The Love Song Of J Alfred Prufrock Analysis - 872 Words

T.S Eliot’s â€Å"The Love Song of J. Alfred Prufrock† is a literary work that entails the life of an indecisive, intellectual man of great solitude. The beginning of the poem sets a disillusioned and nostalgic tone of the poem. It vividly recounts some of Prufrock’s dealings with various women, who took an interest in Renaissance artist Michelangelo. It further elaborates on the yellow fog that covers the windows to his social life of the outside world. Prufrock appears to be a middle-aged, modern man plagued by feelings of isolation and frustration. T.S Eliot utilizes the life of Prufrock to symbolize his ideas of the modern man. Eliot’s use of farcical language generates an atmosphere of questioning as to why Prufrock could not overcome his†¦show more content†¦Prufrock subconsciously opts to indulge in his contemporary and psychological life of love, rather than his realities of his hell, his life. Furthermore, based on the title of the poem, T.S Eliot likely wanted to imply a farcical aspect of the poem. For instance, Alfred Prufrock was a man of many opportunities, however, most of the poem centers around his lack thereof. Additionally, both time and space are subjective to Prufrock. Timings of each memory are hard to pinpoint due to the order in which the memories are presented, causing an organized misperception of tenses and periods. Thus, memories of his past and present seem to become infused with one another, vice separate happenings. In detail, whenever memories are described within the poem, Prufrock is paralyzed in a seemingly confused state. His thoughts are described in a present tense, but judging from another context of the poem, all his dealings with women were in the past. Prufrock was simply reflecting on his life. He is aware that he is growing old, and that he is running out of time to find a true love. Prufrock is desperate for assistance with his shortfall s but has none. So, he accepts his fate, hisShow MoreRelatedAnalysis Of The Love Song Of J. Alfred Prufrock1386 Words   |  6 Pagesâ€Å"The Love Song of T.S Eliot† In â€Å"The Love Song of J. Alfred Prufrock† the reader can clearly understand that T.S Eliot is straightforward as one can get within a poem. In the beginning of the poem, one can infer that Prufrock is being used as a facade to convey Eliot’s inner self who is an introvert that doesn’t quite fit in with the modern day society. â€Å"Prufrock† sees his personal life as a burden that he cannot mend while he tries to conform into the middle class society that everyone views asRead MoreLiterary Analysis Of The Love Song Of J. Alfred Prufrock Essay1336 Words   |  6 PagesA Literary Analysis of T.S. Eliot’s â€Å"The Love Song of J. Alfred Prufrock† T.S. Eliot was one among few poets and authors that dominated the years between the First and Second World Wars. Eliot showed his use of modernism techniques through â€Å"The Love Song of J. Alfred Prufrock†, creating a powerful reputation around the world, particularly as a member of The Lost Generation in the 1920s. Eliot moved to and settled in London where he worked with famous poets including Ezra Pound, and published hisRead MoreCritical Analysis : The Love Song Of J. Alfred Prufrock895 Words   |  4 PagesEssay Two- Critical Analysis Writing a critical analysis is diving into the text. Readers must break down all parts of the text and pin pointing the author s purpose for the writing. A very challenging poem to analysis is T.S. Eliot’s â€Å"The Love Song of J. Alfred Prufrock†. It has been declared that â€Å"The Love Song of J. Alfred Prufrock† started that Anglo-American modernist movement with poetry. The poem was the first poem with American poetry to flow free verse. At the time, it was deemedRead MoreAnalysis of The Love Song of J. Alfred Prufrock Essay602 Words   |  3 PagesAnalysis of The Love Song of J. Alfred Prufrock J. Alfred Prufrock constantly lived in fear, in fear of life and death. T. S. Eliot divided his classic poem into three equally important sections. Each division provided the reader with insight into the mental structure of J. Alfred Prufrock. In actuality, Prufrock maintained a good heart and a worthy instinct, but he never seemed to truly exist. A false shadow hung over his existence. Prufrock never allowed himself to actually live. He hadRead MoreLiterary Analysis Of The Love Song Of J. Alfred Prufrock1497 Words   |  6 PagesLiterary Analysis of The Love Song of J. Alfred Prufrock The human psyche has perpetually been characterized by a nagging sense of doubt. When one makes the decision to follow through (or, rather, not follow through) with an action, it is unlikely that he does so without questioning whether he made the right choice; this is recurring theme in literature, evident in works such as Crime and Punishment and A Separate Peace. T.S. Eliot’s The Love Song of J. Alfred Prufrock explores the universal natureRead More Love Song of J. Alfred Prufrock Essay: An Analysis846 Words   |  4 PagesAn Analysis of The Love Song of J. Alfred Prufrock The general fragmentation of The Love Song of J. Alfred Prufrock is obvious. The poem seems a perfect example of what Terry Eagleton calls the modern transition from metaphor to metonymy: unable any longer to totalize his experience in some heroic figure, the bourgeois is forced to let it trickle away into objects related to him by sheer contiguity. Everything in Prufrock trickles away into parts related to one another only by contiguityRead MoreAnalysis Of The Poem The Love Song Of J. Alfred Prufrock1529 Words   |  7 PagesAnalysis of the setting of the poems â€Å"The Love song of J. Alfred Prufrock† and â€Å"Something Whispered in the Shakuhachi† â€Å"The Love song of J. Alfred Prufrock† and â€Å"Something Whispered in the Shakuhachi† are poems written by T.S. Eliot and Garrett Hongo correspondently. Both poems put a great emphasis on the depiction of the narrator’s emotion. The poems are focused on feelings and emotions of their narrators. At the same time, it should noted that a lot of attractive in both poems is given to the settingRead MoreThe Love Song Of J Alfred Prufrock Analysis934 Words   |  4 Pagesyou do something that you love than you will have a deeper desire to continue or to succeed in it. In The Love Song of J. Alfred Prufrock a man doesnt know why his life is so horrible. He wanders the streets of his past looking for why hes life is so dull. The man doesnt know what is wrong with his life, he doesnt understand why life is so hard. T. S. Eliot in The Love Song of J. Alfred Prufrock teaches us about how hard life can be on a single and routine man. Prufrock, the main character, demonstratesRead MoreAnalysis Of The Love Song Of J Alfred Prufrock1007 Words   |  5 Pagesinterrelation between time and decay conveys the transformative impact of industrialisation upon modern society. Modernity altered the human psyche into a detached, fragmentation of its previous form prior to the Modernist world. The Love Song of J. Alfred Prufrock and Preludes provide a poetic representation of how the corrosion of traditionalism preceded a sense of abandonment and isolation which infects individuals within the urban setting. Despite conveying early 20th century receptions of industrialisationRead MoreAnalysis Of The Love Song Of J. Alfred Prufrock1064 Words   |  5 PagesLoneliness is a feeling that we have all felt here and there. A man in the poem â€Å" The Love Song of J. Alfred Prufrock† by T.S Eliot feels trapped which caused him to have disorders. Nothing has never changed from living in the same city and not using his time wis ely. He tried numerous ways to approach women but his low self esteem stopped him from moving forward. Although Prufrock seems like a miserable person, Prufrock suffers from obsessive compulsive disorder, depression, and paranoia that caused him

