Of Mice and Men the Relationships Essay Example for Free

Of Mice and Men the Relationships Essay How does Steinbeck present the relationship between George and Lennie in this chapter? The author John Steinbeck presents the relationship between the two characters, George and Lennie in different ways as they are both different characters and have different personalities. He presents it like a parent and child relationship, with George being the parent and Lennie the child. As soon as the reader is introduced to George and Lennie Steinbeck tells us that, â€Å"They had walked in single file down the path†. This immediately notifies the reader of the kind of relationship between George and Lennie, it does this by stating â€Å"single file†. This reminds us of a game called follow the leader. It also tells us that the person at the front (George) is responsible and the leader. We can also see this idea on page five. When George says, â€Å"I ain’t sure it’s good water†. This again portrays the idea of George being the responsible, as he has to tell Lennie this and Lennie can’t tell himself. It also shows us that George is concerned over Lennie’s health. This implies that George has feelings for Lennie. We again see the idea of Lennie being like a child when on page sixteen he wants a story told to him again. This tells us Lennie is child like because this situation is like a parent reading a child a bedtime story. After drinking from the pool, when they are sat on the hill Lennie imitates George’s actions â€Å"he pulled his hat down a little more over his eyes the way George’s hat was.† Our immediate interpretation is that Lennie looks up to George as a role model, the quote â€Å"way George’s hat was† suggests he acts just like him and mimics him how a son would to a father. We also notice that Lennie tries to be clever towards George to show that he is smart even though he is not, â€Å"he said cleverly†. We can see throughout chapter one that George several times feels sorry for Lennie. the phrase â€Å"poor bastard† not only tells that there is a sense of sympathy from George in the relationship, but it also sort of makes the reader feel sorry for Lennie, Steinbeck also implies this through stating that George â€Å"looked ashamedly at the fire†. I could also notice when I was reading through the first chapter that George has a sense of authority over Lennie, â€Å"you gonna get that wood†. This is like a parent telling a child to do his chores. On some occasions though George shows a bit of hatred towards Lennie, he thinks of what he could have if Lennie wasn’t around and contrasts that with George. There is also a sense of lack of trust in the relationship  between the two men. We see this through the predicament with the work cards. It tells us that George again has to take care of Lennie, and that Lennie isn’t trusted by George. Again this idea is portrayed to the reader on page seventeen, we notice that George knows that he needs a plan b as Lennie cannot be trusted so his plan b is to tell Lennie to â€Å"hide in the brush until I come for you†. This helps us to understand the relationship even further. George also treats Lennie like a dog in one occasion in the chapter, â€Å"good boy†. This is something a master would say to a dog to encourage them, it also tells us the sort of role in the relationship George has again. In conclusion, we see that Steinbeck uses various techniques to portray the relationship between George and Lennie. But the main method is the idea of George being like a parent to Lennie.

Regulation of Financial Services Post Credit Crunch

Regulation of Financial Services Post Credit Crunch INTRODUCTION The financial system is the system that allows the transfer of money between savers and borrowers, and comprises a set of complex and closely interconnected financial institutions, markets, banks, instruments, services, practices, and transactions (Steven M Sheffrin, 2003). All Financial institutions in any country follow certain regulations which are placed by the central monetary authority (e.g. financial service authority) in order to provide improved service to the public and work in the best interest of the nations. Regulationis controlling human or societal behaviour by rules or restrictions (Bert Jaap Koops 2006). The purpose for regulating the institutions is to reduce the risk of failure and to attain social goals. For example banks are regulated, as they by their very nature are prone failure, and the costs paid by the public for failure is extremely high compared to the financial costs to regulate the banking system. Regulations should be fair and limited so that they as sist banks to develop new services in accordance with the customers demand, make sure competitions in financial services is strong, maintain the quantity and quality of the service provided to public and better utilisation of resources. Over the last five years, the financial system in the world has gone through its greatest crisis. The financial problems have appeared at the same time in many different countries which makes it unique from the crisis in past. The overall economic impact is felt all through the world, which is resulted from the interconnectedness of the global economy. This does not mean that the economic recession which many countries in the world now face will be anything like as bad as that of 1929-33(turner 2009). The crisis in 1930s was made worse by the policy in response. But it is clear that effective the policy response cannot prevent the large economic cost of the financial crisis. If we are to prevent or minimise the scale of future crisis there is an increased need of policy framework that can bring different factors and the corresponding powers to act positively when risks are recognized. Currently Britains existing framework is confused and the powers and capabilities split awkwardly between competing institutions, which results in nobody identifying the fundamental problems when these institutions are building up and none of the institutions can act in response to crisis as they do not have the authority to do so. In order to avoid future crisis changes in regulation and supervisory approach is needed in order to create a more robust financial system for the future. Our focus in the research is on banking institutions, and not on other areas of the financial services industry. In 2007, Britain experienced its first bank run of any significance since the reign of Queen Victoria (Reid. m, 2003). The run was on a bank called Northern Rock. Britain was free of such event not by misfortune, but because in early third quarter of nineteenth century the Bank of England developed techniques to avoid them. These techniques were used, in Britain and had worked, and appeared to be trusted. The run of northern rock was triggered by the decision to provide support for troubled institution. That run was brought to a standstill, when the Chancellor of the Exchequer (Alistair Darling2) declared that he would use taxpayers funds to guarantee deposits at Northern Rock. Unlike runs in banking history, it was a run only on that one institution as funds withdrawn from it went only to a small amount into cash, and were mostly redeposit in other banks or in building societies. The research has three major objectives: Describes the role of financial regulations and reviews the literature on role played by the regulations in financial system. To describe and evaluate the banking crisis in United Kingdom in last 5 years and the reasons of the crisis which affected the banking system. To analysis and evaluate the role and benefits of living wills in context of changes in regulation. This leads to the research question: â€Å"Can living wills address the perceived failures in the regulation of financial services highlighted by the current credit crisis?