Reforms Made At Credit Suisse Bank Finance Essay - Free Essay Example

As we have seen the subprime crisis was in some part caused by the management failings of major investment banks. Several of these banks paid the price through collapse, having to merger with other banks or accept support from Government. Some investment banks however such as Credit Suisse have come out the other side of the crisis in a stronger position than they entered it. In this section well look at how Credit Suisse behaved pre-crisis, during the crisis and post-crisis and why it faired better than most. Whilst most would have recognised in 2006 that the markets were heating up, that competitors were doing more and more business, markets were becoming more and more liquid, moving more and more quickly. Management at Credit Suisse were also seeing warning signs, they were noticing the lower market returns for risk taking, they were seeing spreads compress, and watching revenues remain strong based on ever increasing volumes. The Risk department at Credit Suisse were also noticing that VaR was declining, especially in fixed income, which might lead you to take more risk, however Credit Suisse had developed other tools within their Risk Department that enabled them to take a more conservative position. Along with pulling back from sub-prime CDOs the bank made another major strategic change, which it announced in the second quarter of 2007. Thi s strategy was to reduce its proprietary trading, and focus instead on increasing flow trading, which is essentially a focus on clients and looking to make money through the volume. Brady Dougan, the CEO of Credit Suisse explained, It has been accepted wisdom in the industry for the past 10 years that the easiest way to make money has been proprietary trading and deploying your own capital, with the client-side of the business considered more challenging in terms of trying to make a decent return, but we believe that if we can run a business that is extremely client-focused and which provides value for our clients then that will create superior returns and lower volatility in our returns. It will also differentiate us from the rest of the industry. This move away from using the banks capital to generate profits also helped to stand it in good stead during and post the GFC. The below figure shows that Credit Suisse went in to the GFC with the largest capital strength of its peers, this was helped by the fact that it, like UBS has a successful Private Banking division which looks after funds for wealthy individuals. It was able to make it through the crisis without taking any government assistance, increasing its tier 1 ratio to 16.3% in 2009. Increasing capital requirements in financial institutions has been muted as a one of the takeaways from the GFC, and even before the GFC capital requirements were a part of BASEL II, however many argue that holding capital is a waste and prevents banks from generating profits. Credit Suisse has throughout 2009 and in to 2010, been able to hold perhaps the highest capital ratio of its peers, whilst at the same time generate a return on equity as good or better than its peer group. The latest results, 2010, Q1, showed Credit Suisse generating a net income of CHF 2.1 billion, with an industry leading return on equity of 22.3% and a tier 1 ratio of 16.4%. So it would seem that Credit Suisse management have chosen a good strategy, for the time being at least. Compensation It appears that the highest profile areas of concerns about the banks within the media, the public and from Governments, has been around the compensation paid to bankers. Again this was discussed in more detail earlier in this essay, its worth noting how Credit Suisse has behaved and reacted in this area. Credit Suisse has led the industry in reforms of the compensation model, in December 2008, it introduced a bonus system in which senior investment banking employees received part of their comp for 2008 in toxic assets. Bonus packages were made up of three elements. The first was cash, which was subject to clawback. The second was deferred stock or other instruments whose performance was related to CS stock. The third was the distribution of units that were linked to the market value of illiquid assets stuck on the banks balance sheet. (1) This system based on toxic assets has recently paid out, and generated very large payments to those senior staff on the scheme, as the toxic assets had greatly increased in value, though media coverage of the large bonuses was not a problem, possibly due to the success of the scheme in that it was linked to the success of the toxic assets and the business over a longer period of time. At the end of 2009, Credit Suisse implemented further changes to its compensation structure aimed to be consistent with the best practices announced by the G-20. Brady Dougan described the key elements of the new plan for Managing Directors and Directors: The key elements of the new plan for Managing Directors and Directors are: first, that an increased proportion of compensation will be paid as base salary beginning in 2010, and second, that discretionary year-end variable compensation will now be awarded in three parts. The first part is the cash element, which will not be subject to conditions after payment. Its percentage of the total variable award will be determined by a table. The second and third parts will be deferred, will gene rally vest over three to four years and will be divided equally between Scaled Incentive Share Units à ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ­ a new version of our existing ISUs à ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ­ and the Adjustable Performance Plan. The Adjustable Performance Plan is a new cash-based award which will earn a return equal to Credit Suisses return on equity in profitable environments but will have a mechanism which will adjust any unvested awards downward if a business area is loss-making. (2) So in summary, Credit Suisse has successfully changed its business model, changed its compensation model, and maintained its emphasis on risk management, to come through the crisis in a very favourable position and show leadership in the area of reforms that are being called for by the Governments, media and public around the world.

