US Institutions in the Global Financial Crisis - Free Essay Example

Sample details Pages: 10 Words: 3069 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? This essay discusses about the global financial crisis that struck United States. It will look at what measures did US government took to protect these financial institutions. Then it will analyze shareholder and stakeholder models of corporate social responsibility, then relate this theory with the situation. Next it will discuss whether US governments action could be justified from either or both of these models and it will talk about the short and long term consequences of government intervention. And in conclusion it will discuss whether actions taken by US government is best for society or not. The global financial crisis all started back in 1977, when Community Reinvestment Act was passed by 95th US Congress and signed into law by president Jimmy Carter (Busy Times, 2008). It was designed to encourage commercial banks to meet the needs of borrowers in all segments of the communities, including low-income neighborhoods (Busy Times, 2008) Then initially led by very low interest rate regime during Alan Greenspans era, 2000 2006, it allows homebuyers to take up mortgage with low interest as it allow financial institution to generate income growth, and one of it is subprime lending, practice of making loans to borrower who do not qualify for market interest rates of traditional housing mortgages cause it had problems with their credit history or the credibility to prove they had enough income to support the loan payment (Busy Times, 2008). Through this, borrowers with bad credit history were able to get a mortgage loan, even borrowers with no income, job and ability to repay; consequently it decreases the lending standards, as shown below (Busy Times, 2008). With this situation, 2nd tier institutions were lending money to homeowners, and then securitize the assets and sell it to major US financial institutions including many investment banks, and those investment banks sold it to investors (Busy Times, 2008). This cycle allow bank to earn extra income for the sale, consequently this let to a sharp rise in household debt, graph 1 (Busy Times, 2008). At first it was not a problem cause house price kept growing for years, graph 2, thus borrower could not repay the loan, bank could always foreclose mortgage and sell the collateral (the house) at a higher price (Busy Times, 2008). - Graph 1 Household Debts (APRA, 2008) Graph 2 House Price (APRA, 2008) - But as housing affordability fell, housing prices rose more than disposable income, this meant people were not up to meet the test of subprime, therefore banks income would fall due to lower volume of loans, but there were unrealistic expectations of asset growth in housing (Busy Times, 2008). Housing prices starts to fall, and more and more people defaulted, so now there are more houses in the market than buyers, which causes housing prices to fall even further (Busy Times, 2008), which mark the start of the global financial crisis. Global Financial Crisis initially started in United States, and United States being a super power country, brings a huge impact to the rest of the financial world. Trying to fix this, United States government responded by providing some solutions, one of it is Troubled Asset Relief Program (TARP). The Troubled Asset Relief Program (TARP) set up under the Emergency Economic Stabilization Act, 2008 (Ghosh, S. Mohamed, S., 2010), authorized the US Treasury Secretary a total of $700 billion to establish TARP (Ghosh, S. Mohamed, S., 2010). TARP provides wide raging powers to US Treasury secretary to purchase, manage and sell troubled assets held by financial institutions, and to sell or enter into securities, loans, repurchase transaction or other financial transactions with respect to any troubled asset purchased under the Act (Ghosh, S. Mohamed, S., 2010),. Under TARP, bank, thrifts, credit unions, broker dealers and insurance companies are deemed as financial institutions, but central bank or i nstitution that is owned by foreign government is not deemed as financial institution (Ghosh, S. Mohamed, S., 2010),. And as for troubled assets, it include residential, commercial mortgages, securities, obligations and other instruments based on related to such mortgages, in each case originated or issued on or prior to March 14, 2008 as defined by the Act (Ghosh, S. Mohamed, S., 2010). TARP was originally intended to be a lending programme and one that would increase liquidity by encouraging the flow of credit between the banks and from banks to customers (US treasury, 2008a). The idea was to enable federal government to obtain up to US$700 billion of illiquid mortgage backed securities (MBS) and assets backed securities (ABS) and thereby lubricate secondary mortgage markets (US Treasury, 2008a). TARP was also design to minimize losses of financial institutions owing the toxic assets and thereby, inducing credit growth (Ghosh, S. Mohamed, S., 2010), Economic Stabilization Ac t, 2008, states the objective of TARP, is to provide stability to US financial system, preventing disruption in economy at large and financial system and protect US taxpayer (Ghosh, S. Mohamed, S., 2010), The Act also offers setting up of Troubled Assets Insurance Financing Fund (TAIFF), the purpose is providing financial institutions the chance to purchase insurance from government to guarantee their troubled assets (Ghosh, S. Mohamed, S., 2010). But conversely, in about five weeks, Treasury was suppose to buy those toxic assets off the balance sheets of the bank and financial institutions, but instead the Treasury bought non voting preferred stock from banks and institutions through investing TARP funds in them (US Treasury, 2008d). Cause of that, TARP has failed to ensure liquidity, repair confidence, build trusts in the banking system, redress the issues of encouraging lending to homeowners, counter massive foreclosures and contraction in housing market and stop house prices from spiraling downwards (Congress Oversight Panel Report, 2009c; Barr, 2008; McIntyre, 2009). The first tranche of $250 billion TARP money was used to pump in $167 billion in 87 banks in exchange for preferred stock and warrants (US Treasury, 2008e). Next it went to AIG, about $40 billion (US Treasury, 2008f), then to Citibank, about $45 billion in exchange for preferred stocks and warrants (Ericson et al., 2009). As in Wall Street Journal, it discuss that U.S. government made a bail out as of American International Group Inc. (AIG) as it injects $85 billion to the firm, this show the intensity of its concerns about the danger of AIG collapsing to the financial system (Kartnitschnig, M. et a, 2008). The decision was difficult one, as federal government had been strongly resisting overtures from AIG for an emergency loan or intervention that would prevent the insurer from falling into bankruptcy (Kartnitschnig, M. et a, 2008). Cause just a week before, government decided not to intervene to help Lehman Brothers Holdings Inc, as a result it went bankruptcy, but this time government decided AIG was truly too big to fail (Kartnitschnig, M. et a, 2008). U.S. government