How I See Myself 10 Years From Now

Ten years Ten years from now I see myself as a very successful person. I would be 25 years old have a job to help support my family while I attend college. I would live in a large house on a decent amount of property. I will have a large barn with a huge indoor arena. I will have 13 horses, 4 dogs, and a lot of barn cats. I will be going to school to be a neurosurgeon. A neurosurgeon is a surgeon who specializes only on the spine and brain.It would take many years of schooling and a lot of money, but when I'm finished I will have a high paying job and be very happy. I want to be a surgeon because I would be helping or saving someone else. I would work long shifts and many days, but it would definitely be worth it. I hope to be married or getting married in ten years. Then after I will have at least two kids and if I have more than oh well. I don't want just one, because then they will be alone and definitely would be spoiled.I would like to adopt a child, but if my husband doesn't th en we won't. I will be a good mother and wife. My house will be fairly large with a inside pool and an outdoor pool. I will have nice brick tiled walkways leading to the barn, pastures, driveway, and pool. I will have nice landscaping around the house. A decent size pond behind the house where we could fish, swim and whatever else. I will have a nice large dog house made for the dogs, but they will sleep in the regular house.

Barclays Scandal: Libor

From Amanda Chua, Financial Manager To Sir David Walker, Chairman of Barclays Plc. Date 24th February 2013 Subject Implication of The Recent Libor-Fixing Scandal for Barclays Bank 1. Executive Summary * The London Interbank Offered Rate (Libor) is the average interest rate charged to banks for lending funds in the interbank market (Investopedia n. d. ). * The UK Treasury reported that Libor is responsible for an estimated $300 trillion worth of financial transaction (BBC 2012). Barclays’ traders submitted inappropriate rates upon derivative traders request (FSA 2012). * Barclays’ submitted inappropriate rates to prevent negative media attention (FSA 2012). * Barclays was fined ? 290 million for Libor scandal (Wilson 2012). * Former Chairman, CEO and COO resigned in July 2012 (BBC (B) 2013). * Barclays’ share prices fluctuated due to Libor Scandal (Fletcher 2012). * Pursuing profit maximization, Barclays inevitably exploited its stakeholders (MBA Knowledge Base n. d. ). Financial managers think solely for the purpose of profit maximization for the shareholders as it lose focus, carrying out unethical behaviors to gain short-term gratification. * Barclays is suggested to create shareholder value by combining a well-thought-of goal with focused financial planning that will deliver returns to shareholders but in an ethical manner that is acceptable by the society (Barclays Boss Lays Out Revival Plans, 2013). * Installation of more advanced surveillance devices further enforces plan as employees are monitored closely in efforts to control the wellbeing of the workers (Roland 2013). Barclays is suggested to form a neutral ring-fenced rate-setting unit to monitor the rates submission (Daniels 2013). 2. Libor: Explained The London Interbank Offered Rate (Libor) is the average interest rate charged to banks for lending funds in the interbank market (Investopedia n. d. ). Major banks in London who are under BBA submit the rate they presume they will have to pay for borrowing funds from another bank to Thomson Reuters, who will then discard the four lowest and highest rates and use the emainders to calculate the average, resulting with the Libor rate (Kiff 2012). The importance of Libor It is used as the benchmark for interest rates around the world (Surowiecki 2012). The UK Treasury reported that Libor is responsible for an estimated $300 trillion worth of financial transaction (BBC 2012) such as mortgages, corporate loans and derivatives (Surowiecki 2012). Also, Libor acts as a barometer for the welfare of the volatile global financial market (BBA n. d. ). 3. Barclays’ mistakesEmployees at Barclays submitted lower than actual predicted rates to Thomson Reuters (Murray-West 2012). Why it was done Derivative transactions made use of the Libor rate. Hence, the fluctuation of the rates would influence the profit gained for the traders (Surowiecki 2012). Both the traders and rate submitters cooperated through frequent intera ction (Surowiecki 2012) as traders requested for lower rates because they would benefit by paying less for the interest charged on the derivatives.Barclays submitted lower rates to conceal the trouble state it faced during the 2008 credit crunch (Murray-West 2012) when initially their submitted rates were higher than other banks (Bischoff & McGagh 2013). Lower rates prove that banks intending to lend funds to Barclays were assertive of their financial health, because the less assurance a bank had for another, the higher the rate charges will be (Bischoff & McGagh 2013), and Barclays expressed the contrary to conceal their financial instability.It was said that Bob Diamond, then chief executive officer of Barclays, was contacted by Paul Tucker, the deputy governor of the bank, concerning the recurrent greater rates amongst other banks, which worried Diamond who conveyed the news to Jerry del Missier, then chief operating officer, who misinterpreted the news as a command to rig the ra te (Bischoff & McGagh 2013). How it was done. It was effortless to manipulate the rates because they are derived from estimates rather than calculated values (Eavis & Popper 2012).Also, interbank borrowings were reduced during the financial crisis causing difficulty in evaluating whether submitted rates were realistic (Wheatley 2012). 