Comparison of Gini coefficient

Question: Talk about the Comparison of Gini coefficient. Answer: Presentation: As per World Bank, Gini coefficient is the marker of scattering of pay appropriation among families from a totally equivalent conveyance (oecd.org, 2016). The pay Gini coefficient of OECD nations is given underneath: Gini Coefficient list during 2014 New Zealand 0.333 US 0.394 Joined Kingdom 0.358 Switzerland 0.295 Ireland 0.244 Turkey 0.393 Australia 0.337 Chile 0.465 Table 1: Gini coefficient list (Source: oecd.org, 2016) As expressed by Fyers Kirk (2015), Gini coefficient near zero demonstrates less imbalance among individuals of various pay circulation in an economy. Then again, the worth near 1 demonstrates high imbalance and less human advancement in the economy. High disparity shows hole among high and low pay bunch is more extensive and low pay bunch individuals are avoided from financial offices. The above table shows that pay imbalance in New Zealand is short of what US and UK. Be that as it may, pay imbalance is most minimal in Ireland among the OECD nations. It tends to be surmised that monetary approaches have been actualized in a superior manner in Ireland in contrast with New Zealand. Monetary development and improvement of mechanical and administration division are significant components that guarantee salary dissemination. Contrasts in riches are additionally reason for contrasts in salary circulation. Contrasts in government arrangements with respect to pay rates, charges and other advancement strategies, human capital development, industrialisation are purposes behind contrasts in Gini coefficient across nations. Improvement of little industry in New Zealand contrasted with the huge businesses is one reason that ascribes to the disparities in the economy and rising Gini coefficient in this nation (inequality.org.nz, 2016). References Fyers, A. Kirk, S. (2015). Pay imbalance: How NZ is one of the most noticeably terrible on the planet. stuff.co.nz. Recovered 2 January 2017, from https://www.stuff.co.nz/national/governmental issues/68600911/salary imbalance how-nz-is-one-of-the-most exceedingly awful on the planet inequality.org.nz. (2016). Get imbalance. Recovered 2 January 2017, from https://www.inequality.org.nz/comprehend/#!prettyPhoto oecd.org (2016) OECD Income Distribution Database (IDD): Gini, neediness, pay, Methods and Concepts. Recovered 2 January 2017, from https://www.oecd.org/social/pay conveyance database.htm

Is a College Education Necessary to Succeed in Life Essay Example for Free

Is a College Education Necessary to Succeed in Life Essay Training is the key that makes the way for all life brings to the table. The advantages of decent training, upgraded vision, expanded inspiration, and improved execution is vital to being fruitful throughout everyday life. Achievement has a place with the individuals who procure decent instruction. Improved vision Getting decent instruction can assist you with increasing a superior perspective on what you can do. Training gives an individual an upgraded feeling of individual control (Schieman and Plickert, 2008). Sound hypothetical and exact research has set up that instructive accomplishment is the basic initial phase in improving relational abilities, improving relationship aptitudes and improving your life (Schieman and Plickert, 2008). The most significant thing to recollect about instruction is training is the most significant component that can assist you with expanding your own control throughout everyday life. Expanded inspiration Acquiring decent training can likewise assist you with improving your station throughout everyday life. Abraham Maslow accepted that what inspires individuals is a chain of command of necessities starting at the most fundamental needs of food, safe house, and dress and consummation in self realization (Wilson and Madsen, 2008). Maslow accepted people have the capacity through training to turn into anything they desire to become on the grounds that the individual has a capacity to learn (Wilson and Madsen, 2008). Through utilizing this capacity to learn and securing training you can discover achievement and you can discover the ability to transform you. Expanded execution Improving your training will improve your opportunity for progress. Getting decent training tends to cause you to feel great about yourself. At the point when you start to feel great your life takes on another significance and you can push off the articles of clothing of a negligible life and put on the pieces of clothing of an important life (The humanist, 1992). This change is cultivated through the restoration you had always wanted. At the point when you begin dreaming again you will start to learn through organized projects of learning, from loved ones, from every day encounters, and from self reflection (Teare, 1997). Learning will turn into a great activity. At long last, training outfits you with the basic profession and fundamental abilities that lead to a fruitful life (Hays, 2008). At the point when you learn through instruction to tune in, have compassion, begin thinking about existence, become powerful, gotten mindful of the world in which you live, create foreknowledge or vision, begin seeing the 10,000 foot view, become focused on your development as an individual, become worried about making the best decision, and understand that you are a little piece of a more prominent entire (Hays, 2008) at that point you will be well en route to being effective throughout everyday life and will have demonstrated that individuals truly need training to succeed.