The Ut Campus - 945 Words

In the culture of Austin, I have observed walking as the â€Å"strange in the familiar†, specifically on the UT campus. On the UT campus, we walk just about everywhere. Although some individuals have bikes or scooters or ride the bus, most students walk from class to class. On Guadalupe, before the walk sign appears, students are usually already in the crosswalk because they have watched the stoplight change from yellow to red. Some individuals step into the street without even checking to make sure that all traffic has stopped. The â€Å"look both ways before you cross the street† philosophy seems to have been forgotten, and now students have the mentality that the cars will always stop for them. Students have adapted to the UT community and assume that cars will stop for them, but forget that there are still people who run red lights or roll through stop signs I became aware of this phenomena when I was walking home one day, and an individual on their phone was almost hit by a car who ran a red light. This phenomena does not just occur at intersections with stoplights, but also at various intersections in main campus, in west campus, and around campus. The students and faculty of the UT Austin community make up a subculture within the Austin culture. We are united by concepts and values that are distinct to our campus (Conley, 2015). As a freshman, you adapt to the UT Austin community and you learn how to carry yourself as a UT student, upholding the UT values and falling intoShow MoreRelatedDiversity And Inclusion Of Diversity1152 Words   |  5 Pagesparticular societal group. Diversity and inclusion on campus are very important aspects of our day to day life. Diversity and inclusion are very important because of the advantage which come alongside them. Some benefits of Diversity include promotes celebration, ability to effectively h andle barriers, balance of individuality and group identity, collaboration and innovation appreciation of one’s own culture, interaction and networking. A diverse campus is a where individuals freely interact with peopleRead MoreStatistics : Collecting Crime Statistics1206 Words   |  5 Pagespolice website. In the last three years UTA and UT Austin have not had any murders or negligent manslaughters. UTA has reported 17 sex offenses while UT Austin has reported five. UTA has had fourteen robberies and UT Austin has had six robberies in the last three years. UTA has only reported their aggravated assaults which they have had eight in the last three years. UT Austin goes more in depth and reports both simple assaults and aggravated assaults. UT Austin has only had one aggravated assault butRead MoreThe Ethics Of The Ut Student Government878 Words   |  4 Pagesdemocratic†. However, in terms of a govern election for the UT student government I believe proposal th ree is the most sound in creating the most democratic system in that it gives candidates the same chance in the election process and restricts the personal wealth of individual candidates. In proposal three candidates can only accept donations from students and each donation cannot exceed $25. Since this election is only regarding the UT student body, there should be no question that student contributorsRead MoreThe Texas State School Of Mines1473 Words   |  6 Pagesopening day. (UT- El Paso 90th Anniversary Fun Facts) The University of Texas at El Paso had become the [final] name of the university on March 13, 1967. (UT-El Paso 90th Anniversary Fun Facts) â€Å"By 1970 it was apparent that diploma schools needed to change to academic programs,† (Our History) therefore the University purchased â€Å"The Hotel Dieu School of Nursing.† (Our History) â€Å"The school was sold to the University of Texas at Austin System,† (Our History) where it had â€Å"became one of the six UT system schoolsRead MoreUT Southwesten Medical School835 Words   |  3 Pages UT Southwestern UT Southwestern Medical School was formed in 1943 in the Southwestern Medical District of Dallas, Texas. It started off as a small wartime medical college and since then has grown exponentially. It now provides care to almost 90,000 patients and oversees 2 million outpatient visits and is affiliated with four hospitals: Parkland Memorial Hospital, Childrens Medical Center, Zale Lipshy University Hospital, and St. Paul University Hospital. In 2013, UT Southwestern was ranked 31 inRead MoreThe Impact Of Stadium Alcohol Sales On Drinking Behaviors And Incidents948 Words   |  4 Pagesseason in the Big East before jumping to the Big 12. The first year that it sold alcohol in the stadium, sales added $700,000 to the athletic department coffers. But there were more benefits, benefits that should interest other schools. In 2011, the campus police at West Virginia reported an across-the-board drop in game-day incidents. Calls. Cases. Arrests. Charges. All of them went down, including a 35 percent drop in arrests,† (Cheers to Selling Beers at Football Games). With younger colleges, emergesRead MoreThe Equal Protection Clause From The Fourteenth Amendment1137 Words   |  5 PagesHence, while 27% and 12% of the Texas population are Hispanics and African-Americans, respectively, University of Texas only consisted of 2% African-American and 5% Hispanics. In order to resolve the issue of declining diversity, two plans to enhance campus diversity were introduced at a Hispanic Summit on Affirmative Action Policies. The most crucial plan that led to Texas HB 588 was introduced by University of Texas professor David Montejano. Montejano proposed an automatic admission to a Texas flagshipRead MoreCivil Rights And Civil Liberties1433 Words   |  6 Pagesallows students to carry guns on campus, the law came into effect monday august 1, 2016. According to campus carry, University of Texas, the dean has emphasized important points on campus carry, here are the emphasized points. The open carry of handguns is not allowed on the campus. Therefore, if you ever see a gun, do not attempt to question or approach the carrier, but immediately CALL 911. Police are trained to handle this situation. There are several areas of campus in which the concealed carry ofRead MoreTexas House Bill 588 : An Impact On The State s Culture, Economy, Geography, And Education Essay1660 Words   |  7 Pagesfederal court case (Barr). In 1991, the law school of University of Texas (UT) initiated a controversial admission strategy, which required distinct standards for white students versus minority students, in order to boost diverse enrollment at the school (Barr). Consequently, this affirmative action was soon criticized as unjust reverse discrimination to Anglo students (Barr). In 1996, rejected applicants filed a lawsuit against the UT – Law school, in which they believed were unlawfully advantageous to