4. Consequences for Barclays’ scandal Manipulating the Libor rate is intolerable and investigation involving the FBI is a reputational damage in itself (R. D. 2012), not only towards Barclays but in the banking sector as a whole where regulators are still speculating which other banks were involved (Bischoff & McGagh 2013). Barclays received a total of ? 290 million penalty from FSA, CFTC and DoJ (R. D. 012) for manipulating the Libor rate. Furthermore, former Barclays’ chairman, Marcus Agius resigned on July 2nd 2012, followed by Bob Diamond and Jerry Del Missier on July 3rd 2012 as a result for their involvement in the LIBOR scandal (BB C (B) 2013). Similarly, 3700 employees were discharged to reorganize the Barclays banking regime (McGee 2013). As Libor accounts for $300 trillion worth of financial transaction, this affects many because lenders lose out as the borrowers benefit from the low interest rate charges and people are very disappointed at the extend to where Barclays has went to.Due to the scandal, Barclays’ share prices fluctuated because the market expected charges for lawsuits against Barclays and it reflected the reputational damage Barclays has encountered for its involvement in the scandal (Armour, n. d. ), though this has caused an overhaul in Barclays that resulted in the increase of share prices months after. Moreover, investment firms and municipal government who fell victim to the Libor scandal due to the buying of bonds or signing of contracts demanded reimbursement from Barclays and will inevitably elicit legal actions (Bloomberg News 2012). 5. Role of Financial ManagementProfit maximi zation is the goal of financial management (Hillier et al, 2011) indicating that its objective is gaining greatest profits by using all possible resources irrespective of the consequences or underlying risk (O’Farrell n. d. ). This is seen as Barclays’ traders tried to maximize profits for their own benefit as well as their stakeholders. Shortcomings of Profit Maximization During the financial crisis, banks were financially unstable, they refused to borrow one another funds because of the low confidence they had for one another, seen through the Libor ratings that were previously submitted before the Libor rigging scandal.Barclays chose to conceal its proper Libor rates that would have indicated its troubled state to the public. This was second by the fact that a firm who pursues the goal of profit maximization will inevitably exploit its workers and consumers, which exemplify an unethical way of carrying out a business resulting from its corrupted practices (MBA Knowl edge Base n. d. ). In Barclays’ case, this was shown by its objective to save the bank’s reputation by finding means to profit maximize to avoid possible outcomes of failure.Jerry’s assumption of Bob’s instruction to fix the Libor rate when it was unfavorable (Bischoff & McGagh 2013) is another illustration of profit maximization gone wrong when financial managers think solely for the purpose of profit maximization for the shareholders as it diverge its actions by carrying out unethical behaviors to gain short-term gratification. Barclays has neglected possible risks because they were too focus on profit maximization as they rigged the Libor for the past years. Risk ignorance is another flaw of profit maximization (eFinance Management n. . ) because firms tend to be shortsighted towards maximizing profit they deserted their morale. This is shown by the reputational damage as a consequence of the scandal. Lastly, the disregard of quality is a shortcoming ( eFinance Management n. d. ) shown through Barclays’ scandal because Barclays obsessed over profit maximization, it neglected the goodwill of the bank. Barclays being a world-renowned bank that was earned through the years overlooked its goodwill as an asset as it rigged the Libor rate to earn short-term profits. . Summary It can be concluded that Barclays’ manipulation of the Libor rate was unacceptable. However, they have taken full responsibility over the consequences. It is suggested that Barclays make an overhaul in its management by changing its mentality from a bank that gravitated its goal on profit maximization to prioritizing an ethical environment before its success (Mcgee 2013) through removing workers incapable of committing to the revised goal (BBC (A) 2013), as this will be a long-term change. (Waldie 013) Antony Jenkins, the new Barclays CEO mentioned in