How Long Does It Take to Get a Ph.D. in Psychology

How Long Does It Take to Get a Ph.D. in Psychology Student Resources Print How Long Does It Take to Get a Ph.D. in Psychology? By Kendra Cherry facebook twitter Kendra Cherry, MS, is an author, educational consultant, and speaker focused on helping students learn about psychology. Learn about our editorial policy Kendra Cherry Updated on September 27, 2019 Ariel Skelley/Getty Images   More in Student Resources APA Style and Writing Study Guides and Tips Careers Are you thinking of earning a Ph.D. or other doctoral degree in psychology? Before you begin your academic journey, it is a good idea to take a look at just how long it will take you to complete your degree. The amount of time it will take can depend upon a variety of factors including your chosen specialty area, the program you select, and the course load you are able to take each semester. A doctorate-level degree in psychology is required to work in many job areas, including as a licensed clinical psychologist or counseling psychologist. According to the American Psychological Association, a  doctorate degree is also often required in fields such as school psychology or health psychology. So how long does it take to get a Ph.D. in Psychology? First, it is important to realize that the degree requirements can vary depending upon the field that you decide to pursue. A Ph.D., or Doctor of Philosophy degree is not necessarily your only option. In some cases, you might want to also consider the Psy.D. (Doctor of Psychology) or the Ed.D. (Doctor of Education) degree options. Which Type of Degree Should You Get? How do these degree options differ? A Ph.D. in Psychology tends to focus on a research-based model of education. People with a Ph.D. in Psychology are qualified for a wide range of teaching, research and clinical positions in colleges, universities, hospitals, government offices, and private mental health practices. The Psy.D. degree option generally focuses on a practitioner-based model of education. Individuals with a Psy.D. degree can also teach or conduct psychology research, but they frequently work in applied settings to provide direct mental health services. Finally, there is also a third doctorate option that you might also want to consider depending on your career goals. If you are interested in working as a school psychologist or in a related educational field, the Ed.D., or Doctor of Education, is a possible option. How Long Will It Take to Get a Doctorate Degree? The length of time required to earn your degree depends on upon a variety of factors, including the type of degree you have selected, your educational background and the individual doctorate program in which you have enrolled. Generally, if you have a strong background in psychology and have completed all of the necessary prerequisites, you will be able to finish your doctorate sooner than students who have not taken the prerequisite courses. Be sure you have a clear idea of what you want to do with your psychology degree once youve completed it. Do you want to teach, or is research more appealing to you? Are you interested in seeing clients, or are you planning to combine your training in psychology with another field, such as law or medicine? An accredited university should be able to provide guidance on whatever your career goals in psychology are. Ph.D. in Psychology Most Ph.D. programs require at least 5 to 7 years to complete. In addition to regular coursework, you may also be expected to complete an internship or supervised residency. The program usually culminates in completing an original research project or dissertation. Psy.D. Degree Most Psy.D. programs require between 4 to 6 years to complete. According to the APA, programs conferring the Psy.D. degree focuses on  the application of psychological science, usually in the form of service.   EdD. Degree Most Ed.D. programs require between 3 to 5 years to complete. It is important to note that many applicants to Ed.D. programs already hold a masters degree in a related field, while applicants to Ph.D. and Psy.D. programs often begin their program of study with a bachelors degree. A Word From Verywell No matter which type of degree you decide to pursue, earning a doctorate degree in psychology requires a significant investment of time, money, and effort. Because of this, it is important to carefully consider your goals before deciding on a graduate program. You should also consider whether you need a doctorate or if masters might be more appropriate. Despite the years of work involved, earning your Ph.D., Psy.D., or Ed.D. can be well worth the effort. The U.S. Bureau of Labor Statistics suggests that workers with a doctoral or education specialist degree in clinical, counseling, and school psychology will find the strongest job opportunities.

Proper Nutrition Is Essential For The Long Term Health Of...

Proper nutrition is essential for the long-term health of children. A healthy diet helps protect against all forms of malnutrition that can lead to nutrient deficiencies, obesity, diabetes, and other chronic disease. (1a) Giving a child a supportive and adequate nutritional start has a positive impact on their not only their physical development but also their mental and social development (1). A study completed in 2013 investigated the intake of 5200 5th grade student and tested their academic abilities. This study found that students with a higher intake of vegetables and lower caloric intake of fat were significantly less likely to perform poorly on academic assessments. (11) In 2010, 20.2% of American households with children were†¦show more content†¦(6b) The prevalence of childhood obesity is high in America with approximately 16.9% of 2-19 year olds in the United States being obese during 2011-2012 (7). The percentage of obesity in America has been steadily increasing. From 1980-2008 the prevalence of obesity in the U.S. more than doubled among adults and more than tripled among children (6). Even though children are consuming adequate or excessive food calories, they are not meeting the federal Dietary Guidelines for Americans. (9a) Food insecurity and childhood obesity combined implicate future consequences for children. Overweight and obese children face long and short term complications: chronic inflammation, cardiovascular disease, type 2 diabetes, metabolic syndrome, mental health disorders, lower self-esteem, and underachievement in school and even increased mortality (10). National School Meal Feeding Programs Children who eat well, preform better in class and have a greater opportunity to succeed in school. The rise in childhood obesity has brought scrutiny to the types and amounts foods offered and eaten at school and how that is affecting a child’s overall diet intake. ((7A) Hastert, 2009) Children spend more waking

