Sports agents Essay Example For Students

Sports agents Essay As sports has grown into a multi-billion dollar industry, there has been an explosion in thenumber of lawyers who specialize in sports law. There has been an understandablysignificant increase in the number of persons desiring to represent professional athletes. This increase can be explained by the high-profile status of sports and the tremendousThe concept of a sports agent representing professional or amateur athletes is arelatively recent phenomenon. As recently as twenty years ago, few athletes employedsports agents. Instead athletes would rely on lawyers or family to negotiate their contracts. However, since the late 1960s and early 1970s, sports agent representation of athletes hasgreatly expanded due to the large amounts of money athletes can make and their in abilityA college degree is not absolutely necessary to be a sports agent. Many successfulagents skipped college to persue their career. However, a college education does aide ingetting clients. A sports law degree is offered at some law schools to those who want tospecialize in being a sports agent. A prospective agent may also have a sportsadministration degree and contacts to help him begin his career. A frequently askedquestion is how does a lawyer become involved in the field of sports law and athleterepresentation. A variety of firm or individual contacts may offer avenues into the field. We will write a custom essay on Sports agents specifically for you for only $16.38 $13.9/page Order now Connections arise from a number of sources, including representing parents of players,representing unions and representing team doctors. Agents may also represent personsholding an equity interest in the ownership of a team. An opportunity for employmentalso exists as part of a college or professional sports administration. The expansion of sports agents can be attributed to a combination of socialand economic developments. First, increased popularity of sports has resulted in greatermedia coverage of athletic events. As a result, advertising and other commercial activitieshave generated increased revenues for professional sports teams and, consequently,demands from athletes for a portion of this revenue. Second, competition for an athletesservices from new competitive sports leagues has provided athletes with greaterbargaining power and leverage when negotiating their salaries. Third, through the processof free agency, athletes have the freedom to leave the sports team that original ly selectedthem and sign with another team. Because athletes generally do not have the training orexperience to deal with these social and economic developments, many athletes hire sportsagents to draft and negotiate their contracts with professional sports teams, to planfinancial and endorsement endeavors, and to interpret collective bargaining agreements. The two main duties of a sports agent are recruitment and contract negotiation. Acommon method of obtaining clients is by using personal contacts, friends and otherathletes to meet professional athletes. The more sports figures you know, meet andrepresent, the better the chance of engaging some as clients. Knowing college coaches isan obviously beneficial way to obtain clients. Success and good publicity also broadenavenues of opportunity for sports lawyers. The negotiation of contracts is just a small part of what it is that sports agent do. Once a contract negotiation is up you wont do another contract for that person with thatentity for another 7 years sometimes. What are you suppose to do then? What you do ispersonal management. Make sure your athlete is prepared for today, tomorrow, and 5years from now. Many people do not understand exactly what a sports agent does. Hereis a break down of the duties of a sports agent:PREPARATION FOR PLAYING PROFESSIONAL ATHLETICSo An all inclusive workout program; providing the best trainers available. o Coordinating of individual workouts o Selection of post-season bowl games o Discussions with interested team personnel o Draft positioning; tryouts with teams; recruiting out of college athletes Representation of all grievances, hearings, or appeals Collective bargaining agreements, in the context of professional sports, are contractsbetween management and the players union which govern the working relationshipbetween the two parties and the players. These agreements contain a surplu s of rules,regulations and contract provisions. Contract negotiation. There are three important characteristics which are shared bysuccessful negotiators. First, the