Barclays Boss Lays Out Revival Plans (2013) that Barclays was previously too shortsighted as well as being too aggressive and self-serving. Nonetheless, the current damage helps Barclays to learn from experience. Presently, it is advice to create shareholder value by combining a well-thought-of goal with focused financial planning that will deliver returns to shareholders but in an ethical manner that is acceptable by the society (Barclays Boss Lays Out Revival Plans 2013).Installation of more advanced surveillance devices further enforces this plan as employees are monitored closely in efforts to control the wellbeing of the workers (Roland 2013). Lastly, it is suggested to form a neutral ring-fenced rate-setting unit to monitor the rates submission (Daniels 2013) in Barclays and this combines with trainings that shall be implemented to nurture an ethical and systematical way of setting the Libor rate. This plan aids by applying a team submission rate rather than an individual’s whereby rates submitted will be relatively reliable. BibliographyACTUELNEWSCHANNEL. 2013. Barcla ys Boss Lays Out Revival Plans [online]. [Accessed 22 February 2013]. Available from: http://www. youtube. com/watch? v=4dznoD8yd14 ARMOUR, J. [2012]. The Price of Reputation: Lessons from the Barclays LIBOR Scandal [online]. [Accessed 9 March 2013]. Available from: http://www. clmr. unsw. edu. au/article/ethics/libor-manipulation/price-reputation-lessons-barclays-libor-scandal BBALIBOR. [no date]. bbalibor explained [online]. [Accessed 28 January 2013]. Available from: http://www. bbalibor. com/bbalibor-explained/the-basics BBC. [2012].Libor – what is it and why does it matter [online]. [Accessed 28 January 2013]. Available from: http://www. bbc. co. uk/news/business-19199683 BBC (A). [2013]. Barclays boss tells staff â€Å"sign up to ethnics or leave† [online]. [Accessed 18 February 2013]. Available from: http://www. bbc. co. uk/news/business-21064590 BBC (B). [2013]. Timeline: Libor-fixing scandal [online]. [Accessed 8 February 2013]. Available from: http://www. bbc . co. uk/news/business-18671255 BISCHOFF, V and MCGAGH, M. [2013]. Q&A: what is Libor and what did the banks do to it [online]. [Accessed 8 February 2013].Available from: http://citywire. co. uk/money/qanda-what-is-libor-and-what-did-the-banks-do-to-it/a600479/3 BLOOMBERG NEWS. [2012]. Consequences to banks of Libor scandal staggering [online]. [Accessed 8 February 2013]. Available from: http://www. winnipegfreepress. com/fpnewsvoices/Consequences-to-banks-of-Libor-scandal-staggering-162730376. html DANIELS, V. [2013]. RBS Outlines The Actions Management Has Taken Following Discovery Of LIBOR Scandal [online]. [Accessed 8 March 2013]. Available from: http://hereisthecity. com/2013/02/06/rbs-outlines-the-actions-management-has-taken-following-libor-sc/EAVIS, P and POPPER, N. [2012]. Libor Scandal Shows Many Flaws in Rate-Setting [online]. [Accessed 22 February 2013]. Available from: http://dealbook. nytimes. com/2012/07/19/libor-scandal-shows-many-flaws-in-rate-setting/ EFINANCE MANA GEMENT. [no date]. Profit Maximization [online]. [Accessed 6 March 2013]. Available from: http://www. efinancemanagement. com/finance-financial-management/87-profit FINANCIAL SERVICE AUTHORITY. 2012. Final Notice. England: FSA. [Accessed 22 February 2013]. Available from: http://www. fsa. gov. uk/static/pubs/final/barclays-jun12. pdf FLETCHER, N. 2012]. Barclays drops more than 10% after Libor scandal, with other UK banks also hit [online]. [Accessed 8 February 2013]. Available from: http://www. guardian. co. uk/business/marketforceslive/2012/jun/28/barclays-uk-banks-libor-scandal HILLIER ET AL. 2011. Fundamentals of Corporate Finance. Europe: McGraw. INVESTOPEDIA. [no date]. London Interbank Offered Rate – Libor [online]. [Accessed 28 January 2013]. Available from: http://www. investopedia. com/terms/l/libor. asp#axzz2LAAqHDOs KIFF. [2012]. What is LIBOR [online]. [Accessed 28 January 2013]. Available from: http://www. mf. org/external/pubs/ft/fandd/2012/12/basics. htm MBA K NOWLEDGE BASE. [no date]. Objectives of Financial Management [online]. [Accessed 22 February 2013]. Available from: http://www. mbaknol. com/financial-management/objectives-of-financial-management/ MCGEE, S. [2013]. Confessions of a Barclays Banker Who’s Seen The Light [online]. [Accessed 22 February 2013]. Available from: http://www. thefiscaltimes. com/Columns/2013/02/19/Confessions-of-a-Barclays-Banker-Whos-Seen-the-Light. aspx#page1 MURRAY-WEST, R. [2012]. What does the Libor scandal mean for us [online]. Accessed 8 February 2013]. Available from: http://www. telegraph. co. uk/finance/personalfinance/consumertips/banking/9364994/What-does-the-Libor-scandal-mean-for-us. html O’FARRELL, R. [no date]. Advantages & Disadvantages of Profit Maximization [online]. [Accessed 22 February 2013]. Available from: http://smallbusiness. chron. com/advantages-disadvantages-profit-maximization-11225. html R. D. [2012]. Eagle fried [online]. [Accessed 8 February 2013]. Available fr om: http://www. economist. com/blogs/schumpeter/2012/06/barclays%E2%80%99-libor-emb