Contracts and procurement Essay Example For Students

Contracts and procurement Essay Watt family owns the Whitegates House and Whitegates Lodge situated in 35 acres of land on the periphery of the town. After the failure of numerous investment decisions the family was not in a position to maintain the estate for a long time.  A consortium of local businessmen called Heriot Developments purchased the entire site from Watt family. The directors of Heriot developers are all experienced in the Hotel and Leisure industry. Developer proposed the following developments keeping the existing buildings: The hotel and country club would be developed by modifying Main house. The main house shall include main reception, lounge bar, restaurant and function/meeting amenities. Two new buildings were proposed to be constructed one as 100 bedrooms facility and the second as a country club. The country club building shall also include swimming pool, sports hall and gym with related facilities such as reception, changing areas, bar and bistro restaurants. The White gates Lodge was proposed to be developed as a club house. The developer proposed a golf course by utilizing a part of the ground along with the landscaping retaining the natural beauty to groom the Hotel.  The developer provided an excellent briefing due their expertness in the hotel industry. They were really concerned over the lack of experience in managing the design and construction of their proposed project. They were not much aware of the various problems that could occur during the construction and the suitable recommendations to solve the problems. They were keen to utilize the development stage to create a positive image within the vicinity of the community. They wanted this project to be a high quality prestigious project manages within the budget. Time was also being an important factor specially the construction could be completed within the time frame would have generated income from the investment. Heriot developers approached a local Management consultancy Richard Arton Associates to seek advice addressing their concerns. RAA assigned this task to one of their senior consultants to prepare a detailed report considering the following:  D B provides single point responsibility so that in the event of building failure the contractor is solely responsible. The client knows the total financial commitment early in the projects life. Competition between the contractors proposal provides economical tenders and alternative design proposals. Nature of the contract reduces the variations and the client can save time and cost. Develop and Construct consultants are initially appointed for the scope design and provide single point responsibility. Competitive tenders are invited from several contractors who can develop and complete the design and then construct. Risk and disputes are more due to the confusion arises in the design how much is completed by the consultant and how much balance remains to be carried out by the DC contractor. Only advantage is that the client can use contractors expertise in buildability and procurement skills can potentially bring economies to both. Develop and construct is discarded because of the uncertainty in the design. Client employs the contractor for its ability to complete the project, not for its ability to offer design changes which is not acceptable. The client required professionals to review and solve the day to day occurring problems during the construction and DB and DC do not have separate management team to advice. Design and built is not applicable because it gives least priority for the aesthetical appeal. Buildability is not a major concern and DC takes long time for the approval of the design. Design and Manage combines some of the characteristics of Design and build and the Management. Even though the client appoints a single firm for the design and delivers the project, the construction work is tender for specialist contractors and provides alternative means of selecting the contractor. The appointment of a project manager reduces the involvement of the client with the project team. .u761bd41c5f184c096c18e294d15c78b0 , .u761bd41c5f184c096c18e294d15c78b0 .postImageUrl , .u761bd41c5f184c096c18e294d15c78b0 .centered-text-area { min-height: 80px; position: relative; } .u761bd41c5f184c096c18e294d15c78b0 , .u761bd41c5f184c096c18e294d15c78b0:hover , .u761bd41c5f184c096c18e294d15c78b0:visited , .u761bd41c5f184c096c18e294d15c78b0:active { border:0!important; } .u761bd41c5f184c096c18e294d15c78b0 .clearfix:after { content: ""; display: table; clear: both; } .u761bd41c5f184c096c18e294d15c78b0 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u761bd41c5f184c096c18e294d15c78b0:active , .u761bd41c5f184c096c18e294d15c78b0:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u761bd41c5f184c096c18e294d15c78b0 .centered-text-area { width: 100%; position: relative ; } .u761bd41c5f184c096c18e294d15c78b0 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u761bd41c5f184c096c18e294d15c78b0 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u761bd41c5f184c096c18e294d15c78b0 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u761bd41c5f184c096c18e294d15c78b0:hover .ctaButton { background-color: #34495E!important; } .u761bd41c5f184c096c18e294d15c78b0 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u761bd41c5f184c096c18e294d15c78b0 .u761bd41c5f184c096c18e294d15c78b0-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u761bd41c5f184c096c18e294d15c78b0:after { content: ""; display: block; clear: both; } READ: Dancing at Lughnasa EssayThe project manager is a professional with the experience of identifying, reviewing and solving the various problems occurring during construction with suitable recommendations, also keeping a proper balance between finance, feasibility, design, time and quality. Over all project planning and control is by the project manager and the consultants. Parallel working reduces the total project duration provides consequential cost reductions as the client is able to utilize the building by obtaining a quicker return without affecting the inflations as per the requirements of Heriot Developers, the senior consultant from the Richard concluded the selectio n of design and manage as the most suitable procurement path.