representative must be completely informed about thenegotiations. Second, the representative must maintain the clients needs andobjectives. Third, the representative must choose an effective strategy and negotiatediligently to achieve the clients goals. Assistance with termination and severance pay Counseling; With so much attention being paid to their athletic abilities very little timeis spent with the individual person who is inside the athlete. There are various issuesthat athletes may face that they need an empathetic ear for. This can go from familyissues, to financial, to team problems, or just plain I need someone to talk toAssistance in collecting career-ending/disability insurance proceeds Arranging for medical assistance and second opinions from the foremost specialists inall of sports. Including surgeons and physical therapists. Planning for post-athletic career; coaching; broadcasting; color analystContacts with established individuals and companies in a desired field Press releases; promoting the player Television and radio exposure; writing or planning interview dialogueArranging local and national interviews Retaining of specialists when needed or required Endorsements with national and regional companies Reviewing and advising on home, automobile and other purchases Arranging for and consultation with outside counsel when necessary Negotiating and drafting endorsement contracts Assisting with family law matters, wills, and estate planning Preparing all federal, state and local tax returns by an independent accounting firm,whose sole purpose is tax and accounting issues Using a tax planner so that clients can anticipate tax consequences of each investmentAdvising the client and club during the year of the proper amount to be withheld fromeach check so that the client does not have to make a significant payment at tax time Assistance in selecting financial planners A list of financial firms that have worked with our clients in the past or ones that weA working relationship with your family financial planner or any financial planner orDeveloping and exploring opportunities with local and national networks Negotiating and finalizing details of positions Enhancing other possible media opportunitie s In addition to these social and economic developments, the expansion of sportagent representation of athletes has brought along with it sports agents who have notalways acted in the athletes best interests. Such situations are especially prevalent in thearea of intercollegiate athletics. For example, the National Collegiate Athletic Association(NCAA) prohibits a student-athlete from contracting with a sports agent while thestudent-athlete is still in college and eligible for intercollegiate athletics. Sports agents,however, frequently ignore NCAA regulations and secretly loan or offer money, cars, andother valuable items to student-athletes in exchange for the opportunity to represent themwhen the student-athletes intercollegiate eligibility expires. As a result of such conduct,the intercollegiate careers of many student-athletes come to an abrupt end because theymust forfeit their remaining intercollegiate eligibility if the NCAA discovers that they havecontracted with sports age nts. Furthermore, the reputations of the colleges that thesestudent-athletes attend suffer from the negative national publicity that occurs whenstudent-athletes lose their NCAA eligibility by contracting with sports agents. In addition to their involvement in intercollegiate athletics, sports agents have alsonot always acted in the athletes best interests in the area of professional athletics. Manyprofessional athletes have lost thousands of dollars because of improper financialinvestments and advice made by their sports agents. Many sports agents inadequatequalifications have led to their failure to act in the best interest of athletes, by causingmany intercollegiate careers to end and by improperly managing a professional athletesfinancial affairs. When a sports agent agrees to represent an athlete, the sports agentbecomes the athletes career planner. Thus, the athlete places his economic potential in thehands of his sports agent. Moreover, when a sports agent holds himself out as a careerplanner, the agent is indicating that he/she possesses expertise in the area of athleterepresentation. Sports agents, therefore, owe the athletes they represent both a fiduciaryduty to possess the necessary skill and diligence to adequately represent the athlete. Manysports agents, however, breach these duties because they have not had the proper trainingto adequately represent