The Issue Of Legalization Of Marijuana - 958 Words

It’s not as bad as smoking or drinking alcohol! The government knows what’s good for us! You can’t overdose on marijuana! Public schools told me â€Å"Be Healthy, don’t do drugs.† Arguments such as these are always thrown back and forth when going into a controversial conversation dealing with legalization of marijuana. Many people are on both ends of the spectrum when dealing with the legalization some may personally be involved due to run-ins with the law, family related issues, or personal beliefs. In a study, it was concluded that â€Å"more than 1.5 million drug-related arrests made by police in 2013, more than 693,000 were marijuana-related arrests.† (Federal Bureau of Investigations) This information shines some light on how much time police spend on arresting individuals who are affiliated with position, consumption, or selling of marijuana. Of course, this can be seen differently from both sides â€Å"The Anti-Weed† side one b eing that the policemen are doing a good job cracking down on the drug addicts. On the other side, it is policemen wasting time arresting/harassing citizens who are smoking a simple herb that helps one mellow out and relax to ease the stress of a long hard working day. It is very clear that both sides viewpoints differ when talking about legalization, but it doesn’t change the fact that the number of people being sent to prison over Weed related crime is still increasing regardless of some states making the substance legal, when it can not only help benefitShow MoreRelatedThe Issue Of Legalization Of Marijuana Essay1857 Words   |  8 PagesLegalization of Marijuana The role that social policies have in the lives of every citizen cannot be understated, as the rules, regulations, and laws that govern our society provide the foundation off which our social welfare system operates. Over the past several decades, the social policy issue of the legalization of marijuana has gained substantial traction in the public eye, making it a priority topic to be addressed on the government agenda. With Colorado and Washington becoming the firstRead MoreThe Issue Of Legalization Of Marijuana1605 Words   |  7 Pagesfamous scientists in the United States known as Carl Sagan. Marijuana has been one of the most debated topics in the media today, and numerous years before. Altogether, this debate has raised many questions, yet with very few answers of whether the legalization of marijuana should be passed, and expressed throughout the nation as a whole. The fight for legalizing marijuana has embraced itself to see success. The legalization of marijuana is essent ial in society today for three reasons: failed prohibitionRead MoreThe Issue Of Legalization Of Marijuana886 Words   |  4 PagesLegalization of Marijuana Many Americans struggle with the idea of legalizing marijuana.. Does legalizing marijuana, for medical purposes, help people suppress the symptoms of depression and anxiety? Research shows us many different ways that medical marijuana helps people who struggle with depression and anxiety. For depression, it suppresses their symptoms. It also lifts their moods. For anxiety it helps push away the worriness and the stress of things they cannot control. Many people are diagnosedRead MoreThe Issue Of Marijuana Legalization Essay1527 Words   |  7 Pages The issue of marijuana legalization has been a hot topic in recent times, but to understand first why it became illegal. Marijuana became illegal the first time shortly after the Mexican Revolution ended in 1910. After their revolution, many people from Mexico brought with them their customs their ideas and with them they brought their use of marijuana as a relaxant and medicine for many ailments. Even though, the use of cannabis was already prevalent in America at the time, the term â€Å"marihuana†Read MoreThe Issue Of Legalization Of Marijuana3672 Words   |  15 Pages​The reader will be informed on the conflict within the United States dealing with the possible legalization of marijuana. Steps have been taken over the years involving laws prohibiting marijuana as well as steps getting closer to legalization. This debate continues to be a large conflict amongst citizens and politicians that are for and against the legalization of marijuana throughout the United S tates. ​There are four key steps to the method of problem solving and negotiation that are explainedRead MoreThe Issue Of Marijuana Legalization1712 Words   |  7 PagesThe matters of marijuana Marijuana is still illegal in the eyes of the federal government but the states claim it is, in fact, legal for the states to openly practice recreational and medicinal usage of the drug. Now with many people sick the only other option after numerous prescriptions that make the people sicker marijuana given its pain releasing properties seems to be the only thing we can count on. Marijuana first dated euphoric use dates back to 2737 BC. Its use spread from China to IndiaRead MoreThe Prevailing Issues For And Against Legalization Of Marijuana1409 Words   |  6 PagesWhat are the prevailing issues for and against legalization of marijuana? Just because something is labelled as â€Å"illegal† does not mean it is bad. Likewise, when something is labelled as â€Å"legal† does not mean it is not bad. Throughout the progression of time, the Western outlook on Marijuana has changed drastically. A few decades ago, the idea of smoking Marijuana was perceived as a menace to the public and the discussion of legalizing Marijuana was greatly frowned upon. Particularly during the earlyRead MoreEthical Issues with Legalization of Marijuana Essay1349 Words   |  6 Pages2011 Marijuana is the third most popular recreational drug in America behind only alcohol and tobacco, and is estimated that nearly 80 million Americans use it at least one occasion.    According to government surveys, some 20 million Americans have smoked marijuana in the past year, and more than 11 million do so regularly despite harsh laws against its use. Being used for medicinal purposes or simply for recreational, there are not only laws to consider when the topic of legalization comes upRead MoreA Blunt Reality: The Controversial Issue of Marijuana Legalization1153 Words   |  5 Pagescontroversial issue of legalizing cannabis. Of course, several states have publicly legalized marijuana to the extent of medical use (with the exception of Colorado as it legalized both medical and recreational use). If something with a notoriously high capacity for abuse is forbidden but more and more exceptions are being made until everyone starts experimenting with it, we’ve got a prob lem on our hands. Although there are any number of reasons you can come with as to why marijuana should not beRead MoreShould Marijuana Legalization Be Legal?1532 Words   |  7 PagesMarijuana Legalization Marijuana legalization is an issue that the United States is currently facing. Through all branches and aspects of government, the concept of marijuana legalization can be applied and understood. In order to better frame the policy issue, the policy should be viewed through different lenses and all aspects of government. In this essay, it will be shown how marijuana legalization truly incorporates all areas of government interest. First, the politics of marijuana legalization

