Common-Size Data|   |   |   |   | Current Assets/Total Assets| 19. 5%|   | 42. 5%|   | Current Liabilities/Total Assets| 71. 4%|   | 74. 1%|   | Liabilities/Total Assets| 91. 9%|   | 89. 2%|   | Equity/Total Assets| 8. 1%|   | 10. 8%|   | Profitabilty Ratios|   |   |   |   | Profit Margin| 19. 5%|   | 1. 3%|   | Return on Assets| 0. 9%|   | 0. 1%|   | Return on Equity| 10. 6%|   | 0. 7%|   | Dividend Payout Ratio| 18. 0%|   | 400. 0%|   | Liquidity Ratios|   |   |   |   | Current Ratio| 0. 62 :1|   | 0. 64:1|   | Quick Ratio| 0. 27 :1|   | 0. 2:1|   | Solvency Ratios|   |   |   |   | Debt/Total Assets| 0. 92|   | 0. 89|   | Times Interest Earned (Accrual)| 3. 00|   | 1. 12|   | Operational Ratios|   |   |   |   | Receivable Turnover| 1. 5|   | 1. 5|   | Inventory Turnover| N/A|   | N/A|   |  © 2008 William R. Pasewark|   |   |   |   | | | | | | Making Decision based on annual report Total net revenue for 2011 was $97. 2 billion, a decrease of $5. 5 billion, or 5%, from 2010. Results for 2011 were driven by lower net interest income in several businesses, lower securities gains in Corporate/Private Equity, ower mortgage fees and related income in RFS, and lower principal transactions revenue in Corporate/Private Equity. These declines were partially offset by higher asset management fees, largely in AM. Investment banking fees decreased from 2010, predominantly due to declines in equity and debt underwriting fees. The impact from lower industry-wide volumes in the second half of 2011 more than offset the Firm's record level of debt underwriting fees in the first six months of the year. Advisory fees increased for the year, reflecting higher industry-wide completed M&A volumes relative to the 2010 level. Management discussion and analysis) Revenues increased from 2009 to 2010 by 2. 25 %. The increase c ame in part from noninterest income, securities and principal transactions. The economy will be the most important factor on the banking industry in the next year. The mortgage industry is still hurting even if it shows some signs of improvement. JP Morgan showed a net profit of at 5 billion this first quarter of the year, but it is hard to predict if the total revenue at the end of the year would match the previous year’s revenues.Next year’s revenue is probably going to be in the 100-103 billion range. JP Morgan Chase’s income comes from diverse business units. The total revenues increased 2. 25% from 2009 to 2010. The increase came from asset management, the noninterest revenue, the security gains and the item marked other income. Also the reduction in the allowances for credit losses for mortgages and credit cards as a result of improved delinquency trends and lower estimated losses reflected the net revenue increase. Principal transactions revenue increased compared with 2009.This was driven by the Private Equity business, which had significant private equity gains in 2010, compared with a small loss in 2009, reflecting improvements in market conditions. Net income next year could be in the 19 to 20 billion range. In my opinion, JP Morgan chase’s assets will have a stable growth in the next few years. Despite the visible improvement in the economy, the banking industry is not likely to record rapid growth in the next few years. The recovery is still weak; investments are still lagging and so directly affecting the books of the banks. I expect the total Assets to increase a little more next year based on the mprovement in the broad United States and World economy. My belief is based on the fact that JPMorgan performed better than the average bank in 2010 and 2010 arguably the west years for any business in recent history due to the subprime mortgage melt down of the financial markets. The last few years so a high number of unemp loyment hitting 10% before starting drop later part of 2011 and the highest number of mortgage foreclosure. The mortgage industry as bottomed and the market is already healing and banks like Wellfargo are already posting stronger than expected results due to their mortgage based assets performing better than expected.JPMorgan Chase’s balance sheet looks relatively strong and do not show that it will need additional financing next few years. It has deposits in excess of $85,279,000,000 and it is sitting on cash of $59,602,000,000. JPMorgan Chase should not have a problem raising funds from the Capital market should they need additional financing based on the strength and growth of its balance sheet. The strength that JPMorgan chase has is the relative ability and strength of deposits which Chase can use to fund its business.This is one advantage banks like Lehman brothers that went under during the financial crisis may not have had. The three areas we see as the strongest aspe ct of JPMorgan Chase is high balance of deposits with the bank in the amount of 85,279,000,000 which shows the relative confidence the market in JPMorgan. Cash deposits are particularly important to banks because they use this morning to lend out for interest and other related fees. The 2011 balance show retained earnings in the amount $88,315,000,000 and retained earning $73,998,000,000 on the 2010 balance sheets respectively.This is important because it shows that JPMorgan Chase have enough resources to fund it operations and enough left over to reinvest into the business for future growth. The Debt to Total Asset ratio was 91. 8% 2011 and 91. 6% 2010 respectively showing that JPMorgan Chase has more Assets than Liabilities which should help the firm raise financing from the markets . should there be a need. This always a good indication to the investors that there investment is covered should the company goes into liquidation.One of the biggest weaknesses we identified was the re lative number of law suits and the amount funds that is being spent on settling law suits. Though the Debt income ratio is way better than most of the banks in its industry, we believe it would be helpful to bring the amount of leverage down to somewhere around . 075 % to better absorb economic shocks in the larger economy. We are very optimistic for the future of JPMorgan Chase especially as the mortgage industry bottom out and American economy continues creating jobs;we will see banks start do declare above average profits. The firm’s Stock price at 43. 4 is performing relatively better than it competitors like Bank of America at 8. 8 and Citi group at 34 indicating that investors still have confidence in the company. We would not invest in the stock of JPMorgan Chase stock at the moment even if we had money available to invest because we strongly feel that JPM Morgan already a very mature company and does not offer much potential for growth. We would instead invest in comp etitors such Capital One Corp. which is a relatively small and growing company with enough potential for growth. There stock price also now at 53 has performed better than JPMorgan Chase over the past year.