† LITERATURE REVIEW A literature review is a summary of a subject field that supports the identification of specific research questions (Rowley J Slack F, 2004). Literature review explains the role of financial regulations, discuses the banking crisis in UK in last 5 years (2005-2010), and proposed new regulations which are to counter such failures in the future and at what cost these failures can be averted. The main focus of literatures review is the Banking Industry, proposed new regulations in order to minimise the effect of such crisis. The functions of financial services industry The existence of money is taken as for granted in all advanced societies today so much so that most people are unaware of the huge contribution that the concept of money, and the industry to manage it, have made to the development of our present way of life. Moneyis anything that is generally accepted aspaymentforgoods and servicesand repayment ofdebts (Mishkin Frederic S, 2007). In earlier civilisations the process of bartering was sufficient for the exchanging goods and services. Barteringis a medium in whichgoodsorservicesare directly exchanged for other goods or services without a common unit of exchange (without the use ofmoney) (OSullivan, Arthur Steven M. Sheffrin, 2003). In modern society, people still produce goods or provide services that they could, in theory, trade with others for exchanging for things they need. Due to complexity of life and the size of some transactions make it impossible for people today to match what they have to offer against what others can supply to them. What is needed is a commodity that individuals will accept in exchange for any product, which forms a common denominator against which the value of all products can be measured. Money carries out these two important functions. In order to be acceptable as a medium of exchange, money must have certain properties. In particular it must be * Sufficient in quantity * Generally acceptable to all the parties in all transactions * Divisible into small units * Portable Money also perform as a store of value, which means it can be saved because it can be used to divide transactions in time received today as payment for work done or for goods sold can be stored in the knowledge that it can be exchanged for goods or services later when required. In order to fulfil these functions, money has to retain its exchange value or purchasing power and the effect of inflations can, of course, affect this function. The financial services industry exists largely to facilitate and to deal with the management of money. It helps commerce and government by channelling money from those who have surplus, and wish to lend it to make profit, to those who wish to borrow it, and are willing to pay for the benefit they acquire of having it. The financial organisations want to make profit from providing such services and, by doing so, they provide the public with products and services that offer, convenience ( e.g. current accounts), means of achieving otherwise difficult objectives (e.g. mortgages) and protection from risk (e.g. insurance). Prior to the 1980s, there were clear and distinct boundaries between different kinds of financial institutions; some were retails banks, some wholesale banks, others were life assurance companies or general insurance companies, and some offered both types of insurance and were called composite insurers. Today many of the distinctions have become unclear, if they have not vanished altogether, increasing numbers of mergers and takeovers have taken place across the boundaries and now even the term banc assurance, which was coined to describe banks that owned insurance companies, is inadequate to describe the complex nature of modern financial management groups. For example one major UK bank offers following range of services * Retail banking services * Mortgage services through a subsidiary that is a building society * Credit cards services * Wealth management services * Financial asset management for institutional customers * Investment banking * Insurance services Regulations Bank failures around the world have been common, large and expensive in recent years. It is common to think of banking failure as something that happens in emerging economies and countries with advanced banking system, but there have been some shocking failures of banks and banking system within the developed economies in recent decades. The scale and frequency of the bank failures and banking crises have raised doubts about the efficiency of bank regulation and raised questions as to whether the regulation itself has created an iatrogenic reaction. Regulations for banks and other financial institutions hinge on the coase (1988) argument that unregulated private actions create outcomes whereby social marginal costs greater then private marginal cost. The social marginal costs occur because bank failures has a far greater effect then throughout the economy than, say, failure of a manufacturing concern because of the wide spread use of banks. Nevertheless it should be borne in mind that regulation involves real resource costs. These costs arise from two sources (a) direct regulatory cost, (b) compliance costs bear by the firms regulated. In IMF global financial stability report (2009), it estimates that the eventual cost to British taxpayers of support for the banking sector will be 9.1% of GDP, or more than  £130 billion, that is more than five times the equivalent of 1.8% of GDP in France and three times the estimated 3.1% of GDP in Germany. The main reason for regulating the banks is firstly consumers lack market power and are prone to exploitation from the monopolistic behavior of banks. Secondly depositors are uniformed and unable to monitor banks and, therefore, require protection. Finally, governments need regulations to estimate the safety and stability of the banking system. Basel accord Basel committee for banking supervision a committee for BIS (Bank for International Settlement) was first established in 1974. This committee operates at international level and the main focus of the committee is to strengthen the capital of banks. The principle reasons for the establishment of the committee were to safeguard the financial stability of the banking system worldwide and to create a level playing field. The first major achievement of the committee was in the form of Basel I. Basel I aimed at: 1. Promote the co-ordination in the regulatory and capital adequacy standards of the member countries. 