also took over mortgage lending giants Fannie Mae and Freddie Mac as the teetered near collapse, another Wall Street giants, Merrill Lynch Co agreed to self it self to the Bank of America Corp (Kartnitschnig, M. et a, 2008). In the end, U.S. negotiators negotiate a proposal that could help both sides, which the Federal will lend $85 billion to AIG and in return U.S. government would be entitled to 79.9% equity stakes in form of warrants (equity participation notes) and the two year loan will have Libor (London interbank offered rate) + 8.5% interest rate (Kartnitschnig, M. et a, 2008). Shareholder theory suggest that business are just arrangements by which shareholders advance capital to managers to be utilized for specified ends and for receive an ownership interest in the venture (Beauchamp et al, 2009,p.66). In this perspective, managers perform as agent for shareholders, though bound by agency relationship to do so exclusively for the purposes of their shareholder principle (Beauchamp et al, 2009, p.66). This fiduciary relationship implies that managers does not have the obligation to expand business resources in ways that are not authorized by shareholders, despite presence of societal benefits from doing so (Beauchamp et al, 2009, p.66). However, both shareholders and managers are free to use their private funds for charitable or socially beneficial project, but when performing as officers of the business, managers have the duty not to divert business resources away from the intention of the shareholders, and managers, him or herself are obligated to follow legal directions of the shareholders and are required to maximize shareholder financial returns (Beauchamp et al, 2009, p.66). Nevertheless, it does not state that managers to ignore ethical constrai nts in pursuit of profits, rather it make certain managers are compelled to pursue profits by all legal and non deceptive means (Beauchamp et al, 2009,p.66) Adam Smiths invisible hand argument state the market is efficient if everyone is allowed to pursue Conversely, shareholder theory has been looked from two different perspectives, which are consequentialist and deontological. Consequentialist, argue that businesses or businesspersons does not have any social responsibilities, other than to legally and honestly maximize profits of the firms (Beauchamp et al, 2009,p.67). Deontological side; argue that based on observation, shareholders transfer their funds to business managers on the provision, those funds are used on their wishes (Beauchamp et al, 2009,p.67). If managers accepted those funds on that specific circumstance, they are not allowed to spend it to accomplish social goals, other than authorized by shareholders, and if they did without authorization, they would be viola ting their agreement and spending other peoples money without their concern (Beauchamp et al, 2009,p.67). Stakeholder theory, a theory of organizational management and business ethics that addresses morals and values in managing an organization (Philip et al, 2003), as in the definition above, the theory itself is divided into two parts, organizational management and business ethics. The organizational management side is known as Empirical theory of management and the business ethics as Normative theory of business ethics. As in this essay, it will focus on the Normative theory of business ethics. Empirical theory of management just discuss about effective managements are required for balancing consideration of and attention to the legitimate interest of all stakeholders, anyone who has stake on firm (Beauchamp et al, 2009,p.69). Normative theory in the other hand, argue, regardless whether stakeholder management leads to improved financial performance, managers should manage the business for the benefit of all stakeholders (Beauchamp et al, 2009,p.69). It views firms not as a mechanism for increasing stockholders returns, rather as a vehicle managing stakeholder interests and sees management as having a fiduciary relationship not just to stockholders, but all stakeholders (Beauchamp et al, 2009,p.69). As a result, it guides management to give equal interest to all stakeholder (Beauchamp et al, 2009,p.70), therefore in this normative form, stakeholder theory imply business have true social responsibilities (Beauchamp et al, 2009,p.70) But normative theory and empirical theory agree on one thing, the best way to enhance the stakeholders return on their investment is to pay attention to the legitimate interests of all stakeholders (Beauchamp et al, 2009,p.69). Stakeholder theory holds that managements fundamental obligation is not to maximize the firms financial success, but to ensure its survival by balancing the conflicting claims of multiple stake holders (Beauchamp et al, 2009,p.69). Meeting this obligation, act accordance to two of stakeholder management must be done, which are, principal of corporate legitimacy and stakeholder fiduciary duty. Principle of corporate legitimacy, the corporation should be managed for the benefit of its stakeholders: its customers, suppliers, owners, employees, and the local communities(Beauchamp et al, 2009,p.70). The rights of these groups must be ensured and, further, the group must participate, in some sense, in decisions that substantially affect their welfare (Beauchamp et al, 2009,p.70) Stakeholder fiduciary duty, management bears a fiduciary relationship to stakeholders and to the corporation as an abstract entity, which must act in the interests of the stakeholders as their agent, and it must act in the interests of the corporation to ensure the survival of the firm, safeguarding the long term stakes of each group(Beauchamp et al, 2009,p.70). As to shareholder theory, the act ions of the corporations comply with this theory, as corporations look for sources of income through securitization process. The cycle begin with institutions lending money to homeowner, then securitizing the assets and selling it to major U.S. financial institutions including many investment banks, and finally those investment sell it to investors (Beauchamp et al, 2009, p.66). This allow bank to earn extra income for sale, and generate a massive income (Beauchamp et al, 2009, p.66). By doing so, it comply with the shareholder theory, as it argue that businesses or businesspersons does not have any social responsibilities, other than to legally and honestly maximize profits of the firms, but this theory is best for short term (Beauchamp et al, 2009, p.67). Since the theory emphasize on best to maximize profit, banks lower their standards of lending, not thinking thoroughly the consequences, banks were able to lend more and to securitize more, which can generate more income (Beaucha mp et al, 2009, p.66). At first it was not a problem at all, as if borrower could not repay loan, bank could always foreclose mortgage and sell collateral (house) at a higher price, cause house price kept growing for years (Beauchamp et al, 2009, p.67). But as years past by, housing affordability fell, since supply is less then demand, to be able to equalize it, price need to be put up (Beauchamp et al, 2009, p.66). As housing price rose more than disposable income, more people were not up to meet the test