Learning from failure Essay Example | Topics and Well Written Essays - 2250 words

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Scholarly Paper Caring for Individuals, families and groups Research

Scholarly Caring for Individuals, families and groups - Research Paper Example (A Nation Free...p.2) The factors such as geographic location, mental health, age, gender, socioeconomic status, religion are found to be main determinants in health care discrimination. Lack of insurance is the biggest barrier, more than any other economic or demographic barrier that affects the quality of health care received by these groups. They constitute about one-third of the U.S. population, but make up more than half of the 50 million people who are uninsured. Of the total 50 million people who are uninsured, almost half belongs to the racial and ethnic group; while they constitute only one-third of the U.S. population. Reforms under the Affordable Care Act have to be seen in above light and it is likely to be a boon for many and may be a bane for someone. Some of the significant milestones of the act can be described as per the following. Benefits to Children and Senior Citizens The reforms have brought new rights and benefits for children and to those under the age of 26 t o stay on their parent's health insurance. It has also ended annual limits on care. The new act provides 50% discounts on brand-name drugs to seniors in Medicare and it also provides tax credit to small businesses for extending insurance to employees. Providing Access to Insurance for Uninsured Americans with Pre-Existing Conditions Uninsured Americans with Pre-Existing Conditions A Pre-Existing Condition Insurance Plan (PCIP) is made for individuals who are uninsured for at least six months for that reason. States are also free to run the new programs. The Department of Health and Human Services will run the plan, if the state does not have a plan. This program will serve as a bridge until 2014, when any discrimination against pre-existing conditions will not be allowed. The act will have influences on health and caring across wide section of ethnic minorities in varied ways. Though, the Affordable Care Act is formulated to provide the health for all but it essentially addresses th e needs of those who had no access to adequate coverage due to their underprivileged status. Well-Being, Health, and Safety of the American People The broad range of health indicators pertaining to racial and ethnic minorities is far worse than their non-Hispanic White counterparts hence well-being of these people needs special attention. Hence need is to create an environment that can control chronic diseases and associated risk factors. The effective community-based programs and policies can reduce and tackle the disparities in health standards. (A Nation free†¦p4) Racial and Ethnic Minority It is true that all American citizens do not have equal access to health care. Various racial and ethnic minorities, low-income groups and most of the underprivileged populations have higher rates of illness and less treatment options. Mostly, they do not have any insurance coverage for treatment. They’re less likely to get chance of preventive care and will have no access to the t reatment and screenings to stay healthy. Preventing diabetes and heart disease is a tough task for them. Perhaps, this is the group who is going to get the biggest benefits from this new healthcare program. Economical Ways The Affordable Care Act is geared to reduce these disparities regarding health care by improving access to health care for all citizens. This is aimed at bringing down the