Scholarship Essay Essays - , Term Papers, Research Papers

Scholarship Essay "Did life exist on Mars?" "What would it take to build a spaceship that could travel at the speed of light?" "When will the moon be colonized?" These are just some of the questions that wander through my mind all day. Fascinated by the secrets of the universe, I yearn to uncover mysteries. In order to blast open all the closed gates between knowledge and myself, I need the powerful tools of education. After I graduate from high school, I plan to attend a college or university that has strong mathematics and science departments. Even now, I am actively preparing to enter the realm of science, taking college-level math and physics classes through the Running Start program. Upon receiving a college degree, my life-long dream is to engage in scientific research for NASA. Unfortunately, most colleges notable for their academic standards are also renowned for costly tuition. My family consists of one working parent and two children who wish to attend college. Receiving the Lacamas Credit Union Scholarship would lighten the financial burden on my family and would enable me to pursue my dream. Perhaps then, my questions could be answered.

Northern Rock Risk Management Essay Example

Northern Rock: Risk Management Essay Northern Rock plc Risk Management Home Assignment Northern Rock plc Risk Management Home Assignment Authors: Serghei Leahu Alexandru Mangir Mihail Mavrin Seminar leader: Herbert Windsor Authors: Serghei Leahu Alexandru Mangir Mihail Mavrin Seminar leader: Herbert Windsor Table of Contents Executive summary2 Economic and financial environment description3 Causes and circumstances of incurred losses5 Errors by the organisation8 Errors by internal and external supervising authorities10 The internal authorities10 The external authorities10 Effects on other commercial organisations12 Conclusions14 References15 Executive summary According to the House of Common’s Treasury Committee’s Fifth Report of Session 2007-08 â€Å"The run on the Rock†, on the evening of Thursday 13 September 2007 at 8. 30 PM the BBC announced that Northern Rock plc had asked for and received emergency financial support from the Bank of England. The terms of the funding facility were finalised in the early hours of Friday 14 September and announced at 7. 00 AM that day. That day, long queues began to form outside some of Northern Rock’s branches; later, its website collapsed and its phone lines were reported to be jammed. The first bank run in the United Kingdom since Victorian times was underway. The purpose of this home assignment is to critically discuss the Northern Rock plc bank run from a faulty risk management perspective. We seek to examine what were the causes of the collapse of Britain’s fifth largest mortgage lender, associated consequences for both the bank and other financial institutions (both domestic and international), the way authorities coped with this event and possible lessons to be drawn about proper and improper risk management. Economic and financial environment description We will write a custom essay sample on Northern Rock: Risk Management specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Northern Rock: Risk Management specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Northern Rock: Risk Management specifically for you FOR ONLY $16.38 $13.9/page Hire Writer For a better understanding of the details of risk management problems that engulfed Northern Rock plc, it is of vital importance to first and foremost take a look at the financial environment during the period of the loss. Real GDP growth projections as of 4 April 2007 Country/Region| 2006| 2007| 2008| United States| 3,25| 2,25| 2,5| Western Europe| 2,75| 2,5| 2,25| United Kingdom| 2,75| 2,75| 2,5| Other West Europe| 3,75| 3| 2,75| Euro area| 2,75| 2,5| 2| Emerging markets| 7,25| 6,5| 6,25| World(WEO weights)| 5,25| 4,25| 4,25| In August of 2007, the UK found itself affected by global financial chaos. Citing bank Credit Europe (2007), the liquidity crisis originated from the US subprime mortgage market. In mainland Europe, the crisis is believed to have been triggered when French based bank BNP Paribas suspended three of its investment funds that were exposed to the US markets that traded toxic assets, as reported by BBC News on 9 August 2007. As a result, share prices plummeted and banks would not continue lending to each other. So, all major central banks around the world started injecting liquidity into their domestic markets in similar attempts. The European Central Bank sought to calm the tide by reportedly pumping $130 billion in the European banking system. It sought to satisfy Eurozone liquidity demands as fast as possible, unlike the Bank of England who left UK banks claims for liquidity unsettled. The Bank of England did not follow suit and took no contingency measures in order to protect against moral hazard. Their rationalisation was that an injection would induce banks to take on more liquidity risk, resting sound knowing that the Bank of England would find a way to save them. Injecting money into economy to prevent crisis have two major risks, first one is slowing growth too much in case of trying to avoid issuing new money, and second one is that inflation pressures will rise in case of issuing too much , at the end even with a greater slowdown. Due to these risks, the bank of England did not inject money into the UK financial system. Also, behind the economic environment a large effect on any business has the political environment. Its effects are even greater during a period of critical time in financial systems where trust and confidence is very significant. In the UK for example, the financial system is regulated by the Tripartite system: the Bank of England, the Financial Services Authority and the Treasury. According to Aldrick (2007), although their roles are clear, there was no overarching authority when the crisis struck, which meant that everyone was pointing fingers around, but nobody was able to take the large chunk of responsibility for reactionary measures. In retrospect, how come Northern Rock, out of all of the UK’s financial institutions, proved to be the weakest link? Why had the credit crunch affected it in such drastic fashion? Was it a victim of its own doing or were other external forces involved in the bank run? We aim to answer these questions under following headings. Causes and circumstances of incurred losses According to ex-Unilever, British Gas and KPMG manager Mike Barnato, risk is the antagonist of opportunity. No ships would ever leave port if captains wanted to avoid risks associated with sea travel. Therefore, risk must be managed in order to achieve objectives at all levels: private, corporate, state. However, the old-fashioned approach to risk management such as detect risk, measure probability, gauge effect, and identify reactions, habitually disregards broader people and strategic matters. As stated by the Financial Services Authority, liquidity risk is defined as â€Å"the risk that a firm, although balance-sheet solvent, cannot maintain or generate sufficient cash resources to meet its payment obligations in full as they fall due, or can only do so at materially disadvantageous terms. † Originally established as a building society, Northern Rock demutualised in October of 1997 and became a plc. The banks consolidated balance sheet grew no less than sixfold, as a