Issues in Cognitive Development

Issues in Cognitive Development Steps in Language Development While debate is still ongoing about how children acquires language, with naturists arguing that individuals are born with biological inclination for language, and behaviorists projecting that children develop language by emulating the sounds heard within the immediate environment (Maitland 135), consensus seems to have been reached among the two groups on the major steps involved in the development of language in children. This section aims to elucidate the steps involved.Advertising We will write a custom essay sample on Issues in Cognitive Development specifically for you for only $16.05 $11/page Learn More There exists broad consensus that humans can communicate from birth, as can be demonstrated by the newborn’s cry alerts when faced with a distressing situation such as pain or wetness. However, it is only after the fourth month from birth that the infant is able to turn these cry alerts, coos, and gurgles into some f orm of bubbling, explained as the generation of phonemes which are not in any way related or limited to the child’s exposure to the immediate environment. After the lapse of ten months from birth, the baby is able to narrow down these phonemes to those of the language or languages spoken in the immediate environment (Maitland 134). At the turn of their first birthday, most toddlers progress from bubbling into the use of a holophrase, which can be explained as the usage of one word to communicate meaning. For instance, the baby may point indoors and say, â€Å"Go!† At the turn of their second birthday, most children are able to put together two-word sentences known as telegraphic speech. Available literature demonstrates that this speech is mostly typified by the use of a verb and noun, such as â€Å"go toilet† or â€Å"eat bread† (Maitland 134). Language development theorists are in agreement that it is between two and three years of age that the child is not only able to expand the vocabulary exponentially, but the sentences generated increase in length and intricacy. By their third birthday, the young children begin to follow the rules of grammar without necessarily sticking to any conventions of instruction. For instance, a 3-year-old child may say, â€Å"I goed to the shop.† Such sentence construction, although coming from a 3-year-old child, indicates the use of the general rule, also called overgeneralization or over-regularization, that we form the past tense by adding (-ed) to the word or phrase. The ‘overgeneralization’ or ‘over-regularization’ of language witnessed among the 3-year-olds demonstrates that children apply grammatical rules without necessarily making any appropriate exceptions (Maitland 134). However, as time goes and language development becomes further entrenched, young children achieve the capability to express more abstract notions, concepts and ideas that goes beyond the p hysical realm around them, not mentioning that they also attain the capability to express their own feelings.Advertising Looking for essay on psychology? Let's see if we can help you! Get your first paper with 15% OFF Learn More Applying Piaget’s Vygotsky’s Theoretical Concepts to Classroom Experiences Both Jean Piaget and Lev Vygotsky can be termed as the leading lights in the psychology of cognitive development due their classical works, which have been well documented in literature. It is indeed true that their theoretical concepts can be, and continues to be, used in modern classroom settings. This section aims to discuss five concepts from the theories of both Piaget and Vygotsky, and illuminate how these concepts can be applied to classroom experiences. Jean Piaget was a prominent psychologist of the 20th century mainly interested in aspects of developmental psychology, particularly in respect to how individuals acquire, retain, and devel op knowledge (Wittrock 41). Today, his concepts and theories are used by teachers across the world to enhance students’ learning experiences. In his theory of cognitive development, Piaget came up with the concept of assimilation and accommodation to denote two corresponding processes of adaptation through which awareness of the external world is internalized in the individual. In assimilation, what an individual perceives in the external world is incorporated into the internal world without necessarily changing the structure of the internal world, while in accommodation; the internal world is obliged to accommodate itself to the evidence and facts with which it is confronted, thus triggering an adaptation (Wittrock 43). This concept can be applied in modern classroom experiences by encouraging teachers to take an active, mentoring role towards students so as to enable them share in their learning experiences instead of pushing information to passive and sometimes unintereste d students. By observing children to have a comprehensive understanding on their growth and developmental patterns, Piaget came up with the concept of maturation to imply the children’s mounting capability to understand their world and those around them (McInerney 587). This concept further implies that children cannot comprehend or perform certain activities or duties until they are psychologically mature enough to be able to engage in those activities. This assertion has been overwhelmingly used by contemporary educators to form the basis for scheduling the school curriculum with a view to making sure that only those activities or learning tasks that children within a specific age-group can understand are indeed included in the curriculum.Advertising We will write a custom essay sample on Issues in Cognitive Development specifically for you for only $16.05 $11/page Learn More In his theory of cognitive development, Lev Vygotsky came up with the con cept of the zone of proximal development, which was aimed at explaining the idea that development should be defined both by what a child can be able to achieve independently and what the child can be able to achieve when he or she receives assistance from either an adult or a more competent peer (Slavin 47). This concept, along with the two levels of development, is useful for teachers in modern classroom settings to the extent that they can use it to objectively evaluate where the child is at a given moment in terms of learning outcomes, as well as where the child ought to be. In the context of curriculum development, educators and teachers can employ Vygotsky’s zone of proximal development concept to design a developmentally suitable curriculum, where learning activities are designed on not only what the learners are capable of doing on their own volition, but also on what they are capable of learning with other peers who are more proficient (Slavin 47; McInerney 590). Vygo tsky’s concept of proximal development further suggests that educators in modern classroom settings must make sure to expose the children to instruction and activities that fall inside the zone of proximal development if effective learning is to take place (Woolfolk 156). For example, if a child is unable to recognize the sounds in a word or phrase even after been exposed to repeated prompts, the child may not be able to take advantage of the instruction in this type of skill. Additionally, extant literature demonstrates that instructors can employ this concept to, among other things, design instruction in such a way that it is capable of providing practice in the zone of proximal development for individual learners as well as for groups of learners (Woolfolk 159). For example, instructors can employ suggestions, clues and prompts that in the past assisted children during evaluation to form the basis for instructional activities. Vygotsky’s concept of cooperative learn ing can be used in the modern classroom setting to plan learning activities by bringing together children who are at different learning levels to assist each other to learn. What’s more, Vygotsky’s concept was later developed in 1976 by Wood, Bruner Ross to operationalize the concept of scaffolding. In its most basic form, the scaffolding concept represents the supportive interactions that take place between an adult and a child with the view to assist the child to accomplish an activity that is beyond his or her independent efforts (Slavin 88). In the modern classroom setting, the concept of scaffolding has been used by teachers to assist learners graduate from assisted to unassisted success at various learning tasks.Advertising Looking for essay on psychology? Let's see if we can help you! Get your first paper with 15% OFF Learn More In a school biology class, for example, the instructor might utilize scaffolding by first providing learners with exhaustive guidelines that are needed to perform an experiment on osmosis, and afterwards provide them with concise outlines that they can use to structure further osmosis experiments. With time, the teacher might request the learners to perform the experiments exclusively on their own. Maitland, Laura Lincoln. 5 Steps to a 5AP Psychology, 2010-2011 Edition. New York, NY: McGraw Hill, 2010. Print. McInerney, Dennis M. â€Å"Educational Psychology – Theory, Research, and Teaching: A 25 –Year Retrospective.† Educational Psychology 25.6 (2005): 585-599. Web. Slavin, Robert E. Educational Psychology: Theory Practice. 8th ed. Boston, MA: Allyn Bacon, Inc., 2005. Print. Wittrock, Mike C. â€Å"Learning as a Generative Process.† Educational Psychologist 45.1 (2010): 40-45. Web. Woolfolk, Anita. Educational Psychology. 11th ed. Upper Saddle River, NJ: Prentice Hall, 2009. Print.