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Manufacturing & Operations Management - Essay Example Simultaneously, spare parts are manufactured in the batch and stored in the warehouse until required by the final assembly for product 1 and 2. The finished product is stored in the warehouse until delivered to the customer. This report will identify the strategy (i.e. MRP, JIP and Hybrid) to be employed by Promanager PLC to resolve the issue. Also, in the end, the report will provide detailed set of recommendations to improve the overall manufacturing performance of Promanager PLC. Figure 1: Current Manufacturing Process of Promanager PLC Manufacturing Planning and Control Strategy Recommendation and Rationale The manufacturing forms the most significant aspect for a manufacturing company and it forms as its competitive advantage or a reason for failure. Therefore, a strong and effective management tool is required to achieve the required success rate. However, in order to recommend a strategy, the first step is to identify the problems that the existing system is facing. Promanager PLC existing production mechanism is facing the following significant problems: (1) The Master production schedule makes poor forecasts for individual order specifications. (2) The throughput time of the product is more than the standard 3 weeks time. (3) Response time to customers should be 1 week. (4) Discrepancies in data of inventory management system and inventory of materials. (5) High defect rate for finished products. (6) High level of Raw Material, Work-in-Progress and Finished Goods stock due to imbalance between supply and demand time and materials. There are three types of manufacturing planning and control strategies, namely: material requirements planning (MRP), just-in-time (JIT) and hybrid. Benton and Shin (1997) argued that MRP and JIT directs the significant aspects of a material flow in terms of its planning and controlling. Zhao, Zhou, Luo and Dai (2011) and Mahapatra, Pal and Narasimhan (2011) postulated that JIT reduces set up time, improves the flow of goods from warehouse to the shelves, makes efficient use of multi-skilled employees, synchronizes the production schedule and hours worked, improves relationships with supplier and throughout the day supplies comes on a regular basis. The JIT system can be implemented in seven steps that can be customized according to the needs of the production cycle. These are: (1) Design flow process, (2) Total Quality System, (3) Stabilize Schedule, (4) Kanbul Pull System, (5) Work with Vendors, (6) Further reduce inventory in other areas, and (7) Improve product design. On the other hand, MRP is a special mechanism to plan as well as control the production processes. The primary objectives of introducing MRP in a production process is to guarantee availability of materials fro the production and at the same time ensure that finished products are ready to be delivered to customers. Furthermore, it ensures the minimum possible levels of inventory (i.e. material and finished products) to stay in the sto res. MRP also helps in planning the activities of manufacturing, purchasing and manages the delivery schedules. In the case of Promanager PLC, JIT or MRP can not resolve the problems that it is facing independently. As, JITwill help to resolve the problem numbers 2, 4 and 5. Whereas, MRP is a unique management tool that only focuses on the manufacturing material, purchasing and delivery activities. Therefore, it can resolve the proble

