Designing a New Direct Sales and Accounting System Essay

strayer Technical Paper Final Project Plan Submitted by: Angel Martinez INTRODUCTION In this paper, I will be simulating, that as a project manager, I have been designated to design a new Direct sales and Accounting System for up a coming business â€Å"Especially for you Jewelers†, or EFYJ. I will be assessing Business benefits, explaining the capabilities, and giving examples of three (3) possible scenarios. I will attempt to create a Vision Document, Activity Diagram, and a Use Case Description. SYSTEM DEVELOPMENT When designing any new system special considerations, guidelines, and specification should be taken into consideration. It is best practice that as many people as possible participate in the project, adding some sort of†¦show more content†¦Added methods can be cash, check, electronic, Google wallet, and reward points. Generate more income by placing items online This would attract more customers since it would make it convenient for people to do their shopping on line. More and exciting opportunities might arise and make way for possible expansion of the business. BUISNESS CAPABILITIES Generate payment notices By the company reaching out to customers and working with them on how to repay the item purchase it generates a professional environment while still maintaining essentials of running a business. Ranking system to track customers By having a ranking system, the company could keep track of those customers that frequent the most, pay on time, or non-payment making customers. Organize sale dates with seasons and holidays This would help promote and foster a system that could generate dates and holidays for special sales and savings. It would calculate how much of an item would have to be on hand in order for the company to meet its supply and demand. Ability to shop online With the added ability and luxury to be able to shop on creates a new source of revenue for the Business. 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Lecture Fm Free Essays

Vietnam National University – HCMC International University SCHOOL OF BUSINESS ADMINISTRATION COURSE SYLLABUS BA016IU Fundamentals of Financial Management 1. COURSE STAFF Lecturer: Ms. Phan Ng? c Anh, MBA Room: #205 E-mail: pnanh@hcmiu. We will write a custom essay sample on Lecture Fm or any similar topic only for you Order Now edu. vn Consultation hours: Thursday OR by appointment (preferred) Teaching Assistant: TBA Should the students wish to meet the staff outside the consultation hours, they are advised to make appointment in advance. 2. COURSE INFORMATION Prerequisite courses: Principles of Accounting 1 2. 1 Teaching times and Locations Lecture: Saturday, 13:00 – 16:00 Venue: C102 1 2 2. 2 Units of Credit: 3 credits 2. 3 Parallel teaching in the course: N/A 2. 4 Relationship of this course to others BA207U – Fundamentals of Financial Management provides students with basic concepts of financial management. The course is provided based on foundation knowledge of financial accounting and economics. This course may fulfill requirements of curriculum for students majoring in business administration in general; however is the foundation for students majoring in finance and accounting. For those students that major in finance and accounting, they can take higher level of courses in finance after this course, to count for some, Corporate Finance, Financial Institutions and Market, Investment and Portfolio Management, International Finance, etc. 2. 5 Approach to learning and teaching Employing the interactive learning and problem-based teaching approach, this course emphasizes the interaction between lecturers and students. The lecture materials will be uploaded in Blackboard to help the students to preview the materials and to concentrate on listening and critical thinking during the lecture. This will help students to interact with the lecturer during the classroom. The sessions for presentations and discussions comprise company case studies as well as answering some theoretical and conceptual questions, which help the students to see how the concepts are applied in the real international business context. Students will present the case to the class and discuss with the peers. 3. COURSE AIMS AND OUTCOMES 3. 1 Course Aims The aim of this course is to expose students to and familiarize them with the theoretical frameworks and practical matters of financial management.. The learning experience will include: an introduction to financial management; time value of money; techniques of pricing of financial instruments such as bonds and stocks; evaluation of major projects; the relationship between risk and return; an introduction to Capital Asset Pricing Model (CAPM) and Portfolio theory; and cost of capital and capital structuring. 3. 