Mortgage Fraud in the UK Essay Example | Topics and Well Written Essays - 5000 words

Mortgage Fraud in the UK - Essay Example While past research has focused on the personal motivating factors behind the commission of a white-collar crime, this particular article review several facets of the crime itself and explores the possible neighborhood risk factors that help attract the crime. From a national perspective, mortgage fraud seems to take place more frequently in neighborhoods that have low socioeconomic indicators. These links become even more distinct when the amount of fraud occurrences within the community is factored in as a variable. Upon disaggregating the data according to the region, the fraud indicator variables also display differing trend levels, perhaps indicating that as mortgage fraud practices begin to mature within an area, its community dynamics are likely to modify as well.  In conclusion, mortgage fraud is on the increase in the United Kingdom and good measures need to be put in place to curb the crime. A delay in proactive and preventive measures in regard to mortgage fraud will gre atly affect the economy and that the revenue collected by the government will reduce drastically. Mortgages have a long history spanning from the 12th century but have been in common use in the UK housing sector since 1925. The word mortgage is said to derive from the French for a ‘dead pledge’ meaning â€Å"the one in which the borrower has to find ways to repay the loan† (Giles 2009). According to Giles (2009), the process of securing a mortgage can be defined as â€Å"Alien on a piece of land or property as security for a debt†. During late 2008 and early 2009, the downturn in the UK economy had a drastic impact on the once strong housing sector with house prices slumping and mortgage approval decisions declining (House Price Crash 2009). A leading factor as to why lenders run into financial trouble was lending to applicants who had provided falsified information (BBC News 2009).  