of subprime, for that reason banks income would fall due to lower volume of loans (Beauchamp et al, 2009, p.67). But due to unrealistic expectations of asset growth in housing, housing prices start to fall and more and more people defaulted, so now there is more supply than demand (Beauchamp et al, 2009, p.67). To equalize this, price needs to be put down, soon as housing prices fall down, it marked the start of the global financial crisis. Fiduciary duty of a shareholder theor y is to maximize their income for their shareholder, and neglecting other factors (Beauchamp et al, 2009, p.67). But in stakeholder theory, the fiduciary duty is to act in the interest of the stakeholder and must act in the interest of the corporations to ensure survival of the firm, safeguarding long-term stakes of each group and it holds that managements fundamental obligation is not to maximize the firms financial success, but to ensure its survival by balancing the conflicting claims of multiple stakeholders (Beauchamp et al, 2009, p.67). It also view firms not as mechanism for increasing stockholders returns, rather as a vehicle managing stakeholder interests and sees management as having a fiduciary relationship not just to stockholders, but all stakeholders (Beauchamp et al, 2009, p.66). As a result, it guides management to give equal interest to all stakeholder, therefore in this normative form, stakeholder theory imply business have true social responsibilities (Beauchamp e t al, 2009, p.67). It also suggested, corporation should be managed for the benefit of its stakeholders: its customers, suppliers, owners, employees, and the local communities(Beauchamp et al, 2009,p.70). The rights of these groups must be ensured and, further, the group must participate, in some sense, in decisions that substantially affect their welfare (Beauchamp et al, 2009,p.69). As what the U.S. government does, it complies with this theory. U.S. government intervenes with this situation, to help stabilize the financial system, cause if not, the financial crisis could have a worsen affect and everyone would suffer more. The U.S. government intervenes through TARP (Troubled Asset Relief Program). Those funds in TARP were used to pump in $167 billion in 87 banks in exchange for preferred stock and warrants (US Treasury, 2008e). Then to AIG, $40 billion (US Treasury 2008,f) then Citibank, $45 billion in exchange for preferred stocks and warrants (Ericson et al., 2009). U.S. go vernment also took over mortgage lending giants Fannie Mae and Freddie Mac as the teetered near collapse (Kartnitschnig, M. et al, 2008). The U.S. government also offers setting up of Troubled Assets Insurance Financing Fund (TAIFF), to help financial institutions have a chance to purchase insurance from government to guarantee their troubled assets (Ghosh, S. Mohamed, S., 2010). By those actions, it could show that US government is complying with the stakeholder theory. As the US government intervenes with those funds, it shows an act in interest of the corporations to ensure survival of the firm, safeguarding long term stakes of each group, and holds that managements fundamental obligation not to maximize the firms financial success, but to ensure its survival by balancing the conflicting claims of multiple stakeholder (Kartnitschnig, M. et al, 2008). Although the fundamental obligation was not to maximize firms financial success, but there fiduciary duty also stated to act in the interest of shareholder, and shareholder does want returns on their investment. Therefore the U.S. lend the $85 billion to AIG, but in return to U.S. government, U.S. government would be entitled to 79.9 equity stakes in form of warrants and 2 year loan will have Libor + 8.5% interest rate (Kartnitschnig, M. et a, 2008). This show both short term and long term consequences of this government intervention generate a positive outcome, as for the short term, US government sustain those companies from bankruptcy, so it does not worsen the financial crisis, hurting more people in their financial situation. For the long term, the US government benefit from the interest rate that they get from those banks. But from bailouts, it could also bring negative short-term effects, such as higher taxes, bigger government and lower salaries (Taylor, M., 2007). As well as for long term, it could bring negative effects, such as government abandoning fiscal discipline, asset bubble or inflation could occur and commodities bubble driven by negative real interest rate (Peng, B.,2008). In conclusion, this essay has discussed about the global financial crisis that struck United States. It discussed the measures that US government took to protect these financial institutions, such as TARP or TAIFF. It also have discussed and related shareholder and stakeholder models of corporate social responsibility with the Global Financial Crisis, by justifying US government action from either of these models and analyzing the short and long term consequences of the government intervention, and the conclusion that the action that US government has taken for this current situation was best for society, as if US government have not taken those steps. It could have worsen the financial crisis and have a greater impact to others countries, just like a domino affects. Cause United States is a super power country, which have a lot of impacts to other countries in this world. By taking those s teps, it was best for this society. Don’t waste time! Our writers will create an original "US Institutions in the Global Financial Crisis" essay for you Create order

Explore the Sombrero Galaxy

Way out in the direction of the constellation Virgo, some 31 million light-years from Earth, astronomers have found a most unlikely looking galaxy that is hiding a supermassive black hole at its heart. Its technical name is M104, but most people refer to it by its nickname: the Sombrero Galaxy. Through a small telescope, this distant stellar city does look a bit like a big Mexican hat. The Sombrero is incredibly massive, containing the equivalent of 800 million times the mass of the Sun, plus a collection of globular clusters, and a broad ring of gas and dust. Not only is this galaxy huge, but its also speeding away from us at a rate of a thousand kilometers per second (about 621 miles per second). Thats very fast! What is That Galaxy? At first, astronomers thought the Sombrero might be an elliptical-type galaxy with another flat galaxy embedded within it. This is because it did look more elliptical than flat. However, a closer look revealed that the puffy shape is caused by a spherical halo of stars around the central area. It also has that huge dust lane that contains star birth regions. So, its most likely a very tightly wound spiral galaxy, the same type of galaxy as the Milky Way. How did it get that way? Theres a good chance that multiple collisions with other galaxies (and a merger or two), have changed what may have been a spiral galaxy into a more complex galactic beast. Observations with the Hubble Space Telescope and the Spitzer Space Telescope have revealed a lot of detail in this object, and theres a lot more to learn! Checking Out the Dust Ring The dust ring that sits out