Saturday, January 25, 2020

Examining the impact of the Enron Corporate Scandal

Examining the impact of the Enron Corporate Scandal Enron is an energy-based company in Houston, Texas that deals with the energy trade on international and domestic based. Enron Corp. Is one of the worlds largest energy, commodities and Services Company was created out of merger of two major gas pipe line in 1985. Enron was created by merge between Houston Natural Gas and Internorth. Houstons gass CEO Kenneth lay headed the merger of the two companies. After that Kenneth lay become the CEO of Enron. Earlier Enron was Enron was solely involved with the distribution and transmission of electricity and gas of United States. In merger, Enron incurred a large amount of debt, and which resulted deregulation, after this Enron was no longer had the rights of its pipelines. The company had to find a way to generate profits and cash flow. Kenneth lay hired Jeffrey Skilling to work for Enron as an accountant. Skilling suggested the practice of buying gas from a network of suppliers and selling it to it consumers at the fixed price with a contract. Enron was interested in the expansion, building, and operation of the pipelines, power plants, and other infrastructure. After just a year of operation Enron merged with a company called spectrum seven, a company whose chairman and CEO is the former president of United States, George W. Bush After just a year of operation. In 1999, Enron tried to expand their company by creating the Azurix Corporation, a water utility company. Overall the Azurix Corporation proved unsuccessful financially. The Azurix Corporation, due to their failure to make an entrance into the market, went under. Enron allegedly became successful, trading over eight hundred different products worldwide. Enron was named Americas Most Innovative Company by Fortune magazine from 1996 to 2001. Enron was on Fortunes 100 Best Companies to work for In America in 2000. The companys future appeared to be bright and promising continued success. Enron faced many accusations of building links to political power. The companys connection to George W. Bush, and Houstons local politics has received much attention in recent past. In 1986, Enron was involved with Bushs company in joint drilling for oil. There are reports that Kenneth Lay and George W. Bush even shared friendship. Kenneth lay has employed politicians who have worked under George W. Bush also signed off on a law that deregulated Texass electrical markets, which coincidentally resulted in large profits for Enron. The company also had political links that reached outside of the United States. Enron created a massive and highly expensive power plant in India, even though many Indian citizens and the World Bank strenuously objected. Allegedly protesters in India were beaten up and arrested. The United States ambassador to India, who opposed the plant eventually, joined the board of Enron oil and gas The screws came loose in August 2001, when Jeffrey Skilling, the CEO resigned from office for unknown reasons. By October 2001, Enron experienced its first quarter where they did not report a profit. On November 8th, 2001 Enron told the SEC it was restating its earnings since 1997, reducing income by $. ENRON SCANDAL In Enrons original natural gas business, the accounting had been fairly straightforward in each time period, the company listed actual costs of supplying the gas and actual revenues received from selling it. However, when skilling joined the company, he demanded that the trading business adopt mark- to -market accounting, citing that it would reflect true economic value. Enron became the first non-financial company to use the method to account for its complex long- term contracts. Mark-to-market accounting requires that once a long-term contract was signed, income be estimated as the present value of net future cash flows. Often, the viability of these contracts and their related costs were difficult to judge .Due to large discrepancies of attempting to match profits and cash, investors were typically given false or misleading reports. While using the method, income from projects could be recorded, which increased financial earnings. However, in future years, the profits could not be included, so new and additional income had to be included from more projects to develop additional growth to appease investors. However, Enron later expanded its use to other areas in company to help it meet Wall Street projections. Here are some detailed frauds in the Enrons financial statement: Enrons auditor applied reckless standards in their audit, which was showing conflict between interests. Enron financial statement showed the booking costs of cancelled projects as assets, with the rationale that to no official letter had stated that the project was cancelled. This method was known as the snowball, and although it was initially dictated that stay under $90 million, it was later extended to $200 million where all found strange transactions. Like erratic cash flow and huge debt. Enron was estimated to have about $23billion in liabilities, both debt outstanding and guaranteed loans. Citigroup and JP Morgan Chase in particular appeared to have significant amounts to lose with Enrons fall. Additionally, many of Enrons major assets were pledged to lenders in order to secured loans, throwing into doubt what if anything unsecured creditors and eventually stockholders might receive in bankruptcy proceedings. IMPACT The collapse of Enron, the largest bankruptcy in U.S history, which led to thousands of employees losing their jobs and their life saving plans tied to the companys stock, which was calculated as 401(k). Reputation of Andersen, Enrons auditing firm, is damaged after company official admitted that thousands of Enron documents were destroyed. Those events lead to flurry of probes, including a criminal investigation by the U.S justice department of Enron .The SEC and the Labor department as well as six congressional committees-is also investigating the companys collapse. Enron officials have donated millions of dollars to Republicans and Democrats alike. At the heart of Enrons troubles were numerous outside partnerships, set up to keep debt off its books, which were reviewed by Andersen. In addition, it was revealed that Enron has paid no income taxes in four of the last five years, using almost 900 subsidiaries in tax-haven countries and other techniques. A major issue brought to light by the scandal is Andersen dual role as Enrons auditor and consultant, which critics claim is a serious conflict of interest. Andersen has been accused of over looking the huge sums of money kept off Enrons books because Enron represented a potential $100 million -a- year in fees to the auditor. Enron fired Andersen as the feuding corporations both came under growing scrutiny for their roles in the collapse of the worlds largest energy trading company. REFEENCES http://www.lawyershop.com/practice-areas/criminal-law/white-collar-crimes/securities-fraud/lawsuits/enron/ http://whatreallyhappened.com/WRHARTICLES/enron.html http://www.freeinfosociety.com/site.php?postnum=2308 http://en.wikipedia.org/wiki/Enron_scandal