athletes. For example, sports agents are not required to have anytype of educational degree or any minimum level of training, skill, or knowledge in thefundamental areas of athlete representation such as contract drafting and negotiating,financial planning, and collective bargaining agreements. Although the various professionalplayers associations, the NCAA, and a number of state statutes have all attempted toaddress the problems surrounding sport agent abuses, the professional playersassociations and many states will certify, license, or register sports agents who are notnecessarily knowledgeable or qualified to represent athletes. Consequently, athletes cannotbe assured that they are being represented by competent and trustworthy agents. Althoughthe number of sports agents who fail to act in the athletes best interests has increased,causing many athletes not to employ them, a sports agent can prove beneficial to anA sports agent can help an athletes performance by obtaining a fair and reasonablesalary for him from a professional sports team. Additionally, a sports agent can help anathlete take full advantage of endorsements and public appearances, as well as set up tax,financial, and investment plans. Moreover, sports agents and athletes often become valuedIn an attempt to preserve these benefits and deal with sports agents who fail to actin the best interest of the athletes they represent, a number of agencies within the sportsfield have set up regulations to govern sports agents. The National Football LeaguePlayers Association (NFLPA), the National Basketball Players Associ ation (NBPA), andthe Major League Baseball Players Association (MLBPA) have all implemented guidelinesand regulations that govern a sports agents representation of professional athletes. .u977f083d40897f3a1f90c8ded411548e , .u977f083d40897f3a1f90c8ded411548e .postImageUrl , .u977f083d40897f3a1f90c8ded411548e .centered-text-area { min-height: 80px; position: relative; } .u977f083d40897f3a1f90c8ded411548e , .u977f083d40897f3a1f90c8ded411548e:hover , .u977f083d40897f3a1f90c8ded411548e:visited , .u977f083d40897f3a1f90c8ded411548e:active { border:0!important; } .u977f083d40897f3a1f90c8ded411548e .clearfix:after { content: ""; display: table; clear: both; } .u977f083d40897f3a1f90c8ded411548e { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u977f083d40897f3a1f90c8ded411548e:active , .u977f083d40897f3a1f90c8ded411548e:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u977f083d40897f3a1f90c8ded411548e .centered-text-area { width: 100%; position: relative ; } .u977f083d40897f3a1f90c8ded411548e .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u977f083d40897f3a1f90c8ded411548e .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u977f083d40897f3a1f90c8ded411548e .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u977f083d40897f3a1f90c8ded411548e:hover .ctaButton { background-color: #34495E!important; } .u977f083d40897f3a1f90c8ded411548e .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u977f083d40897f3a1f90c8ded411548e .u977f083d40897f3a1f90c8ded411548e-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u977f083d40897f3a1f90c8ded411548e:after { content: ""; display: block; clear: both; } READ: Acid Rain (1894 words) EssayAdditionally, the NCAA has established guidelines and regulations that govern theinvolvement of sports agents in the field of amateur sports. Many state legislatures havealso passed legislation that regulates sports agents activities at both the professional andamateur levels. While these various organizations and state legislatures have recognizedthe need for regulating sports agents and have attempted to remedy the situation, theremedies that they pose are simply inadequate. Nevertheless, these attempted remediesillustrate the problems involved in regulating sports agents and help provide anunderstanding of the steps needed to control these pr oblems. Although there is heated competition to represent professional athletes,there is only a small number of agents representing the majority of players. In light of thesenumbers and with relatively few players in the potential client pool, the competition torepresent players is vigorous and at times unprincipled. Often an agent will need asubstantial number of professional athlete clients in order to achieve financial stability orsuccess. Job security is not a certainty in this field of study. Sports law will undergo fascinating and interesting changes in the years to come. Professional sports are undergoing a transformation, as the nature and economics of thegames change. The outcome of this