in the brim of the Sombrero is very intriguing. It glows in infrared light and contains most of the star-forming material of the galaxy — such materials as hydrogen gas and dust. It completely encircles the central core of the galaxy and appears pretty wide. When astronomers looked at the ring with the Spitzer Space Telescope, it appeared very bright in infrared light. Thats a good indication that the ring is the central star birth region of the galaxy. Whats Hiding in the Nucleus of the Sombrero? Many galaxies have supermassive black holes at their hearts, and the Sombrero is no exception. Its black hole has more than a billion times the mass of the Sun, all packed away into a tiny region. It appears to be an active black hole, eating up material that happens to cross its path. The region around the black hole emits a tremendous amount of x-ray and radio waves. The region extending out from the core does emit some weak infrared radiation, which could be traced back to heating activity fostered by the presence of the black hole. Interestingly, the core of the galaxy does appear to have a number of globular clusters swarming around in tight orbits. There may be as many as 2,000 of these very old groupings of stars orbiting the core and may be related in some way to the very large size of the galactic bulge that houses the black hole. Where is the Sombrero? While astronomers know the general location of the Sombrero Galaxy, its exact distance was only recently determined. It seems to be about around 31 million light-years away. It does not travel the universe by itself but does appear to have a dwarf galaxy companion. Astronomers are not quite sure if the Sombrero is actually part of a grouping of galaxies called the Virgo Cluster or maybe a member of a smaller associated group of galaxies. Want to Observe the Sombrero? The Sombrero Galaxy is a favorite target for amateur stargazers. It takes a little doing to find it, and it does require a good backyard-type scope to view this galaxy. A good star chart shows where the galaxy is (in the constellation Virgo), halfway between Virgos star Spica and the tiny constellation of Corvus the Crow. Practice star-hopping to the galaxy and then settle in for a good long look! And, youll be following in a long line of amateurs who have checked out the Sombrero. It was discovered by an amateur in the 1700s, a guy by the name of Charles Messier, who compiled a list of faint, fuzzy objects that we now know are clusters, nebulae, and galaxies.

Global Supply Chain Management Essay examples - 8909 Words

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The main purpose of this paper is to bring together the various concepts and insights from several disciplines primarily, supply chain management, strategy and international business management to propose risk mitigation strategies for global supply chains. This study further describes different procedures to identify, assess and manage operational risks in global supply chain. 2 Global Supply Chain The world is a global village now and there are many factors or combination of forces which are affecting the global economy such as globalization, global competitive pressure, reductions in costs and stock market has changed the ways to organize their production in global Supply chain. Due to these reasons, multinational corporations started to make strategic alliances at the global level and locating their parts of supply chain abroad at different locations. 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Sexual Ethics Essay Free Essays

1. There are a number of dilemmas in sexual ethics such as homosexuality, marriage and divorce and pornography. For instance homosexuality is a major problem within sexual ethics because homosexual sex cannot lead to reproduction. We will write a custom essay sample on Sexual Ethics Essay or any similar topic only for you Order Now However sexual ethic it differs between denominations compared to government law. Therefore these issues are a concern to religious belief; different faiths have different view on homosexuality or marriage and divorce. Many religious beliefs do not encourage homosexuality in fact it is severely discouraged for example in the Islamic faith they do not allow this because there is no doubt that in Islam homosexuality is considered ‘sinful’. Homosexuality as far as Islam is concerned is a profound mistake (as are all sins if they are not intending to do wrong). For instance a quote from the Qur’an says â€Å"What! Of all creatures do ye come unto the males, and leave the wives your Lord created for you? Nay, but ye are forward folk. † Qur’an 26:165. The references relate to gay sexual activities; lesbian practices are not mentioned in the Qur’an, neither is it mentioned in the bible. Christians are divided over the issue of homosexuality. Due to natural law homosexual sex cannot lead to reproduction therefore the marriage would be considered invalid, however then a marriage between an older couple or couples who infertile would also be invalid, therefore all homosexual acts and relationships are sinful so many believe homosexuality is contrary to God’s will. However the Roman Catholic Church teaches that homosexual should be treated with respect, compassion and sensitivity and no discrimination, they believe the feeling aren’t wrong but the actions are sinful because they contrary to the will of God. The scriptures of the bible suggest that the only sexual relationship that God approves of is one between married heterosexual partners. The creation narrative describe woman as being created especially for man: â€Å"a helpful suitable for him† (genesis 2:18). The Old Testament said â€Å"If a man lies with a man as one does with a woman, both of them have done what is detestable. They must be put to death† (Leviticus 20:13) however there is still no mention on lesbian practices. Marriage is an important part of the Christian life a the purpose of Christian marriage is faithfulness to one another, many Christians teach than within marriage there is a natural hierarchy that reflects the relationship of Christ and the church. The Roman Catholic Church says â€Å"wives, in the same way be submissive to your husband†¦ Husband, in the same way be considerate as you live with your wives, and treat them with respect† (1 peter 3:1, 7). Whereas the Church of England argues that the relationship is based upon Christ’s headship over the church and is about love and sacrifice, not domination and power. This argument originally started as the bible said â€Å"a man will leave his father and mother and be united to his wife and they will become one flesh† (genesis 2:24). On the other hand, in the Islamic faith marriage is only a way to make sex and having children legal and lawful, the belief also states in the eyes of Allah both members of the relationship are treated equally even though they have separate duties. Whereas the Christian views on divorce are that marriage is for life. People take vows for better or worse so if they meant that then there should be no divorce. For instance the Roman Catholic Church believe there shouldn’t be any divorce unless the marriage has not been consummated or they are willing to