2. Guard against risk in credit worthiness 3. Finally, it suggests for the minimum capital requirements for the international banking. Since 1988 when the Basel committee introduced the first capital accord Basel I the risk management practices, the banking business and the whole financial market has changed. The New York Fed President argued that â€Å"it also has not kept pace with innovations in the way that banks measure, manage and mitigate risk.†(EBSCO, 2002) Although the accord covered fairly relevant issues but it wasnt helpful enough to make a major impact in the industry. Therefore in 1999 the initial steps were taken which led to the amended of Basel I. There were several different reasons for the amendments. One of the misunderstandings about Basel I was that it was the only way to the financial stability of a country. The positive results of implementation of Basel I were seen in the G-10 countries, as these countries were previously operating their financial industry on mostly the same rules, but still there were many new product introduced and reforms took place which remained unexplained by the accord and resulted in the financial industry either fully collapsed or got taken over by other giants. For example Grupo Financiero Bancomer, a Mexican banking giant was reported as â€Å"US- based Citibank has agreed to acquire Mexican banking giant Grupo Financiero Bancomer-Accival (Banacci) for US$12.5 billion† (All Business.co m, 2001). The initial results blinded the G-10 in the aspects of emerging markets as they got pressurized by the larger financial institutions to follow the same accord. Another failed aspect of Basel I which led to the new accord was that the old accord only focused around the credit risk. Basel I did not focused on operational risk which also supported the downfall of many financial institutions. As explained by Mohan Bhatia â€Å"Weather it is a fee-based business, emerging practices or income-based business. A bank is exposed to operational risk.†(Bhatia, 2002). Even though Basel I was not written to be applicable for the emerging markets, its functions created distortions in the banking sectors of the industrialized economies. â€Å"In countries subject to high currency inflation and sovereign default risks, the Basel I accord actually made loan books riskier by encouraging the movement of both bank and sovereign debt holdings from OECD sources to higher-yielding domestic sources† (Balin, 2008). Another problem with the 1988 accord was that it focused more on the type of loan rather than the credit status of the borrower. As the bank and large financial institutes saved just 8% for the unseen risks they had more capital left. That was used in form of loan and subprime lending which was later proved to be a real disaster for the financial institutions. Basel I created a gap between the regulatory capital and the economic capital as bank would choose to hold. The commonly know regulatory capital is different to the economic capital. The economic capital aims to enhance the value of the investor and is based on the internal risk assessment of the organization. Whereas on the other hand the regulatory capital secures the banking stability and the regulator decides it for the protection of the depositor. Considering the drastic effects of the Basel I accord the committee published the reforms in 2003 namely Basel II. â€Å"Basel II is a response to the need for the regulatory system governing the global banking industry.†(Garside, Bech, 2003) Basel II brought many reforms to the old accord and was based on three pillars. The first pillar was minimum capital requirement which explained explicit treatment for operational risk in the financial industry. However the market risk remained with the same explanation as from Basel I. The Basel II brought some new methods of measuring the credit risk by introducing the public and internal ratings which provided good risk mitigation techniques. Furthermore the second pillar explained the supervisory review of capital adequacy. The basic purpose of this pillar was to keep a check on the financial institution that they hold excess of minimum level of capital required. The regulator can intervene at the initial stage if this requirement was not fulfilled. Finally the third pillar was brought into place to bring a much better market discipline. The market is considered to be the role played by the shareholders, government or employees whether proper capital is maintained or not. With this improvement Basel II was considered to help both the lender and the borrower. Basel II spots the weakness in Basel I and proposed effective risk measurement, mitigation techniques and elaborates valuables for market discipline for good banking system and good financial stability as explained â€Å"we at the Federal Reserve had even more reasons for the most finely tuned Basel II framework: Not only are we the umbrella supervisor over all financial stability companies but, as the nations central bank, we are responsible for maintaining nations financial stability.† (Poole, 2005) The fines of Basel II are basically explained by the three pillars of it as the very dexterously explain how and where the accord will be effective. The first pillar of minimum capital requirement was extremely advantageous in providing enhanced risk measurement by helping the large financial institutions and big banks to measure the risk involved in their functions and operations more sophisticatedly. Risk management proposals were useful for the capital they require to hold in case of unexpected losses. The new accord proposed different approaches for the measurement of credit risk. The standardised approached being the more or less the same as the old accord was more risk sensitive for the creditworthiness of the customers and improved the requirement which was previously based on type of loan instead of the credit status of the customer. This approach explained the birth of credit rating of individuals but the problem with this approach was that the culture of rating is not popular in every European country and other countries with strong and effective economies. Whereas the internal ratings-based approach was based on the internal key risk drivers and therefore the potential for more risk sensitive capital was substantial in a way to mitigate the risk. But the internal ratings-based approach is not enough to calculate the capital required for the risks. â€Å"The approaches for calculating the risk-weighted assets are intended to provide improved bank assessments of risk and thu s to make the resulting capital ratios more meaningful† (Pitschke Bone-Winkel, 2006). Operational risk which the Basel I failed to examine is a crucial element and was elucidated by Basel II in three operational risk alleviation approaches. The first method called the Basic indicator approach advice the banks to hold capital equal to 15% of average gross income earned by banks in the past three years. The second method named the standardized approach separates every business to hold capital to shield itself against the operational risk. Finally the third method of advance method approach allows the banks to calculate their own capital requirement to protect themselves against the operational risk. A disadvantage of the first pillar was that it allowed the banks to set their own risk assessment techniques. This gave over sanguine reports to reduce the capital required. Furthermore it even maximized the return on equity. For a much better market discipline regulators must approve the requirement. As explained by (Lind, 2006) â€Å"banks must have methods and systems fo r risk management which are subject to adequate corporate governance processes throughout the banks.