conversion is unclear. It is unclear how profitableprofessional sports are in current economic conditions. The recent NFL antitrust casesdescribed a multi-million dollar salary payment to one owner and significantlyunderestimated profitability for some teams. However, the evidence also shows that anumber of franchises are losing money based on reasonable accounting evaluations. Incontrast, the recent sales of the Baltimore and San Francisco baseball teams, the recordbreaking sale of the Philadelphia Eagles and the competition for new franchises despitetheir cost, reflect significant value of sports franchises. Players and agents should concern themselves with recent trends and events in theprofessional sports industry. For example, the enormous increase in salaries, free agency,labor stoppages, and the rapidly emerging limits on TV revenues, ticket prices, sky boxe sand other revenue constitute significant considerations for players and their agents. Additionally, teams from small cities have made extensive use of deferred compensation asa means of competing with the salaries offered by teams in larger cities. The amount ofdeferred compensation combined with the financial difficulties of some teams has reachedsignificant heights. Correspondingly, a players representative must consider seeking thepersonal guarantees of financially responsible owners and the use of escrow for the player-clients full compensation when representing blue chip players and outstanding coaches. My personal opinion is that sports agents have gotten a bum wrap. Sure theymaneuver their way to get what contracts they want, but that is their job. The agent isonly following and protecting the players wishes. Why should the public complain aboutWhy do I want to become a sports agent? My first reason is that sports have beenmy life. I do not currently have the skills to play a professional sport. However, I doobtain a strong business since and I am very strong a t negotiations. My second reason is,it is every young boys dream to meet sporting legends. Being a sports agent, I live thatfantasy. My third reason, the average minimum pay for a sports agent is between$150,000 to $200,000. Some agents make even more than that. I do believe I can live offBibliography:BibliographyAppenzeller, Herb. Sports and the courts. Charlottesville, VA : Michie, c1980. Champion, Walter T. Fundamentals of sports law. Rochester, NY : Clark BoardmanCallaghan, c1990- Greenberg, Martin J. Sports law practice. Charlottesville, VA : Michie, c1992http://www.law.vill.edu/vls/journals/vselj/volume1_1/garbarin.htm#IIwhatLaw of professional and amateur sports. New York, NY : C. Boardman, c1988- (Looseleaf) Digeronimo, Theresa F. Robert Rules: Success Secrets from Americas Most TrustedSports Agent. September 1998. .u6c78d555c3d629f22cfe5094f2f16ef5 , .u6c78d555c3d629f22cfe5094f2f16ef5 .postImageUrl , .u6c78d555c3d629f22cfe5094f2f16ef5 .centered-text-area { min-height: 80px; position: relative; } .u6c78d555c3d629f22cfe5094f2f16ef5 , .u6c78d555c3d629f22cfe5094f2f16ef5:hover , .u6c78d555c3d629f22cfe5094f2f16ef5:visited , .u6c78d555c3d629f22cfe5094f2f16ef5:active { border:0!important; } .u6c78d555c3d629f22cfe5094f2f16ef5 .clearfix:after { content: ""; display: table; clear: both; } .u6c78d555c3d629f22cfe5094f2f16ef5 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u6c78d555c3d629f22cfe5094f2f16ef5:active , .u6c78d555c3d629f22cfe5094f2f16ef5:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u6c78d555c3d629f22cfe5094f2f16ef5 .centered-text-area { width: 100%; position: relative ; } .u6c78d555c3d629f22cfe5094f2f16ef5 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u6c78d555c3d629f22cfe5094f2f16ef5 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u6c78d555c3d629f22cfe5094f2f16ef5 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u6c78d555c3d629f22cfe5094f2f16ef5:hover .ctaButton { background-color: #34495E!important; } .u6c78d555c3d629f22cfe5094f2f16ef5 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u6c78d555c3d629f22cfe5094f2f16ef5 .u6c78d555c3d629f22cfe5094f2f16ef5-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u6c78d555c3d629f22cfe5094f2f16ef5:after { content: ""; display: block; clear: both; } READ: Sports And Children EssaySchubert, George W. Sports law. St. Paul, MN : West, c1986.RESERVE Sports and law, contemporary issues. Charlottesville, VA : Michie, c1985. The Sports lawyers journal. v. 1, no. 1 (Spring 1994)- Racine, WI : Sports LawyersAssociation. Uberstine, Gary A. Covering all the bases, a comprehensive research guide to sports law. Buffalo, NY : Wm. S. Hein, c1985.