School violence Essay Example | Topics and Well Written Essays - 1000 words

School violence - Essay Example To start with, single parents have increased tremendously. There many different studies that use single parents to demonstrate the effects children have of not being exposed to both a maternal and paternal figure. However, single parents are not just people whose spouses have passed away and the family is left to cope with the loss. Single parents can be divorcee, widowed, or have never even been married. Not being exposed to a paternal and maternal figure can lead to many mental disturbances, provoking violent and unacceptable behavior. On 22nd March of 2005, a 17 year old Jeff Weise terrorized the Minnesota school. It was one of the worst school shootouts recorded in history. A few students were injured but more horrifying was the fact that some students had actually lost their lives. Jeff Weise had also shot himself after a shootout with the police ("Massacre in Minnesota"). Before coming to school, Jeff had shot his grandfather and his grandfather's 32-year-old girlfriend. Jeff was categorized by his schoolmates as antisocial. No doubt, Jeff himself had lived a rather depressing life. His father committed suicide four years back and his mother got into an auto accident which placed her in the nursery. Jeff was living with his grandfather who was on the force. This kind of absurdity exists because certain kids are lacking the attention they need. In Jeff's case, he was lacking a lot of attention. After his father committed suicide, when Jeff was only thirteen-years-old, Jeff had most probably not been able to ful ly cope and recover from that traumatic experience. In a Psychology article by Lawrence J. Walker, this kind of behavior is called as an outcry for help (Walker 1997). When kids do not get the attention they crave, no other choice is left but to resort to negative attention. The negative attention is the only way these kids get any attention at all. The more parents neglect their children or fail to understand what it is that their children want, the higher are the chances that these children will join the wrong crowd and try getting negative attention. Another way single parents are contributing to the lack of attention given to the children is by giving in to the children's demands. Propaganda in advertising is targeted for these children of single parents. When a child sees the big yellow M sign and the happy smiling face of Ronald, they usually scream with delight, "McDonald!" It is difficult for a single parent to refuse to the demands their child is making. This is not just because the parent is showing affection, but rather because by refusing the child, the parent will have to deal with a lot of fuss and tantrums that is timing consuming. And time is one thing that single parents really do not have. This leads to the child maintaining a habit of unhealthy food and even worse, of getting anything it desires. The child from an early age has learned be assertive. This is a good quality as being opposed to having a low self-esteem, but in some cases, this kind of assertiveness reappears as the child goes to school and bullies t he other children. The purpose of this paper is of course not to bash single parents but rather to show that some single parents are not giving their children the attention the child needs. Another way single

Debate between the Federalists and Anti-Federalists Essay

Debate between the Federalists and Anti-Federalists - Essay Example The formation of the Federalists and the Anti-Federalists seemed inevitable from the inception of the Articles of Confederation. Those that favored the ratification of the Articles’ most comprehensive successor, the Constitution, became known as Federalists and consisted mostly of people who lived in cities or engaged in trade, including large landowners. They were supported by merchants, land spectators, and many southern planters who wanted a strong government capable of handling the problems facing the United States both at home and abroad. Opponents of the Constitution were called Anti-Federalists, and consisted of mostly small farmers, especially those that were in debt, who felt that a strong central government was a threat to liberty and too far removed from the people in its representative structure. The Anti-Federalists were also especially opposed to the lack of a bill of rights and the â€Å"necessary and proper† clause that granted Congress the right to carr y out specifically listed powers. Two centuries removed from the debate, though the United States has continued to evolve and devolve at points in its history, the Anti-Federalist concern has been proven correct, specifically in their argument that â€Å"government would be impersonal, unrepresentative, dominated by men of wealth, and oppressive of the poor and working classes† (Bruns, 1986). Questions of state sovereignty led directly to the Civil War, and the issues of class division has created a disparity of wealth and power that continues to grow with each passing year. The population of the United States has also grown apathetic and cynical, accepting the relative ineffectiveness of the federal government as unchangeable. While the populist position of the Anti-Federalists made it the obvious choice for the majority of Americans, the Federalist leadership through such men as Alexander Hamilton, John Jay, and

Loss Prevention Essay Example | Topics and Well Written Essays - 2000 words

Loss Prevention - Essay Example During the percent of the population residing I rented homes. Every other person wants to have his or her own company then each small thing regarding security becomes vital. While setting up an office, land value was not at all a constraining factor for the businessmen. The important elements of marketing plan are to precisely define the business, identify the goals and serve as the firm's resume. Pro forma balance sheet, an income statement, planning precise strategies, security and cash flow analyses comprises the basic components of a marketing plan. Preparing a marketing plan helps in the allocation of resources properly, making good decisions and handling of unseen or unexpected complications that may become hurdle in the future development of the business. One of the important aspects of marketing plan is that it provides organized information about the company and importantly a good business plan helps in attaining a loan application. Other important applications include informing the details of the company to the sales personnel, suppliers and others so that they become aware of company's goals and achievements. Retail business is a hugely profit making business. It is one of the booming businesses that have given fruitful results to those who invested to gain profits. A retail business can give good results if the infrastructure of concerned shop, market or trade is good. Basic facilities like water, electricity, food and shelter should be sufficient. Retail prices will increase when the land is in the center of the city, or in industrial areas, or in residential areas. Infrastructure of the city or town plays an important role because those are the basic amenities that an investor would look into, before buying the land. Lack of infrastructure and basic facilities would lead to downfall in prices of the land and investors will lose faith and retract the investment. This would be huge disaster for any businessman. Therefore before putting a land to sale check the basic amenities and infrastructure and the price of the land accordingly. Retail business has become a hotspot for retail businessmen domestically and internationally. The main reason for this is the presence of strong infrastructure, marketing and good facilities like electricity. One of the important factors that have increased the retail corporate is the high rate of ownership. A general definition of valuation of property is to state the actual value of the property both according to the government and private (commercial) sector. While valuating a property government will not consider the commercial demand that property is possessed with. Apart from state owned properties commercial and residential properties are in boom these days. Resident localities are fast growing and becoming some of the costliest living areas. Commercial properties that fetch income are of many kinds. Commercial show rooms and establishment of corporate offices are touching the heights of the retail business. Commercial show room owners are ready to pay any amount of money to get a place in the most commercially viable areas. One of the important things among retail companies is transportation of goods. For transportation these companies depend on companies like DHL, UPS, etc. The