Alzheimers Disease Advanced Neuro-deteriorating Illness - Free Essay Example

Sample details Pages: 5 Words: 1439 Downloads: 5 Date added: 2019/04/04 Category Medicine Essay Level High school Tags: Alzheimer's Disease Essay Did you like this example? Introduction Alzheimers disease (AD) is an advanced neuro-deteriorating illness that is responsible for over two-thirds of all the instances of dementia. The most significant hazard aspect of Alzheimers disease is aging as well as a genotype known as APOE4. A report released in 2007 by the Alzheimers Association approximated that over 5 million citizens in U.S.A are presently diagnosed with this disease whereas unanimity research in Delphi predicted a worldwide dominance of AD would augment to an aggregate of more than 80 million cases by 2040. Don’t waste time! Our writers will create an original "Alzheimers Disease: Advanced Neuro-deteriorating Illness" essay for you Create order (Gold et al., 2008). Whilst this illness is regularly overwhelming to the affected individual as well as the family, the unusual occurrence of AD articulates that its a burden both financially as well as to the society. Undeniably, AD exemplified the third greatest expensive health disorder in the year 2000 in America and is of rising fiscal significance for health strategy organization in other commercial and evolving states. Maybe because of increasing proof concerning the seriousness of the condition, an increase of study attention in AD done in the previous decade, with 50% additional papers printed regarding the subject in 2007 than 1997. During this period, one chief part of the study of AD has been fixated on the mental deficiencies displayed by patients. Alzheimers disease and memory. (Which types of memory†such as episodic, procedural, etc.†are most affected by this disease? Alzheimers disease affects the various brain sections in different levels although it majorly affects the long-term memory which is comprised of the episodic as well as the semantic memory. The condition initially starts with the short-term memory, e.g. preserving recently learned short-term information. It then proceeds to the episodic memory where it affects an individuals recall of first-person events. Afterward, it goes to the semantic recollection where it affects an individuals recall of word definition and world facts. The disease finally affects the procedural memory whereby they are impaired concerning cognitive and practical abilities. (Mastin, 2010) With the progression of the condition, the brain sections that were initially integral become dysfunctional and finally, all cognitive, concentration, and language capabilities are disordered. Patients of AD have a habit of showing information loss of particular features of the semantic section of the brains. Earlier, they cann ot differentiate logical classifications like animal species although after a period, this absence of differentiation spreads to extensive more overall classifications. What is the progression of AD? AD progresses in stages are dependent on the type of region of memory that has been initially affected; the development continues until the patient has been influenced a significant portion of their brains. Early stage This terminology denotes to persons of every age that have an insignificant deficiency because of signs of Alzheimers disease. Regular symptoms comprise poor memory, communication hitches, and variations in attitude and conduct. Individuals in this phase maintain most of their handy abilities and call for nominal support. (Sperling et al. 2011) They might have an understanding of their altering aptitudes, and, thus, be able to notify other individuals of their know-how of existing with the illness and aid to design and supervise their prospective care. Middle stage This phrase conveys a more substantial degeneration in the individuals mental and practical aptitudes. Retention, as well as other intellectual capabilities, shall remain to deteriorate even though persons at this period might possess a bit of understanding of their disorder. Aid with various everyday responsibilities, for instance, shopping, homemaking, wearing, cleaning and going to the toilet will ultimately come to be essential. (Sperling et al. 2011) Employing aggregating requirement to offer care, everybody involved will require assistance and care. Late stage This stage of Alzheimers illness might likewise be titled severe or radical phase. Herein this phase, the individual finally converts to be incapable of verbal communication or taking care of their selves thus necessitating the need for full day care. The objective of this provision at this phase is to maintain the attention of the individual to guarantee the paramount value of life probable. What are current recommendations for how to maintain functioning prior to and after diagnosis?) Drug interventions Medically and inexpensive medications for Alzheimers disease are existing; the stress is to develop or preserve utility after neuronal impairment instead of changing the concealed pathogenesis resulting in the condition. Two categories of medicines are presently commended for Alzheimers illness: Galantamine, Acetylcholinesterase inhibitors donepezil, and N-methyl-D-aspartic acid receptor, Rivastigmine, and competitors such as Memantine. (George et al. 2003) Presently, Acetylcholinesterase inhibitors are the solitary suggested alternatives to cope with minor to moderate Alzheimers disease and there lacks substantiation that one is more effective than the other; although, a vast randomized measured experiment has freshly revealed that constant management with Donepezil is related with mental remunerations in modest to a severe AD. Memantine has been sanctioned for persons that have modest to severe Alzheimers disease; it has as well been utilized in minor Alzheimers illness however the proof is presently lacking notwithstanding its recurrent off-label usage. Non-medication methods The ground of proof is continually rising for interventions that dont involve drugs in the management of Alzheimers illness even though additional study in various fields are still required. In a vast methodical assessment appraising medication as well as non-drug intercessions in care for AD, mental stimulation treatment was established to be as medically and expense efficient as the inhibitors; recollection treatment is likewise endorsed in