Friday, January 17, 2020

The Red Badge of Courage

Growing up during the naturalism and realism literary movements, and experiencing combat in Cuba and Greece first hand influenced Stephen Crane's outlook in his novel The Red Badge of Courage that no matter what it takes, all living things will do whatever they can to save themselves, and that the world continues to spin regardless of human existence. The literary movements that influenced his writing the most were naturalism and realism. Naturalism uses detailed realism to suggest that social conditions, heredity, and environment have an inescapable force in shaping human nature. Crane uses this several times in The Red Badge of Courage. After Henry runs away from battle and is in the midst of rationalizing his behavior, he comes across a particularly tranquil spot in the woods: â€Å"At length he reached a place where the high, arching boughs made a chapel. He softly pushed the green doors aside and entered. Pine needles were a gentle brown carpet. There was a religious half-light† (7. 18). He notices â€Å"A dead man [with] eyes [†¦] changed to the dull hue to be seen on the side of a dead fish† (7. 20). This is where Henry comes to realize that nature and the universe have no interest in this dead man, nor do they have an interest in whether Henry himself lives or dies. There is simply nothing out there to help or save him or anyone else. This is a shocking lesson for him, and one that shatters his notions of the way things work. This is also Crane’s way of introducing the philosophy of â€Å"Naturalism† into the novel. Naturalists were influenced by Darwin’s theory of evolution, which places a strong emphasis on evolution. Literary Naturalists reject the notion of free will and see humans as controlled primarily by instinct, emotion, and culture. This idea makes Henry’s behavior more random and explainable, rather than a growth toward maturity, or a rise toward heroism, through his exertion of free choice and decision. As he is faced with even more death, he finds that the termination of life is an inevitable part of life: â€Å"He had been to touch the great death, and found that, after all, it was but the great death† (24. 1). Henry realizes that no matter the amount of bravery or courage, the world has created the same fate for all those who live, they all must die. Crane implies this through images of nature’s beauty contrasted with man’s bloody brutality, and he exploits this paradox many times throughout the novel. Since Crane was a big believer in Naturalism, he wanted to show that death should not be romanticized, but should be looked at straight on in as dispassionate and scientific a way as possible. The vulnerabilities of dead men make death seem like a very real physical phenomenon, rather than the journey of one’s spirit to either heaven or hell. Henry, too, is affected by viewing the dead. He sees that the dead do not know more than he does, and that they do not experience anything paranormal. He also realizes that he could just as easily be among them — that dying is as random and meaningless as war, or anything else. The second literary movement that influenced Crane’s writing is realism. Realism is a term that can refer to any work that aims at honest portrayal over sensationalism, exaggeration, or melodrama. The Red Badge of Courage displays characteristics of Realism writing. Henry is a regular guy put into an extraordinary situation. Crane uses figurative language in the forms of imagery and dialect. Another realism trait in The Red Badge of Courage is that nature is viewed as protection and a hindrance for Henry in several different cases throughout the story. For example, Crane writes, â€Å"†¦ Another important event in Crane's lifetime that influenced him in writing The Red Badge of Courage is his firsthand experience when he entered combat in Cuba and Greece. Though he didn't actually enter combat until after his novel was written, his thirst to not just see a battle, but die in one, influenced his writing greatly. After finishing the novel, his hunger for the experience of war grew due to the fact that he wanted to see if his account of the Civil War was correct. Also, Crane's father was a minister, though they did not share the same beliefs, which is probably the reason Crane used so many Biblical references in his writing. For example, Crane wrote, â€Å"The red sun was pasted in the sky like a wafer†(9. 