Ethical and Legal Issues of Death and Dying - 2409 Words

Ethical and Legal Issues of Death and Dying Tracey Rentas Old Dominion University CHP 480 November 30, 2012 Dr. P. Lynch-Epps Abstract This was not easy to put this paper together. Recently my mother- in- law passed away, and her death was devastating to the entire family as well many friends. She was diagnosed with Alzheimer’s and became dependent as she neared the end of life. All anyone of us could do was comfort her with our expression of loves while we tried to comprehend what was taking place. We leaned close, whispered I love you in her ear, and held her hands at all times. Our loved one was dying right before our eyes. As a family we had to adjust to her decline from an active, loving, spirited, wife, mother and†¦show more content†¦The legal and policy issues of end of life care, is not just the concern of health-care professionals, patients and families (Ferrell amp; Coyle, 2010, p. 1173). It is also a concern of â€Å"the government†, and â€Å"the public at large† (Ferrell amp; Coyle, 2010, p. 1173). The federal government’s interest in end of life care has increased . The judicial history is filled with cases, court decisions and opinions that have influenced directly or indirectly the course of end of life care (Ferrell amp; Coyle, 2010, p. 1173). The courts are often used to resolve conflicts among patient family and healthcare facility. The legal system is known as an adversarial system (Ferrell amp; Coyle, 2010, p. 1174). It’s when two advocates, who represent either side of a dispute, present their argument to a judge for a decision. This dispute can emerge between patient and family or family and the hospital care facility. The adversarial nature of the judicial system magnifies the intensity and painfulness of very complex emotional dilemmas (Ferrell amp; Coyle, 2010, p. 1174). The judicial system has had to deal with many issues in regards to end-of-life care including â€Å"decisional authority, refusal of therapy, and physician assisted suicide† (Ferrell amp; Coyle, 2010, p. 1174). Although each of these decisions deal with individually distinct legalShow MoreRelatedDo Resuscitate Status: a Legal and Ethical Challenge for Nursing1679 Words   |  7 PagesResuscitate Status: A Legal and Ethical Challenge for Nursing Shawn Wolkart Senior Integrative Seminar Spring A semester, 2010 University of Saint Mary Abstract A status of do resuscitate in those critically ill patients may result in a slow code. A slow code is a situation where the nursing staff decides to do less than the standard set forth by advanced life support algorithms and the nurse practice act and allow the patient to die instead of possibly sustaining life. The legal implications includeRead MoreEthical and Bioethical Issues in Medicine: Death and Dying1385 Words   |  5 PagesEthical and Bioethical Issues in Medicine: Death and Dying Ethics, in medicine, is described as applying one’s morals and values to healthcare decisions (Fremgen 2012). It requires a critical-thinking approach that examines important considerations such as fairness for all patients, the impact of the decision on society and the future repercussions of the decision (Fremgen 2012). According to Fremgen (2012), bioethics concerns ethical issues discussed in the perspective of advanced medical technologyRead MoreEuthanasia And Physician Assisted Suicide1629 Words   |  7 Pagessociety often contemplates what death will be like. Will death be peaceful or painful? How will our death affect the ones we love? It would seem that most people would desire to die with dignity. Having the choice to die peacefully is a valuable option that every human should be able to make for themselves. For those with terminal illnesses or major health problems, assisted suicide creates options to reduce the amount of suffering the patient must enduring. Dying with dignity could be beneficialRead MoreThe Death Of Physician Assisted Suicide1731 Words   |  7 PagesDie With Dignity It is obvious this is a very controversial issue that is discussed daily by those who wish to die to avoid loss of dignity and also by those who think it could be immoral. For physician-assisted suicide to even be considered the patient must be of sound mind when they are requesting the physician-assisted suicide. To guarantee that the process is carried out correctly a doctor or a witness should be there to prove consciousness. The patient must be diagnosed with a terminal illnessRead MoreThe Legalization Of Physician Assisted Suicide1720 Words   |  7 PagesIt is obvious discussing physician-assisted suicide is a very controversial issue that is discussed daily by those who wish to die to avoid loss of dignity and also by those who think it is unethical. For physician-assisted suicide to even be considered, the patient must be of sound mind when they are requesting death with dignity. Physician-assisted suicide should be a legal option for people who are unable to end their own l ives. However, there should be safeguards to prevent any sort of abuseRead MoreNvq 3 Nursing Care Unit 81 Essay1423 Words   |  6 Pagesthe rights of individuals at the end of life. 1.1 Outline legal requirements and agreed ways of working designed to protect the rights of individuals in end of life care. Caring for patients at the end of life is a challenging task that requires not only the consideration of the patient as a whole but also an understanding of the family, social, legal, economic, and institutional circumstances that surround patient care. A legal requirement of end of life care is that the wishes of the individualRead MoreDeath, Dying and Other Ethical Dilemmas1551 Words   |  7 PagesDeath, dying and other ethical dilemmas Anand Chatoorgoon University of Phoenix Death, dying and other ethical dilemmas are issues that all Intensive Care Units (ICUs) throughout the world have to face and address. In the Current Opinion in Critical