† The pillar II of The Basel Accord is based on Supervisory Review. It certifies that the banks should have enough capital to sustain all the unexpected risk in an organization and also provides with much more better techniques to monitor and mitigate those risks. It advises the banks to calculate their risks internally. It requires the regulators to assess the banks risk management processes and capital position to maintain a target level of solvency. â€Å"Pillar II recognises that national supervisors may have different ways of entering into such discussions and provides flexibility to accommodate those differences† (Caruana, 2003). It was helpful in a way to evaluate funding strategies and also gave an insight to the risk mitigation policies to the banks. In total the second pillar had two positive proposals. Firstly, it gave more power to the regulators to keep a check of the minimum capital requirement by banks as calculated in pillar 1. And secondly it alarms the repetiti on of the financial crises such as in countries like Korea and China by taking early actions and offering rapid remedial actions. â€Å"Some of the data submitted by individual institutions was not complete; in some cases banks did not have estimates of loss in stress periodsor used estimates that we thought were not sophisticatewhich caused minimum regulatory capital to be underestimated† (Bies, 2006). At the same time while the corporate governance is in place the accord gave absolutely no information regarding the liquidity. Banks remained unaware of the true financial conditions of each other which forced them to stop lending and the State Bank of England was highlighted as the last resort to rescue. Pillar III based on the market discipline helped maintain discipline in the market place by greater disclosure of the banks risk profiles. The pillar III is connected to pillar I and pillar II as it complements the minimum capital requirement and the supervisory review process. â€Å"Market discipline can contribute to a safe and sound banking environment and supervisors require firms to operate in a safe and sound manner† (BIS, 2005). The disclosure is important for the benefit of the stakeholders. Therefore a disclosure of market risk, operational risk, interest rate risk and the disclosure of capital structure is required. The information should be disclosed timely. â€Å"It will fundamentally transform financial reporting for banks by demanding increased depth and breadth of disclosure† (Garside, Bech, 2003). One of the other disadvantages of Basel II is the complexity and potential cost of the framework. It is a defected draft of 450 pages and the cost of implementing it is too high for the banks. Banks were also afraid to lend because of the fear of Basel II as they would operate against the rules of Basel II on certain occasions. According to the Basel book the banks have to meet a certain level of capital reserves and in todays scenario of credit crunch it is difficult. As Peter Spencer explains â€Å"the Basel system of banking regulations, which determine how much capital banks must raise to keep their books in order, are the root cause of the crunch and were serving to worsen the Citys plight† (Conway, 2007). The Basel committee produced the old and new accords which to an extent were successful for the strengthening of the capital of banks and also took into account the risk throughout the procedures. But the new accord did not changed with new reforms in the system which made it just a box to be ticked in a form and had no connection with the reality or implementation. Most of the organizations ticked the boxes and yet carried on with the risky decision which seemed profitable but yet proved out to be wrong such as Northern Rock. These decisions were not even against any of the accords as the Basel committee never updated to the new market. Financial Services Authority (FSA) Regulations of the financial services industry in the UK is a 5 tier process: * First level: European legislation that impacts on the UK financial industry * Second level: the acts of the parliament that set out what can and cannot be done. * Third level: the regulatory bodies that monitor the regulations and issue rules about how the requirements of the legislation are to be met in practice. The main regulatory body is now the Financial Services Authority (FSA), which has taken over the regulatory responsibilities of the number of other bodies, including the bank of England. * Fourth level: the policies and practices of the financial institutions themselves and the internal departments that ensure they operate legally and competently. * Fifth level: the arbitration schemes to which consumers complaints can be referred. For most cases, this will now be the financial ombudsman service, which takeover the responsibilities of a number of earlier ombudsman bureaux and arbitration schemes Before the arrival of the financial services act 1986, the UK financial services industry was self regulating. Standards were maintained by a promise that those in the financial industry had a common set of values and were able, and willing, to exclude those who violated them. The 1986 act moved the UK to a system which became known as self regulation within a statutory framework. Once authorised, firms and individuals would be regulated by self regulating organisations (SROs), such as IMRO, SFA or PIA. The financial services act 1986 covered investment activities only. Retail banking, general insurance, Lloyds of London and mortgages were all covered by different acts and codes. When labour party came in power in 1997 it wanted to amend the regulation of financial services. The late 1990s saw more fundamental development of the financial services system with the fusion of most aspects of financial services regulation over a single statutory regulator, the financial services authorit y (FSA) process took place in two phases. First the bank of Englands responsibilities for banking supervision was shifted to the financial services authority (FSA) as part of the bank of England act 1998. The second phase of development consisted of a new act covering financial services which would revoke key provisions of the financial services act 1986 and little other legislation. All the earlier work on regulation would be swept away and the FSA would regulate investment business, insurance business, banking, building societies, friendly societies, mortgages and Lloyds. On 30 November 2001 the act, the financial services and market act 2000 (FSMA 2000) came to form a system of statutory regulation. The creation of the FSA