4). The wafer Crane is referring to is the wafer of communion. In the Christian sacrament of communion, believers eat the â€Å"body of Christ† through communion wafers and red wine. He does this to comment on the concept of men having to die in order to save other men, similar to Jesus dying on the cross to save humans from their sins. The chapter that deals with the death of Jim Conklin-his initials are J. C. , similar to Jesus Christ- promotes Jim as a sort of Christ-figure who through his painful death helps â€Å"redeem† Henry. Critical Analysis Critics such as Maxwell Geismer and Bernard Weismer point out how Crane uses themes of courage, nature’s disregard of human life, and manhood to show the development of a young man from youth to maturity. Although the novel spans no more than a few weeks, a profound change in the characters of both Henry and Wilson occurs. Though these men do not technically age during the course of the book, the psychological development that they experience can be described as the development from youth into maturity. Innocence gives way to experience, and the speculative beliefs of adolescents make way for the guaranteed, solid beliefs of men. In addition, James Trammell Cox shows how Crane uses symbols such as the dead soldier and the characters of Jim Conklin and Wilson to show the transitions man must experience both mentally and physically to complete the journey from adolescence to manhood. Because of the novel’s title, it becomes evident that courage,—defining it, desiring it, and, ultimately, achieving it—is the most significant part of the book. As the novel opens, Henry’s view of courage is traditional and romantic. He assumes that he will return from battle either with his shield or on it. This understanding of courage is based on the praise of peers more than the internal measure of his bravery. In the first chapter, Henry recollects his mother’s advice, which opposes his own philosophies. She doesn’t care about the praiseworthiness of Henry’s name, but instructs him to do what he thinks is honest and right, even if he has to die doing it. The gap between Henry’s definition of courage and his mother’s suggestion fluctuates throughout The Red Badge of Courage, sometimes dwindling, and sometimes flourishing. At the end of the novel, as the mature Henry trudges triumphantly from battle, a more refined and multifaceted understanding of courage arises. It is not purely based on other people’s perceptions, but it does integrate a soldier’s regard for his reputation. Another theme express throughout the novel is the universe’s disregard for human nature. Henry’s newly found awareness that the natural world spins on irrespective of the routine in which men live and die is the toughest lesson that Henry learns. It deprives him of his naive, innocent beliefs concerning courage and manhood. Not long after his encounter with the squirrel in the woods, Henry stumbles upon a dead soldier whose decaying body works as a reminder of the universe’s disregard of human life. As the drama of the war continues on around him, Henry occupies his mind with questions regarding the nature of courage and honor and the likelihoods of gaining glory. Death, he assumes, would stop the war cold. Yet, when he encounters the corpse, he finds that death is nothing more than a vital and ordinary part of life. Henry’s happenstances with the squirrel and the corpse become the most important parts of the book, because in this place, Crane creates the formidable opposing forces in Henry’s mind: the belief that human’s deserves courage and honor, and the realization that all human life faces the same inevitable doom. Throughout the novel, Henry struggles to save his manhood. At first, he relies on very passe ideas. He is saddened that education and religion have repressed men of their natural viciousness and made them so domestic that there are very few ways for a man to tell himself apart from others, other than on the battlefield. Having this chance makes Henry feel indebted to be taking part in the war. As he makes his way from one battle to the next, he becomes more and more persuaded that his experiences will gain him women’s praise and men’s envy, and he will become a real man in their eyes. These early ideas of manhood are crude, idealistic, youthful illusions. The dead soldier represents the unimportance of human trepidations. Henry stumbles over the corpse, decaying and covered by ants, right after convincing himself that he was right to flee battle and that the welfare of the army depends upon soldiers