The Sindhu (Indus) River

The Sindhu (Indus) River The Sindhu River, also commonly referred to as the Indus River, is a major waterway in South Asia. One of the longest rivers in the world, the Sindhu has a total length of over 2,000 miles and runs south from the Kailash Mountain in Tibet all the way to the Arabian Sea in Karachi, Pakistan. It is the longest river in Pakistan, also passing through northwestern India, in addition to the Tibetan region of China and Pakistan. The Sindhu is a large part of the river system of the  Punjab, which means land of five rivers. Those five rivers- the Jhelum, Chenab,  Ravi,  Beas, and  Sutlej- eventually flow into the Indus. History of the Sindhu River The Indus Valley is located on the fertile floodplains along the river. This region was home to the ancient Indus Valley Civilization, which was one of the oldest known civilizations. Archaeologists have uncovered evidence of religious practices starting in about 5500 BCE, and farming began by around 4000 BCE. Towns and cities grew up in the area by about 2500 BCE, and the civilization was at its peak between 2500 and 2000 BCE, coinciding with the civilizations of the Babylonians and Egyptians.   When at its peak, the Indus Valley Civilization boasted houses with wells and bathrooms,  underground drainage systems,  a fully developed writing system,  impressive architecture, and a well-planned urban center. Two major cities,  Harappa  and  Mohenjo-Daro, have been excavated and explored. Remains including elegant jewelry, weights, and other items. Many items have writing on them, but to date, the writing has not been translated. The Indus Valley Civilization began to decline around 1800 BCE. Trade ceased, and some cities were abandoned. Reasons for this decline are unclear, but some theories include flood or drought. Around 1500 BCE, invasions by the Aryans began to erode what was left of the Indus Valley Civilization. The Aryan people settled in their place, and their language and culture have helped to shape the language and culture of todays India and Pakistan. Hindu religious practices may also have their roots in Aryan beliefs. The Sindhu Rivers Significance Today Today, the Sindhu River serves as a key water supply to  Pakistan  and is central to the country’s economy. In addition to drinking water, the river enables and sustains the country’s agriculture.   Fish from the river provide a major source of food to communities along the river’s banks. The Sindhu River is also used as a major transportation route for commerce. Physical Attributes of the Sindhu River The Sindhu River follows a complex path from its origin at 18,000 feet in the Himalayas near Lake Mapam. It flows northwest for roughly 200 miles before crossing into the disputed territory of Kashmir in India and then into Pakistan. It eventually exits the mountainous region and flows into the sandy plains of the Punjab, where its most significant tributaries feed the river. During July, August, and September when the river floods, the Sindhu stretches to several miles wide in the plains. The snow-fed Sindhu River system is subject to flash floods, too. While the river moves quickly through the mountain passes, it moves very slowly through the plains, depositing silt and raising the level of these sandy plains.

Robert Adam Essay Example | Topics and Well Written Essays - 1250 words

Robert Adam - Essay Example Born in Kirkcaldy, Fife, Scotland in 1728, Adam led the neo-classical era of architecture in England and Scotland from the mid-1700's until his death in 1792. Adam rose to be one of the most influential architects in Great Britain employing the famed Neo-classical style of architecture.This achievement is reminiscent in many of his works all across the United Kingdom. After he earned fame on the completion of the remodeling of the Syon House, a Tudor-style convent situated at the outskirts of London, Adam was commissioned to build new structures and remodel existing structures which include, the Osterley Park in Middlesex and the Kenwood House, to fit the Neo-classical genre. But most importantly, Adam's works of genius can be witnessed today in the city of Edinburgh, Scotland where his designs of various structures and interior decoration continue to elicit awe and respect. Adam's stylistic influence in architecture has been massive and long lasting. However, his influence and innov ative ideas on interior design and intricate attention to details even on his tiniest of creations earned him the reputation as one of the greatest masters of interior design. He employed more flexibility and integrated aspects of classic Roman design which manifested hints and mixtures of Greek, Byzantine and Baroque creations. THE ADAMESQUE STAIR HALL ORNAMENT One of his most influential creations, the Osterley House, manifests Adam's genius and innovations in the design of interior delineating the Roman classical details on this particular work. 1The house features coffered Roman ceilings, apses, pilaster and grotesques reminiscent of the age of Antiquity. Adam's inclusion of the Etruscan dressing room gave the Osterley Park creation its most original and distinctive aspect, as Adam's utilization of this design is the finest 18th century variation of the Roman motif. Furthermore, at Kenwood House, Adam built a vaulted library, celebrated as his most intricate and beautiful creation. The vaulted library boasts of its soft blue palette balanced by white columns and hints of gilts, a creation unfamiliar in that era apparent only in that age's most intricate porcelains. Adamesque Door Surround THE ROOM The aforementioned innovative designs are typical of Adam who mixed neo-Gothic features with 'Etruscan' and 'Egyptian' motifs, considered minor features of the 'Adamesque' movement. Adam's style is unique, in that, it includes ornamentations reminiscent of the Roman motifs 2such as framed medallions, vases, urns and tripods, arabesque vine scrolls, sphinxes and gryphons. His distinct interior design also includes 3flat grotesque panels, pilasters, painted ornaments such as swags and ribbons and intricate color schemes. Adam's room arrangements, ornamental ceilings, chimneypieces and furniture characterized a 'greater unity and architectonic quality' in many of their features which are found missing or lacking in the works of his contemporaries. Although he was more famed for his architecture, his works on the interior and decoration of it, are of more lasting importance. 4The Pompeiian features and influence are evident in his decoration and setting of interiors, which give them the feeling of perfection and intricacy as Adam values ornamental balance and open spaces. THE STAIR HALL Most designers