as the UKs single statutory regulator for the industry brought together regulation of investment, insurance and banking. The FSA took over the responsibilities for prudential supervision of all firms, which involves monitoring the adequacy of their management, financial resources and internal systems and controls, and Conducting of business regulations of those firms doing investment business. This involves overseeing firms dealing with investors to ensure for example information provided is clear and not misleading. Adair Turner (2009) argued that FSAs regulatory and supervisory approach, before the 2007-2008 crises, was based on a sometimes implicit but at times quite obvious philosophy which believed that * Markets in general are self-correcting and disciplined which acts as effective tools than regulation or supervisory oversight to ensure firms strategies are sound and risks contained * Main responsibility for managing risks was of senior management and boards of the firms, who were thought to be at better place to evaluate business risk than bank regulators, and who are better off in making appropriate decisions about the balance between risk and return, provided proper systems, procedures and skilled people are in place. * Customers protection cannot ensured by product regulation or direct markets intervention, but by making sure that wholesale markets are tolerant and transparent as possible, and thats the way in which firms conducts business is appropriate. Turner argued that this philosophy in supervisory approach resulted in: A focus makes sure that systems and processes were defined well instead of challenging the business models and strategies. Risk Mitigation Programs set out after ARROW reviews therefore tended to focus more on organization structures, systems and reporting procedures, than on overall risks in business models. A focus within the FSAs failure to notice of approved persons on checking that there were no issues of honesty raised by past conduct, instead of evaluating technical skills, with the assumption that management and boards were in a superior position to assess the appropriateness of particular individuals for particular roles. A balance between business regulation and prudential regulation which, with the benefit of observation, appears biased towards the former. This was not the case in all sectors of the financial industry: the FSA for instance introduced in 2002-04 major and very important changes in the prudential supervision of insurance companies which have significantly improved the ability of those companies to face the challenges created by the current crisis. But it was to a degree the case in banking, where a long period of reduced economic volatility, which was attributed by many informed observers to the positive benefits of the securitized credit model, helped foster inadequate focus on system-wide prudential risks. Failure of Current Regulation Based on the â€Å"Geneva Report†, the â€Å"G30 Report†, and the â€Å"NYU-Stern Report† failure of current regulation Systemic risk:Reports established a point of view that the financial regulatory frameworks around the world pay little consideration to systemic risk. Carmichael and Pomerleano (2002) define systemic risk as systemic instability that â€Å"arises where failure of one institution to honour its promises leads to a general panic, as individuals fear that similar promises made by other institutions also may be dishonoured. Acharya, Pedersen, Philippon and Richardson (2009) argue that Current financial regulations seek to limit each institutions risk seen in isolation; they are not focused on systemic risk. As a result supervisions focus on individual institutions, instead of having it on the whole system, while individual risks are properly dealt with in normal times, the system itself remains, or is encouraged to be, weak and exposed to large macroeconomic shocks This focus was a common feature and a common failing, of bank regulation and supervisory systems in the world. As per the Ge neva Report regulations wholly assumes that it can make the system as a whole safe by simply making sure that individual banks are safe which is misleading. Pro-cyclical risk taking: Reports also agreed that financial regulations encourage pro-cyclical risking taking which increases the possibility of financial crises and their severity when they occur. Any economic quantity that is positivelycorrelatedwith the overall state of theeconomyis said to be pro-cyclical (Gordy MB and Howells B. 2004). Financial intermediation as a whole is inherently pro-cyclical. Financial activity such as new bond issues and total bank lending tend to increase more during economic booms than during downturns. Higher levels of economic growth lead to higher values of potential collateral, thereby loosening credit constraints and making access to debt financing easier. Another contributing factor to the financial systems pro-cyclicality is that financial market participants behave as if risk is counter-cyclical. For instance, bank loan standards tend to be most lax during economic booms (Lown et al 2000)) and banking supervisors have historically been most vig ilant during downturns (Syron (1991)). Regulations lead towards stability and reduce statistical measures of risk and encourage excessive risk taking. In bad times, the pendulum swings back producing excessive risk aversion. Large Complex Financial Institutions (LCFIs): All reports agree that current regulations do not deal effectively with LCFIs, defining LCFIs as â€Å"financial intermediaries engaged in some combination of commercial banking, investment banking, asset management and insurance, whose failure poses a systemic risk or `externality to the financial system as a whole.† (Saunders, Smith and Walter, 2009). The growing role of LCFIs poses various challenges.The complexity of these institutions has made it hard for financial analysis and effective supervisors oversight. The linkages among business areas within LCFIs are close which leads to increase of risk contamination from one business area to another as well as across jurisdiction. All reports also insist on the danger induce by implicit Too-Big-To-Fail guarantees. Too big to fail is an expression that refers to the idea that ineconomic regulation, the largest and most interconnected businesses are so big that a government cannot le t them to declare bankruptcy for the reason that said failure would have disastrous consequences on the overall economy. Mervyn King on June 17th, 2009, the governor of theBank of England, called for banks that are too big to fail to be cut down to size, as a solution to the problem of banks having taxpaye

Analysis of Death of Ivan Ilych Essay -- essays research papers