being wise enough to save themselves. Then the dead soldier, whose facelessness strips him of any public acknowledgement of courage and forces Henry to begin to question the standards by which he measures his actions. Similarly, characters such as Jim Conklin and Wilson undergo a change in which, they two realize that the completion of this transition lies within oneself. Jim Conklin and Wilson stand as symbols of a more human kind of manhood. They are confident without being show-offs and are eventually able to take responsibility for their shortcomings. Wilson, who begins the novel as an obnoxious and loud soldier, later reveals his vulnerability when he requests that Henry deliver a yellow envelope to his family if he dies in battle. In realizing the unimportance of his life, Wilson is able to free himself from the chains that bind Henry. By the end of the book, Henry takes a confident step in the same direction, learning that his manhood lies within the way he owns up to his mistakes and responsibilities rather than in his actions on the battlefield. Modern day Connection On August 28, 1963, Martin Luther King Jr. delivered the â€Å"I Have a Dream Speech† at the Lincoln Memorial in Washington, D. C. His speech was a demonstration for freedom, in which he was fighting for the equality of colored people all around the world. This speech made history, but his story wasn’t over. At 6:01 p. m. on April 4, 1968, a shot rang out. Martin Luther King, a man of great courage, was assassinated for standing up for what he believed in. King hasn’t been the only demonstration of courage in history. Libyans are making history as we speak. Similar to Crane's using the Civil War to show how a young soldier struggles to define and achieve courage, recently, the Libyans rebelled against their government to get rid of the corruption that is taking over their country, and, hopefully, develop some sort of democracy and gain human rights. Libya has been ruled for 42 years by a shrewd, unconventional dictator who has often called his own people â€Å"backwards. † Fifty percent of his 6. 5 million subjects are minors. Although Libya contains many plentiful oil revenues, which provide most of the national budget, most children are starving and weak. Corruption is rampant, protestors are brutally suppressed, and many citizens are afraid that even speaking Quaddafi’s name in public will attract suspicion. Instead, they call him â€Å"the leader† and his son, Seif, â€Å"the principal. † Punishments are so extreme that even discussing national policy with a foreigner results in three years in prison. Reporters have commonly described press freedom in Libya as â€Å"virtually non-existent. † Unemployment rates are just about 30 percent, and those that do have jobs only work part-time. Basic foods—including rice, sugar, flour, gasoline—are heavily subsidized by the government and sold for a fraction of their true cost. A 2006 New Yorker article claimed that Libya had†prosperity without employment and large populations of young people without a sense of purpose. † Encouraged by pro-democracy rebellions across the Arab world, Libyan protestors had planned a â€Å"day of rage† for Thursday, February 17. Two days before their plan was able to be put into action, security forces arrested a prominent lawyer named Fathi Terbil, who had represented families of some of the prisoners slaughtered by Libyan security forces at Abu Slim prison in 1996. Once released from prison later that day, he set up a webcam overlooking Benghazi’s main square, where some of the families had been remonstrating. With help from exiled Libyans in Canada and around the world, the video spread rapidly on the Internet. Courage played a huge role in the development of this rebellion, and the fight for Libyans to build a democracy and gain human rights. It is reported that the Libyan ambassador in London resigned simply so he could join protests outside of the embassy and fight for the well-being of the Libyan people. Also, Egypt and Libya have both set up field hospitals on their borders and are trying to send help. A group of Libyan military officers have allowed the revealing of a statement calling on all members of the Libyan army to join the protesters. Advertisements in Guinea and Nigeria are offering up to $2,000 per day to fight as soldiers for the Libyan army. People across the world are teaming up and courageously taking a stand in order to achieve the freedom they are so desperately searching for.