2 Student Learning Outcomes After completing the course, students should be able to: * Explain the purpose, goals, and importance of financial management; * Understand the relationship between risk and return; Understand time value of money and possess skills to convert financial time values; * Make basic valuation of bonds, stocks, and investment projects; * Evaluate capital budgeting alternatives, using the firm’s cost of capital in conjunction with internal rate of return and net present value techniques; * Compute cost of capital and capital structure. 3. 3 Teaching Strategies The learning system in this course consists of lectures and discussions. Lectures elaborate the appropriate theoretical content in the textbook and readings. Classes provide a more detailed and refined analysis of both concepts and applied materials. Classes are strongly oriented towards interactive discussion of the text and cases. 4. STUDENT RESPONSIBILITIES AND CONDUCT 4. 1 Workload It is expected that the students will spend at least eight hours per week studying this course. This time should be made up of reading, research, working on exercises and problems, and attending classes. In periods where they need to complete assignments or prepare for examinations, the workload may be greater. 4. 2 Attendance Class Attendance is Mandatory. Roll will be taken by random quizzes’ submissions at times of classes. University regulations indicate that if students attend less than eighty per cent of scheduled classes they may be refused final assessment. Exemptions may only be made on medical grounds. 4. 3 General Conduct and Behavior Beepers, cell phones, and pagers need to be turned off before entering the classroom. The students are expected to conduct themselves with consideration and respect for the needs of the fellow students and teaching staff. Conduct which unduly disrupts or interferes with a class, such as ringing or talking on mobile phones, is not acceptable and students will be asked to leave the class. 4. 4 Keeping informed The students should take note of all announcements made in lectures or on the course’s Blackboard. From time to time, the university will send important announcements to their university e-mail addresses without providing a paper copy. The students will be deemed to have received this information. 5. LEARNING ASSESSMENT 5. 1 Formal Requirements In order to pass this course, the students must: * achieve a composite mark of at least 50; and * make a satisfactory attempt at all assessment tasks (see below). 5. 2 Assessment Details Two Class tests 30% Mid-Term Exam 30% Final Exam 40% Total 100% Mid-term Exam and Final Exam: Mid-term and final test will be a combination of short answer questions, application problems and multiple-choice questions and will cover all the reading, homework, and lectures associated with the topics noted on the reading list. 5. 4 Class participation Students are expected to attend class regularly, and are responsible for materials covered during their absences. Although it is the responsibility of the student for non-attendance, the lecturer has full authority to drop a student for excessive absences. 5. 5 Special Consideration Request for special consideration (for final examination only) must be made to the Office of Academic Affairs within one week after the examination. General policy and information on special consideration can be found at the Office of Academic Affairs. 6. ACADEMIC HONESTY AND PLAGIARISM Plagiarism is the presentation of the thoughts or work of another as one’s own (definition proposed by the University of Newcastle). Students are also reminded that careful time management is an important part of study and one of the identified causes of plagiarism is poor time management. Students should allow sufficient time for research, drafting, and the proper referencing of sources in preparing all assessment items. The university regards plagiarism as a form of academic misconduct, and has very strict rules regarding plagiarism. 7. STUDENT RESOURCES 7. Course Resources Required textbook: Brealey, R. A. , Myers, S. C. and Marcus, A. J. , Fundamentals of Corporate Finance, 5th ed, McGraw Hill 2007 Note: the course will cover Chapter 1 – 12 Recommended readings: Recommended website: http://highered. mcgraw-hill. com/sites/007353062x/information_center_view0/ http://www. mhhe. com/business/finance/corpfinonline/. Choose â€Å"Finance Tutor Series†. www. financ e. yahoo. com www. bloomberge. com www. reuters. com www. vneconomy. com www. efinance. com. vn Other recommended books: Brigham, E. F. and Houston, J. F. 2007), Fundamentals of Financial Management, 11th edn, South-Western. Ross, S. A. , Westerfield, R. W. , and Jordan, B. D. (2010) Fundamentals of Corporate Finance – 7th ed, McGraw Hill. Additional materials provided in Blackboard The lecturer will attempt to make lecture notes and additional reading available on Blackboard. However this is not an automatic entitlement for students doing this subject. Note that this is not a distance learning course, and you are expected to attend lectures and take notes. This way, you will get the additional benefit of class interaction and demonstration. 