The capital structure decision and the cost of capital Research Paper - 1

The capital structure decision and the cost of capital - Research Paper Example Answer 1. Referring the balance sheet as on 5/1/2011, Source: http://finance.yahoo.com/q/bs?s=NVDA+Balance+Sheet&annual (In thousands of US dollar) Total liabilities = 1,313,784 Short term liabilities = 942,682Â   Long term liabilities = 23,389 Total Equity = 3,181,462 Market capitalization = 10.92 Billion Hence debt ratio, total liability/ (total liability + total equity) =1,313,784/ (1,313,784+3,181,462) = 29.2% Debt to equity ratio, total liabilities/total equity = 1,313,784/ 3,181,462 = 41.29% Again, debt ratio based on short term liabilities 942,682Â  / 942,682Â  + 3,181,462 = 22.85% Again, debt ratio based on long term liabilities 23,389/ 23,389 + 3,181,462 = 0.72% Debt to equity ratio based on short term liabilities 942,682/ 3,181,462 = 29.6% Debt to equity ratio based on long term liabilities 23,389/ 3,181,462 = 0.735% Answer 2 Debt to equity ratio shows how well creditors are protected. From the calculated ratios, following inferences can be made. Debt/equity ratio based on long term liability is quite low and the company Nvidia is going quite safe so far long term liability is concerned. It can also be gauged from this ratio that the company is quite conservative in exploiting the long term debt for the growth of the company. Debt/equity ratio based on short term liability is within the limits of healthy company. ... ket conditions but as market conditions improve and the company is in a position to enter new growth trajectories, the Nvidia should use more debt to finance its expansion needs instead of equity. That will help company to enhance its equity valuation in the market. Answer 3. Two companies chosen are Intel and AMD, which are also competitors to Nvidia in certain product range. A. Intel Corporation Referring, http://finance.yahoo.com/q/bs?s=INTC+Balance+Sheet&annual (as on 25 Dec, 2010) (All numbers in thousands) Total liabilities = 13,756,000 Short term liabilities = 9,327,000 Long term liabilities = 4,929,000 (calculated by difference from total and short term liabilities) Total Equity = 49,430,000 Market capitalization = 119.30 Billion (as on 5/27/2011) Hence debt ratio, total liability/ (total liability + total equity) = 13,756,000/ (13,756,000+49,430,000) = 21.77% Debt to equity ratio, total liabilities/total equity = 13,756,000/49,430,000 = 27.82% B. AMD Referring, http://financ e.yahoo.com/q/bs?s=AMD+Balance+Sheet&annual (as on 25 Dec, 2010) (All numbers in thousands) Total liabilities = 3,951,000 Short term liabilities = 1,674,000 Long term liabilities = 2,277,000 (calculated by difference from total and short term liabilities) Total Equity = 1,013,000 Market capitalization = 5.83 Billion (as on 5/27/2011) Hence debt ratio, total liability/ (total liability + total equity) = 3,951,000/ (3,951,000+1,013,000) = 79.6% Debt to equity ratio, total liabilities/total equity = 3,951,000/1,013,000 = 390% Summing up, the debt-equity ratio of all the three companies are found to be as per the following. Nvidia – 29.60% Intel – 27.82% AMD – 390% It is seen that debt-equity ratio of Intel and Nvidia are more or less in the same range but AMD is operating on very high