Care, Vol 16, No 6, December 2010, p. 640, Dixon-Woods and Bosk, writing on the topic of â€Å"Death, dying and other ethical dilemmas† under the journal’s section of ‘Ethical, legal and organizational issues in the ICU’, have stated that â€Å"RecentRead MoreProviding Ethical Care For Dying Patients Essay1693 Words   |  7 PagesProviding Ethical Care for Dying Patients 11/10/15 â€Æ' Introduction I t is important that end of life care is delivered in respect of patients Autonomy, Beneficence, and in a Truthful way. In what follows I argue that we as nurses need to fulfill obligation to support and assist the dying patient and his family’s right to self-determination as it relates to end of life care. I believe that we have made headway but still have much to achieve. Education and research in these areas by and for healthRead MoreAssisted Death And Voluntary Euthanasia1586 Words   |  7 PagesBE REFORMED TO ALLOW ‘ASSISTED DYING’ FOR THE TERMINALLY ILL? To begin with, assisted dying remains highly topical and debated, both in the public and medical arena. Assisted death, incorporates both physician assisted suicide and voluntary euthanasia. It gives the freedom to a terminally ill person or a mentally competent adult, to choose on their own free will and after meeting strict legal safeguards, takes prescribed medication which will end their life in dying. There are two types of EuthanasiaRead MoreThe Moral Issue Of Euthanasia1212 Words   |  5 Pages1. For this assignment I chose the moral issue of Euthanasia. The case study is about a 20 year old woman dying of ovarian cancer and decides to be euthanized. I feel that this case was extremely relevant, especially with the rise of trend in today’s society. Euthanasia is currently a very popular thing that is continuing to grow in other states as congress decides whether or not to make it legal or refuse to pass it and keep it as illegal. I feel that by looking at this cas e study I hope to

Through Thick and Thin free essay sample

Friends: Through Thick and Thin Friendship is something treasured among many, but friends often go through seasons of ups and downs during their friendships. It seems that no matter what happens though, they are able to work together to overcome any obstacles that come their way, and the bond between them is strengthened. The Harry Potter series written by J. K. Rowling is able to depict this phenomenon well with three of the main characters, Harry, Ron, and Hermione. In the course of Harry, Ron, and Hermione’s friendship, they have been through many journeys that have had positive effects making their friendship stronger, as well as negative effects weakening it to the point of ruin. Throughout the series, Rowling expresses the importance of friendship, especially when it comes to overcoming challenges and difficult tasks. In the first movie Harry Potter and the Sorcerer’s Stone, Harry is completely isolated before coming to Hogwarts. We will write a custom essay sample on Through Thick and Thin or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Not only does he not have a loving family environment, but he does not have any friends to serve as a support system.Psychology researchers have noticed and created what is called the attachment theory (Goodfriend 75). This theory focuses on how the familial environment during one’s formative years affects one’s ability to begin and maintain normal, adult relationships – including romantic relationships. However, after becoming a student at Hogwarts, Harry quickly creates a large group of friends. More importantly, he creates a close relationship with Ron Weasley and Hermione Granger (Harry Potter and the Sorcerer’s Stone).All of these children have been removed from their homes and are forced into constant interaction with friends and peers (Christie 6). For most of the students at Hogwarts, a strong group of friends helps with things like homesickness and difficult classes. But in Harry’s case, Rowling seems to draw a more obvious parallel between friendship and difficult life challenges. The only way that Harry is able to reach the Mirror of Erised in the dungeons of Hogwarts is with Ron and Hermione’s help. Hermione and Ron both tackle specific challenges that Harry would have been unable to face on his own.Harry’s friendship with Ron and Hermione saves his life and allows him to keep Voldemort from finding the Sorcerer’s Stone. He also becomes part of a couple groups. Groups are important and provide us with innumerable benefits. For example, when Harry becomes a Gryffindor and joins the Quidditch team it adds more to his life than just labels or new friends (Beers 33). These group memberships change the way Harry defines himself, and for Harry (like the rest of us) group memberships are an important source of self-esteem.Harry learns that he can rely on himself while still drawing upon the support system and exceptional magical talents of his close friends. In Harry Potter and the Chamber of Secrets we see that once Harry returns to the Dursley’s house he no longer has his support system readily available. The Dursleys tend to classify all wizards as bad and do not really appreciate the complexity of the group (Beers 38). They maintain their beliefs that wizards are strange and magic is bad no matter what Harry tells them.He gets locked up in his room and some of the Weasleys show up to rescue Harry with their flying car. Harry is clearly very grateful to have a close friend that will allow him to spend the remainder of the summer at his house. Once Harry, Ron, and Hermione get well into their second year of school unfortunate events begin to happen. The chamber of secrets has been reopened by the heir of Slytherin and select individuals at Hogwarts are being petrified (Harry Potter and the Chamber of Secrets).Harry, Ron, and Hermione are determined to find out who the heir of Slytherin is, so determined that they make a polyjuice potion to find out if Draco Malfoy is the heir or if he knows any information. Hermione ends up getting petrified as well but was still able to help the boys discover the secret passage way to the chamber. Ron, Harry, and Professor Lockhart march on together to save Ginny, though Lockhart is not much help. Once again we see that friendship is able to help these three through difficult life challenges.Harry is shown how much Ron and Hermione care about him in Harry Potter and the Prisoner of Azkaban when he receives birthday presents from them through the mail. In this movie their friendship takes a small turn for the worst while Sirius Black is on the loose looking for Harry. There is a new teacher, Professor