7. Other Resources, Support and Information 1 Additional learning assistance is available for students in this course and will be made available in Blackboard. Academic journal articles are available through connections via the VNU â€⠀œ Central Library. Recommended articles will be duly informed to the students. 8. COURSE SCHEDULE: Week| Topic| Learning materials| 1| Introduction to corporate financeIntroduction CorporationGoals of the corporationAgency problemsFinancial DecisionInvestment DecisionFinancing DecisionDividend PolicyRoles of Financial ManagerWhy corporations need financial markets? Functions of financial markets and intermedias| Textbook, Chapter 1| 2| Time Value of MoneyBasic conceptsTime line/ Future values (FV)/ Present values (PV)Simple interest rate (SR)/ Compound interest rate(CR)Multiple cash flowsFuture value of Multiple Cash FlowsPresent value of Multiple Cash FlowsPerpetuity cash flowsPresent Value of a PerpetuityOrdinary annuity cash flow/ Annuity due cash flow Future Value of an AnnuityPresent Value of an Annuity| Textbook, Chapter 4| 3| Time Value of Money (Cont. Growing ordinary annuity cash flow/ Growing annuity due cash flow Future Value of an growing annuityPresent Value of an growing annuityMortgate loansInflation and time value of moneyReal versus nominal cash flowsEffective annual interest ratesQuiz 1| Textbook, Chapter 4| 4| Bonds and their evaluationBond characteristicsBond evaluationCoupon bonds, semi-annual coupon bondsZero-coupon bondsBond yieldCurrent yieldYield to maturity (YTM)Rate of returnRelationship between market interest rate a nd bond priceBond premiums and bond discounts| Textbook, Chapter 5| 5| Stock and their evaluationEquity versus debtCommon stocks Preferred stocksBook values, Liquidation values, and Market valuesStock valuation: Dividend Discount Model (DDM)Zero growth common stocksConstant growth common stocksDifferential growth common stocksPreferred stocksGrowth stocks and Income stocksMid-Term| Textbook, Chapter 6| 6| Project Investment Criteria and Capital Budgeting DecisionCapital budgeting decisionCapital budgeting processProject classificationsNet Present Value (NPV) methodInternal Rate of Return (IRR) methodPayback Period (PP)/ Discount Payback period (DPP) methodProfitability Index (PI)| Textbook, Chapters 7| 7| Project Investment Criteria and Capital Budgeting (Cont. Principles of identifying cash flowsCalculating Cash Flows Capital investmentOperating cash flowsInvestment in working capitalTerminal-year incremental cash flowMinicaseQuiz 2| Textbook, Chapter 8| 8| Introduction to Risk, Re turn and Opportunity Cost of CapitalIntroduction relationship between Risk and ReturnHistorical overview of risk and returnRates of returnMeasuring riskVariance and standard deviation Risk and diversificationDiversificationAsset versus portfolio riskVariance and standard deviation of returns for a two-asset portfolioUnique risk versus market risk | Textbook, Chapters 10| 9| Risk, Return and capital budgetingMeasuring market riskConcept of betaPortfolio betasRisk and returnCapital Asset Pricing Model (CAPM)Security Market Line (SML)Capital budgeting and Project Risk| Textbook, Chapter 11| 10| Capital Structure and Cost of CapitalMeasuring capital structureMarket versus book weightCost of capital Cost of debtCost of preferred stocksCost of equityCost of retained earningWeighted Average Cost of Capital (WACC)WACC and business evaluation| Textbook, Chapter 12| 11| Revision| | —————————————— – [ 1 ]. This is adapted with kind permission from the University of New South Wales. How to cite Lecture Fm, Papers

Restaurant management Essay Example For Students

Restaurant management Essay My interview is with a manager of a restaurant, the restaurant can have as many as 75 customers, and staff of 14. The restaurant served your everyday American food. The person whom I interviewed started as an assistant manager at the young age of 27. He has been a manager for the restaurant for the past 7 years. I considered him a Functional Manager because of the definition in the book, i. e. He supervises the work of employees whom engages in different specialties, such as waiters/waitress, kitchen help, accounting, and quality control. But in the same realm he is considered a General Manager because he oversees the operations, helps in solving problems, spotting problems before they occur and insuring the safety of all employees and customers. He decided to become a manager because he felt that he could motivate people, and help them realize their potential. He decided to become a restaurant manager because he enjoyed being around