Thursday, January 9, 2020

Meta Analysis Of Thoracic Epidural Anesthesia - 1735 Words

The main idea of the current paper is to provide a well-constructed analysis of the article titled â€Å"Meta-analysis of thoracic epidural anesthesia versus general anesthesia for cardiac surgery† written by Svircevic, van Dijk, Nierich, Passier, Kalkman, van der Heijden, and Bax in 2011. In doing so, this author attempts to validate the overall quality of the research being presented and its applicability to the nurse anesthesia practice. Study Design The meta-analysis was hypothesis driven while research was being completed; this becomes evident when the researchers’ purpose is revealed. The article scrutinizes the differences within studies which reveals adverse cardiac surgery outcomes with regard to the combination of general anesthesia†¦show more content†¦Since the research is based on the peer-reviewed articles and previous studies, the risk bias assessment was conducted and the detailed description of the aspects included in the bias assessment was provided. The methodology description also includes the data extraction form and principal endpoints. Moreover, the discussion of the statistical method is included. At the same time, the methodology does not include the specific analysis of the methods covered in the 28 used research studies used. The research methodology includes the detailed analysis of the risk of bias evaluation. In an effort to reduce this risk the authors of the research used such criteria as â€Å"method of randomization; concealed treatment allocation; blinding during pre-, peri-, and post-operative care; blinded data collection and analysis; blinded adjudication of study endpoints; and completeness of (follow-up) data† (Svircevic et al., 2011, p. 273). It should be stated that the metaregression did not show any associations â€Å"between the study outcome and factors varying over the years of execution of the individual studies or risk of bias items for any of the outcomes† (Svircevic et al., 2011, p. 276). Although, the meta-analysis does point out that there is an elevated risk for

Wednesday, January 1, 2020

Labor Unions And The Freedom Of Collective Bargaining

As Martin Luther King Jr. once said, â€Å"In our glorious fight for civil rights, we must guard against being fooled by false slogans, such as ‘right to work.’ It is a law to rob us of our civil rights and job rights. Its purpose is to destroy labor unions and the freedom of collective bargaining†¦ We demand this fraud be stopped† (Martin Luther King Jr. On Right To Work : We Demand This Fraud Be Stopped 1). The right to work law makes it so no employee can be forced to be in a labor union; therefore, it gives them the choice to be in a labor union or not to be in a labor union without it effecting them (â€Å"Right to Work Frequently-Asked Questions† 1). The right to work law has caused a lot of controversy to arise. While there are many cons of the right to work law, there are also many pros of it. Much of this controversy stems back to the history of labor unions. As of now, there is beginning to be a history of the right to work law too. Labor Unions date back to the 1800s. Since the majority of workers in the South were slaves and the majority of workers in the North were farmers, the number of wage laborers in the late 1700s was limited (Yates 13). When protests began after the American Revolution, groups called societies began. Societies would try to help employees maintain the standards of the workplace. Along with that, they did not want people who weren’t members of the society being hired and they tried to set a pay standard. In 1806, these so called societiesShow MoreRelatedUnions and The Collective Bargaining: Is it Beneficial? Essay1326 Words   |  6 PagesUnions and The collective Bargaining: Is it Beneficial? Being a part of a group or an association that you pay into as a worker should have benefits that can help you continue to improve their lives. The benefit of having someone speak up for you could be better pay, better health benefits, and being better treated in the work place. 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