IF PUBLIC HEALTHCARE IS TOO EXPENSIVE TO COVER ALL EVENTUALITIES, IT Essay

IF PUBLIC HEALTHCARE IS TOO EXPENSIVE TO COVER ALL EVENTUALITIES, IT MUST BE RATIONED. DICUSS - Essay Example It shall discuss the benefits and demerits of each side of the argument and after considering the points of discussion, this student shall make an informed decision about the issue. Health care rationing has various benefits and advantages for the health care system in general. First and foremost, health care rationing will help patients who cannot afford medical care and who do not have medical insurance. It will help improve their medical options and give them access to better health care. â€Å"For patients without health insurance who must pay the entire cost of the medicine, their doctors†¦opt for the cheaper of two types of medication†¦leaving them more money for other expenses† (Dingeman, 2004). In worst case scenarios, patients sometimes opt not to take any medication or undertake any medical procedures at all. Advocates of rationing argue that rationing will give patients a chance to avail of the best possible medical care that their financial circumstances would not normally allow. Rationing is the preferred solution to the increased cost in healthcare spending because it encourages implementers of the system to remedy the situation. â€Å"Even if the money is there, the UK has a long-standing ideological hang-up about tapping it from all available sources, private as well as public† (Redwood, 2000, p. 24). Because of this, many practitioners and government officials believe that rationing is inevitable because it is the solution that will work when times will really get rough. Two years ago, a report revealed that many doctors have come to agree that the time for health care rationing has come â€Å"because the NHS cannot cope with spiralling demand from patients† (Campbell, 2007). The British Medical Association (BMA) claimed that treatments like plastic surgery, fertility sessions, and other minor ailments will be among the first procedures that will be cut from the list of

God Defines Gender Roles in American Society :: Exploratory Essays Research Papers

God Defines Gender Roles in American Society What are men's and women's roles in society? Are men and women equal in ability and opportunity? Should they be equal or do they have distinct roles they should play? In this day and age, people like to be "politically correct" by attempting to make both sexes equal. Most people feel that it is unfair to say that men can do certain activities better than women and women can do other activities better than men, but is it actually unfair, or has God actually made men and women differently and given them different roles in life and society? As was stated, most people like to consider males and females equal in ability and in what their roles should be in society, but I don't think that is actually the case. God has made men and women differently - HE has made them to fit certain roles HE has defined. The Bible talks a lot about God's roles for men and women. Genesis, the first book of the Bible, talks about Creation and how sin (disobedience to God) entered the world. When God created everything, it was perfect and good. Right after Adam and Eve (the first man and woman) disobeyed God, God kicked them out of the perfect place he had made for them called the Garden of Eden. Genesis 3:16-19 says: "To the woman He said, 'I will greatly multiply your pain in childbirth, in pain you shall bring forth children; yet your desire shall be for your husband, and he shall rule over you.' Then to Adam He said, '... Cursed is the ground because of you; in toil you shall eat of it all the days of your life. Both thorns and thistles it shall grow for you; and you shall eat the plants of the field; by the sweat of your face you shall eat bread...'" This is the first example of God's giving roles to men and women. He said that women would give birth to children (and, obviously, raise them), while men will take care of the land and work it for food. Many people today believe that since the Bible was written quite a long time ago that it doesn't apply to the world now and that the roles God has given men and women are changing, but that's not true. Just because something is old doesn't mean it's irrelevant to the world today.

Functional Areas †Staff at R. Bethels Essay

R. Bethels have two owners, a manager and three other members of staff. The manager looks after the day to day running of the shop and helps run the business. The owners complete the paper work of the business and look after the financial side. Human Resources At R. Bethels, human resources is for: * Recruiting and dismissing * Providing good working conditions * Negotiating with trade unions * Health and safety The owners of R. Bethels are in charge of human resources. They will employ and dismiss employees. They will decide how much they get paid and how often they get paid. The manager will make the phone calls to employees, open and run the shop and to advertise available jobs. It is important that the manager does this in order to employ the correct people. Employing the correct people is good for motivation, quality of work and customer satisfaction. The Owners of R. Bethels may not do things to provide good working conditions all the time but he will decide what are good working conditions and tell members of his staff how to make these conditions available. This is so that people will want to work for R. Bethels. They will negotiate with trade unions in order to give their employees decent pay and good working conditions. They will also decide how to handle health and safety issues and improve them as and when they need to. R. Bethels need to be a healthy and safe environment so that people are able and willing to work for R. Bethels. As R. Bethels is a small business, training may not always matter but the owners will be in charge of it if it is needed. This would be needed for motivation, job satisfaction and an increase in profit through happy and satisfied customers. Finance Finance department covers: * Recording financial matters * Preparing accounts * Paying wages and salaries * Obtaining capital and other resources The owners deal with the company’s finances. They will record and file all of the financial documents. This is important, as when R. Bethels need a financial document e.g. a sale they have just made, it will be easy to find. The owners will decide on who gets what amount of money per week or per annum and they will hand out the wages to the employees. They will also prepare accounts in order to sort out money, which comes in and goes out of the business. R. Bethels need capital in order to trade properly, the manager or the owners may sort this out. Administration and ICT Support Function R. Bethels’s administration and ICT support is for: * Cleaning and maintenance * Health and safety * security * Clerical services * Word processing The manager will deal with clerical services and possibly computers and Internet. The clerical services are things like answering the phone and typing up letters. The manager would do this or the owners would, depending the circumstances. These are needed in order to keep in touch with customers, banks, other companies, etc. The employees would deal with cleaning and maintenance in order to keep things clean and in working order. The manager and the employees would share out the duties of everything else in order to keep the business a safe place to work. Marketing and sales Marketing is needed to enable R. Bethels to find out what customers need. This helps increase sales in order to increase their profit. As the manager at R. Bethels will have more time than the employees and the owners, he will be able to cover marketing. The owners and the employees will also be able to do this if they have any spare time, if they need to. The manager will ring up restaurants companies in order to advertise the company’s products that are available. He will take time with customers to show them how to cook and serving ideas for the fish. When the customers want buy a product, they will be served by the manager or the employees and the money will be handed into the till machine. Customer services This deals with: * Keeping customers happy * Dealing fairly with complaints * Responding to enquiries * Offering credit * After sales service * Advice and information * Reliability * Good products, fairly priced R. Bethels may not be able to deal with all of the things in this list, because of the size of their business. The owners will decide how these things are sorted out but all of the staff at R. Bethels will have to help meet them. R. Bethels will try their best to keep customers happy. Keeping customers happy is what customer services are needed for. Research and development Research and Development is all about researching products and how customers respond to the business. If there are any things that need improving, R. Bethels will talk to their supplier and sort it out. At R. Bethels, the manager and the employees will do the research but the employees and the owners will sort out the product development. R and D is an important function because R. Bethels can have an advantage over their rivals and they can have a more desired product. At R. Bethels, the business lifestyle will be totally different to that of Dominos. At the moment there are only five people who are involved in the business, if and when this changes the lifestyle of the business will probably change too possibly in a dramatic way.