food and that type of fast pace environment. When interviewing this person it became very evident that he is an effective manger because he possesses many key managerial skills. If a manager wants to prevent her employees from quitting she must keep them happy and in order to do that she must focus on what the employee wants. Combining my personal experience with the data that I researched, I have written this report on the two most important standards that I feel a restaurant manager must enact to keep her employees turnover to a minimum. The two criteria that I feel a manager must follow in order to successfully retain her smiling quality employees are employee incentives and training. This report was written in five weeks using the following data: two personal interviews, online information and books. Ive had personal experience in the restaurant business for eleven years. In that time I have worked in seven different restaurants. The managers that ran these establishments had very diverse managerial styles. Their managerial styles ranged from the employees running the place to the management acting like they were the restaurant police. According to Robert Plotkin, NO ONE CAN MAKE OR (sic) break a place like the manager (2000, online). None of the different supervision tactics that I have worked under seemed to help keep employee turnover down. The majority of the individually owned restaurants that I am familiar with are run and managed by the owners themselves. As a restaurant employee I feel that servers and bartenders need more of an incentive to be employer loyal than just making tips. Cash is not enough of a motivational factor for employees to not leave one institution to work for another. Restaurants that implement incentive programs tend to have employee turnover rates that are lower than the national average. When I state incentive programs Im talking about employee health benefits, and reward strategies. Restaurants such as Chevys and Chi-Chis continually develop benefit and incentive programs, that help make their turnover rates the envy of the industry (Weinstein, 1992, online). If a supervisor offered her employees health benefits her employee retention rate would increase dramatically. Among the perks at Chi-Chis restaurant is medical insurance for part-timers who work at least 20 hours a week. A lot of part-time employees stay with us because of the medical benefits, says Talarico, vice president of training and development for Chi-Chis, Louisville, Ky (Weinstein, 1992, online). I spoke with Marc Uelmen the manager of Mongolian BBQ in Ann Arbor, Michigan and he said, because Mongolian offers our employees medical and dental we are able to keep our employees from leaving and going to work at another restaurant (Uelmen, Interview). I believe that a manager should offer health benefits to all her employees that work on average at least 20 hours a week. Of the several different establishments I have worked at in restaurant career only one of them offered employee health benefits. Employee incentives like health insurance not only keeps employee turnover down but it would also make employees more productive. More productive employees provide better customer service so it would inevitably mean more money for the business. .u3511872ca19eb5a98aa4f7bc3e975366 , .u3511872ca19eb5a98aa4f7bc3e975366 .postImageUrl , .u3511872ca19eb5a98aa4f7bc3e975366 .centered-text-area { min-height: 80px; position: relative; } .u3511872ca19eb5a98aa4f7bc3e975366 , .u3511872ca19eb5a98aa4f7bc3e975366:hover , .u3511872ca19eb5a98aa4f7bc3e975366:visited , .u3511872ca19eb5a98aa4f7bc3e975366:active { border:0!important; } .u3511872ca19eb5a98aa4f7bc3e975366 .clearfix:after { content: ""; display: table; clear: both; } .u3511872ca19eb5a98aa4f7bc3e975366 { 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; } .u3511872ca19eb5a98aa4f7bc3e975366:active , .u3511872ca19eb5a98aa4f7bc3e975366:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u3511872ca19eb5a98aa4f7bc3e975366 .centered-text-area { width: 100%; position: relative ; } .u3511872ca19eb5a98aa4f7bc3e975366 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u3511872ca19eb5a98aa4f7bc3e975366 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u3511872ca19eb5a98aa4f7bc3e975366 .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; } .u3511872ca19eb5a98aa4f7bc3e975366:hover .ctaButton { background-color: #34495E!important; } .u3511872ca19eb5a98aa4f7bc3e975366 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u3511872ca19eb5a98aa4f7bc3e975366 .u3511872ca19eb5a98aa4f7bc3e975366-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u3511872ca19eb5a98aa4f7bc3e975366:after { content: ""; display: block; clear: both; } READ: Is advertising ethical Essay The real challenge we face today is not finding new people; its keeping the best ones we already have and making sure that .