Lupin, whom Harry becomes attached to and ends up detaching himself from his closest friends, Ron and Hermione (Harry Potter and the Prisoner of Azkaban). Lupin is able to tell Harry all sorts of information about his parents because he was one of James Potter’s best friends.Lupin is also able to help Harry through his fear of the dementors and teach him valuable things. Hermione gets on Ron and Harry’s nerves when she tells Professor McGonagall about the mysterious broom in the mail, and Ron gets upset with Hermione because he thinks that Crookshanks killed his rat, Scabbers (Harry Potter and the Prisoner of Azkaban). Hermione’s character is also beginning to change; She sort of starts to rebel by quitting Divination and shocks everyone when she has the guts to punch Draco Malfoy.Harry, Ron, and Hermione are able to join back together towards the end of the movie when they end up facing Sirius Black together. Hermione makes it very clear that if he wants to kill Harry he has to kill them too. This boldness shows us that Hermione and Ron will be by Harry’s side through thick and thin. In the movie Harry Potter and the Goblet of Fire, the great event known as the Tri-Wizard Tournament takes place. Harry is confused when he gets selected to participate because he did not enter his name into the Goblet of Fire (Harry Potter and the Goblet of Fire). This occurrence causes Ron to be sullen and envious. He does not speak to Harry for awhile because he feels as though Harry went behind his back to enter the tournament. Even though Hermione remains by Harry’s side, Harry becomes very frustrated that people will not believe the fact that he did not enter his name into the Goblet of Fire. Ron ends up finding out that the first task involves dragons and makes a feeble attempt at helping Harry, which ends up making Hagrid look like the one helping out. Hermione helps Harry conquer the summoning charm for the first task.Afterwards, Ron realizes that Harry would be crazy if he willingly signed up for this tournament and finally believes him, reuniting the three best friends. The Yule Ball was nearing when Ron decided to ask Hermione as a last-resort date (Harry Potter and the Goblet of Fire). This annoyed her, but Ron was annoyed even more when he found that Krum was taking her to the Ball. Ron’s jealousy clearly shows and hints at a possible relationship between the two in the future. Another event that adds to the turmoil is the article Rita Skeeter writes about Hermione toying with Harry and Krum.

Through Thick and Thin free essay sample

Friends: Through Thick and Thin Friendship is something treasured among many, but friends often go through seasons of ups and downs during their friendships. It seems that no matter what happens though, they are able to work together to overcome any obstacles that come their way, and the bond between them is strengthened. The Harry Potter series written by J. K. Rowling is able to depict this phenomenon well with three of the main characters, Harry, Ron, and Hermione. In the course of Harry, Ron, and Hermione’s friendship, they have been through many journeys that have had positive effects making their friendship stronger, as well as negative effects weakening it to the point of ruin. Throughout the series, Rowling expresses the importance of friendship, especially when it comes to overcoming challenges and difficult tasks. In the first movie Harry Potter and the Sorcerer’s Stone, Harry is completely isolated before coming to Hogwarts. We will write a custom essay sample on Through Thick and Thin or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Not only does he not have a loving family environment, but he does not have any friends to serve as a support system.Psychology researchers have noticed and created what is called the attachment theory (Goodfriend 75). This theory focuses on how the familial environment during one’s formative years affects one’s ability to begin and maintain normal, adult relationships – including romantic relationships. However, after becoming a student at Hogwarts, Harry quickly creates a large group of friends. More importantly, he creates a close relationship with Ron Weasley and Hermione Granger (Harry Potter and the Sorcerer’s Stone).All of these children have been removed from their homes and are forced into constant interaction with friends and peers (Christie 6). For most of the students at Hogwarts, a strong group of friends helps with things like homesickness and difficult classes. But in Harry’s case, Rowling seems to draw a more obvious parallel between friendship and difficult life challenges. The only way that Harry is able to reach the Mirror of Erised in the dungeons of Hogwarts is with Ron and Hermione’s help. Hermione and Ron both tackle specific challenges that Harry would have been unable to face on his own.Harry’s friendship with Ron and Hermione saves his life and allows him to keep Voldemort from finding the Sorcerer’s Stone. He also becomes part of a couple groups. Groups are important and provide us with innumerable benefits. For example, when Harry becomes a Gryffindor and joins the Quidditch team it adds more to his life than just labels or new friends (Beers 33). These group memberships change the way Harry defines himself, and for Harry (like the rest of us) group memberships are an important source of self-esteem.Harry learns that he can rely on himself while still drawing upon the support system and exceptional magical talents of his close friends. In Harry Potter and the Chamber of Secrets we see that once Harry returns to the Dursley’s house he no longer has his support system readily available. The Dursleys tend to classify all wizards as bad and do not really appreciate the complexity of the group (Beers 38). They maintain their beliefs that wizards are strange and magic is bad no matter what Harry tells them.He gets locked up in his room and some of the Weasleys show up to rescue Harry with their flying car. Harry is clearly very grateful to have a close friend that will allow him to spend the remainder of the summer at his house. Once Harry, Ron, and Hermione get well into their second year of school unfortunate events begin to happen. The chamber of secrets has been reopened by the heir of Slytherin and select individuals at Hogwarts are being petrified (Harry Potter and the Chamber of Secrets).Harry, Ron, and Hermione are determined to find out who the heir of Slytherin is, so determined that they make a polyjuice potion to find out if Draco Malfoy is the heir or if he knows any information. Hermione ends up getting petrified as well but was still able to