When Totems Beget Clans A Case Of The Brand Symbol As...

When totems beget clans: A case of the brand Symbol as the defining marker of Brand communities Table of Contents Introduction 3 Understanding the marketing concept 3 Problems and Challenges faced in marketing decision making 5 Analyse and Evaluate information in marketing context 6 Recommendations 8 Conclusion 9 Reference List 10 Introduction The consumers in 21st century are very much brand conscious in whatever or wherever they purchase the products or services. The word brand comes out of the value of the products is higher among the existing products or the services (O’Reilly, 2011). The branding has unique feature which differentiate it from the other products and buyer of which also separates from the†¦show more content†¦Most of the consumer are very much passion and enthusiast about the certain brand. This passion turns into brand community. For instance , companies like Harley Davidson and Ferrari has only few numbers in purchasing then that can called as the brand community (Schau, MunËÅ"iz Arnould, 2009). Harley Davidson Brand community % Harley is an integral part of my life 52% Harley really care about the customers 34% I would recommend this to my friends 79% I am very satisfied with Harley 38% I have lifelong friendship because of the Harley 49% Graph 1: Harley Davidson brand community (Source: Hatch Schultz 200, pp-334) From the above graph , it has been found that, Harley is an integral part of my life is brand community not the one which suggest I will recommend Harley to my friends (Holt, 2004). Apart from that , brand community is also can be formed by the group of people who are very much passion about certain brand and do not use other products for instance , Manchester united fans and Nutella or can be BBM group are some of few band communities but the BBM group or the couch surfing are not brand communities (Hill Vincent 2006). The difference in both cannot be justifies because brand communities are not be classified properly by the any of the literature or the marketer. It has been understood that brand communities are very much recognized by the particular symbol that represent community of few people (Holt, 2004). As

An Examination Of The Lehman Brothers Bankruptcy Report Finance Essay - Free Essay Example