LAW 531 Week 1 Knowledge Check Essay Example for Free

LAW 531 Week 1 Knowledge Check Essay Which of the following is true of a corporation? Corporation owners are only taxed once on earnings. A corporation terminates upon the death of an owner. A corporation is a separate legal entity. Corporation shareholders are subject to unlimited personal liability. Correct 2 There are two general partners, each of whom contributes $5,000 in capital to a limited partnership. There are two limited partners, each of whom contributes $20,000. The total amount of capital contributed is $50,000. The limited partnership agreement does not stipulate how profits and losses are to be allocated. Assume that the limited partnership makes $300,000 in profits. Under the Revised Uniform Limited Partnership Act (RULPA), how much would each partner receive? Each general partner would receive $30,000, and each limited partner would receive $120,000. Each general partner would receive $50,000, and each limited partner would receive $100,000. https://newclassroom3.phoenix.edu/Quiz/Quiz.jsp?launchPresentationR†¦RIS:43590667serverTime=2013-08-20T04:23:56.746+00:00#/view/result Page 1 of 6 8/19/13 9:24 PM Start Over All partners would receive $75,000, regardless of whether he or she is a general or limited partner. Each general partner would receive $120,000, and each limited partner would receive $30,000. Correct 3 Which of the following is true regarding mediation? A mediator does not make a decision or an award. If a settlement agreement is not reached in mediation, then the parties hire a new mediator. Was created by the Federal Mediation Act of 1925. A settlement agreement is never reached with a mediator. Correct 4 George has served Mary with a complaint alleging breach of contract. Mary has never been sued before and as such, she seeks your advice on what to do with the complaint. You advise that she answer George’s complaint but do not provide any affirmative defenses that George can use against her answer George’s complaint by admitting or denying the allegations George has asserted against her write a letter to the judge saying that George is mistaken should not respond to George’s complaint as an answer implies an admission Correct 5 Which of the following is true of arbitration? A judicial referee makes recommendations to the parties. One party usually drops the case. Parties can introduce evidence to support their case. A resolution may or may not be reached. Correct https://newclassroom3.phoenix.edu/Quiz/Quiz.jsp?launchPresentationR†¦RIS:43590667serverTime=2013-08-20T04:23:56.746+00:00#/view/result Page 2 of 6 8/19/13 9:24 PM 6 Which of the following is one of the major purposes of a settlement conference? To conduct discovery for a case To contest the local court rules To facilitate the settlement of a case To structure a settlement payment schedule Correct 7 What is the effect of having a corporation as the general partner of a limited partnership? Each shareholder of the corporation will be treated as a limited partner of the limited partnership. The liability of the corporate general partner will be limited to the amount of its assets. The limited liability of the corporation will result in the limited partners having greater liability than they would otherwise. Each shareholder of the corporation will be treated as a general partner of the limited partnership. Correct 8 Which of the following is true about the choice of business entity for an entrepreneur? The choice is determined by the Internal Revenue Service based on all the facts and circumstances. The choice takes into account many factors, including finding an option that has all the characteristics desired. The choice is determined solely by whether the primary business is services or goods. The choice is determined solely by the amount of capital invested. Correct 9 Which form of alternative dispute resolution occurs when the parties choose an impartial third party to hear and decide their dispute? https://newclassroom3.phoenix.edu/Quiz/Quiz.jsp?launchPresentationR†¦RIS:43590667serverTime=2013-08-20T04:23:56.746+00:00#/view/result Page 3 of 6 8/19/13 9:24 PM Minitrial Arbitration Conciliation Mediation Correct 10 Fred and Ginger are general partners in a business. They decide to purchase a building for the partnership. Ginger will put up the money for the building, and Fred will complete the remodeling. While inspecting