Value Chain Analysis-Costco Corporation Essay Essay Example

?Value Chain Analysis-Costco Corporation Essay Paper Brief on the OrganizationCostco is among the taking planetary retail merchants which provide clients a broad scope of ware, runing from little to well-known trade names. The company began operations in 1983. Over the old ages, Costco has been a retail merchant in low cost membership-only leader, in warehouse nine of ware. Furthermore, Costco does non offer frills warehouse concern theoretical accounts as its rivals do. Costco’s major rivals are BJ’s Wholesale Club and Sam Club ( Costco, 2010 ) . Using the tools presented in this SSP, Costco provides a elaborate analysis for transforming concern operations relative to industry challengers. This is done in order to make net incomes and attain maximal shareholder’s value. A close scrutiny of Costco’s Value concatenation suggests that the company uses a useful attack, which maximizes the benefits for all stakeholders. We will write a custom essay sample on ?Value Chain Analysis-Costco Corporation Essay specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on ?Value Chain Analysis-Costco Corporation Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on ?Value Chain Analysis-Costco Corporation Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The Concept of Value Chain and Information Technology Impact Nowadays, competitory advantage chiefly derives itself through information engineering in concern theoretical accounts. Therefore, such supportive activities as information systems, R A ; D or general direction are normally the most of import beginning of distinction advantage. Technology inventions continue to determine Costco’s value concatenation. Through information engineering, Costco obtains strategic significance by altering the manner companies operate. The most of import construct is the value concatenation an organisation has entrenched itself in ; integrating communicating additions cooperation which leads to the productiveness procedure of linking groups that create activities toward a value system. Costco use of the smartphone applications is merely used to do personal judgements and predict purchases. Costco utilizes societal media platforms to heighten on-line shopping. The company continues to offer on-line shopping to its members. However, customer’s privateness is at hazard utilizing the smartphone information, and the corporation acknowledges this job to their members ( Costco, 2010 ) . In add-on to this menace, smartphones diminish the usage of hard currency. Organization’s Value Chain Analysis Value Chain analysis evaluates each measure concern goes through from origin to conclusiveness. The end is to maximise the value for the entire cost. Costco’s mission is to supply their members with choice goods and services at the lowest possible monetary values. The company’s mission, values and schemes suggest Costco uses a wide endeavor scheme which fits in the social model. To guarantee employee motive, Costco offers them a alone feast of benefits. This include ; paying wellness benefits for them, 50 % higher pay, employee keeping of over 90 per centum, and keeping employees even during recession periods ( Costco, 2010 ) . The Company’s strength is its primary value ironss which split into two distinguishable maps: Demand fulfillment and Demand coevals. Demand fulfilment includes input logistics, operations, and end product logistics. Demand coevals involves gross revenues, selling, and service section which breaks down into sub-tiers. Costco’s support activities include HRM, engineering development, house substructure and procurance. Costco’s failings are hard to nail ; one failing is relentless low operating net income borders. Bigger net incomes can happen by non paying employee benefits and with demanding higher returns from their providers. The job would be at what cost? Costco receives cost advantages from value adding major ( trade name points ) activities. However, it continues to see a challenge from Sam Club and BJ’s Warehouse, besides have a rank fee to shop for great trades ( Mascarenhas, 2004 ) . Linkages and Value System Mr. Porter introduced the generic value concatenation theoretical account in 1985. Value concatenation represents all the internal activities a house engages in to bring forth goods and services. VC is formed chiefly of activities that add value to the concluding merchandise straight and back up activities that add value indirectly ( Value Chain analysis, 2013 ) . Harmonizing to Porter and Millar, ( 1985, p. 154 ) several factors needed in analysing how information engineering might works for your organisation. By placing and ranking the ways in which information engineering creates a competitory advantage, it determine the function of information engineering in the concern construction, and the impact it has on the concern universe. Mentions Costco ( 2010 ) . Why Become a Member.Retrieved from: hypertext transfer protocol: //www.costco.com/membership-information.html Finne, S. ( 2008 ) . The retail value concatenation: How to derive competitory advantage through Efficient Consumer Response ( ECR ) schemes. Kogan PagePublishers. Gilmartin, B. ( 2014 ) . Costco Earnings Preview: Superb Execution, Perennially Overvalued Mascarenhas, O. ( 2004 ) . Customer value-chain engagement for co-creating client delectation. Journal of consumer selling, 21 ( 7 ) , 486-496. Porter, M. E. , A ; Millar, V. E. ( 1985 ) . How information gives you competitory advantage. Harvard Business Review, 63 ( 4 ) , 149-160 Williamson, G. ( 2014 ) . A Simple but Powerful Strategy That Can Lead To Multibaggers. Retrieved from: hypertext transfer protocol: //www.dailyfinance.com/2014/03/04/play-follow-the-leader Value Chain Analysis | Strategic Management Insight. ( n.d. ) . Retrieved from hypertext transfer protocol: //www.strategicmanagementinsight.com/tools/value-chain-analysis.html