state guidelines. (George et al. 2003) Conversely, the proving grounds for pioneering service delivery for example situation managing, whereby a case supervisor, commonly a nurse or community employee represents the chief care manager amongst crucial patrons, comprising main and ancillary maintenance, is variegated. While the substantiation grounds for cost efficiency of this method is minimal, particularly advanced aided technology to assist individuals with AD is accessible and may be significant in releasing caregiver nervousness and supporti ng persons with AD to continue to be home-based. Patients need to be informed of their condition. In conducting the disease analysis, people require to put the patient himself into consideration. In overall discourse, patients that are in the initial phases are necessary to be aware of nature as well as the projection of their conditions after the prediction is determined by the doctor. Doctors should not permit their distress or the imprudent demand from family members to undermine their morality in patient interaction and rapport. Besides, it is crucial to make sure that the patient is able to understand at the maximum level. (George et al. 2003). Revelation might as well help in encouraging the patient to consent assistance and in handling social requirements. It also facilitates the patients driving to be sorted out. Per the advancement of innovative drug cures, revelation permits patients to permission to partake in medical experiments. Presently many studies are dependent on the family member to provide delegated permissions; this has been argued to be lawfully improper. Hence, situations exist in which it might be misguided to inform a patient that they have the illness in the initial visits. For instance, in the case that the patient lacks a support structure, it is probable that the revelation might weaken their resolve to live. In similar circumstances, it might be crucial to help the patient to create assistance connections and pertinent facilities and consequently, understandingly reveal the analysis. Discoursing the future A significant field to be debated in the previous phases of Alzheimers illness when the patients still possess mental capability is to grant their desires for prospective provision as well as the individuals delegated to formulate decisions when the patients conditions will have been adverse. In AD, these considerations labeled advance maintenance organization have demonstrated to decrease unsuitable hospital admittances nearing death although the grounds of proof have not been adequate. (George et al. 2003) Debates regarding advance maintenance organization need openness and understanding because experts and doctors are experienced to conduct these discussions after creating rapport with the patient. Subsequently, patients can officially record their requirements in numerous ways, counting the accomplishment of an advance instruction, or living will. In conclusion, Alzheimers illness is a disease that has increased continuously in its prevalence over the years. It is a dementia disorder that has majorly affected the aged individuals. It is prudent to be able to provide adequate support and care to these patients as well as understand their conditions. This will hold them to better deal with their condition as well as be able to put across their needs and requirements before their demise. Also, patients should be made aware of their conditions before it advances. This will be able to give them a better insight into managing their condition. Additional research is required regarding the disease to make their treatment and management more efficient.

Bernard Madoff Fraud Free Essays

Abstract This report allows the facts to be known concerning the still mysterious case of Bernard L. Madoff and his longtime investment securities activities, which eventually turned into an enormous fraud of incomparable size. In this report, you will begin to understand how Bernard Madoff was able to execute such an elaborate fraud. We will write a custom essay sample on Bernard Madoff Fraud or any similar topic only for you Order Now The illegal business behavior found in this case is too numerous to count however, quite a few will be identified. In addition, the roles of the perpetrators, accomplices, and their involvement in this scheme will be made known. This fraud had such an enormous impact on the victims, we will examine several implementations that the private investors could have implemented to protect themselves. An assessment of the perpetrators motives and the identity of some internal controls that could have deterred or prevented the fraud from occurring will be explored also. We will discover the action of the SEC and document how the fraud was discovered and investigated, including what should have been identified as â€Å"red flags†. And finally, a variety of legal actions arose when the Madoff fraud was uncovered, which is leading to more litigation currently and in the future. The Bernard Madoff’s Fraud Introduction Bernard L. Madoff was the mastermind and the admitted operator of the biggest Ponzi scheme in American History. His Ponzi scheme is considered to be the largest financial fraud in U. S. history. He stole millions maybe billions of dollars from unsuspecting clients. Lives were shattered and fortunes ruined. He was a very savvy business man and trader until his investment scandals were revealed at the end of 2008. Bernard Madoff is a former American businessman, stockbroker, investment advisor, and financier. He is a former non-executive chairman of NASDAQ stock market. As the former chairman of the NASDAQ, Bernard Madoff had built a reputable business domain that continuously paid admirable dividends to investors; however, during the investigations by several federal government agencies, devastating facts against Bernard Madoff proved that he was running an elaborate ponzi scheme in order to attract a large number of investors from all over the world. (NBC, 2009) (â€Å"Bernard Madoff Fraud,† 2012) Bernard Madoff managed and controlled his ponzi scheme by using an Investment Securities Limited Liability Company he founded in 1960. He was chairman of this company and continued to operate his scheme until he was discovered in 2008. The fraud concerning Bernard Madoff was and still is the being covered by the media and it is suspected that the United States Securities and Exchange Commission (SEC) was notified and made aware on more than one occasion about this matter but they chose to ignore the information given to them. Perhaps there are more charges that can be filed, although