help the boys discover the secret passage way to the chamber. Ron, Harry, and Professor Lockhart march on together to save Ginny, though Lockhart is not much help. Once again we see that friendship is able to help these three through difficult life challenges.Harry is shown how much Ron and Hermione care about him in Harry Potter and the Prisoner of Azkaban when he receives birthday presents from them through the mail. In this movie their friendship takes a small turn for the worst while Sirius Black is on the loose looking for Harry. There is a new teacher, Professor Lupin, whom Harry becomes attached to and ends up detaching himself from his closest friends, Ron and Hermione (Harry Potter and the Prisoner of Azkaban). Lupin is able to tell Harry all sorts of information about his parents because he was one of James Potter’s best friends.Lupin is also able to help Harry through his fear of the dementors and teach him valuable things. Hermione gets on Ron and Harry’s nerves when she tells Professor McGonagall about the mysterious broom in the mail, and Ron gets upset with Hermione because he thinks that Crookshanks killed his rat, Scabbers (Harry Potter and the Prisoner of Azkaban). Hermione’s character is also beginning to change; She sort of starts to rebel by quitting Divination and shocks everyone when she has the guts to punch Draco Malfoy.Harry, Ron, and Hermione are able to join back together towards the end of the movie when they end up facing Sirius Black together. Hermione makes it very clear that if he wants to kill Harry he has to kill them too. This boldness shows us that Hermione and Ron will be by Harry’s side through thick and thin. In the movie Harry Potter and the Goblet of Fire, the great event known as the Tri-Wizard Tournament takes place. Harry is confused when he gets selected to participate because he did not enter his name into the Goblet of Fire (Harry Potter and the Goblet of Fire). This occurrence causes Ron to be sullen and envious. He does not speak to Harry for awhile because he feels as though Harry went behind his back to enter the tournament. Even though Hermione remains by Harry’s side, Harry becomes very frustrated that people will not believe the fact that he did not enter his name into the Goblet of Fire. Ron ends up finding out that the first task involves dragons and makes a feeble attempt at helping Harry, which ends up making Hagrid look like the one helping out. Hermione helps Harry conquer the summoning charm for the first task.Afterwards, Ron realizes that Harry would be crazy if he willingly signed up for this tournament and finally believes him, reuniting the three best friends. The Yule Ball was nearing when Ron decided to ask Hermione as a last-resort date (Harry Potter and the Goblet of Fire). This annoyed her, but Ron was annoyed even more when he found that Krum was taking her to the Ball. Ron’s jealousy clearly shows and hints at a possible relationship between the two in the future. Another event that adds to the turmoil is the article Rita Skeeter writes about Hermione toying with Harry and Krum.

Through Thick and Thin free essay sample

Friends: Through Thick and Thin Friendship is something treasured among many, but friends often go through seasons of ups and downs during their friendships. It seems that no matter what happens though, they are able to work together to overcome any obstacles that come their way, and the bond between them is strengthened. The Harry Potter series written by J. K. Rowling is able to depict this phenomenon well with three of the main characters, Harry, Ron, and Hermione. In the course of Harry, Ron, and Hermione’s friendship, they have been through many journeys that have had positive effects making their friendship stronger, as well as negative effects weakening it to the point of ruin. Throughout the series, Rowling expresses the importance of friendship, especially when it comes to overcoming challenges and difficult tasks. In the first movie Harry Potter and the Sorcerer’s Stone, Harry is completely isolated before coming to Hogwarts. We will write a custom essay sample on Through Thick and Thin or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Not only does he not have a loving family environment, but he does not have any friends to serve as a support system.Psychology researchers have noticed and created what is called the attachment theory (Goodfriend 75). This theory focuses on how the familial environment during one’s formative years affects one’s ability to begin and maintain normal, adult relationships – including romantic relationships. However, after becoming a student at Hogwarts, Harry quickly creates a large group of friends. More importantly, he creates a close relationship with Ron Weasley and Hermione Granger (Harry Potter and the Sorcerer’s Stone).All of these children have been removed from their homes and are forced into constant interaction with friends and peers (Christie 6). For most of the students at Hogwarts, a strong group of friends helps with things like homesickness and difficult classes. But in Harry’s case, Rowling seems to draw a more obvious parallel between friendship and difficult life challenges. The only way that Harry is able to reach the Mirror of Erised in the dungeons of Hogwarts is with Ron and Hermione’s help. Hermione and Ron both tackle specific challenges that Harry would have been unable to face on his own.Harry’s friendship with Ron and Hermione saves his life and allows him to keep Voldemort from finding the Sorcerer’s Stone. He also becomes part of a couple groups. Groups are important and provide us with innumerable benefits. For example, when Harry becomes a Gryffindor and joins the Quidditch team it adds more to his life than just labels or new friends (Beers 33). These group memberships change the way Harry defines himself, and for Harry (like the rest of us) group memberships are an important source of self-esteem.Harry learns that he can rely on himself while still drawing upon the support system and exceptional magical talents of his close friends. In Harry Potter and the Chamber of Secrets we see that once Harry returns to the Dursley’s house he no longer has his support system readily available. The Dursleys tend to classify all wizards as bad and do not really appreciate the complexity of the group (Beers 38). They maintain their beliefs that wizards are strange and magic is bad no matter what Harry tells them.He gets locked up in his room and some of the Weasleys show up to rescue Harry with their flying car. Harry is clearly very grateful to have a close friend that will allow him to spend the