get a divorce with the permission from the pope. Whereas the Church of England except divorce but some more traditional vicars don’t allowed divorces to remarry in church, the bible believes divorce is not favoured by God: â€Å"Therefore what God has joined together, let man not separate (Matthew 19:6) which means God joins them so the law cannot separate them. Even Jesus forbids divorce: â€Å"Anyone who divorces his wife and marries another woman commits adultery. And if she divorces her husband and marries another man, she commits adultery† (Mark 10:11-12) However in Matthews gospel it say â€Å"anyone who divorces his wife, except for marital unfaithfulness, and marries another woman commits adultery† (Matthew 19:9). Alternatively divorce in Islam is only when the male partner says Talaq 3 times can divorce the couple, however this banned in some countries which results in going to arbitration council and judicial intervention before the divorce is granted. . Due to the loss of faith in many denomination and cultures today, we as people no longer look to religion to guide our sexual ethics as we once did. It is no longer relevant because many people believe that anymore should be able to marry anyone they want, for example same-sex partners. The debate is still being waged between the church and government to offer this un ion. Many people believe if two people are happy together and want to join themselves in holy matrimony, then they should be allowed. Marriage has also undergone many changes as people are less likely to have a â€Å"traditional† wedding instead they are more likely to enjoy extended co-habitation. Also the concept of marriage has change because it is more of a legal act rather than a declaration of love to God. Whereas divorce is seen by the eyes of most people is all about the law rather than church. Church seems to have very little authority when a marriage has got to the divorce stage. A minority of people do still take guidance from the church and believe the once they have entered into holy matrimony then it is for life just as God ordained. In conclusion, like most of the civilised world I believe that the religious beliefs about sexual ethics are no longer relevant because civilisation has changed so much and people are willing to accept all that was once considered taboo by the church and are willing to open their mind about the change in religious beliefs and sexual ethics. How to cite Sexual Ethics Essay, Essay examples

Toy Safety and Mattel Toy I. free essay sample

In 1945, Ruth and Elliot Handler and Harold Matt Matson form a partnership called Mattel Creations in Southern California in a garage workshop that manufactured picture frames and dollhouse furniture. The worlds largest toy company, Mattel, Inc. , also known as â€Å"the worlds premiere toy company today and tomorrow,† designs, manufactures, markets, and distributes a variety of toy products all over the world. The companys products include a number of core toy lines, including Barbie dolls (which eventually became the best-selling toy ever), clothing, and accessories; Hot Wheels vehicles; Harry Potter, Batman, Superman, and Looney Tunes products; the American Girls Collection of books, dolls, clothing, and accessories; Fisher-Price infant and preschool toys, and toys based on Disney and Sesame Street characters; and games such as Scrabble and UNO. Mattels toys are produced in company-owned manufacturing facilities in China, Indonesia, Malaysia, Mexico, Thailand, and independent contractors located in the United States, Europe, Mexico, the Far East, and Australia. The companys three main retail customers include Wal-Mart Stores, Inc. , Toys R Us, Inc. , and Target Corporation. Throughout the years, Mattel continued to create and market popular toys such as Hot Wheels, merge with profitable manufacturers Fisher Price in 1993 and Tyco Toys, Inc. in 1997, partner with Disney, Sesame Street, and Nickelodeon, obtain licenses and rights to manufacture Cabbage Patch Dolls and Harry Potter merchandise, and acquire Pleasant Company (maker of American Girl brand) in 1997. Since 1945, the Mattel Company works hard to ensure it is considered a trustworthy company for children and the community. Mattel established the Mattel Childrens Foundation to make â€Å"a meaningful difference in the lives of children in need globally. † In 1997, the corporation formed the Global Manufacturing Principles (GMP), establishing Mattel as the first company to create a framework to ensure responsible manufacturing, assembly, and distribution is conducted through consistent standards on a global level. In 1998, Mattel began a unique $25 million multi-year donation partnership to the UCLA childrens hospital, renamed the Mattel Childrens Hospital at UCLA to assist and serve children from around the world with nationally recognized health care. With so much positive philanthropy projects, Mattel has not always been able to maintain an image of child-like and trustworthy purity. Mattel has experienced many criticisms for stealing ideas for toy-lines from children competing in toy invention competitions. In 1974, investigators revealed that company officials produced and issued false and misleading financial information to make it appear as if the company was continuing to successfully grow. And of course, Mattel has also had its share of recalls (the accurate number of recalls is debatable but it ranges from 17 to 28 recalls). But in August 1997, Mattel faced the biggest recall in the companys history. Brief Background There are two separate reasons why Mattel recalled 19 million toys from August to September of 2007. The fact that both recalls occurred at the same time makes this the biggest recall in the companys history. The first toy recall was due to defective magnets. The design of the toy magnets included parts with high-energy magnets typically used for industrial purposes that easily come loose and posed a threat to young children and infants who could easily swallow the magnets which could then adhere together in the digestive tract and rupture the stomach tissue. The strength of the magnets combined with Mattels poor design of the toys made the products a critical hazard for young children. Mattels website (http://corporate. mattel. com) lists 71 models and makes of toys that were recalled because of faulty magnets. The second toy recall was due to high levels of lead-based paint found on the surface of many toys. Mattel had previously given manufacturers in China a list of eight approved paint suppliers to use, but in order to reduce costs, subcontractors decided to employ unapproved suppliers. In some cases, the lead content was over 180 times the legal limit. Lead-based paint is dangerous for children because elevated levels create learning and behavioral problems, slow muscle and bone growth, hearing loss, anemia, brain damage, seizures, coma, and in some rare cases, death. Mattel recalled 91 models and makes of toys because of harmful levels of lead paint. China Since 1997, China has experienced many tribulations with the quality and standards of the products manufactured within the country. For instance, pet food, toothpaste, seafood, tires, and toys are just a few of the products recalled from homes in the United States because of serious, sometimes deadly, manufacturing inaccuracies. The business relationship between Mattel and China seemed to be a strong partnership. Mattel manufactured 65 percent of its toys in China, and before the recall, was a company others used as a model for successful global manufacturing. Mattel was criticized for placing too much faith in the partnership with China as well as careless inspections on the quality of the manufacturing sites abroad. Timeline In November of 2006, Mattel recalled Polly Pocket sets sold with magnets that posed a threat to children. In July 2007, a European retailer discovered high levels of lead content on various Mattel toys. Once notified, Mattel began an investigation and closed operations at the factories producing the toys. During the investigation, Mattel discovered millions of products available since 2003 that did not pass safety standards. On August 1, 2007, Fisher-Price recalled 1. 