Madoff’s numerous offenses may already be enough to keep him in prison for the rest of his life. Markopolos, 2010) (â€Å"Bernard Madoff Fraud,† 2012) How Madoff Executed the Fraud Madoff’s scheme to defraud his clients at Bernard Lawrence Madoff Investment Securities (BLMIS) began as early as 1980 and lasted until its exposure in 2008. Bernard carried out this scheme by soliciting billions of dollars under false pretenses, failing to invest investors’ funds as promised, and misappropriating and converting in vestors’ funds to benefit Madoff, himself, and others without the knowledge or authority of the investors. To execute the scheme, Madoff solicited and caused others to solicit potential clients to open trading accounts with Bernard Lawrence Madoff Investment Securities (BLMIS) on the basis of a promise from him. He promised to use investor funds to purchase shares of common stock, options and other securities of large, well-known corporations, and representations that he would accomplish high rates of return for client, with limited risk. (â€Å"United states of,† 2009) Among other things, MADOFF marketed to clients and prospective clients an investment strategy referred to as a â€Å"split strike conversion† strategy. Clients were promised that Bernard Lawrence Madoff Investment Securities (BLMIS) would invest their funds in a basket of approximately 35-50 common stocks within the Standard Poor’s 100 Index (the â€Å"SP l00†), a collection of the 100 largest publicly traded companies in terms of their market capitalization. MADOFF claimed that he would select a basket of stocks that would closely mimic the price movements of the S;P 100. MADOFF urther claimed that he would opportunistically time those purchases, and would be â€Å"out of the market intermittently, investing clients’ funds in these periods in United States Government issued securities such as United States Treasury bills. MADOFF also claimed that he would hedge the investments that he made in the basket of common stocks by using investor funds to buy and sell option contracts related to those stocks, thereby limiting potential losses caused by unpredictable changes in stock prices. â€Å"United states of,â⠂¬  2009) Madoff’s Illegal Business Behaviors Exposure Federal prosecutors filed a total of eleven charges against Bernard Madoff. The first of those charges was for securities fraud. The crime of securities fraud involves false claims of investment security holdings, and misinformation regarding stocks and brokerage advice. Sensational insider information is also considered a component of this criminal activity. Another major charge involved three counts of money laundering, both domestically and through international accounts. Money laundering is the funneling of revenue acquired illegally into new monetary arrangements, with the intent of concealing this revenue’s original origins. Plus, in connection with both his securities and investment adviser businesses, prosecutors also charged Madoff with mail and wire fraud. These offenses involve initiating schemes using either the United States Postal Service or telephone systems toward obtaining money and/or property in a false or unlawful manner. (Tomaszewshi, 2010) Perpetrators Involved in Bernard Madoff’s Fraud It’s certainly not uncommon for one’s son or daughter to enter into an identical business relationship as a successful family member such as a parent. However, in Bernie Madoff’s case this approach was taken to extreme levels of nepotism. Peter Madoff entered his brother’s firm in 1967, and as business prospered he began to accumulate several executive titles: Senior Managing Director, Head of Trading, and even Chief Compliance Officer for both the broker-dealer and more secretive investment advisor business models. Bernie’s sons Mark and Andrew joined the firm in the mid-to-late 1980s, and eventually were made co-directors of Madoff Securities International in London, England. Bernie’s nephew Charles joined up in 1978, and became the Director of Administration for the investment firm. And Peter’s daughter Shana was hired on in 1995, and served as in-house Legal Counsel and Rules Compliance attorney for the broker-dealer business. Other parties greatly impacted by Bernie Madoff’s activities were his business associates and their many clients over the decades. For example, Frank Avellino and Michael Bienes themselves funneled over three thousand clients to Madoff’s investment advisory business. Madoff had consistently advised the pair to remain unregistered in their dealings. But when the SEC accused the duo of illegally selling securities, Madoff pretended ignorance of their activities, even though he had secretly instructed them all along. For their trouble, Avellino and Bienes were forced to pay a fine of three hundred and fifty thousand dollars and shut their business down. Other notable business partners eventually left in the lurch by Madoff’s growing fraud would go on to include Jeffrey Tucker and Walter Noel of Fairfield Greenwich Group. Non-related people who had worked under Bernie Madoff also became tainted from the association following his arrest. This employee group includes those who may have had indirect dealings through Madoff subsidiaries like Cohmad Securities Corporation. However, the idea also applies to those employed directly, such as former executive assistants Elaine Solomon and Eleanor Squillari. Jeffry Picower was in industrialist and philanthropist who seemed to be a favored Madoff beneficiary, and made outlandish profits from his investments with Madoff. From 1996-2007 there were 14 instances of greater than 100% yearly returns and 25 of greater than 50%. From 1996-1999 his regular trading account made from 120-550% a year. Some evidence of backdating trades, instituted by Picower, has been presented by trustee Irving Picard. In December, 2010, his estate returned $7. 