remainder of the summer at his house. Once Harry, Ron, and Hermione get well into their second year of school unfortunate events begin to happen. The chamber of secrets has been reopened by the heir of Slytherin and select individuals at Hogwarts are being petrified (Harry Potter and the Chamber of Secrets).Harry, Ron, and Hermione are determined to find out who the heir of Slytherin is, so determined that they make a polyjuice potion to find out if Draco Malfoy is the heir or if he knows any information. Hermione ends up getting petrified as well but was still able to help the boys discover the secret passage way to the chamber. Ron, Harry, and Professor Lockhart march on together to save Ginny, though Lockhart is not much help. Once again we see that friendship is able to help these three through difficult life challenges.Harry is shown how much Ron and Hermione care about him in Harry Potter and the Prisoner of Azkaban when he receives birthday presents from them through the mail. In this movie their friendship takes a small turn for the worst while Sirius Black is on the loose looking for Harry. There is a new teacher, Professor Lupin, whom Harry becomes attached to and ends up detaching himself from his closest friends, Ron and Hermione (Harry Potter and the Prisoner of Azkaban). Lupin is able to tell Harry all sorts of information about his parents because he was one of James Potter’s best friends.Lupin is also able to help Harry through his fear of the dementors and teach him valuable things. Hermione gets on Ron and Harry’s nerves when she tells Professor McGonagall about the mysterious broom in the mail, and Ron gets upset with Hermione because he thinks that Crookshanks killed his rat, Scabbers (Harry Potter and the Prisoner of Azkaban). Hermione’s character is also beginning to change; She sort of starts to rebel by quitting Divination and shocks everyone when she has the guts to punch Draco Malfoy.Harry, Ron, and Hermione are able to join back together towards the end of the movie when they end up facing Sirius Black together. Hermione makes it very clear that if he wants to kill Harry he has to kill them too. This boldness shows us that Hermione and Ron will be by Harry’s side through thick and thin. In the movie Harry Potter and the Goblet of Fire, the great event known as the Tri-Wizard Tournament takes place. Harry is confused when he gets selected to participate because he did not enter his name into the Goblet of Fire (Harry Potter and the Goblet of Fire). This occurrence causes Ron to be sullen and envious. He does not speak to Harry for awhile because he feels as though Harry went behind his back to enter the tournament. Even though Hermione remains by Harry’s side, Harry becomes very frustrated that people will not believe the fact that he did not enter his name into the Goblet of Fire. Ron ends up finding out that the first task involves dragons and makes a feeble attempt at helping Harry, which ends up making Hagrid look like the one helping out. Hermione helps Harry conquer the summoning charm for the first task.Afterwards, Ron realizes that Harry would be crazy if he willingly signed up for this tournament and finally believes him, reuniting the three best friends. The Yule Ball was nearing when Ron decided to ask Hermione as a last-resort date (Harry Potter and the Goblet of Fire). This annoyed her, but Ron was annoyed even more when he found that Krum was taking her to the Ball. Ron’s jealousy clearly shows and hints at a possible relationship between the two in the future. Another event that adds to the turmoil is the article Rita Skeeter writes about Hermione toying with Harry and Krum.

Solution for the Case Philips Versus Matsushita Essay Example

Solution for the Case Philips Versus Matsushita Essay Philips versus Matsushita Case summary of Philips: The company has built its success on worldwide portfolio of responsive national organizations (NO). The company was established by Gerard Philips and his father opened a small light bulb factory in Eindhoven, Holland in 1892. The company faced a tough fall. Gerald then recruited his brother Anton, a salesman and manager. In 1900 it became the 3rd largest producer of light-bulb in Europe and in 1912 Philips was incorporated. The company didn’t opt for diversification and was the leader in industrial research; it had physics and chemistry labs which were basically meant for the company’s production process. The Lab developed a tungsten filament bulb which was a great success. It came with diverse markets in Japan, Australia, Canada, Brazil, Russia, US, Canada, and France. It became a decentralized sales organization (marketing companies in 14 European countries, China, Brazil, and Australia. . It had a shared leadership with transfer of overseas assets to two trusts by late 1930’s. The organization was split to NOs and PDs. The independent NO’s great advantage was ability to sense and respond to the differences and Product development became a function of local market conditions. Research function remained independent with 8 more labs were set up in Europe and US. We will write a custom essay sample on Solution for the Case Philips Versus Matsushita specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Solution for the Case Philips Versus Matsushita specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Solution for the Case Philips Versus Matsushita specifically for you FOR ONLY $16.38 $13.9/page Hire Writer In late 1960, there was a creation of common market eroding trade barriers within Europe, in 1960s audiocassette were invented but Japanese captured the market, in 1970s videocassette(v2000) were developed but was forced to abandon when North American Philips decided it to outsource which was manufactured under license from Matsushita, Over 3 decades, 7 chairmen experimented reorganizing, yet entering the new millennium, its financial performance remained poor. In 1970s rebalancing the managerial relations between Nos and PDs, Closing of least efficient local plants and converting the best to International Production Centers(IPCs), In 1982 Closed inefficient operations particularly in Europe i. e. 40 plants were shut, the company focused on core operations e. g. , welding, energy, cables, and furniture, In 1987 the company lost its leadership in consumer Electronics to Matsushita with Net profit margins of 1% 2%. The core business was of components, consumer lectronics and Telecommunication and Data systems, and lightning. The non-core businesses were spun off into joint ventures. The company reduced 3000 strong headquarters staff, and to gain firmer control over Nos, the