the building, Fred is informed that the building is packed full of asbestos. He fails to tell Ginger of the presence of the substance. They buy the building and go into business. During the remodeling of the building, people from the neighborhood begin complaining about the dust from the building. Some of them even threaten to sue. Who is liable? Fred is liable because he was put on notice of the presence of the substance. Ginger is not liable because she did not have actual knowledge. Neither Ginger nor Fred are liable personally, nor is the partnership, as they did not put the substance in the building. Both Ginger and Fred are liable, regardless of the circumstances, by virtue of the fact that they are partners. Ginger is liable because she is the one who purchased the building. Fred is not liable, even though he had actual knowledge, because he did not purchase the building. Correct 11 Martha started a flower shop as a sole proprietor. After 1 year, she was forced to close the shop because business was so bad. At that time, the business assets totaled $50,000, but the business liabilities totaled $125,000. Which of the following statements is true? Martha’s business creditors can collect only the $50,000 of business assets. Once Martha terminates the sole proprietorship, she is no longer liable for the $50,000. Martha’s business creditors can collect only the $50,000 now, but if Martha ever goes into business again, they can get the assets of the new business. Martha is personally liable for the additional $75,000 owed to business creditors. Correct https://newclassroom3.phoenix.edu/Quiz/Quiz.jsp?launchPresentationR†¦RIS:43590667serverTime=2013-08-20T04:23:56.746+00:00#/view/result Page 4 of 6 8/19/13 9:24 PM 12 Which type of business formation is typically reserved for professionals such as accountants, lawyers, and doctors? Limited Liability Company (LLC) Limited Liability Partnership (LLP) Franchise S-Corporation Correct 13 Which of the following is true in the creation of a general partnership? The name selected cannot indicate that it is a corporation. The business name must have the names of all the partners. The business cannot operate under a trade name. The business name cannot be a fictitious name. Correct 14 Which of the following is true of The Federal Arbitration Act? It permits an appeal for all arbitration awards. It provides that arbitration agreements are valid, irrevocable, and enforceable. It applies only to breach of contract disputes. It governs all types of alternative dispute resolution. Correct 15 When parties agree in advance to adhere to an arbitrator’s decision and award, it is known as binding arbitration https://newclassroom3.phoenix.edu/Quiz/Quiz.jsp?launchPresentationR†¦RIS:43590667serverTime=2013-08-20T04:23:56.746+00:00#/view/result Page 5 of 6 8/19/13 9:24 PM arbitrator discretion appealable mediation Correct 16 The Black Squirrel limited partnership has been in operation for many years, but has recently fallen on hard times. The partners have decided to dissolve, although there are few assets remaining in the partnership. Shortly after the partnership filed its certificate of limited partnership, the partners had the foresight to incorporate into their partnership agreement a provision that, in the event of dissolution, the assets would be distributed in payment of claims first to limited partners, then to general partners, then to creditors. Hilda is a limited partner and feels relieved that she will receive at least a portion of her capital. Henry, one of the general partners, said that this provision is void and unenforceable. Which of the following best describes this situation? The provision placing limited partners ahead of general partners is unenforceable, thus all partners would be on an equal footing and ahead of creditors. The provision placing the partners ahead of creditors is not enforceable, but the priority of limited partners over general partners is enforceable. The distribution of assets in the event of dissolution is one of the few provisions where the Revised Uniform Limited Partnership Act does not allow modification. The distribution, as called for in the agreement, would be enforceable if it had been included in any filings related to the limited partnership. Incorrect https://newclassroom3.phoenix.edu/Quiz/Quiz.jsp?launchPresentationR†¦RIS:43590667serverTime=2013-08-20T04:23:56.746+00:00#/view/result