Persuasive Essay Samples - How to Write a Persuasive Essay

Persuasive Essay Samples - How to Write a Persuasive EssayOne of the most important parts of writing a persuasive essay is being able to generate maximum attention and interest from the reader. Since our age and the modern society constantly strives for the entertainment, it becomes harder to write a persuasive essay that arouse their interest. Most often than not, they end up being annoyed and bored because they simply do not get what is being argued in the essay.Here are a number of persuasive essay samples that can help you in writing that perfect argument and give you that proper boost in your essay. The most important thing that will affect the way a reader reads a persuasive essay is whether or not you make them think. In order to do this, you need to engage them. But how can you do this?One of the best ways to engage your reader is to write about a number of different topics. Although it may be possible to focus on one issue, it will not serve you any good if you just focus on one or two topics. If you are writing an essay about writing an online business plan, then focus on three or four different subjects that relate to the topic.Instead of focusing on one, choose an interesting topic to start with. One such topic is 'how to write a persuasive essay'. Since there are many such topics, pick one that you can write on and that your reader would enjoy reading. After all, they are not here to learn something from your writing, but to simply be entertained.It is also important to select the right level of interest. For example, if you are writing an essay about choosing a sport for your child, then you may want to focus on some other interesting topic like 'how to play the piano.' Of course, to make your readers more interested, you should use colorful language and use jargon in your writing.However, when it comes to the quality of your writing, do not go overboard. As a writer, your objective is to write an essay, not a novel. And in order to write a persua sive essay, you should never have to resort to using the entire vocabulary in the English language. You should stick to using the basics of the language, such as 'said,' 'said'said.'Another way to write persuasive essays is to select those persuasive essay samples that are based on particular topics. For example, if you want to write an essay about using the internet to grow your business, then a number of persuasive essay samples that focus on the uses of the internet for this purpose will help you.

Goldman Sachs Essays

Goldman Sachs Essays Goldman Sachs Essay Goldman Sachs Essay The Goldman Abacus Fund: Ethics You Can Count On Or Ethics That Don’t Add Up Set Up Imagine a physician is on the golf course with one of his colleagues, who happens to be a cardiologist. Somewhere on the back nine the cardiologist begins to tell the physician about one of his patients, a 52 year old man with blood pressure of 145/99, who is 40 lbs. overweight, chain smokes, and enjoys 7 to 8 martinis a day. In spite of medications, in the words of the cardiologist, the patient is â€Å"a ticking time bomb. The first physician asks for his friend’s patient’s personal information, and after the golf game, goes to see his State farm agent, where he takes out a 1 million dollar life insurance policy on the ‘time bomb† guy. Are the actions of the physician ethical? Taking out such a policy is of course illegal, as the doctor does not have what is known as an insurable interest. But assuming the doctor took no steps to encourage th e man’s death, under the theory of rational egoism his actions would be justified. Furthermore, as macabre as the doctor might seem in betting on the death of another human being, Sternberg would consider his actions to be within the realm of ordinary decency. In 2007, amid historic economic development, a scenario emerged similar to the one just described. Although the players and events were quite different, the same philosophical question was raised: is it ethical to benefit from someone else’s demise. Living in a society riddled with envy and resentment, many onlookers thought so. Two parties in particular did not. They were John Paulson Co. , a hedge fund company established in 1994, and Goldman Sachs Co. a global investment banking and securities firm founded in 1869. The Events The story has its beginnings in 2005 when 49 year old Paulson, a man with a Wall Street reputation of mediocrity, hired an out of work analyst, Paolo Pellegrini. Pellegrini’s job was to crunch numbers on a befuddling trend which â€Å"everyone† seemed to be maki ng money on except Paulson (Zuckerman). After a year’s worth of late nights, Pellegrini determined that not only were housing prices soaring independently of interest rates and well beyond the pace of inflation, but that when the bubble did pop, it would send home prices down more than 40%. : When Pellegrini showed his charts and figures, Paulson couldn’t believe his eyes. Finally the housing market boom made sense to him. What also made sense to him was the market’s inevitable crash. Paulson had to find a way to make money on this prediction. Initially Paulson and Co. bought large lots of credit default swaps, which in effect