Sample details Pages: 10 Words: 3047 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? Introduction The collapse of Lehman Brothers in 2008 sent ripples across the financial world. From the small shop in Montgomery Alabama started by Henry Lehman in 1844, that became the Lehman Corporation in 1920, its stocks began trading on the floor of the New York stock exchange in 1994 and posted record revenues in 2007 at which time Richard Fuld was CEO (reuters). On 15th of September 2008, Lehman Brothers the 4th largest investment bank in the United States of America filed for bankruptcy protection (BBC). Don’t waste time! Our writers will create an original "An Examination Of The Lehman Brothers Bankruptcy Report Finance Essay" essay for you Create order This precipitated the loss of thousands of jobs on both sides of the Atlantic. According to Mollenkamp, Whitehouse, Hilsenrath and Dugan (2009) some critics look back at the systemic crisis that ensued since the Lehman collapse and conclude that it could have been avoided if the government had stepped in, having already committed billions of taxpayers dollars to keep troubled institutions such as Fannie Mae and Freddie Mac in business. However, they are also quick to lay the bulk of the blame squarely at the feet of investment banking giant: To be sure, Lehmans downfall was largely of its own making. The firm bet heavily on investments in overheated real-estate markets, used large amounts of borrowed money to supercharge its returns, then was slower than others to recognize its losses and raise capital when its bets went wrong. The depth of the firms woes made finding a willing buyer a difficult task, leaving officials with few viable options. (Mollenkamp et al 2009) Managers m ust take decisions, that is why they are hired, to make difficult calls over and over again because they have the skills and the audacity required. In the world of high finance it is not uncommon to take bold far reaching decisions. Careers in finance are built on the decisions made at crossroads. Five months later on 19th January 2009 Anton Valukas, chairman of law Chicago Law firm Jenner Block and a former federal prosecutor was named to lead an independent investigation of the events leading to the Lehman Brothers bankruptcy (Scinta 2009). The report, released in March 2010, would cast long shadows over the management actions, individual and institutional involvement and meandering paths that leading to the downfall of the firm. This paper will draw from the bankruptcy report and other important publications to determine how the investment bank failed. In the course of performing its examination, the paper will identify the notable milestones and analyse the events that le d to them. The underpinnings The failure of Lehman Brothers cannot be examined in isolation, the context is the global financial crises, the fertile ground in which the seeds for Lehmans demise were sown (Zingales 2009). A number of causes have been advanced for the financial crises such as issues with monetary policy ( Ely 2009, Schwartz 2008) lack of transparency (Zingales 2009) a complacent market obsessed with high returns (Zingales 2009) Flawed financial innovations (Schwartz 2008) over promotion of home ownership (Ely 2009). The Lehman collapse however also triggered a shocking meltdown of global finance such was its impact (Hillman 2009) By approximation, the lowest point for the Lehman brothers debacle was the announcement by the one and a half century old bank that it would file for bankruptcy protection following its inability to secure government assistance (Shields, Ackerman, Devitt Sigo 2008). How had it come to this? The starting point could very well have been the firms decision to take on a more risky growth strategy. The Lehman Bankruptcy Report notes the sudden growth in the firms balance sheet as show in the table 1. All figures in ($billions) Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q507 Q6 07 Reported Net Assets 268.936 300.767 337.667 357.102 372.959 396.673 327.774TABLE 1 SOURCE: REPORT OF ANTON VALUKAS EXAMINER VOL I P. 57 The bankruptcy report describes the phenomenal growth in the firms balance sheet as follows: Lehmans net assets increased by almost 128 billion or 48% in a little over a year from the 4th quarter of 2006 through the first quarter of 2008 (Valukas 2010 p 57 ) The firm had taken on a monumental amount of risk setting itself up for either breakaway success or mega failure .Some questions arise here, such as why did they adopt the riskier investment strategy? Did Lehman executives fully understand the risks accompanying such a strategy? In addition, from corporate governance perspective was everyone at home with the idea. The examiner bankruptcy report shed some light regarding the risk appetite of similar institutions to Lehman Brothers : Lehmans business model was not unique; all of the major investment banks that exi sted at the time followed some variation of a high-risk, high-leverage model that require the confidence of counterparties to sustain (Valukas 2010 p. 3). In the sophisticated world of investment banking, the faint of heart rarely find a place to roost. Perception is everything in fact it is reality, once perception shifts reality changes, moreover such financial institutions are known to attract that best people and the most daring from the best business schools. The examiners report lends ample support in, mentioning the fact that the investment banking business model puts people under a lot of pressure to take the kinds of risks that led to Lehmans fall, while government agencies on their part are cited are as having fallen short of their full oversight responsibilities (Valukas 2010) This milestone is the culmination of a series of events or more precisely, the investment decisions taken by Lehman managers to pursue a countercyclical business strategy. The promise of subst antial opportunities in the subprime housing market led to the relaxing Risk controls most notably the single transaction limit, moreover opposition was crowded out and despite obvious warning signs and candid advice from some managers about the leveraged loans and commercial real estate businesses, the firms power brokers were figuratively hands over ears. The Lehman brothers journey into the abyss can be chronicled thus; the firm makes a strategic decision to pursue aggressive growth by taking on very high risk in addition it would also increase its leverage greatly (Valukas 2010). Shortly afterwards the subÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ prime residential mortgage crises became full blown, decimating the real estate business, at which point the firm failed to demonstrate the agility critical to its survival. Its lethargy was exemplified in its sit still attitude with the hope that things would eventually turn around and their hefty wager would pay off. The bank actively wal ked the fine line by transcending the boundaries of its own risk control mechanisms thus defeating their purpose. The growth strategy turned out to be a disastrous malignancy causing the firm to lose direction. The collapse of Bear Sterns appeared to many to be a prelude and the collapse of Lehman brothers would most certainly follow. Its managers would thereafter be preoccupied with how to keep the bank from going under. Selling the Investment Strategy to Internal Customers One of the keys to the gravitation toward this strategy was to the ability of Lehman executives to sell it to its internal audience at the highest level; a case of expert internal salesmanship. The foray into commercial real estate investments, leveraged loans and private equity, the triple foci of the new strategy, was partly the result of meticulously selling the strategy to high-level executives (Valukas 2010 p61). Apparently, most if not all of the top executives at Lehman including CEO Richard Fuld fully understood this strategy; Fuld demonstrated sufficient comprehension or at least had enough information to also give his own presentation (Valukas 2010 p 62). From the corporate governance view, the board apparently gave their blessing to the malignant growth strategy (Valukas 2010, P 76). Furthermore, some directors did not appear overly concerned about omissions from the banks stress tests, these omissions being the very same investments in the new aggressive growth strat egy. (Valukas 2010, p. 77). Inadequate liquidity can cause very serious problems for investment banks involved in huge transactions such as Lehman. The bankruptcy report the liquidity position of the firm is described as precarious, occasioned by the its astronomical leverage when weighed against its aggressive growth strategy there was inadequate liquidity; moreover the assets in its balance sheet had become noxious, its capital had been depleted and the firm had become more vulnerable. This according Valukas (2010) further highlights the riskiness of Lehmans growth strategy (p. 62- 63). The noxious assets posed an even bigger problem; it trapped the firm from almost every angle. Considering the issue of raising cash especially in a difficult period; firstly the illiquid assets were poised take beating on sale and secondly they were unsuitable as collateral for borrowing neither was it possible to hedges to protect such mammoth investment (Valukas 2010) Surge in Risk Appetite The managers of Lehman failed to monitor its risks in their traditional way, as they explored uncharted investment waters they became more exposed. However the managers were willing to back the new strategy to the fullest extent even if it meant slackening their risk controls. In doing this they fuelled the investment strategy. The report sheds more light to these actions: Historically, its stress testing had not been designed to encompass the risks posed to the firm by principal investments in real estate and private equity, because those positions previously made up a small portion of Lehmans portfolio. Lehman did not revise its stress testing to address its evolving business strategy. Because of SEC requirement to conduct regular stress testing on its portfolio to quantify the catastrophic loss it could suffer over a defined period of time. Lehman