2 billion in profits to the government. Picower died before the settlement. (Tomaszewshi, 2010) Motives of the Perpetrators The various perpetrators who were involved in Bernard Madoff’s Ponzi scheme had different kinds of motives that were completely against the provisions evident in federal laws. Jeffry Picower had over twenty four different accounts with Investment Securities LLC and he operated them closely with Barbara who was also his wife. The motive of Jeffry Picower and his wife in Investment Securities LLC was to benefit from the cash windfall generated from devious deals according to reports; his investment into Madoff’s company was once worth over one billion dollars. Kirchner, 2010) Annette Bongiorno was a senior employee at Bernard Madoff’s illegal company and among her roles at the firm she was to brief investors concerning their returns which were all fictitious. Ezra Merkin was an investment expert who assisted Bernard Madoff to drain off extraordinary amounts of money from clients’ accounts and it later emerged that he had a conflict of interest in the Madoff company. With its headquarters in Connecticut, Fairfield Greenwich Company misled investors into buying stakes at Madoff‘s illegal firm and in return, the company received huge amounts of cash from Bernard Madoff. NBC, 2009) Frank DiPascali was also another essential figure in Bernard Madoff’s illegal investment scheme. One of the frauds committed by Frank is that he engaged in countless number of international money laundering activities to benefit Madoff’s scheme. In addition to this, DiPascali also gave Mr. Madoff expert advice on how to go about his illegal businesses without being caught or detected by the federal authorities. (Arvedlund, 2010) (â€Å"Bernard Madoff fraud,† 2012) Controls That Could Have Deterred the Fraud from Occurring Despite the fact that Bernard Madoff’s investment fraud was one of the largest to ever rock the United States of America, there are various strategies that might have prevented or deterred the fraud from occurring. To begin with, the United States Securities and Exchange Commission (SEC) should have without delay acted on the numerous signals that it received from different quarters. As the main regulatory authority of American investment activities, it would have been easy to identify weaknesses in Bernard Madoff’s shady deals. A major loophole in the federal laws of the United States of America also had a significant input towards enabling Bernard Madoff’s illegal activities to spread at a very rapid rate; for instance, there is a provision that stipulates private companies in the United States should only pay 5% of their annual revenues. (NBC, 2009) (â€Å"Bernard Madoff fraud,† 2012) Implementations That Investors Should Have Used to Protect Themselves While some investors may yet believe they were tricked into believing Bernie Madoff’s elaborate confidence game, it is also arguable that there were means to protect themselves at their disposal. One method would be to practice due diligence whenever one is presented with new financial opportunities. Many investors were led astray on the poor advice of their won friends and family, which isn’t a fiscally sound means of verification. Independent research needs to be done on the workings of any financial organization, even those that are supposedly reputable on the surface. One should investigate third-party custodial relationships at investment firms, and review their auditing practices. (Tomaszewski, 2010) Another way to avoid fraud is to actively request documentation. Hand written notes from intermediaries are highly suspicious evidence that revenue is being transacted in a professional manner. Getting activity in writing must be joined to verifiable account numbers for auditing. Finally, a forceful amount of skepticism will often prevent one from falling into schemes which seem on the surface to be easy money generators. For instance, one should never believe the speculators on television. An unlicensed financial consultant is about as reliable an agent as allowing unreformed gambling addict free access to one’s personal treasury. Investors should not assume that overseers are actually doing their jobs, as even they might be in on the take. (Tomaszewski, 2010) The United States Securities and Exchange Commission (SEC) Involvement Critics and popular journalists from prominent media houses in the United States of America have called into question the manner in which the Securities and Exchange Commission handled the fraud case involving Bernard Madoff. This is due to the fact that even the commission itself has acknowledged that it should have detected Madoff’s illegal activities as soon as they began. The first major mandate or responsibility of the Securities and Exchange Commission is to interpret the laws pertaining to federal securities; such as, the commission should have detected the fundamental flaws in Bernard Madoff’s investment activities at an earlier stage. The second major responsibility of the Securities and Exchange Commission is to work closely with international state and federal authorities towards ensuring that investment securities are controlled and channeled in the right paths. Arvedlund, 2010) Most notably the Securities and Exchange Commission failed to fulfill its mandate of evaluating the conduct of privately owned companies like Investment Securities LLC for a very lengthy time. The commission should have also been at the forefront of investigating the investment advisors who collaborated with Bernard Madoff to divert huge amounts of money from unsuspecting investors into their accounts. However, the Securities and Exchange Commission published a detailed report in the year of 2009 that documents how Bernard Madoff’s scam escaped their attention for all those years. (Strober, 2009) (Millstone, 2010) How Madoff’s Fraud was Discovered and Identifiable Red Flags His business came to be under the doubts of various financial analysts as early as 1999. They believed that the returns claimed by the company were only theoretically impossible. But organizations such as the Securities and Exchange Commission (SEC) completely ignored the doubts and Madoff continued with his overtures for almost another 10 years. He finally got caught in December 2008. He was trapped after he confessed about his dishonesty to his very own sons. He confessed to his sons of his investment business being nothing but a big Ponzi scheme. His sons now reported his father’s fraud to the Federal Bureau of Investigation. Though Bernie confessed to have had started his Ponzi scheme in the 1990’s, investigators think otherwise. They believe the Ponzi scheme and defrauding of investors had begun in the 1980’s itself. Now what actually happened was that in the very first week of December 2008, Bernie Madoff discussed his dilemma over having to pay his clients an amount of almost $7 billion as he didn’t have that much funds. Now within the very next two days Bernie told his sons that he made a huge profit and had decided to give away an early bonus, amounting up to $173 million. This confused the sons and they called for an explanation from their father. This is when their father confessed that his whole company worked through a â€Å"giant Ponzi scheme†. On December 11th 2008, Bernie Madoff was taken into house arrest. Had the stock market not had been