result of a complete overhaul in its corporate strategy. According to the Treasury Committee Report (2008), CEO Mr Adam Applegarth claimed that Northern Rocks assets increase by 20% plus or minus 5% for the last 17 years. Sustainability for the high growth of assets was to come from a restructuring of its liabilities. The year 1999 marked the beginning of the so-called originate and distribute model, which involved originating or purchasing loans and transferring them to SPVs (Special Purpose Vehicle), which in turn package these loans into collateralised debt obligations (CDOs) to sell to third party investors. Approximately 50% of Northern Rocks funding (coming from securitised notes) was provided by SPV Granite, registered in Jersey. The constantly growing funding need was due to be met by means of securitising bonds using a LLP (Limited Liability Partnership), which allowed the bank to continue holding its assets and issue asset-backed securities on their basis. This was a lucrative and quite secure deal for investors. As wholesale funding dramatically increased, the proportion of retail deposits as means of funding gradually decreased, by 2006 totalling 22. 4% of total equity and liabilities as opposed to no less than 62% in 1997. It is a widely acclaimed fact that the Northern Rock crisis was caused by an verly aggressive business model, which relied mainly on wholesale market funding, rather than its own deposits. Rapid growth was understandable, because funding from deposits would nowhere near be as potentially high as wholesale funding. Nevertheless, this reliance exposed the bank to an imminent liquidity risk. UK money markets were bound to be hit by a liquidity crisis, following tension in the US as the F eds interest rate was all over the place. The first half of 2007 saw mortgage lending go up by 31% compared to the same period of 2006. Northern Rocks loan book quality was a clear sight for sore eyes, as lending quality drastically decreased. The bank was giving away mortgages left and right to customers whose credit worthiness was shady to say the least. It is no surprise that many similarities can be drawn between Northern Rocks business model and the business model of US mortgage lenders. However, surprising is the fact that Northern Rocks management apparently did not attempt to manage the obvious liquidity and operational risks having examples of mortgage lenders over the Atlantic that were clearly pushing the envelope. According to the Treasury Committee Report (2008), on 9 August 2007 it became crystal clear that Northern Rock would face severe problems if the money markets continued to be frozen as they were. It was on that day that the banks traders noted a dislocation in the market for its funding. This was the effect of a global financial system shock triggered by the US subprime mortgage market. While this shock was originally credit based and it did not directly expose Northern Rock to the dreaded liquidity risk, its effects questioned the value of asset-backed securities and related products held by large financial institutions around the world. Overall market liquidity was very shaky due to the fact that holders of asset-backed securities did not have information regarding loan quality and default rates, to which originators of these securities did have access, so the funding of these financial instruments became problematic. As Northern Rock was running low on cash since its last securitisation in May and another one was due in September at the earliest, the liquidity freeze hit the bank with disastrously poor timing. Even so, better timing would not have saved it from trouble, due to the prolonged duration of this drying up of money markets. Northern Rocks business model was unique in the sense that the central part of its business strategy was securitisation. The bank relied heavily on short-term funds, while as most banks opt for marginal securitisation of assets. In addition, a property of this aggressive model is that it exposes a bank to the so-called LPHI risk (low probability-high impact). In essence, the low probability is derived from the fact that the drying up of money and capital markets on a large scale is improbable. The high impact relates to the almost exclusive reliance on high liquidity for the bank to be able to fund its operations. According to David Llewellyn, citing his work The Northern Rock Crisis: A Multi-dimensional Problem, in the context of Northern Rock, the LPHI risk is composed of three micro risks: a) the risk of the bank being unable to re-receive funds that reached maturity, (b) the risk of being unable to securitise the planned mortgages, (c) the cost of funding would rise relative to the mortgage loans it kept on its balance sheet. A pivotal role in the subsequent events linked to Northern Rocks failure was the run on deposits which equalled about ? billion, dubbed The run on the Rock by the media, which took place from Friday 14 September to Monday 17 September. Once the run had begun, two factors kept its momentum: a) depositors were becoming more and more aware of the fact that Northern Rock would cease to be a going concern, were the run to continue; (b) deposits above ? 2,000 were not guaranteed in full to customers, which dramatically increased the awareness of a large amount of depositors that previously were not in touch with the shocking scale of their potential losses. As a result, the Bank of England had to implement an immediate emergency facility programme for the bank, which was previously considered as a backstop, rather than a reactionary safety net. Naturally, customers acted completely rationally and logically seeking to save their deposits by joining in on the run having heard about the distress of their bank on the news. This psychological factor shifted the issue from being one of the Northern Rock customers to a rather large scale crisis that affected any persons belief in the banking system. As a result, the following months saw the Government discussing takeover offers from various companies, notably Virgin Group, Olivant, JC Flowers, Lloyds TSB. However, according to an announcement by Northern Rock, all the bids were rejected, because they were materially below the previous trading value. As such, according to Elliot, Seager and Inman (2007), the Government arranged an emergency legislation to nationalise the bank, in the event that takeover bids fail. On 17 February 2008, following unsuccessful bids to take over Northern Rock, Mr Alistair Darling, the Chancellor of the Exchequer, announced that the bank was to be nationalised, as mentioned by BBC (2008). Errors by the organisation â€Å"Northern Rocks risk management framework is designed to maintain and continually improve the established processes and tools for the identification, assessment, control and monitoring of existing and future risks. Northern Rocks approach provides a mechanism for the active identification, assessment and communication of risks throughout the business†. Northern Rock Community Report (2006) We will soon come to prove that the above statement is completely false. First and foremost, it must be noted that the Board and management team of Northern Rock rightfully took a large chunk of blame for their irresponsible and incompetent actions. In the chase for rapid growth and profits through securitisation, they clearly missed out on a basic principle of risk management which is the diversification (spreading) of risk. While Northern Rocks management and Board clearly placed all of their eggs in one basket, it was obvious that should an improbable (although completely unavoidable) liquidity shock hit the UK markets, theyd be in head spinning trouble. The bank had a proper approach to risk management. It covered liquidity, credit, operational and market risk, which were described in detail in its filing for the US Securities and Exchange Commission. Northern Rocks assets were looking strong, therefore credit risk was insignificant. In terms of market risk, FOREX and interest rate fluctuation exposures were managed properly Nonetheless, its management clearly did not take into consideration the fact that if the access to short-term funding was impeded, it would end up facing a huge liquidity crisis. Therefore, as the US sub-prime mortgage crisis (mortgage backed securities were the meat of Northern Rocks funding) unravelled, the bank became exposed to liquidity risk. In addition, the management apparently did not have a plan B to funds its activities in case the money markets dried up – an operational risk. The Tripartite authorities might be frowned up as being short-sighted in respect to the Northern Rock case. However, the banks CEO, Mr Applegarth, and his Board are the ones responsible of failure to identify the risks associated with their aggressive and reckless business model, or for being foolish enough to indeed identify the risks, but deciding to ignore them, in hopes that bad luck would strike elsewhere. The need to balance risk appetite and return is a basic business principle, however risk must be managed consciously, continuously and actively. Steve Boyle, in his article Avoiding the next Northern Rock goes so say that it is important to note that although the contemporary business model (coupled with legal frameworks and regulators) encourages companies to ignore inconvenient truths, ultimately the companies themselves are to blame for their failure to handle their risk appetite. It is surprising to find out that CEO Mr Applegarth did not respond to the Bank of Englands interest rate increase in any reasonable way. Liquidity conditions were tightening up on a global scale for a fair amount of time and although these were not drastic enough to raise a panic, the bare minimum questions How are we prepared for this? Are we at all prepared? should have been raised. Despite obvious indicators of an unstable interest rate environment, Northern Rock continued giving out mortgages for 125% of house valuation, paying little to no respect to risk management. Did Mr Adam Applegarth even want to see the impending funding shrinkage? Probably, by sitting down and giving it an objective though he would spot the effect of rising interest rates on the UK financial markets. As stated in the Treasury Committee Report (2008), Northern Rock’s continued expansionary lending policy required the continued success of its funding strategy at a time when there were indications of potential problems on the funding side. Although the Bank of England was keen to identify the potential risk of wholesale funding for banks should the money markets lose its liquidity, the managers at Northern Rock did not heed this warning. The reliance on short and medium term funding was not met with any kind of standby facility, leaving liquidity risk completely uninsured. This high risk, reckless strategy was formulated by the Board and overseen by long serving directors. Yet, it was not met with any kind of restraining from the Chairman of the Board, Chairman of the Risk Committee, internal audit staff, which is at the very least surprising. In reality, the Board and management kept ploughing at their reckless business model, believing that standby facilities are a waste of money. Errors by internal and external supervising authorities The internal authorities One cannot detach internal control from corporate governance, because it is the Boards responsibility to monitor significant risks and to ensure that internal controls are effectively involved in their proper evaluation and handling, but most importantly the Board must always induce internal controls to be cautious while dealing with risk because of their ever elusive nature. It is quite a possibility that Northern Rocks internal controls were not up to par and were giving out the rest of the company completely the wrong message. As stated in an article on cimaglobal. com, Northern Rocks filings to the SEC give the impression that its main concern was regulatory conformance, rather than its overall control environment. According to the Treasury Committee Report (2008), part of the oversight of the liquidity strategy of Northern Rock was conducted by its Risk Committee, chaired at the time by Sir Derek Wanless, a non-executive member of the Board of Northern Rock. Sir Derek Wanless is reported to have said that the Risk Committee looked at the issues of [their] funding strategy and what the risks were†. He went on to defend the role of the Board and the Risk Committee, telling the Treasury Committee that â€Å"The Risk Committee and the Board did [their] job, in my view, properly through this period. The external authorities The external regulation of Northern Rock plc was conducted by the Financial Services Authority spanning from 2005 to 2007. Its handling of the events of August-September 2007 received wide criticism. In the following paragraphs we aim to describe the poor regulation of Northern Rock that went hand in hand with mismanagement that ultimately led to its collapse. Citing the Treasury Committee Report (2008) on Northern Rocks failure entitled The run on the Rock, London School of Economics Professor Willem H. Buiter was found stating that â€Å"The FSA did not properly supervise Northern Rock. It failed to recognise the risk attached to Northern Rock’s funding model. Stress testing was inadequate. † According to an IMF working paper, a stress test is termed as the revaluation of a portfolio using different sets of assumptions, the goal of which is to assess the sensitivity of the portfolio to changes in various risk factors. It is curious to find out that while the FSA had been highly unsatisfied with Northern Rocks stress testing procedures; it did not notify the banks management team to immediately adjust these procedures. In addition, while the Board did continue to conduct stress testing, their methods were inadequate and the Financial Services Authority failed in its duty to guide the Board towards ensuring that the bank was ready to handle a market shock. A prime indicator of running a big risk financial plan is rapid expansion. The FSA had acknowledged obvious red flags concerning the banks rapid market share expansion, as well as decreases in share price from February 2007 which translated into Northern Rocks extremely risky business model. Yet, the regulator merely underwent into a greater regulatory engagement, which pretty much failed to target the root weakness – the funding model. As mentioned by the Chancellor of the Exchequer quoted in the Treasury Committee Report (2008), the FSA did not deem liquidity regulation as important as solvency regulation. It brings up the question whether the FSA is actually competent of handling liquidity related shocks at all. We believe that this was a substantial failure in regulation, which eventually no less than fuelled the forthcoming chain of events. An increase of 30. 