ran a series of stress tests based on 13 or14 different scenarios. Some of the scenarios were historical events (Valukas 2010, p. 66) To compound matters, Lehmans Managers needed its publics to feel confident about the quality of its stress testing, to that effect the report points out that the firm may have actively deceived the public, it remarks: Lehmans Managers represented to its external constituents that regular and comprehensive stress tests were performed to evaluate the potential PL impact on the firms portfolio of abnormal yet plausible market conditions (Valukas 2010) The paper earlier pointed out Lehmans eventual disregard for its own risk management and control infrastructure, these limits or risk measures had kept Lehman centred in its approach to risk . This sophisticated mechanism had to be very intricate and well tuned as result of which so called risk appetite usage could be computed for product/ business lines, divisions and for the whole firm, in addition such values could be obtained on a daily basis (Valukas 2010) This paper had earlier pointed out the absence in Lehmans str ess tests of aggressive growth investment in commercial real estate and private equity. In its original form of the stress test only stocks, bonds and other free trading securities were tested. The report explains why the investments in the aggressive growth strategy were excluded: Because these assets did not trade freely, they were not considered susceptible to stress testing over a short-term scenario. And since Lehman did not then have significant investments in these areas, excluding them from the stress testing did not undermine the usefulness of the results (Valukas 2010, p. 67) Problems in the subprime market Lehman Brothers decided to shut down its subprime mortgage unit BNC mortgage in August 2007 exiting a hitherto unprofitable business, it would however continue to focus on Alt- A which were closer to prime mortgages through its Aurora loan services platform standards ( White Kim 2007). The anticipated turn was yet to arrive and in January 2008, its Auroras programme was suspended (Valukas 2010, p.137) According to the Lehman bankruptcy report, the examiner came to the conclusion that under Delaware law, Lehman managers were entitled to pursue their malignant growth strategy as this was in conformity with the business judgement rule. Despite disregarding their risk limits, the examiner concluded that they did not act recklessly. Though these business decisions led to failure did not constitute an outright breach of the duty of care (Valukas 2010, p.178). These investment decisions ultimately failed but they were just that, business decisions, taken in a traditionally risky ind ustry. In taking these actions, the managers wagered and expected to win. Were they unwise? Were they greedy? Did they go into investment overdrive? Or did they make the best decisions they felt possible given the information and time available, neither of which can ever be totally appropriated by anyone. Could timing have played an important role in the outcome of the decisions? The managers made this decisions again with the conviction that they got the timing right. Plainly, they made bad decisions which led to down fall of the firm. Reengineering the Balance sheet Banks want to show a good net leverage position that is favourable when compared to industry peers. Large Financial institutions use similar instruments to raise funds for short-term financing. Like its competitors Lehmans rating was of utmost importance to its managers this was also necessary to keep stakeholders confidence high be they investors or other parties. The examiners report notes that at this point Lehman was at panic stations, nothing would work, and it would then have to announce a $2.8 Billion loss in the 2nd quarter of 2008. The result of high stakes investments gone badly (Valukas 2010). Bad news gets around very quickly and Lehman proceeded to sell the idea it had achieved a significant reduction in its net leverage ratio to less than 12.5. It also claimed to be highly liquid about which it boasted a highly formidable position, while also claiming a reduction in net assets on its balance sheet by $60 billion (Valukas 2010 ). The firm did however mention the ext reme difficulties it faced in that quarter even as they persuaded the market of its liquidity (daily telegraph 10 june 2008) Lehmans use of the Repo 105 device Leman deployed a massive growth strategy which brought the firms risk exposure levels to unprecedented proportions. The housing market went down, leaving Lehman with billions in noxious assets sitting on its balance sheet. It needed to deleverage very quickly. The examiners bankruptcy report offers details as to how the firm hid its true debt levels through the Repo 105 device, repo is known to mean repurchasing. Lehman Brothers were able to temporality take $50b from its balance sheets at key quarterly reporting dates to improve its finanacial leverage ratio. in doing this, lehman misled investors (what repo 105 really mean) . according to .. lehman exploited wealnessses in US Statement Of Financail Standards (SFAS 140) accounting for transfers and servicing of finanacial assets and extinguishing of liabilitiesallowing it to book repo 105 and 108 transactions as sal;es rather than finanacing transactions according consequently Lehmans rep 105 transactions remobed securities inv entory from oitss balance sheet fro the duration of the repo (a week to ten days) lehman receives cash at the mon ment of the transaction . by using borrowed fund from 105 transactions to reduce shoert tern laibilites lehman reduced oits total assets and by that reduced its leverage ratios. Valukas (2010) finds that the motivae behind conduction big ticket repo 105 transactions very close quarter end in late 2007 and 2008 was to momentarily re move inventories form its balance sheet in order to rep[port lower leverage figures (publiocly dieclosed leverage). According to Valukas (2010 p 762-763) despite konowig that peers were not using devices similar to repo 150 lehman mangers actually oversaw a n escalation in the use of repo 150. The report also notes that bthey were caught betwen a weakedned position unable to risk alerting the narket by raising equirt funds and a potential huge losses should they sell invemntory . (Valukas 2010 763) The examiner determined that the Repo p rogramme had another crucial dimension, one that necessitated lawyers in the UK to affirm the transactions as sales as this was not possible in the US. In doing this it is the conclusion of the xeaminser that civil suits could be brought against lejhman . as theri sole purpose was balance sheet manaipulation The way Repo 105 transactions were applied suggest that Lehman were playing fast and loose with theiur balance sheet Assets (millions) Liabilities Cash 7,500 Short term borrowings 200000 Financial Instruments 350,000 Collateralized financings 325,000 Collateralized agreements 350,000 Long Term Borrowings 150,000 Receivables 20,000 Payables 98,000 Other 72,500 Stockholders Equity 27,000 Total 800,000 800,000 Gross Leverage 30 Net Leverage 17 Assets (millions) Liabilities Cash 57,500 Short term borrowings 200000 Financial Instruments 350,000 Collateralized financings 375,000 Collateralized agreements 350,000 Long Term Borrowings 150,000 Receivables 20,000 Payables 98,000 Other 72,500 Stockholders Equity 27,000 Total 800,000 800,000 Gross Leverage 31 Net Leverage 19 Assets (millions) Liabilities Cash 57,500 Short term borrowings 200000 Financial Instruments 350,000 Collateralized financings 375,000 Collateralized agreements 350,000 Long Term Borrowings 150,000 Receivables 20,000 Payables 98,000 Other 72,500 Stockholders Equity 27,000 Total 800,000 800,000 Gross Leverage 31 Net Leverage 19 Assets (millions) Liabilities Cash 57,500 Short term borrowings 200000 Financial Instruments 350,000 Collateralized financings 375,000 Collateralized agreements 350,000 Long Term Borrowings 150,000 Receivables 20,000 Payables 98,000 Other 72,500 Stockholders Equity 27,000 Total 800,000 800,000 Gross Leverage 31 Net Leverage 19 Last ditch Attempts to save Lehman Lehaman annomved its filing for bankruptcy protection on the morning of 15th seotember 2008 . how far did the officers go to save the firm and its managers should not allow their company to sink the ought to do every thing in theri power to save it In the light of the above Lehman managers needed to mount the strongest defensive strategies they could to save their dearly beloved investment bank. Helping the institution to survive is a sacred duty. According to Philips (2008 )New york city mayor Michael Bloomberg lamented the cloure of an instoitution that that provided a piece of the American deram. In 20/20 hindsight opinions have varied as to whether Lehman could have indeed been rescued. Macdonald (2009) is quite certain that had cooler heads and some self control prevaiuled the firm might have been rescued but a combination of a CEO who didnt liasten departure of key brilliant lehman readers and sheer obstinacy cost the firm its last chane to be saved. Despite the intensity of the meetings held that fateful weekend with intention of finding a solution and avoiding the fall it became abundantly clear as the hours slipped by that a deal was not goiung top be reached .Akll attemptes to rescue the bank had failed . Lehman sid in court documents that itsn bankruptcy was brought about by problem sin the global financial markets and worldwide economic conditions (Rozens Terzo 2008). (Rozens Terzo( 2008) also point out that judgikng formits its over 100000 creditors $639Bn in assets and $613bn innliabilitires its bankruptcy has enomours implications. Conclusions How did an investment bank the size of Lehman brother fail?. it had made several reaching business deciusions thsere is every indication that not every body was on board with thses decisions though through the use of clever presentations and acute selling skills the strategy was sold to the board and otherhigh ranking executives. A radical plunge inro a new statregy menat demphsizing traditionalbusiness line which had kept lehman profitable for fpoutreem stratght yeras.