5 million toys due to high levels of lead-based paint 60% of which were all manufactured in China. After further investigation, Mattel recalled 18 million more products on August 14, 2007 because of the possible hazards of children swallowing faulty magnets. And on September 4, 2007, Mattel recalled another 848,000 toys due to high levels of lead-based paint. The U. S. Senate Committee began scrutinizing American safety standards for childrens toys and clothing and stated the possibility of creating new legislation to keep hazardous toys and clothing from children. Despite the fact that a larger number of toys were recalled because of faulty magnets and not lead-based paint, the framed communication made China appear culpable for the recalls in order to reduce reputational damage and the Chinese media stated that Mattel should be accountable for the mistakes rather than blame China. Mattel eventually listened and on September 21, the company issued an apology to China taking full blame for the recall crisis. Mattel also posted news releases and video interviews on the company website to keep the public informed. June 8, 2007 Mattel receives information on possible lead paint contamination June 9, 2007 CPSC deadline to report the problem June 10, 2007 Mattel fails to report problem to CPSC July 26, 2007 Mattel files full report to CPSC August 14, 2007 Mattel voluntarily recalls 17. 4 million products September 4, 2007 Mattel voluntarily recalls 850,000 toys with lead paint October 25, 2007 Mattel voluntarily recalls Go Diego Go! Rescue boats coated in hazardous lead paint November 6, 2007 Mattel voluntarily recalls 155,000 choking hazard toys manufactured in Mexico OBJECTIVES Mattels management has expressed the overall company vision as â€Å"The Worlds Premier Toy BrandsToday and Tomorrow. † Management set five key company strategies: 1. improve execution of the existing toy business 2. globalize the brands 3. extend the brands 4. catch new trends 5. develop people The company also adapts its definition of truthfulness by:  · Collecting and disseminating all information about the recall to the public accurately, quickly, and efficiently.  · Reassuring the public, especially parents and retailers, that the company is devoted to producing safe toys and improving honest communication.  · Taking responsibility for the recall, solving the crisis, and maintaining a working relationship with China. CRISIS PLAN Mattel is known for their 100-page crisis plan and a well-planned crisis response infrastructure tested from 28 recalls since 2000. Mattel speaks with one voice, communicates consistently through a crisis, acts quickly, and responds with public apology and any other expectations. All steps of the plan are code of a successful crisis plan and response. When Mattel realized the company was facing a serious crisis, their first act was to contact the federal agency overseeing toy issues and product safety. When federal officials publicized the first Mattel recall, Mattels crisis management team instantly arranged for open communication channels with reporters from the top media outlets. The team sent e-mail alerts with the recall press release, invited reporters to a teleconference with company executives, and arranged for the media to interview key personnel employed with Mattel. The day of the recall, Robert Eckert, CEO of Mattel, met with reporters for television and phone interviews. Mattel established a help line, answered over 300 media requests in the United States, and placed full page ads in the New York Times and Wall Street Journal by the end of the week. Mattel also started an online movement to notify consumers about the recall with updates posted on a regular basis, chat rooms, message boards, and social media. Mattel has consistently been open with the media and consumers testifying new company policies with very high standards and quality and safety testing procedures, although carefully stating â€Å"no system can be perfect. † Mattel also made it clear that they are doing all that they can to assess the situation on the manufacturing level. Apology to China Mattel prematurely placed disproportionate blame on Chinese manufacturers encouraging China bashing in the media across the world damaging Chinas reputation. On September 20, 2007, Mattel issued an apology to China in a meeting with Li Changjiang, the Chinese product safety chief. In the apology, Debrowski states â€Å"Mattel takes full responsibility for these recalls and apologizes personally to you, the Chinese people, and all of our customers who received the toys. † China accepted the apology saying â€Å"Mattel should value our cooperation. I really hope that Mattel can learn lessons and gain experience from these incidents, [and they should] improve their control measures† and anticipates that China will restore consumer confidence in products â€Å"made in China. † Result of Crisis Mattel appeared to handle the crisis by appearing to be up-front and open about the massive toy recall. Mattels homepage contains a dedicated bold red link to toy recalls containing information about recalls affecting all countries, what toys are being recalled, where to bring recalled toys, and defining Mattels three-point safety check system: 1. Mattel will make sure that manufactures only use paint from certified suppliers and they will test every single batch of paint from all vendors. If the paint isnt up to Mattels standards, it wont be used. 2. Mattel is increasing control on every level of the production process and conducting random inspections at all vender facilities. 