3% of Northern Rocks interim dividend was made public on 25 July 2007. This was the result of, as CEO Mr Adam Applegarth put it when you get your Basel II approval, the relative risk weighting of certain assets in your balance sheet changes [†¦] our risk weighting for residential mortgages came down from 50% to 15%, which clearly requires less capital behind it, which explains the increased dividend. Unfortunately, we are of the same opinion as the Treasury Committee Report (2008), which notes that this approval came at the most untimely moments. In doing so, the FSA allowed Northern Rock to singlehandedly weaken their own balance sheet at a time when the FSA was itself battling liquidity problems in the financial sector. The support operation announcement by the Tripartite authorities was apparently to be treated with great delicacy, because they were aware that it might have the complete opposite effect than calming the depositors. We, the authors, believe that the authorities acted extremely rashly in the whole process of stating the Government guarantee of supporting Northern Rock through its crisis. They failed to plan the announcement prior to 16 September 2007. It is also worrisome that the announcement was not made before the markets opened the following day. This led to a delay in the guarantee until the evening of the fourth day after the run started, which made the bank run even more prolonged and severely damaged the already whimpering health of the bank. Yet another area of concern is that the Financial Services Authority completely overlooked the fact that Northern Rocks CEO was not a qualified banker, albeit he possessed significant work experience. Mr Adam Applegarth did not have any training qualification and as such, this absence ought to raise major question marks. To sum up, Northern Rocks failure was not entirely the fault of its management; it was also the fault of its regulator, the Financial Services Authority. Evidently, sufficient resources were not assigned to the watching of a banks business model that was so obviously screaming Look at me! Moreover, the FSA did not seem to give the air of confidence of a supervising authority that knew how to handle a particular financial institution rather than targeting an aggregate group. Effects on other commercial organisations It was on the 9th of August when the world changed. Adam Applegarth, Northern Rock plc CEO The effect of Northern Rock crisis spread shockwaves all around the financial markets and most importantly to the UK, adding an unexpected swing to an already unstable financial situation that could go from bad to worse in an instant. As said before, on 9 August 2007 money markets froze and the short-term funding that Northern Rock so heavily relied upon (it made up roughly 60% of the right side of its balance sheet) squeezed considerably. The Northern Rock crisis was a signal which raised awareness of other banks with a similarly risky business model on upcoming problems and showed the need to concentrate on actively managing liquidity and operational risk. In the midst of the crisis, it was evident that banks became reluctant to ask the Bank of England for liquidity facilities, because it might have been treated as Northern Rock clones. Furthermore, such facilities were obviously not going to be offered in a confidential manner. Even if the Bank of England did keep things hushed, word would spread anyway and a simple case of extra liquidity claim would cause devastating panic. The Newcastle-upon-Tyne based bank was the first of its kind, the first in a notable list of banks that were nationalised during the crisis that took the United Kingdom by storm. Next on the list came Bradford and Bingley, Heritable Bank and Kaupthing Edge which were all also nationalised. The nationalisation of Northern Rock increased national debt by an additional ? 00 billion, which was due to be settled by no later than June-July of 2010. In addition, The Bank of England pledged to pay off Northern Rocks debts consisting of the following: * loans (approximately ? 25 billion ) * guarantees (approximately ? 30  billion) * value of company (approximately ? 1 billion) Another consequence of this failure was that Northern Rock was responsible for about one fifth of all mortgage business. With its collapse and also in close cooperation with the overall mortgage crisis, it struck individuals at the heart of their fears – uncertainty. At least 2,000 employees were dismissed as a result of the collapse, even if Alan Clarke, Chief Executive of the Development Agency stated that there was a demand in qualified Northern Rock bank workers and that there was a big chance of a slight increase in unemployment level. Also, hedge funds and investment banks were also affected, workers seeing their spending power reduced by lower bonuses, or even curtailed by job losses. Finally, the cuts are a blow for job prospects in north-east England where Northern Rock was one of the biggest employers. Lloyds TSB was keen on helping Northern Rock reduce the size of its balance sheet, in a deal that would allow some Northern Rock customers to receive new mortgages at the end of their fixed-rates. A Forbes article (2008) mentions that customers would be exempt from the standard lenders application fee and Lloyds would pay a commission fee to Northern Rock for every successful mortgage deal (the maximum loan-to-value ratio being 80%). As such, Lloyds took advantage of the Newcastle based banks troubles in a lucrative deal for more or less both parties. The case of Northern Rock revealed a problem with the FSAs handling of liquidity based crises. A new assembly of supervisors to review supervision of high impact firms such as Northern Rock was employed. In addition, staffing and training increased to not allow such incidents to affect public opinion so drastically, because a portion of it was clearly unsatisfied with the FSAs role in the debacle. As suggested by internal auditors, high-impact firms would be reviewed annually and their performance checked every six months. Furthermore, the Financial Services Authority would concentrate a larger part of its time and effort to be prepared to react to future liquidity shocks. On 24 May 2008 Legal amp; General, SRM Global, RAB Capital and the Shareholders Action Group (150,000 of the banks small investors) joined forces in the legal action against the Government after the nationalisation announcement. As written by Sean Farrell for the Independent (2008), shareholders believe that the Bank of England rigged the process for compensating Northern Rocks investors, because a sovereign valuator must accept that the bank was not a going concern. Lamp;G wished to see to that share valuation would be conducted on an impartial basis, without the dogmatic conventions enforced by the Treasury. According to Simon Evans (2008), at the end of July 2008 the valuation of Northern Rock would be delegated to 2 of 10 firms that applied, in spite of threats of legal repercussions. Monaco based hedge fund SRM Global stated that a negligence case of high stature would be opened on anyone that would partake in the role of valuing the poisoned chalice, considering that the hedge fund owned shares in value of 11% at Northern Rock before its nationalisation. Unsurprisingly, few forms expressed their interest in the valuation process, because the Treasury had imposed a number of restrictions for potential valuators. Northern Rock was a just a drop in the ocean of the financial peril that followed. The difficulty for the financial markets and ordinary people was that at that point nobody knew where thunder would strike next and who would be its next victim. Conclusions At present, business at Northern Rock plc is looking quite optimistic. It is known that the restructuring of the bank and the overhaul of the boardroom paved the road for a future re-entry into the commercial banking sector with a new formula for success. Also, a new debt reduction strategy was adopted, with the bank repaying its loans well ahead of maturity, with a little under ? 