`` The Pitfalls Of Plastic Surgery `` By Camille Paglia Essay

The beauty standard is a culturally constructed notion of physical attractiveness that has become increasingly imperative for women and men. However, this standard has become extremely perilous to men and women’s self-image. Camille Paglia, a highly educated individual who earned her PhD at Yale University and became a highly acclaimed author, explicates this conception in her essay â€Å"The Pitfalls of Plastic Surgery†. Paglia suggests that the beauty standard idealizes women to look like â€Å"sex symbols with an unattainable grandeur† (776). She continues to claim that it forces her audience of higher class women to pay large sums of money in order to alter their features ultimately conforming to a very â€Å"parochial† definition of beauty (776). Although Paglia is a highly credible source, she illogically appeals to the reader’s fears in order to persuade them. Paglia fails to give any credible outside sources which affirms her preposterous be liefs. Contrary to her inconsistencies, Daniel Akst, a social journalist and graduate from New York University provides his audience with reputable sources in order to persuade his audience. Daniel Akst believes that there needs to be a â€Å"democratization of physical beauty† in which instead of attempting to alter the beauty standard, we must first change how we view ourselves. Akst provides credible sources to establish his credibility where he observes cases studies and cultural experiments from scientists and organizations including:Show MoreRelated`` Dad, Can I Please Get A Nose Job?1512 Words   |  7 PagesV. at 7:00 am, ready to go under the knife. The huge bump on my nose always bothered me when I looked at pictures of my profiled face. It seemed like every woman I was surrounded by, both celebrities who have gotten plastic surgery, and even my friends who never had plastic surgery, had a cute, smooth, feminine nose. I wanted to look like them—I wanted my nose to fit in with all the other girls’ noses. No one would even second-guess a teenager getting a nose job in Los Angeles because it has becomeRead MoreThe Media Images Of Beauty1665 Words   |  7 PagesThis norm is slowly taking away an individual’s freedom of self-expression and consequently lose sense of self-worth. Camille Paglia, an academic and social critic who earned her PhD at Yale University, uses her artistic sensibility to argue that the current trend of plastic surgery leads to ethical issues, such as narcissism, sexism, and racism in â€Å"The Pitfall of Plastic Surgery†. Meanwhile, Daniel Akst, New York born journalist, claims that the attitudes of the typical American’s carelessness aboutRead MorePhysical Features Of Cosmetic Surgery Essay1329 Words   |  6 Pagesidentifying patients for whom surgery was appropriate.† (345.) Though cosmetic surgery helps boost self-esteem and may bring a feeling of meeting the socially accepted standards of beauty, many people who pursue cosmetic su rgery have psychological disorders such as narcissism, BDD, bulimia, depression, and anxiety, that would be much better treated through psychiatric help rather than seeking to transform their body image. According to Nikolic, â€Å"A â€Å"perfect† candidate for the surgery has a healthy body image

Greatest Soldier of all time A Look into the life of Alexander the Great Free Essays