Letting Pain Be   Ã‚  Ã‚  Ã‚  Ã‚  To many individuals the word â€Å"progress† has a positive meaning behind it. It suggests improvement, something humans have been obsessed with since the dawn of society. However, if closely examined, progress can also have a negative connotation as well. While bringing improvement, progress can simultaneously spark conformity, dependency, and the obsession of perfection within the individuals caught in its midst. It is this aspect of progress within modern society that negatively affects Ivan Ilych, Leo Tolstoy’s main character in The Death of Ivan Ilych. Ivan’s attempt to conform to modern society’s view of perfection takes away his life long before he dies. Furthermore, his fear of death and reactions towards it reflects modern society’s inability to cope with the ever present reminder that humans still suffer and die, despite all attempts to make life painless, perfect, and immortal.   Ã‚  Ã‚  Ã‚  Ã‚  Although we as a society have advanced and made people’s lives easier, our mental suffering is as present as ever, due to our incessant need to have everything perfect. We seem to forget that the fascination of living comes from the imperfect and the unexpected. In her essay â€Å"On the Fear of Death† Elisabeth Kubler-Ross suggests that the modern age, while increasing life span and ease of life, has at the same time given way to a â€Å"rising number of emotional problems,† amongst the living (Ross 407). She also suggests that because of modern society’s progress, there has been an increased anxiety towards death. While Ross is writing for twentieth century society her ideas apply to the nineteenth century as well, when Tolstoy wrote The Death of Ivan Ilych.   Ã‚  Ã‚  Ã‚  Ã‚  Ivan Ilych is living during the industrial revolution, a time of technological advancement, that mainly advances the upper class, which he is apart of. Ivan’s number one priority in life is to be comfortable and to do the correct thing at all times. Every decision he makes, including who he chooses to marry, is with the intent that it does not damage his â€Å"easy, agreeable, and always decorous character of his life,† (Tolstoy 213). Ivan is convinced that the best way to have an easy and agreeable life is to be wealthy, marry a woman from his own class, and live in a house full of modern conveniences and luxury. Ironically, it... ...roduction of Twentieth-Century Literary Criticism, Vol. 44 it is stated that â€Å"Ivan Ilych’s passage from life to death also entails a passage from falseness to truth†¦Ã¢â‚¬  (326). One could also look at this in a different light. From a physical perspective Ivan does go from life to death, from perfection to imperfection, but from a spiritual perspective it is actually the opposite. It takes the death of Ivan’s physical self to finally see what is important, his spirituality, his ‘divine spark.’ This, he finally realizes, is what true perfection is. Hence, Ivan is able to see past the falseness of conformity in the end and no longer fear death.   Ã‚  Ã‚  Ã‚  Ã‚  In his last moments of life, Ivan sees light instead of death. His final audible words are â€Å"What joy!† despite the pain he feels. This epiphany that he has happens in a single moment and in a sense makes him finally come alive. Thus, right before his final breath Ivan is able to say to himself â€Å"Death is finished, it is no more!† Death no longer has a hold on him because the quest of perfection no longer does. Ivan has finally decided, after a lifetime of denying it, to â€Å"let the pain be.†Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Analysis of Death of Ivan Ilych Essay -- essays research papers Letting Pain Be   Ã‚  Ã‚  Ã‚  Ã‚  To many individuals the word â€Å"progress† has a positive meaning behind it. It suggests improvement, something humans have been obsessed with since the dawn of society. However, if closely examined, progress can also have a negative connotation as well. While bringing improvement, progress can simultaneously spark conformity, dependency, and the obsession of perfection within the individuals caught in its midst. It is this aspect of progress within modern society that negatively affects Ivan Ilych, Leo Tolstoy’s main character in The Death of Ivan Ilych. Ivan’s attempt to conform to modern society’s view of perfection takes away his life long before he dies. Furthermore, his fear of death and reactions towards it reflects modern society’s inability to cope with the ever present reminder that humans still suffer and die, despite all attempts to make life painless, perfect, and immortal.   Ã‚  Ã‚  Ã‚  Ã‚  Although we as a society have advanced and made people’s lives easier, our mental suffering is as present as ever, due to our incessant need to have everything perfect. We seem to forget that the fascination of living comes from the imperfect and the unexpected. In her essay â€Å"On the Fear of Death† Elisabeth Kubler-Ross suggests that the modern age, while increasing life span and ease of life, has at the same time given way to a â€Å"rising number of emotional problems,† amongst the living (Ross 407). She also suggests that because of modern society’s progress, there has been an increased anxiety towards death. While Ross is writing for twentieth century society her ideas apply to the nineteenth century as well, when Tolstoy wrote The Death of Ivan Ilych.   Ã‚  Ã‚  Ã‚  Ã‚  Ivan Ilych is living during the industrial revolution, a time of technological advancement, that mainly advances the upper class, which he is apart of. Ivan’s number one priority in life is to be comfortable and to do the correct thing at all times. Every decision he makes, including who he chooses to marry, is with the intent that it does not damage his â€Å"easy, agreeable, and always decorous character of his life,† (Tolstoy 213). Ivan is convinced that the best way to have an easy and agreeable life is to be wealthy, marry a woman from his own class, and live in a house full of modern conveniences and luxury. Ironically, it... ...roduction of Twentieth-Century Literary Criticism, Vol. 44 it is stated that â€Å"Ivan Ilych’s passage from life to death also entails a passage from falseness to truth†¦Ã¢â‚¬  (326). One could also look at this in a different light. From a physical perspective Ivan does go from life to death, from perfection to imperfection, but from a spiritual perspective it is actually the opposite. It takes the death of Ivan’s physical self to finally see what is important, his spirituality, his ‘divine spark.’ This, he finally realizes, is what true perfection is. Hence, Ivan is able to see past the falseness of conformity in the end and no longer fear death.   Ã‚  Ã‚  Ã‚  Ã‚  In his last moments of life, Ivan sees light instead of death. His final audible words are â€Å"What joy!† despite the pain he feels. This epiphany that he has happens in a single moment and in a sense makes him finally come alive. Thus, right before his final breath Ivan is able to say to himself â€Å"Death is finished, it is no more!† Death no longer has a hold on him because the quest of perfection no longer does. Ivan has finally decided, after a lifetime of denying it, to â€Å"let the pain be.†Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  

Symptoms and Epidemiology of Tuberculosis :: Essays on TB