9 billion remaining to be paid as at 9 March 2009. Based on the above discussion, several key lessons can be learned such as that companies ought to move beyond box ticking by sacrificing performance for conformance. Also, risk management is absolutely essential to undertake in todays constantly changing financial environment where anything can happen at any time. As for the institutions delegated to supervise, we would like to stress a few recommendations: * liquidity assistance arrangements must be timely and inspire confidence * external supervisors such as the FSA must have a solid plan of corrective action * legal framework must exist in order to prevent the collapse of a bank that is enduring troubles with departments or functions of systemic importance

Free Essays on Hindu Caste System

The principle of Varnasrama Vindaloo Dharma, also known as Yachti, or caste, is one of the most fundamental aspects of Hinduism. Its origins may be traceable back as far as 6000 BC, when during the course of the tribal warfare that was prevalent in the region, the complex hierarchy was devised as a system to facilitate the subjugation of the conquered people. It is thought by some that even today, the members of the lowest castes are descendents of those conquered tribes. (Wikipedia: Georges Dumezil) The caste system is based upon the principle that human society is like a huge, complex machine, with the individuals and communities being like its parts. If the parts are weak and broken, the machine will not work. The body can only work efficiently if its parts and organs are in sound and strong condition. And lubricated. But if there is pain in any part of the body, if there is disease in any organ or part of the body, this human machine will go out of order. It will not perform its usual function or work. Likewise, no organ can fulfill any other organ’s function. And thus it is that Hindu society traditionally was divided into four main castes, with those castes themselves being divided into literally hundreds of subcastes. The function of these names is to quantify how close a person was to freeing himself from the cycle of death and rebirth. Being born to a higher caste was an indication that one had lived one’s previous lives in a holy manner. Likewise, the higher castes had to be careful to live holy lives themselves, less they regress to a lower caste in the next reincarnation cycle, or even worse, reincarnate as some kind of animal. The highest class is the Brahmans, the priestly class. Their dharma is to study and understand the Vedas, Hindu’s holy texts, and bring this knowledge to others. The second class is the Kshatriya, the warrior class, who acted as the protectors of the peace. I made a doody. Vaishya, the ... Free Essays on Hindu Caste System Free Essays on Hindu Caste System The principle of Varnasrama Vindaloo Dharma, also known as Yachti, or caste, is one of the most fundamental aspects of Hinduism. Its origins may be traceable back as far as 6000 BC, when during the course of the tribal warfare that was prevalent in the region, the complex hierarchy was devised as a system to facilitate the subjugation of the conquered people. It is thought by some that even today, the members of the lowest castes are descendents of those conquered tribes. (Wikipedia: Georges Dumezil) The caste system is based upon the principle that human society is like a huge, complex machine, with the individuals and communities being like its parts. If the parts are weak and broken, the machine will not work. The body can only work efficiently if its parts and organs are in sound and strong condition. And lubricated. But if there is pain in any part of the body, if there is disease in any organ or part of the body, this human machine will go out of order. It will not perform its usual function or work. Likewise, no organ can fulfill any other organ’s function. And thus it is that Hindu society traditionally was divided into four main castes, with those castes themselves being divided into literally hundreds of subcastes. The function of these names is to quantify how close a person was to freeing himself from the cycle of death and rebirth. Being born to a higher caste was an indication that one had lived one’s previous lives in a holy manner. Likewise, the higher castes had to be careful to live holy lives themselves, less they regress to a lower caste in the next reincarnation cycle, or even worse, reincarnate as some kind of animal. The highest class is the Brahmans, the priestly class. Their dharma is to study and understand the Vedas, Hindu’s holy texts, and bring this knowledge to others. The second class is the Kshatriya, the warrior class, who acted as the protectors of the peace. I made a doody. Vaishya, the ...

Report on the Religious Life of Planet Earth Essay - 8

Report on the Religious Life of Planet Earth - Essay Example My research report about the religious dimensions led me to know the essence of religion, which was evoking of specific response over various aspects of life, taken to be pure as designed by traditional practices of religious bodies (Fisher, 2011). My criteria to examine the religiosity of the people on earth was philosophical related to the causal purpose of the universe; peoples’ adherence to religious rituals and moral code of conduct, as propounded by the leading religions. Starting from Christianity, I examined the people believing in this religion on the parameter of cause behind the creation of the cosmos. Christians believed that there is one supreme power governing the affairs of the universe. Human beings are the final product of the creator to live on the planet with love and justice. They believe that the purpose of their existence is to love and serve God (Christianity Human Nature, 2012). My next stoppage to research and analyze the preaching of Islam revealed about the followers of Islam, the Muslims who adhere to five pillars of Islam, called the â€Å"pillars of faith†, which are critical religious rituals. These are observing disciplined routine of confessing to the faith, strictly adhering to the ritual of prayer, paying the alms tax, fasting during the month of Ramadan, and Pilgrimage to Mecca. True Muslims are only those who follow the routine first four rituals and accomplish once in their life time a visit to the holy city of Mecca, their fifth ritual. This is a religious pilgrimage held in the last month of the Islamic year. While playing the ritual of donning a white sheet, they show their allegiance to the almighty by projecting that they have covered their wealth, culture, and class, as belonging to various corners of the planet to attain a feeling of equality and unity (Denny, 1987). The religion of Hinduism was the third parameter to decide whether the believers in the Hindu philosophy of