3. Mattel pledges to test all finished toys vigorously before they reach the consumer. The toys must meet a series of strict safety standards before they are put on the market. Mattel assures customers that all venders are aware of these new procedures and Mattels strict enforcement of them. ANALYSIS Applying SCCT * Good o Public apology from CEO o Coupons offered o Stressed stringent inspection processes and company improvement * Bad o Placed initial blame on China, later making an apology to China o Stated media and government escalated the crisis Media Coverage Most of the media information that covered the Mattel toy recall discussed the lead-based paint recall and did not include the magnetic toy design flaw crisis which led to the China bashing products replying â€Å"Made In China should be viewed as a warning label. † Many media outlets reported the importance of China creating strict safety standards before putting more lives in danger. Media coverage of Mattel was very different since the focus was on Mattels timely apology and quick release of recall information. The fact that key Mattel executives spoke with the media provided a favorable reputation for the company. What China Has Done China continues to build manufacturing trust with the United States while improving problems within the country. US Regulatory Structure after the crisis The United States Consumer Product Safety Commission is â€Å"charged with protecting the public from unreasonable risks of serious injury or death from thousands of types of consumer products under the agencys jurisdiction. â€Å" In order to ensure the safety of childrens toys, the U. S. Consumer Product Safety Commission (CPSC) stopped the use of lead paint in toy manufacturing. CPSC Chairman stated that the Work Plans â€Å"show significant forward progress in the agencys efforts to bring Chinese-made consumer products into line with the U. S. safety rules. This is an important signal from the Chinese government that it is serious about working with CPSC to keep dangerous products out of American homes. We will be looking for meaningful cooperation on the ground that means not just with the Chinese government, but also with industry at both ends of the supply chain. † The CPSC also plans to increase consumer product inspections manufactured for the United States and will review the plans effectiveness after one year to discuss and implement improvements. The Consumer Product Safety Improvement Act includes strict guidelines of Childrens product safety for: * Sec. 101. Childrens products containing lead; lead paint rule. * Sec. 102. Mandatory third party testing for certain childrens products. * Sec. 103. Tracking labels for childrens products. * Sec. 104. Standards and consumer registration of durable nursery products. * Sec. 105. Labeling requirement for advertising toys and games. * Sec. 106. Mandatory toy safety standards. * Sec. 107. Study of preventable injuries and deaths in minority children related to consumer products. * Sec. 108. Prohibition on sale of certain products containing specified phthalates. Personal interest as a mother During the Mattel toy recall crisis, I was in my third trimester with my first child. Imagine what went through my mind as a soon-to-be-new-mother already filled with angst. And so, a new Fleenor rule was born all products made in China were not welcomed and banned from our home. Easy enough I thought. Our son would have toys, clothing, food, and furniture made in the USA only easy enough I thought. So we discussed our decision with family and friends that all items with the â€Å"Made in China† label would be returned. Shopping became a difficult task because about 80 percent of toys, clothing, and furniture sold in America are made in China. I soon realized that I needed to shop online for specialty â€Å"Made in the USA† stores, find local artisans to build furniture and toys, and plan on entertaining my child myself with books, funny faces, and outdoor adventures. While I am still cautious of â€Å"Made in China† products, I am much more relaxed as I take responsibility in becoming an informed consumer through product recall email alerts from cpsc. gov, maintaining open communication with my childrens pediatrician, and still acting as the main entertainment source for my two children. What we learned Mattel dealt with the toy recall crisis precisely the way Coombs recommends companies to deal with image damaging crises. Mattels experience with recalls definitely ensured precise and smooth execution of their well documented crisis management plan. The company and CEO were visible, available, and publicly apologetic. And more importantly, Mattel told the truth and took immediate action to fix the problem allowing the company to focus on a positive solution and restoring the companys dependable reputation. It is often difficult to know exactly where and how consumer products are manufactured and how products are inspected in todays ever-changing global economy. The toy recall crisis also allowed us to realize that we are also facing an economic crisis with global manufacturing. While the United States is doing the best to ensure our safety through strict product regulations, we need to realize the difficult challenges we face when heavily relying on outside countries to manufacture such large quantities. â€Å"It would be far to easy to attribute this summers recalls to Chinas poorly regulated export manufacturers. Regulatory deficiencies, shoddy business practices, and the forces of globalization all play a substantial role in this catastrophe. There is enough blame to go around,† Representative John Dingell (D-Mich. ) said during the Sept. 19, 2007 hearings. Similar recalls The RC2 Corporation of Oakbrook, Ill. recalled approximately 1. 5 million Thomas and Friends train sets on June 13, 2007 because of high levels of lead-based paint used by Chinese contractors. The R2C Corporations recall was not as grand in scale as Mattels, but the company quickly posted an apology to consumers on the company website, terminated business contracts with manufacturers not complying with RC2 paint specifications, and employed a six-point safety check system. On February 6, 2007, Hasbro recalled 985,000 Easy-bake Ovens because young children could easily insert their hands in the over and get their hands caught and burned. Summary â€Å"I think Mattel handled the problem very well overall. Its a problem that isnt unusual for them to have. Product defects and difficulty with suppliers are pretty typical in their line of work and they took responsibility. They were willing to talk about it and understood the ramifications,† stated Paul A. Argenti, Professor of Corporate Communications at the Tuck School of Business at Dartmouth. What should Mattel do now? Plan for tomorrow and be more conscientious using domestic and international manufacturers. Again, Mattel took responsibility for the entire recall, which not many companies are willing to be held accountable for Toyota is the best example today. Owning up takes courage and actions in good times and bad should express the companys character. Mattel should continue to identify possible problems, enforce strict manufacturing regulations to produce safe toys, reassure consumers that child safety and product safety is the bottom line, and collaborate with international suppliers and government agencies to ensure public well-being. Mattel has to be prepared for other problems and continue risk management audits. â€Å"There are always going to be problems. But if Mattel can lead the change for toy manufacturers to create a more responsible industry, they could become the hero. †

The Beatles Essays (591 words) - Counterculture Of The 1960s