in a sharp decline in 2008, who knows how much longer the fraud could have continued. (Degrace, 2011) After writing that Madoff offers the biggest due diligence lesson for investors, some argued that the red flags are only obvious in hindsight and wouldn’t have been so clear if one had to make the decision before Bernard’s admission of running a Ponzi scheme. So let’s count the red flags to see if they were numerous enough and obvious enough to be easily recognized. (1) Madoff Investment Securities was both the broker dealer and investment advisor. (2) Madoff traded in the same securities that he recommended to advisory clients. (3) Madoff not only was the broker dealer, creating a conflict of interest where his firm was trading in the same securities as he was trading for clients, but he actually had custody of the assets. (4) They got into some hot water over some small compliance issues. Madoff’s firm was censured and fined a small amount $7,000. This meant they did have a blot on their records. (5) Jim Vos, head of Aksia – a hedge fund advisory firm, noticed that although Madoff’s firm was supposedly highly advanced and automated, they sent paper copies of their trading records to clients instead of providing electronic access to the firm’s trading platform. (6) Madoff Investment Securities’ auditors were Friehling Horowita, a 3 person team which consisted of one lone CPA with a small 13’ by 18’ office in New York. It hardly had adequate room to monitor a firm that traded a good chunk of NYSE and NASDAQ volume. 7) Shockingly enough, Madoff didn’t take the usual 2/20 fees most hedge funds do. Instead he only profited from the trades that his firm was doing for the â€Å"investment fund†, claiming that this was enough. Given this form of compensation, it is very possible most â€Å"sophisticated investors† assumed that Madoff was involved in some sort of shenaniga ns but turned a blind eye for those stable returns. (8) Madoff Investment Securities was a family business, with Madoff’s brother, sons and daughter as well as his niece (married to a previous compliance officer) all worked at the firm. â€Å"The madoff red,† 2008) The Case Resolution Bernie was charged of federal offences like securities fraud, mail fraud, wire fraud, perjury, and money laundering, false statement making only to name a few. He pleaded guilty and was banned from security investment business for a lifetime. He was sentenced to the highest degree of punishment possible under this act; an imprisonment of 150 years. He was sent to the Federal Prisons of North Carolina where he is registered as inmate number #61727-054 and his release from prison is dated November 14, 2134, a day he shall never see keeping in mind that he is now aged 71 years. Degrace, 2011) Conclusion Investment portfolios are one of the most recommended ways to enhance economic developmen t not only at a personal level but also at a national level. However, Bernard Madoff chose to follow the short-cut to success by defrauding billions of dollars from investors. He begun very humbly by establishing a company called Investment Securities Limited Liability Company; he had begun with a figure of $5,000 as a penny stock broker but apparently, he had accrued this money from his previous job where he worked as an installer of water sprinklers and also a guard. This took place in 1960 but little did investors know that it would grow to become the largest Ponzi scheme in the history of the United of America. Bernard Madoff drew assistance from all kinds of corners; various perpetrators who were involved in Bernard Madoff’s Ponzi scheme had different kinds of motives that were completely against the provisions evident in federal laws. However, all this culminated in the arrest and sentence of 150 years in prison on the 29th of Junes 2009. References 1. Arvedlund, E. (2010). Too good to be true: the rise and fall of Bernie Madoff. Penguin Group. . Bernard madoff’s fraud. (2012, June 07). Retrieved from http://www. customwritingtips. com/component/k2/item/8295-bernard-madoff’s-fraud. html 3. Degrace, T. (2011, April 14). Bernie madoff fraud the history of the $50b Ponzi scheme scam. Retrieved from http://www. stockpickssystem. com/bernie-madoff/ 4. Kirchner, B. (2010). The Bernard Madoff Investment Scam. NJ: Pearson educati on, Inc. 5. Markopolos, H. Casey, F. (2010). No one would listen: A true financial thriller. NJ: John Wiley Sons. 6. Millstone, K. (2010, March 09). How madoff pulled it off. Retrieved from http://www. cbsnews. com/2100-500395 162-4862910. html 7. NBC (2009). How Madoff got away with fraud. Accessed on 8th December 2011 from http://www. theprosandthecons. com/videos/fraud/bm-how-madoff-got-away-w-fraud. htm 8. Strober, D. H. (2009). Catastrophe: The Story of Bernard L. Madoff, the Man Who Swindled the World. Phoenix Books. 9. The madoff red flags, let’s count them. (2008, December 17). Retrieved from http://www. tradersnarrative. com/the-madoff-red-flags-lets-count-them-2154. html 10. Tomaszewski, K. (2010, November 21). Bernard lawrence How to cite Bernard Madoff Fraud, Essay examples

Poor infrastructure Essay Example

Poor infrastructure Essay Mozambique is still relatively poor as a country in economic terms, although it is rich in others such as copious fishing waters that are underused in the global markets due to poor infrastructure. Mozambique was lead by the Portuguese government who were ill equipped to compete adequately on an international and global level. When globalisation took off in other African states, Mozambique was left behind, and never had an industrial revolution. This meant that although there was plenty of opportunity to further develop the country and equip it with the ability to trade on global levels, other capitalist states and markets were far more advanced, with a good infrastructure that opened them up to the markets. The people of Mozambique were poorly educated, many of them illiterate, and because of this they were exploited by other nations. Many of the countries inhabitants are rough peasants and this exploitation led to a fascist dictatorship. They did not have the opportunities like other countries such as Ghana under the leadership of Nkrumah. Places like this could colonise as the leaders had skewed their colonies and economies and bequeathed more education to its inhabitants. Mozambique was never going to be able to match the massive trading powers of France and Britain, as Portugal had never prepared it to do so. Portugal had exploited it but not developed it. The idea behind neocolonisation was to allow maintenance of economic control but allowing it no input. There