Abstract: Since one third of the world's population is infected with the bacteria of Tuberculosis, many people would like to know if they are being infected. This is why it is important to know the symptoms and epidemiology. Once people are informed and educated, they will know how to take care of themselves in order to prevent this disease to infect them. This paper will basically talk about who is vulnerable to this disease and what the symptoms are. Furthermore, it will have some studies and quotes. The first step to understanding Tuberculosis is to know exactly what the disease is. According to NOAH ( New York Online Access to Health), ?Having TB infections means that the TB germs are in the body but they are in an inactive state. After TB germs enter the body, in most cases, body defenses control the germs by building a wall around them the way a scab forms over a cut. The germs can stay alive inside these walls for years in an inactive state. While TB germs are inactive, they can?t do damage, and they can?t spread to other people. The person is infected but not sick. He/she probably won?t even know that He/she is infected. Millions of Americans have TB infection. For most of them, the germs will always be inactive.? About one third of the world?s population carry the Tuberculosis bacteria, although most never develop the active tuberculosis disease. Knowing this, many would like to be aware of the symptoms and epidemiology in order to know if they are being infected by this horrible disease. Basically anybody is at risk for contracting Tuberculosis. In terms of age, the two most vulnerable groups for getting infected are seniors and young children. The reason they are more vulnerable to this disease than other people is because their immune systems are not strong. This does not mean that only young children and elders are the 2 only one that will get this disease. According to the Lancet Publishing Group, division of Elsevier Science Ltd, infants with Tuberculosis meningitis continue to have high mortality and morbidity, with deaths happening in about 15% of patients and up to 50% of infants left with serious neurological sequelae.? There are other types of groups that are vulnerable. People with HIV/AIDS or diabetes are also vulnerable to contracting Tuberculosis. This is also due to their weakened immune systems. In terms of gender, both men and women are equally likely to contract this disease. Symptoms and Epidemiology of Tuberculosis :: Essays on TB Abstract: Since one third of the world's population is infected with the bacteria of Tuberculosis, many people would like to know if they are being infected. This is why it is important to know the symptoms and epidemiology. Once people are informed and educated, they will know how to take care of themselves in order to prevent this disease to infect them. This paper will basically talk about who is vulnerable to this disease and what the symptoms are. Furthermore, it will have some studies and quotes. The first step to understanding Tuberculosis is to know exactly what the disease is. According to NOAH ( New York Online Access to Health), ?Having TB infections means that the TB germs are in the body but they are in an inactive state. After TB germs enter the body, in most cases, body defenses control the germs by building a wall around them the way a scab forms over a cut. The germs can stay alive inside these walls for years in an inactive state. While TB germs are inactive, they can?t do damage, and they can?t spread to other people. The person is infected but not sick. He/she probably won?t even know that He/she is infected. Millions of Americans have TB infection. For most of them, the germs will always be inactive.? About one third of the world?s population carry the Tuberculosis bacteria, although most never develop the active tuberculosis disease. Knowing this, many would like to be aware of the symptoms and epidemiology in order to know if they are being infected by this horrible disease. Basically anybody is at risk for contracting Tuberculosis. In terms of age, the two most vulnerable groups for getting infected are seniors and young children. The reason they are more vulnerable to this disease than other people is because their immune systems are not strong. This does not mean that only young children and elders are the 2 only one that will get this disease. According to the Lancet Publishing Group, division of Elsevier Science Ltd, infants with Tuberculosis meningitis continue to have high mortality and morbidity, with deaths happening in about 15% of patients and up to 50% of infants left with serious neurological sequelae.? There are other types of groups that are vulnerable. People with HIV/AIDS or diabetes are also vulnerable to contracting Tuberculosis. This is also due to their weakened immune systems. In terms of gender, both men and women are equally likely to contract this disease.

Drug Abuse Among Teens :: Drug Abuse, Substance Abuse

Introduction Drugs abuse is serious problem in the United States, especially among teenagers. According to National Drug Intelligence Center (2003) 7.5 million American adolescents aged 12 to 17 used drugs at least once during their lifetime. Teens start to experiment with drugs from a young age and do not think about drugs’ negative consequences. Butler (2010) claims that drug addiction will lead to problems at university or school and loss of alertness, which can cause to injury. Also it will affect mood, change system of values and lead to depression. As a result, teenagers who use drugs have a risk for suicide. Nowadays, they abuse both legal and illegal drugs. Also drug accessibility is one of the causes of adolescent abuse. The majority of teenagers aged 12-17 get it easily from friends or relatives. (Office of National Drug Control Policy 2007). Moreover there are other possible factors, such as pressure from friends, low self-appraisal, stress, relationships with parents. This essa y will look at drug abusing problem among teenagers in the United States and analyse in detail possible reasons and solutions for drug addiction. Background Teenagers abuse a variety of drugs. Any of them both legal and illegal can have immediate or long term health consequences. As reported by NIDA in 2003 year 40.2 percent of high school students had used marijuana. Majuana is the illegal narcotic. Youths who used it before 17-years-olds indicated smaller brain and they are smaller in height and weight than teens who used marijuana after age 17. In addition, marijuana adversely affect on memory, distorts the perception of sound, time, touch for short term. American teens use inhalant as well. Adolescent find it in spray paint, glue and shoe polish. TeenDrugAbuse.us states, that regular use of inhalants can result in heart disease, liver and kidney damages. Also the most common drugs among youth in United States are ecstasy, cocaine, crack, speed and heroin. Legal drugs such as prescribed medications and alcohol is popular today. Moreover, according to the Office of National Drug Control Policy in 2005 year 2.1 million teenagers abus ed prescription drugs and these drugs are the most common among 12-13-years-olds. Also American Academy of Child & Adolescent Psychiatry claim that drug use is increased risk poor judgment which may lead to accidents, violence, suicide and unplanned, unsafe sex, which may cause HIV. Factors That Influence Teenagers to Drug Abuse Firstly, home and family are major factor.