Ancient Greece became the foundation of Western Civilization. It served as the breeding ground for the development of ideas of political liberty and democratic government. Appreciation and observation of certain standards for art, science, literature and philosophy were actually rooted in ancient Greece (Cawthorne, 23). We will write a custom essay sample on Greatest Soldier of all time: A Look into the life of Alexander the Great or any similar topic only for you Order Now The backdrop of this very influential Greek civilization was not always a colourful hue. It was also beset by conflicts between Greek City-States, causing them to be at war with one another. How these Greek City States evolved into an empire is attributable to one man——–a person possessing nearly deity qualities——— Alexander the Great (Gergel 40). The Makings of a Great Warrior Indeed, the result of Alexander’s conquests was no small feat. It is one of history’s most treasured accounts of a military leader, unrivalled in military skills and brilliance. But Alexander’s seemingly innate qualities were not developed overnight. He laboured hard in becoming who he was in history (Roisman 45). Alexander the Great honed his skills and enriched his intellect through the guidance of a respected great thinker in the name of Aristotle. He thought Alexander to develop a scientific curiosity for things. He moulded him to better understand and appreciate the Greek culture, which is evident in Alexander’s love for the arts (Roisman 45). Through Aristotle’s supervision, Alexander devoted a part of his life to acquiring knowledge and skills. He nourished his mind and spirit through various works of art and literature. He inculcated the philosophy and ideas derive from the written word and he dreamed of one day matching the skills of the heroes depicted in Iliad and Odyssey. Alexander loved heroic tales, a reason enough to appreciate why he ruled historical pages during his time. Establishment of a Great Empire Alexander of Macedon was born in 356 BC. Following the assassination of his father, Philip in 336 BC, Alexander became the ruler. This, undoubtedly, was the start of the rise of one of the greatest leader in history (Howe and Harrer 79). Alexander of Macedon was only twenty years old when he acquired the responsibility of governing his father’s land and army. Unknown to many, Alexander is set to accomplish things beyond the wildest imagination of many. Ancient Greek is destined to become recognized around the world through the efforts of a man, they call ruler (Lonsdale 52). A true heir to his father’s throne, Alexander shared the same vision for Greece, as his father did. He acquired exceptional military skill, leadership ability and an unsurpassed desire to conquer the Persian Empire. Alexander the Great made his mark in history as the greatest military leader ever to live. His unrivalled popularity was always the source of, at times controversy, more often, inspiration. He possessed unparalleled brilliance, which earned him the reputation of a daring and intelligent ruler. This however, did not stop him from doing more. In 334 BC, he braved to cross Hellespont and freed the Greek colonies in Asia Minor. This resulted in a domino effect of empires falling one after another. He eyed Phoenicia, and then Egypt, where he founded Alexandria. His success came one after another. In 331 BC, he was triumphant in conquering Mesopotamia, which surrendered and submitted under his rule (Baldry 83). Alexander’s military prowess was remarkable. After defeating the king of Persia in battle, Alexander pushed on to North Western India. He continued his invasion of empires and evidently, he achieved desired results. Between 334BC and 326 BC, Alexander, together with his exceptional army, conquered the lands from Egypt to India, without ever losing a single battle (De Santis 61; Lonsdale 54). Death of Alexander the Great: An Empire Falls Apart Alexander the Great died of a fever in 323 BC. He was almost 33 years of age when he passed away. His death had a tremendous impact on his empire. The brief period of unity that brought Greece and the Near East together had ended abruptly. As a result, his general s were unable to control the vast empire that Alexander built. This resulted to the separation of Alexander’s empire into three kingdoms. Noteworthy is the fact that one of his generals, Ptolemy, ruled Egypt, while others settled in Asia and Macedonia. Alexander’s Life and Contributions: an Analysis Alexander the Great started early on a life destined for greatness. His brilliance exuded more than an extraordinary military skill. It depicted him as a historical figure, worthy of adulation. But his life was never smooth sailing. Once, his right to inherit the throne of King Philip was questioned, following King Philips’ marriage to Cleopatra of Macedonia. This however, did not bar him from fulfilling his destiny. As soon as he reconciled with his father, he assumed the role of a rightful heir to the throne of King Philip. It was proven when King Philip die and Alexander managed to rule over his father’s loyal subjects and lead them to conquests that later on brought them glory and honour. Alexander earned for them a reputation that is tantamount to priceless. Gaining recognition as a superior army, backed by a ruler whose brilliance is well-known, they conquered land, empires and expanded their power and influence. Alexander established his empire and manifested his power and influence throughout history. His desire to conquer Persia was no small feat. It enabled him to make his mark as a magnificent military leader and a brave one at that (Baldry 76). As a ruler, Alexander the Great made various decisions and policies that merited recognition, while some solicited controversy. An example would be the cultural influence of proskynensis. This is a Persian culture, where it is strongly encouraged to kiss the hands of people regarded as social superiors. The Greeks abhorred this practice, thinking that it is only meant for gods and goddesses, and by implementing it, Alexander was stepping up to the level of deities (Renault 34). Indeed, Alexander the Great has raised his status as a ruler. By attaining what his father Philip failed to achieve, Alexander the Great created an image of himself that is nothing short of spectacular. By strategically conquering one empire after another, he has expanded his sovereignty, and made both enemies and allies alike acknowledge the fact that he is a superb military leader who bows down to no one. The importance of Alexander the Great can be deeply felt long after he was gone. Although his empire broke apart, putting his efforts of unification to waste, his conquests had a lasting effect. This is attributable to the fact that Alexander the Great was an agent of change. Indeed, he has espoused ideals and beliefs that influenced the Greek’s culture whether or not it was to their liking (Renault 34). Regarded as a magnificent military leader, Alexander the great was always one step ahead, in many respects. He encouraged the Greek soldiers, merchants and even government officials to settle in the conquered lands. This became the reason for the proliferation of the Greek culture long after his death. Through settling in the conquered land, the Greeks, by having contacts between the peoples of the Near East, became agents of spreading the Greek culture. Ultimately, Greek culture influenced the conquered lands’ inhabitants and soon, the transfer and absorption of the Greek culture followed. The Greek language became widely used in the Mediterranean world. People belonging to the upper-class of the society learned and adapted the Greek literature, appreciation for the arts, ideas and customs. This can be considered one of Alexander’s finest works. To be able to spread the Greek culture and assimilate it into the daily lives of the people living in the conquered lands of Alexander the Great. This symbolizes the unending tale of his heroic acts and the legacy he so desired to leave. During his conquests, Alexander the Great acquired great deal of knowledge. His travels gave him an opportunity to learn about plants, animals, geography, astronomy and philosophy. Many of the philosophers and scientists that accompanied him saw opportunities for a learning experience. Alexander advocated educating one’s self through discovery of principles and gathering knowledge (Green 27). It is more evident when he founded Alexandria. Outstanding scientists and scholars were invited to work at the library of Alexandria. Many of the discoveries made still influence modern science. Alexander the Great looked into the future and linked it to the past. This is exactly what he did when he encouraged the spread of the Greek culture. It marked the opening of a new stage of civilization, more prominently termed the Hellenistic Age. The Hellenistic age provided for the avenue to lessen the discrimination between Greeks and Non-Greeks, evident in the Hellenic age. This is where the recognition of Greek culture in the Mediterranean world stemmed from (Mercer 60). The conquests of Alexander the Great proved fruitful and spawned a lot of changes in Greek civilization. The widespread acceptance of Greek culture by conquered lands elevated Alexander the Great as a ruler, a military leader and a brilliant king (Mercer 60). References: Baldry, H. C. Ancient Greek Literature in its living Context. Thames and Hudson Ltd. , 1968. Cawthorne, Nigel. Alexander the Great. Haus Publishers Ltd. 2004 De Santis, Marc G. â€Å"At The Crossroads of Conquest. † Military Heritage. December 2001. Volume 3, No. 3: Gergel, Tania. Alexander the Great. Penguin Group, London, 2004 Green, P. Alexander of Macedon, 356-323 B. C. Berkeley, University of California Press, 1991. Howe, George and Harrer, Gustave (editor) Greek Literature in Translation. Harper and Brothers Publisher, 1924. Lonsdale, David. Alexander the Great. New York, Routledge, 2006. Mercer, Charles, The way of Alexander the Great. I Books, October 5, 2004. Renault, Mary. The Nature of Alexander. Pantheon Books, 1975. Roisman, Joseph (ed. ) Brill’s Companion to Alexander the Great. Leiden: Brill Academic University of California Press, 1991. 46-55, 97. How to cite Greatest Soldier of all time: A Look into the life of Alexander the Great, Essays