Government intervention in global business Outline

Government intervention in global business - Outline Example Different economic forces, such as, booms, recessions or different forms of crisis such as financial crisis, create different situations that need different forms of government intervention. In this paper, the issue of government intervention would be studied with respect to the various measures that governments in different nations of the world adopt. This research work would follow inductive approach and use secondary data for the analysis of data. The research process would involve preparation a research proposal, designing the research method, identification of reliable sources of information, collection of data from secondary sources, analysis of the data and the inferring the results from the discussion of the facts gathered through review of literature. Research studies have been made in the past and are also being made in the current times to assess the motivations behind government intervention in the global economy. Many of the research results reveal that one of the most important and commonly observable intentions of the government behind intervening in the economies is to boost up the economies (Tragakes, 2011). In the developing economies, governments emphasize on increasing level of economic activities in the economy, while in the developed countries, the intention of the government is to maintain stability in the economy and also enhance future growth prospective. According to some researchers, the policies developed by the governments are, essentially, either directed towards covering their economies against outside economic forces or regulating the performances of internal economic forces operating in their countries (P. J. Welch and G. F. Welch, 2009). The varieties of policies of the governments at the global level, fu ndamentally, are guide by these two basic motives of intervention. Partnership has become a buzzword in the current economic context. Until the past few decades, the

The Target Market of Trace Restaurant at W Hotel San Francisco Research Paper

The Target Market of Trace Restaurant at W Hotel San Francisco - Research Paper Example The fact that the menus depend on the local season is a sign of ensuring, visitors get to understand the local food pattern alongside the culture and environment. The restaurant has a wide variety of sea foods and meats. This is to carter for needs of the different tourists’ background. This is the reason the place is frequented by people on business travel, tourists, travelling sports people/ enthusiasts and fresh residents who want to get a feel of San Francisco as they settle. The pricing is steep and intended to lure the upper middle class and the high income earners. Apparently, these are the people who can afford to tour the world and stand the seemingly exuberant prices. An average drink costs from a minimum of $5.5 and that would be plain coffee! A simple meal goes for a minimum of $16 a plate. An example would be Fried Quail, few spoons of hazelnut and minor accessories such as olive leaves. Otherwise, an average meal would stand at $30 and higher per person. This is a deterrent factor for the residents because they can manage to make more of the same in the comfort of their homes. This is maintained based on the frequency of tourists, holiday makers and other travelers who seek high quality meals for a brief period of time. The restaurant is located in the center of SoMa district, which is in the downtown area of San Francisco (Jensen and Parr 2). It is three streets accessing the markets to the northwest and the south. The east ends with the San Francisco bay, a major global tourist attraction. The panoramic city line view combines well with the picturesque views of the Bay Bridge to ensure a breathtaking environment (Michelin North America, Inc 242). This has made the area a popular venue in for the film industry screening sessions, major fashion events, glamorous music shows, museums and art exhibitions. Therefore, the stylish and luxury design of the Trace

MEDIATION MEMORANDUM Coursework Example | Topics and Well Written Essays - 1000 words

MEDIATION MEMORANDUM - Coursework Example hat the grapes and its products were quickly becoming a desired product and I realized that soon the grape producer will find a better offer from another distributor and buyer. I decided to protect myself and my future business investments by drafting a contract which would ensure that the grape producer will always be selling her products to me. The contract also stipulated that the price will not be increased by any cost no matter who will be willing to purchase the products later on and at whatever cost. The son of the grape producer made the delivery and since the contract was time conscious and I did not know what would happen between that delivery and the next, I explained the contract details to the son and he signed the contract. I did not coerce him into signing it and it was therefore a mutual decision after going through the contract to formalize the business deals. I had no prior knowledge of his age as he looked and seemed quite competent in handling the delivery and the payments, and I thought he was of age if he could be sent to handle the business on behalf of his parents. A few weeks later, my fears turned true after the grape producer received a better offer in price and in produce quantity and decided that my business was not worth continuing the business deal. I decided to remind the grape producer about the contract agreement only to find out that the son never mentioned it to the parents. I cannot let my efforts, and the hard work I have put into advertising and marketing the grape products from scratch, go to waste simply because a better offer has been found. It is not fair that I was the one who built the business and now that the product is known to others, I am kept aside and forgotten. The issue at hand is the lack of honoring the contract which has been signed already meaning the terms and conditions of the contract have been agreed upon and hence it can simply not be terminated without the two parties in the contract coming to an