Affects of Westernization on Youth and Culture Essay

Youth are the back bone to a nation. The young generation occupies a special place in a society. They can change the future of the society with their spirited behavior. In a broader sense, the future of any society depends on the youth. The youth are ready to adapt changes because they are young, in search of truth and they are open to different ideas. Young people have better concentrating span contrary to old ones and that is how changes are brought in a society. All societies pay special attention to the youth. The youth acts as the motivating force of revolution. No revolution can be successful without the efforts of youth in a course of action. Their youthful energy enables them to perform great in every field and enables them to be innovative and skillful. Culture is the complete range of learned human behavior patterns. It includes a set of Customs, beliefs, and traditions. Culture is also shaped by Religion, language, festivals, dress, arts and craft. Culture is passed down from generation to generation. Youth of a society preserves its culture. All Cultures are naturally prone to change and, at the same time, to resist change. There are three general sources of influence that are responsible for both change and resistance to it: Forces at work within a society, Contact between societies and Changes in the natural environment. Within a society, processes leading to change include invention and culture loss. Inventions may be either technological or ideological. Technological inventions include new tools, energy sources, and transportation methods. Culture loss is an unavoidable result of old cultural patterns being replaced by new ones. For example, not many Pakistanis today know how to care for a horse. A century ago, this was common knowledge among many people because buggies and horse-riding were the only means of transportation. Since then, vehicles with internal combustion engines have replaced horses and horse care knowledge lost its importance. As a result, children are rarely taught these skills. Instead, they are trained in the use of the new technologies of automobiles, televisions, cellular phones, computers, and iPods. The processes leading to change that occur as a result of contact between societies are diffusion, acculturation and transculturation. Diffusion is the movement of things and ideas from one culture to another. When diffusion occurs, the form of a trait may move from one society to another but not its original cultural meaning. Acculturation is what happens to an entire culture when unfamiliar traits diffuse in on a large scale and significantly replace traditional cultural patterns. Transculturation is what happens to an individual when he or she moves to another society and adopts its culture. The word westernization is defined as â€Å"The social process of becoming familiar with or converting to the customs and practices of Western civilization†. The youth of Pakistan is talented and dedicated. Unfortunately, the youth today is involved in activities which are neither useful to them nor the nation. All that keeps them busy during the day are games, TV shows, movies and socializing with their peers which these days, is commonly called â€Å"hanging out†. At night, they’re busy chatting on the internet, listening to music, attending late night parties and some are even involved in illegal activities like smoking and drinking. They have no vision and instead of improving themselves or doing something productive, they choose to waste their time. All this is because of westernization of youth in Pakistan. Over the past decade, the youth of Pakistan has been adversely affected by western culture. A significant change has been observed in the culture of Pakistan. Many regional rituals have either been forgotten or replaced by western rituals; young people prefer western attire over national dress, fast food is preferred over regional food, family values are not practiced the way they used to, dating has become very common and violent behavior has become a trend among youngsters. In such a situation, culture cannot be passed on in its original form; it would rather be modified or to be more specific, westernized.

Nature Imagery in Othello

Nature imagery in Othello There are quite a few imageries about nature in the book written by William Shakespeare named Othello, were the two male leads named Iago and Othello are the ones who use them the most, Iago talks about how people are gardens also how easy it is to manipulate other peoples garden and he also uses poisonous plants to explain how much harm he has done, while Othello talks about how flowers represent his wife and how they die once they are plucked just like his lover for her.Iago in one of his most famous speeches in the book while having a conversation with Roderigo â€Å"Our bodies are our gardens, to the which our wills are gardeners: so that if we will plant nettles, or sow lettuce [†¦] either to have it sterile with idleness, or manured with industry, why, the power and corrigible authority of this lies in our wills. † He uses imagery to explain that people and he are gardens, the things we do and think are what we plant in it, it also takes ti me to take care of it you need to have patience and plant everything, people can manipulate it and it’s up to us to take care of it.He also says this during another conversation with Roderigo â€Å"Though other things grow fair against the sun, / Yet fruits that blossom first will first be ripe† which goes back to referring to his garden, that even after he plants multiple things the first thing he plants will always come first, which refers to Othello and the revenge Iago wants from him after taking the spot he has been working on since he started and he just came in and snatched it from him. The last imagery used by Iago says â€Å"The Moor already changes with my poison. Dangerous conceits are in their natures poisons, / . . . / . . . Not poppy nor mandragora / Nor all the drowsy syrups of the world / Shall ever medicine thee to that sweet sleep† He is saying that he has corrupted Othello so much that not even poppy or mandragora/mandrake, mandrake was used t o cleanse the body, could heal him from all the corruption he has put in Othello. â€Å"O thou weed,/ Who art so lovely fair and smell’st so sweet/ That the sense aches at thee, would thou hadst ne'er been born! Othello compares Desdemona with a weed since he has been deceived by Iago making him think that Desdemona cheated on him with Cassio and since he thinks this way about Desdemona now he decided to compare her to a weed that is so beautiful when in reality it’s the opposite and know that Othello knows the â€Å"real† Desdemona she will now wish she was never born since Othello is going to get revenge from all the â€Å"wrongs† she did to him.On the last scene where Othello kills Desdemona he comes to her chamber and sees her sleeping, he tells her â€Å"When I have plucked thy rose/ I cannot give it vital growth again,/ It must needs wither† What Othello means is that after he kills her there is no going back, he uses a rose that once that r ose is plucked it starts to slowly die and there is no way for the rose to stop from dying which is what is happening here.This can also signify the love that he has lost for Desdemona since she cheated on him with Cassio, when Othello plucked Desdemona’s love from his heart and it can never grow back again, since he doesn’t want for her to do this again he decides to kill her just like a flower will die from being plucked.The night that Desdemona was going to be murdered by Othello she sang the willow song â€Å"The poor soul sat sighing by a sycamore tree, Sing all a green willow: Her hand on her bosom, her head on her knee, Sing willow, willow, willow: The fresh streams ran by her, and murmur'd her moans; Sing willow, willow, willow; Her salt tears fell from her, and soften'd the stones; Lay by these:– Sing willow, willow, willow; Prithee, hie thee; he'll come anon:– Sing all a green willow must be my garland. Let nobody blame him; his scorn approve,- Nay, that's not next. -Hark! who is't that knocks? † Willow trees are often associated with mourning and grief, which is why they are often called weeping willow, which fits perfectly to what Desdemona is feeling. Desdemona singing this song reflects how she is feeling about Othello, even though she is being accused for something that isn’t true she doesn’t say that he is wrong, even when she knows that he is, she goes along with what he says because she loves him so much, even though it hurts her to be thought like that by the love of her life.When I first read the book Othello, I didn’t pay attention to the references about nature that William Shakespeare used in this particular text, after reading it and getting this assignment I decided to go back and re-read it on my own. After reading the book I noticed that the main characters used plants to explain what they were feeling or going through, for someone to be able to understand and catch on to all of this one needed to be very oriented in nature.