were insurance policies against â€Å"risky† subprime mortgage debt (Zuckerman). Paulson was paying up to an 8% premium to guarantee against the default of mortgages he didn’t even own. Paulson and Co. spent months accumulating these mortgage insurance policies before deciding that the process was too slow. Paulson needed another way to short the housing market, preferably one with great leverage. A collateralized debt obligation seemed to be the perfect means to Paulson’s desired end. To understand how Paulson was able to make a $15 billion profit on his market prediction, a closer look at the 3 main financial instruments used is needed. Residential Mortgage Backed Securities (RMBS), Collateralized Debt Obligations, and Credit Default Swaps are all financial instruments used by both commercial and investment banks. RBMSs are bonds which are backed by a pool of residential mortgages. These bonds have different ratings based on the default risk of the varied prime and subprime mortgages. Even though the initiating bank may continue to service the loan to the homeowner, the mortgage itself will likely end up being sold again and again, often being pooled as an asset base to compose a RMBS. Collateralized Debt Obligations are securities collateralized by debt. Basically, a CDO is where a financial institution bundles a bunch of debt and sells it as a package to other financial institutions (Stephen D. Simpson). CDOs commonly take RMBSs a step further by packaging a series of them into one portfolio. The CDO collects cash from the pool of bonds it contains, and from this cash, distributes interest and principle payments to the CDO’s investors. If the underlying securities fail (as in the case of a defaulted subprime mortgage), the investors lose the money they put into the CDO. In the case of the Goldman Sachs Abacus deal, rather than a cash-based CDO, a synthetic CDO was packaged. A synthetic CDO differs from a CDO in that it does not own the underlying asset (portfolio of bonds). Instead it uses credit default swaps to mimic the risk associated with the assets (bonds) listed in the portfolio. A credit default swap is a means to achieve risk transfer from the bond holder to another party. When a bond holder buys a CDS, he is buying insurance against the bond defaulting, by paying a series of premiums to the CDS seller. In the event of default, the CDS seller must compensate the bond holder with the face value of the bond. Back in 2006, these vehicles were viewed as free money. Many economists and banking institutions believed the U. S. had reached a period of indefinite, sustained growth, meaning the likelihood of mortgage default, even at the subprime level, was low. The top banks, with presumably the most savvy, sophisticated money managers in the world, took advantage of this by heavily participating in these high leverage instruments. In 2005, senior traders from Bear Sterns to Goldman Sachs shared the sentiment that the housing market was solid and in no danger of collapse. By December of 2006 however, though not going public with its stance, Goldman decidedly turned bearish on the mortgage industry. Early in 2007, Paulson approach Goldman requesting that they structure a CDO with (allegedly) the inclusion of 123 hand-picked RBMSs which Paulson believed to be most likely to default (Quinn). He also asked Goldman to help him find another party who would take the other side of his desired market position. Goldman agreed, was paid $15m in fees by Paulson and Co. , and Abacus was born. Goldman assigned 29 year old a junior bond trader named Fabrice Tourre with managing and promoting Abacus to investors. Tourre approached IKB Deutsche Industriebank, who expressed interest only if a third party choose the RMBS. As such, Goldman enlisted ACA management to choose the RMBS which would compose Abacus. At this point, Tourre allegedly led ACA to believe that Paulson was going to invest $200M into Abacus. Thinking this, ACA also directly invested $42m into Abacus and took on the role of insuring $909M worth of credit default swaps; (unknown to ACA, Paulson was on the other side). With a third party (ACA) now selecting the RMBS, Tourre convinced IKB to invest $150M into Abacus. Ultimately these were the events which led the SEC to file charges against Goldman on April 16, 2010. The Outcome A year after Abacus was assembled and marketed, Paulson’s prediction came true. 99% of the CDO had been downgraded, rocketing the value of the credit default swaps he bought. John Paulson netted $1bn. n what Gregory Zuckerman of the Wall Street Journal would call â€Å"the perfect trade. † IKB lost nearly its entire investment of $150M. ACA Management lost $841M. When the dust settled, eyebrows were raised and eventually charges were filed. Goldman was charged with fraud in structuring and marketing of a CDO which was secretly intended to fail. The fraud charge alleged that Goldman allo wed Paulson to strongly influence ACA in selecting the RMBS which would make up Abacus. The charge also alleges that ACA was deceived to think that Paulson had an interest in the CDO’s success rather than failure. Paulson was not charged and has maintained that ACA â€Å"had sole authority over the selection of RMBS in the CDO (Quinn). The Facts ACA Management was both the portfolio selector and the largest investor to Abacus. Owned by one of the largest banks in Europe, ABN Amro, ACA management specialized in CDOs and portfolio selection. Put another way, they knew exactly what they were getting into, they just happened to be wrong. Paulson had been unsuccessfully â€Å"betting