The Beatles The Beatles to this day are one of the most famous and popular rock 'n roll groups in the world. The Beatles include George Harrison, John Lennon(1940-1980), Paul McCartney, and Richard Starkey(Ringo Starr). All of the Beatles where born and raised in Liverpool, England. John Lennon was considered the leader of the band. George Harrison was the lead guitarist. John Lennon was a song writer, one of the two lead singers, and rhythm guitarist. Paul McCartney was a song writer, one of the two lead singers, and a bassist. Ringo Starr played the drums. John Lennon's first band was called the Quarrymen (named after his High School). None of the three Beatles were in this band. Paul joined the group in 1957 and Harrison joined in 1958. They played with bass guitarist Sut Sutcliffe, and Pete Best, a drummer. Sutcliffe left in 1961 and Ringo Starr joined the band. Pete Best was asked to leave the band on April 16, 1962. He was considered the Beatles undisputed sex symbol. The Beatles were discovered on November 9, 1961 by Brian Epstein, a manager of a record store in Liverpool as well as an x British Army soldier. The Beatles first two song were "Love Me Do" and "Please, Please Me." The Beatles starred in two movies, "A Hard Days Night," and "Help." They also had their own full length cartoon called "Yellow Submarine." The movie "A Hard Days Night" earned 1.3 million dollars in its first week. The Beatles early music was influenced by singers Chuck Berry and Elvis Presley. In November of 1963 the Beatles performed in front of the Queen of England. This was an incredible honor. By the end of 1963 the Beatles were the biggest music group in England. The Beatles came to New York City for the first time in 1964. They were an instant success. A couple of weeks later after their New York appearance, the five best selling records were by the Beatles. They became world famous by the end of 1964. Also in 1964 the song "I Want To Hold Your Hand" marked the beginning of "BEATLEMANIA." The Beatles were unusual because most rock was strong beat with no melody. The Beatles added melody to rock. The Beatles also added strong and meaningful lyrics. John Lennon wrote a book called "In His Own Write." The Beatles started a new era of music. They wore their hair long and shaggy. This haircut was known as the Beatles haircut. All across the world people started wearing their hair like the Beatles. John Lennon described the Beatles like this "When you said it, it was crawly things, when you read it, it was beat music." The Beatles made their last stage appearance together in 1966. In 1967 the Beatles put together a master piece. The master piece was Sergeant Pepper's Lonely Heart Club Band. The Beatles never had a chance to perform Sergeant Peppers Lonely Heart Club Band. Also in 1967 Brian Epstein, the manager of the Beatles, died. Also in 1967 the Beatles directed a movie, Magical Mystery Tour. The movie was about themselves in which they toured the English countryside in search of wonder, fun, and magic. In 1970 the world famous and world loved Beatles separated. Everybody was hoping to see the Beatles come back together. That hope ended when the peace loving John Lennon was killed outside his New York City apartment by 25 year old Mark David Chapman.

Names and Dates of Spartan Kings

Names and Dates of Spartan Kings The ancient Greek city of Sparta was ruled by two kings, one from each of the two founding families, Agaidai and Eurypontidae. Spartan kings inherited their  roles, a job filled by the leader of each family. Although not much is known about the kings - note how few of the kings listed below even have regnal dates - ancient historians have pieced together general information about how the government worked. Spartan Monarchical Structure Sparta was a constitutional monarchy, made up of the kings, advised by and (supposedly) controlled by a college of ephors; a council of elders called the Gerousia; and an assembly, known as the Apella or Ecclesia. There were five ephors who were elected annually and swore fealty to Sparta rather than the kings. They were there to  call up the army and receive foreign envoys. The Gerousia was a council made up of men who were over the age of 60; they made decisions in criminal cases. The Ecclesia was made up of every Spartan male full citizen who had attained his 30th birthday; it was led by the ephors and they  supposedly made decisions on when to go to war and who would be the commander in chief.   Dual Kings   Having two kings share power was fairly common in several Bronze Age Indo-European societies; they shared power but had different roles. Like Mycenaean kings in Greece, the Spartans had a political leader (the Eurypontidae kings) and a war leader (the Agaidai kings). Priests were people outside of the regnal pair and neither of the kings was considered sacred - although they could enable contact with the gods, they were never interpreters. They were involved in certain religious or cultic activities, members of the priesthood of Zeus Lacedaemon (a cult group based honoring the mythical king of Laconia) and Zeus Ouranos (Uranus, the primal sky god).   The Spartan kings werent believed to be supernaturally strong or sacred, either. Their role in Spartan life was shouldering certain magisterial and juridical responsibilities. Although this made them relatively weak kings and there was always input from the other pieces of the government on most of the decisions they made, most of the kings were fierce and acted independently most of the time. Remarkable examples of this include the famed first  Leonidas  (ruled 490–480 BCE for the house of Agaidai), who traced his ancestry to Hercules and was featured in the movie 300. Names Dates of the Kings of Sparta House of Agaidai House of Eurypontidai Agis 1 Echestratos Eurypon Leobotas Prytanis Dorrusas Polydectes Agesilaus I Eunomos Archilaus Charillos Teleklos Nikandros Alkamenes Theopompos Polydoros Anaxandridas I Eurykrates Archidamos I Anaxandros Anaxilas Eurykratidas Leotychidas Leon 590-560 Hippocratides 600–575 Anaxandrides II 560–520 Agasicles 575–550 Cleomenes 520–490 Ariston 550–515 Leonidas 490–480 Demaratus 515–491 Pleistrachus 480–459 Leotychides II 491–469 Pausanias 409–395 Agis II 427–399 Agesipolis I 395–380 Agesilaus 399–360 Cleombrotos 380–371 Agesipolis II 371–370 Cleomenes II 370–309 Archidamos II 360–338 Agis III 338–331 Eudamidas I 331– ? Araios I 309–265 Archidamos IV Akrotatos 265–255? Eudamidas II Araios II 255/4–247? Agis IV ?–243 Leonidas 247?–244;243–235 Archidamos V ?–227 Kleombrotos 244–243 [interregnum] 227–219 Kleomenes III 235–219 Lykurgos 219– ? Agesipolis 219– Pelops(Machanidas regent) ?–207 Pelops(Nabis regent) 207–? Nabis ?–192 Sources Chronology of Monarchical Rule (from the now-defunct Herodotus website)Adams, John P. â€Å"The kings of Sparta.†Ã‚  California State University, Northridge.  Ã‚  Lyle, Emily B. Dumezils Three Functions and Indo-European Cosmic Structure. History of Religions 22.1 (1982): 25-44. Print.Miller, Dean A. The Spartan Kingship: Some Extended Notes on Complex Duality. Arethusa 31.1 (1998): 1-17. Print.Parke, H. W. The Deposing of Spartan Kings. The Classical Quarterly 39.3/4 (1945): 106-12. Print.Thomas, C. G. On the Role of the Spartan Kings. Historia: Zeitschrift fà ¼r Alte Geschichte 23.3 (1974): 257-70. Print.