Ethical Standards For Human Services Professionals

Ethical Standards For Human Services Professionals Human services are developed in anticipation and response of human needs. The profession is characterized by positive reception of human needs taking into account all of their diversity. In context of community and environment, Human services professionals offer assistance to their clients and serve their particular needs. Need of ethics in human services profession is of substantial importance (Sinclair et al., 1987). Ethics are guidelines which represents set of standards of conduct that is considered ethical by professionals and educators. Ethics although not legal document but help to assist in settlement of problems and issues related to ethical issues in human services profession. A brief overview of Ethical Standards for human services professionals: Human service professionals are key players in Human services sector. In this highly customized profession, human service professional interacts frequently with families, individuals and groups etc, all these are their clients. Human services professionals are case managers, they are caregiver, teacher, doctor, consultant, lawyer, and psychologists etc. in the following section, some ethical standards are defined for human services professionals. My ethical statement: As a ethical human services professional, I will endeaver to meet or exceed the statement below in day to day practices of my professional life. My code of ethics as a Human service professional: As a Human service professional I would like to talk with the clients the goals, purpose, and nature of helping relationship before onset of relationship and also inform the clients about limitations of relationship. In my opinion, clients should be treated with respect, dignity and trust. As a Human service professional I will take care for protection of customer rights and confidentiality. Except some special cases, when this confidentiality can be harmful for customer. As Human services professional I will try to take integrity, security and safety of client records. I would like to have prior written consent by customer when there is need to share client information with other professionals. As a Human services professional, I will try protect the self-determination right of clients. I would like to be well aware of legal, federal, local and state laws related to human services. I will keep myself informed about current social issues that can affect community and clients. I will act as advocates that help to address the unmet needs of society and individuals. As a Human service professional I would like take it as my responsibility to disclose my qualifications accurately. As a Human service professional, I will work with the aim of helping people and for accomplishment of goals of human service organizations. My basic goal in human services will be to help people in living more satisfied life, more productive and autonomous life, by utilizing the resources and knowledge of society and technological innovation. These ethics are core values of human services professionals: Above mentioned set of ethical practices serves as set of core values of ethics in human services profession, every professional who selects human service as profession must have strong passion to serve society and individuals. As this profession is all about humans, the main concern of this profession is providing individuals solution of their personal and social problems. When dealing with and serving humans, ethics become more important (Sinclair et al., 1987). A human services professional can deliver its services in better way if he is well aware of importance of ethics in his profession. Code of ethics in human services profession helps to promote trust, confidentiality, recognition and negotiation of clients right of self-determination and informed consent. Healthcare professionals and other people involved in human services process should respect right of privacy of their clients. In human service, clients are sharing their very confidential information and problems with professionals, because they want from professionals to solve their problems. It becomes ultimate responsibility of these professionals to develop the relationship of trust and integrity with clients and keep their information confidential, and do not share it with others regardless some exceptional situations when need to discuss it with their team or other professional in order to solve out the problem of their client. Even in this case, information should not be shar ed without written consent of client. Evaluation To make the individual a productive part of society, is also an ultimate goals of human services professionals. Sometimes, clients dont know the real issue he/she is facing, this may be a psychological or health related issue, in this situation, human services professionals first find the real cause and then goes for its solution. Each state and country has some legal framework and laws for society, these laws are made for members of society which are human beings, so the awareness and knowledge of local and federal laws of state or country is critical for human service professionals as their profession is all about humans. The professionals need to be ethical ideals, while respecting for all cultures, beliefs and relationships (Seitz, ONeill, 1996). Ethical standards for human service workers require passion and dedication by professionals and workers as well. Integrity, following the laws, compliance with policies and rules, maintaining the client records and case files etc. all include professional ethics requirements. Apart from their direct service to clients, human service professionals also have responsibility to protest against social injustice and community empowerment. If the code of ethics is not employed and practiced in human services profession, it will bring destruction to society. There will be no relation of trust and integrity can be developed among professionals and society. People will feel reluctant to share their problems with their consultants as they will have no surety that their information will be kept confidential. As a result, society will suffer at large as people will live lives full of problems and worries because human services works with aim of better lives of their clients and to make all the members of society productive and active part of society (Seitz ONeill, 1996). Without ethical practices and commitment of professionals to follow these practices, mission of human services cannot be achieved. Admitting the importance on ethical practices, every human services organization has code of ethics all members are encouraged to follow. So if we develop and practice our personal code of ethics to excel in our profession, it w ill be a good strategy to follow that will pave the way for success in future.