against† the housing markets since 2005. During 2006-2007 insurance against defaulting mortgages (CDS) became extremely cheap. During the period, many banks were selling CDS to collect what they saw as low risk insurance premiums. ACA was to collect $1,545,300 in premiums per year through insuring Abacus. Paulson’s role in Abacus was not made clear to investors, but the anonymity he maintained is both legal and commonplace on Wall Street. All the players at the table were among the most sophisticated banking institutions in the world, which could not be better equipped with experts to perform the due diligence of investigating a prospective investment. Ethical Analysis In a 2009 Rolling Stone article, Matt Taibbi accused Goldman Sachs of being â€Å"a great vampire squid wrapped around the face of humanity,† Goldman he states, was the cause of the housing bubble through creation and use of financial instruments such as CDOs and CDSs (TAIBBI). The dramatic description hardly instills an image of ethical behavior. But is it true? Taibbi has it backwards. The Housing and Community Development Acts of 1974, 1982, and 1987 had been making mortgages easier to obtain long before the 1994 invention of Credit Default Swaps, (although the first CDO was issued by Drexel Burnham Lambert in 1987) (Frej). It is because we live in a society where there exists too much envy and resentment that media figures such as Matt Taibbi point the finger at those who succeed, and scream â€Å"hey, that’s not fair! † When people defaulted on their home mortgages, it was not because of Paulson or anyone else making money. It was because of their own greed and desire. People acted like children giving in to the impulse to grab the â€Å"shiny object† i. e. large mortgage, when in fact it was their responsibility to perform due diligence and conclude whether or not such mortgages were financially feasible. Was it unethical for Goldman/Paulson to benefit by means of others’ demise? Just as in the opening example of the patient who was certain to die, so too were historical numbers of mortgages destined for foreclosure. And while wealth creation is not a zero sum game, equity trading often is; every buyer needs a seller. ACA management and IKB were trying to profit by knowingly taking risks. They lost. For Goldman and John Paulson, it was â€Å"just business. † There were no intentions beyond profit maximizing, nor did they act in any unfair or unethical way. Goldman and Paulson did their best to maximize the long term value for their investors in a business designed around risk. In the end it was Paulson and Company’s countless hours of research and study which led them to the decisions they made. Had anyone else done the same, they likely would have gained similar compensation. This would be in line with Sternberg’s principle of distributive justice. Conclusion There has been recent talk from the likes of Warren Buffet to Barack Obama about the evils of complex financial instruments. They say CDOs and CSOs should be banned or at least controlled with more regulation. This is a much too simple solution to the problem of financial responsibility. If CDOs and CSOs get banned, another instrument with the same potential effect (good or bad), will be right around the corner. Living in a period of record government hand-outs, it is no wonder people think everything either is free or obtainable with minimal effort i. e. mortgages. Financial responsibility must be taught at an early age, whether at home or at school. The path away from any future financial crisis will be seen when people have an understanding of money and make gains through distributive justice.

The Triple Threat of Sures

The Triple Threat of Sures The Triple Threat of Sures The Triple Threat of Sures By Maeve Maddox Brad Stolzer wonders about ensure and insure: Am I the only one who struggles with these? Not at all. And while we’re at ensure/insure, let’s throw in assure. All three words are close in origin and meaning. Both assure and ensure came into English in the late 1300s, assure from Old French asseurer, â€Å"to reassure, calm, protect, to render sure, and ensure from Anglo-French enseurer, â€Å"to make sure.† The word insure appeared about 1440 as a variant of ensure. It took on the sense of â€Å"to make safe against loss by payment of premiums† in 1635. Before that, assure had that meaning. In modern usage, insure has won out as the word that has to do with compensation for financial loss. The violinist insured his hands with Lloyd’s. This use of insure applies on both sides of the Atlantic. The confusion that arises with insure vs ensure stems mainly from another definition: â€Å"to make certain that (something) will occur.† For example: We wish to ensure the safety of our passengers. Some speakers of American English would use the spelling â€Å"insure† in this context, but others might, like speakers of British English, write â€Å"ensure.† The AP Stylebook offers these guidelines: Use ensure to mean guarantee: Steps were taken to ensure accuracy. Use insure for references to insurance: The policy insures his life. According to the Chicago Manual of Style, â€Å"we ensure events and insure things. But we assure people that their concerns are being addressed.† Sources: The Associated Press Stylebook The Chicago Manual of Style The Online Etymology Dictionary The Oxford English Dictionary The Penguin Writer’s Manual Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:Apply to, Apply for, and Apply with16 Misquoted QuotationsHow to Address Your Elders, Your Doctor, Young Children... and Your CEO