publicly owned NAPC was repurchased for $700 million, In 1990, the company had undergone highest layoff with 15 months’ pay, the company recruited Frank Carrubba, Hewlett-Packard’s director of research and was encouraged to develop 15 core-technologies, incl uding CD-I, DCC, HDTV, and Multimedia softwares. By early 1998, betting on â€Å"digital revolution† the company planned to focus on established technologies such as cellular phones, digital TV, digital videodisc, and web TV. MATSUSHITA: The Global competitiveness based on its centralized, highly efficient operations in Japan. It was formed in 1918 by Konosuke Matsushita with Y100 producing double-ended sockets. The company introduced TV sets in 1952, transistor radios in 1958, color TVs, dishwashers, and Electric ovens in 1960. Innovating division had earned substantial profits; new division for innovation was introduced. One- product- one-division† was followed. Each division paid 60%earnings to headquarters and Product development and engineering occurred in product divisions. In 1951, the company found no American company willing to collaborate; the best which was done was technology Exchange and Licensing agreement with Philips. The company expanded through color TV. In 1953, it opened 1st overseas branch office, and shifted production to low-wage countries, In 1980, it built Global leadership through VCRs. The company won the 1st place in Consumer Electronics industry with the birth of VCR, between 1977 to 1985, the capacity increased to 6. 8 million units. In the mid 1980s, Matsushita had over 700 expatriate Japanese managers and technicians on foreign assignment. General managers of foreign subsidiaries had to visit Osaka headquarters at least 2-3 times each year or some even months. In 1990, the company launched â€Å"operation localization† to boost the offshore production from less than 10% to 25% or half of international sales. In 1986, the company felt that no sufficient attention was given to international development as they got only 3% royalty for foreign production against 10%return on sales for exports from Japan. All foreign subsidiaries were bought under the control of METC. At the end of 1989, company generated huge reserves. By the end of 2000, 160 factories outside Japan employed 1,40,000 people and investments were made in Ramp;D partnerships and technical exchanges. In April 2000, profits were 2. 2%on sales, and in November 2000 there was a rise in company’s earnings. A COMPARISON: Philips | Matsushita| Decentralization| Centralization| Incentive systems| Profit distribution policy| Large funds allocated for R amp; D| CRL was majorly funded by the product divisions. | Country wise division of organization. | One product one division focus. | High costs of manufacturing. | Efficiency in using the local resources. | Attempts at Reorganization of Philips: a) REASONS FOR CHANGE: i) Creation of common European market eroded rationale for country level subsidiaries. i) New transistor based technologies demanded larger production runs at fewer larger facilities   Ã‚  iii) Ability to bring innovations to market began to falter (e. g. microwave oven) b) RATIO ANALYSIS * Operating ratio = ( operating profit/sales)*100 In the year, 2000 = 11. 31% 1995 = 6. 3% 1990 = 3. 77% 1985 = 4. 5% 1980 = 4. 31% 1975 = 4. 6% 970 = NA * Return on total assets = net income available to common stock holders/stock holders equity 2000=56% 1995=23% 1990=22% 1985=31% 1980=33% 1975=33% 1970=33% * Contribution by sectors (revenue wise): 1985 Professional products or systems 1990,95,2000 Consumer electronics * Contribution by sectors(profit wise): 1985 Professional products or systems 1990 Consumer electronics 1995,2000 Components or semiconductors PROBLEMS OF PHILIPS: Philips’ decline of success over the last thirty years has been mainly down to the lack of consistency and the lack of ability to deal with a changing competitive international environment. * A problematic area for Philips has been the struggle to balance the respective roles and power of the National Organizations (NOs) and the Product Divisions (PDs). * Philips used to have a dual management system, which historically worked for the Philips brothers. This desire to recreate the past as opposed to changing and looking to the future shows a weakness in Philips culture. RECOMMENDATIONS: * Investment in Ramp;D and marketing may be the only way in which its can match the low-cost Ja panese advantage of efficiency. * Develop a good strategy * Philips also needs to find the correct structure to suit its operations and its strategy. As Mintzberg (1990) says, ‘structure follows strategy as the left foot follows the right’. PROBLEMS OF MATSUSHITA: Matsushita has never been an innovative company, its main capabilities have always been the ability to mass produce and at low price, due to its production techniques and the fact that it produces in a low cost area of the world Historically, the high level of centralisation and the tall structure have hindered Matsushita’s innovation attempts After the collapse of the Japanese economy left Matsushita with excess capacity and evaporating profits, restructuring was certainly necessary, but took many years until anything was done to correct the situation. This shows that Matsushita was also slow to manage the changes in the external environment RECOMMENDATIONS: A bottom up strategy could have been used. As the company had a diversification strategy, it should have gone for divisionalised structure rather than a centralized structure. Production centres must have allowed the subsidiaries more freedom so that an environment of Innovation would have been created. CONCLUSION: Overall, it is relatively apparent that both organisations have seen better days. We believe that both companies should focus on their own capabilities instead of trying to match each others. Also, they should use different approaches to change, as their previous attempts have proved unsuccessful. Philips needs to see this latest change as a genuine one, and needs to avoid considering it as just another new strategic direction. If it does this, and everyone is involved and committed, then we feel that they can return to the success they enjoyed last century. The prognosis is similar for Matsushita, as if its management engage in consultation with its workforce when undergoing its large-scale restructuring programme and carefully analyse the dynamic relationship between strategy and structure when doing so, its restructuring programme has every chance of succeeding. Thus, Matsushita may once again be able to return to the levels of success it .