were no representatives around the table to help with the management of decolonisation. We will write a custom essay sample on Poor infrastructure specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Poor infrastructure specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Poor infrastructure specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The only way that Portugal could decolonise Mozambique was through a bloody battle, often in a very vicious manner. The advancing system of France meant also meant that their military were stretched to the limits in trying to protect its country, but stood no chance and were often abandoned, as happened in the civil war. Prior to all this all decisions about the country had gone through the president in Paris, who operated in a Masonic way. Post-modern ideas of independence for Mozambique were hindered by the failure of the Westminster model of government, due to incompatibilities and ill equipped governments. There were often visible aspects of leaders becoming economy holders of the empire of entrepreneurship. Mozambiques problems were confounded and exacerbated by the civil aid programmes that supposedly came to help them. The growth centred approach to poverty only compounded this further. Targeted intervention was of no use as the poverty was so widespread. The average wage was well below the poverty line and there was an even harder exertion for the women to secure rewards that were commensurate with their contributions to the independence struggle. They were often given the opportunity to go to the markets with their produce but were then taxed heavily, and losing out on any sort of profit they may have made, basically a form of legalised extortion. Problems with landmines meant that the land was very dangerous to work on, with a high risk of injury or death. These also helped to slow down economic redevelopment. Many of us will remember the campaigns that were led by Princess Diana showing the terrible injuries that people had suffered through landmines detonating as they worked. There was a plea for international aid to be brought in to clear away the landmines and to give the people a fair chance to improve themselves and their towns. By implementing harsh and complicated economic pressures on its people, this is difficult enough in a wealthy modern state, the picture is even worse when we talk about African countries. The problems with a rapidly collapsing infrastructure, or as in the case of Mozambique, a non existent infrastructure, alongside its entrenched parastatal sector hostile to any change, which may threaten its interests, the problems not only escalate but become utterly formidable. In addition to this, the private sector becomes a strange amalgamation of disparate unrelated components. It consists of large multinationals, medium local sized organisations usually run by Asians, and a huge informal sector that largely comprises of peasant farmers. This means that the private sector is unbalanced and isolated to some extent. Considering all these points it is clear that there should be no rush for the imposition of multi party democracies and an unfettered market economy, even if it was possible to do so for Mozambique. Surely any change should be done gradually, with long term strategies that work alongside and slowly change the present systems. To sum up, arguments for structural adjustment policies of the International Monetary Fund, and lately on an increasing level in the World Bank, only focus on the microeconomic structures, and not the macroeconomic structures of all African countries including Mozambique. One must recognise the role played by recession in the West, due to declining terms of trade for primary products and the oil crisises. Those who believe in structural adjustment believe that the majority of african states share a common state corporatism that is economically corrosive and unproductive. Originally the motivation behind these programmes was to liberalise trade, reduce the role of government and parastate industries in the economy, and to end various subsidies to various sections of the population. It was believed that this would end the balance of payment crises and therefore promote economic growth. By the early 1990s it had been shown that this was not actually the case and that policy based lending had not acheived the intended goals. A new policy was now required to correct this, and the International Monetary Fund now decided that they needed to create a series of rational law based societies throughout sub-Saharan africa. This policy would need to make it clear that investment decisions were to be made on economic grounds, rather than on politically motivated grounds. This plainly put any emphasis of blame, due to previous policy failure, about the economic crisis in Mozambique and esoecially in Mozambique, was laregely a creation of the individual african states themselves. This removed any liability and responsibility on the west, protecting its own interests again. If there is no benefit to themselves there is a reluctance to become involved in the countries problems. The retention of these types of attitudes mean that Mozambiques problems are unlikely to see any significant change in the near future. There will be change but only very slowly as discussed earlier. In my beleif I think the Mozambique people have always been given a rough deal, and cannot see that it will change quickly, as the people who hold the power and capability to enforce change are fearful that they may lose some independance, i. e. the middle class bourguoise. The fear of a lack of control for those in the city, means that the poorer members of society are repressed continually, and because they do not have the capability or knowledge to do something about it, it is unlikely that it will change. I agree that the support given through international aid is necessary, but it should be helping the peasant farmers and the poorer members of society, not just the big boys in the city. This only extenuates the gap between the haves and have nots. Bibliography Tordoff W. Government and politics in Africa. (3rd ed) 1997. Macmillan press. London Clapham. C. Third World politics: an introduction. 1985. Croom Helm. London Chabal. P. Political Domination in Africa. Reflections on the limits of power. 1986. Canbridge University Press. London Cammack P. Capitalism and democracy in the Third . World. 1997. Leicester University Press. Leicester.. McLean. I. Concise dictionary of politics. 1996. Oxford University Press. Oxford. Webliography  https://www.gov.uk/government/organisations/home-office