Free Essays on Narrative Structure (Coherence)

Paper One: Re-Write 2 â€Å"Narrative Structure and Coherence, Where Can the Line Be Drawn?† Tim O’Brien’s â€Å"How to Tell a True War Story† and Madison Smartt Bell’s â€Å"Linear Design† show certain similarities along with certain differences in structure. Bell’s piece focuses on the possible formats that stories could follow. According to Bell, the Freitag triangle exemplifies the general symmetry of scheme, that writers use while following linear narrative. In contrast, O’Brien’s piece tells broken up stories of the men who participated in the Vietnam war. He describes the experiences of the men, and the emotions they felt during the war. During the comparison of these two pieces certain similarities are distinguished. O’Brien’s piece follows the dragon’s back format, that Bell described in â€Å"Linear Design†. Instead of staying along one story line, O’Brien’s guiding concept is therefore seen through numerous peaks and valleys. The two stories also have their own sign ificant differences. O’Brien does not use chronological order, or suspense in the way that Bell describes it in â€Å"Linear Design†. Comprehensively these two pieces each express intertwining similarities and differences. The main focus of Madison Smartt Bell’s work on â€Å"Linear Design† is the format of the Freitag triangle. Although it can vary with symmetry, it still holds the general shape of a normal geometric triangle. The analogy of a dragon’s back is introduced in Bell’s piece as a visual. From it the reader could grasp the concept of sub-plots and mini-climaxes very well. These sub-plots and mini-climaxes are looked at as representing a pattern of many smaller peaks and valleys within writing. Bell states that â€Å"there may occur a pattern of many smaller peaks and valleys. These represent smaller sub-climaxes and resolutions to subplots and subordinate conflicts over the course of a story† (Bell 28). Bell discusses susp... Free Essays on Narrative Structure (Coherence) Free Essays on Narrative Structure (Coherence) Paper One: Re-Write 2 â€Å"Narrative Structure and Coherence, Where Can the Line Be Drawn?† Tim O’Brien’s â€Å"How to Tell a True War Story† and Madison Smartt Bell’s â€Å"Linear Design† show certain similarities along with certain differences in structure. Bell’s piece focuses on the possible formats that stories could follow. According to Bell, the Freitag triangle exemplifies the general symmetry of scheme, that writers use while following linear narrative. In contrast, O’Brien’s piece tells broken up stories of the men who participated in the Vietnam war. He describes the experiences of the men, and the emotions they felt during the war. During the comparison of these two pieces certain similarities are distinguished. O’Brien’s piece follows the dragon’s back format, that Bell described in â€Å"Linear Design†. Instead of staying along one story line, O’Brien’s guiding concept is therefore seen through numerous peaks and valleys. The two stories also have their own sign ificant differences. O’Brien does not use chronological order, or suspense in the way that Bell describes it in â€Å"Linear Design†. Comprehensively these two pieces each express intertwining similarities and differences. The main focus of Madison Smartt Bell’s work on â€Å"Linear Design† is the format of the Freitag triangle. Although it can vary with symmetry, it still holds the general shape of a normal geometric triangle. The analogy of a dragon’s back is introduced in Bell’s piece as a visual. From it the reader could grasp the concept of sub-plots and mini-climaxes very well. These sub-plots and mini-climaxes are looked at as representing a pattern of many smaller peaks and valleys within writing. Bell states that â€Å"there may occur a pattern of many smaller peaks and valleys. These represent smaller sub-climaxes and resolutions to subplots and subordinate conflicts over the course of a story† (Bell 28). Bell discusses susp...

Destination Management Essay Example | Topics and Well Written Essays - 3000 words

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Database Management System Essay Example | Topics and Well Written Essays - 1500 words

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Political Humor Essay Example | Topics and Well Written Essays - 1500 words

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Credit Ratings Role in the Financial Crisis

Credit Ratings Role in the Financial Crisis The global financial systems institutional framework has been evolving over time.Every crisis has helped decipher a gap in the financial structure which is then fixed by the regulating authorities.It hasnt been very often that the regulators were able to identify the gaps before the market identified it.This does not serve the purpose of existence of regulatory authorities.In future the role of regulatory authorities should be pro active in nature rather than reactive mode of undertaking corrective actions. The subprime crisis which originated in the united states led to a global melt down which was severe.The mortgage market in the United States saw a tremendous growth in the initial years of the 21st century. Subprime borrowers started obtaining mortgages due to availability of cheap credit, lenient lending practices and appreciation in real estate values. These mortgages were inturn sold by the lenders to investment banks who packaged them into exotic securities and sold them to high risk taking investors seeking high returns. Investors had faith in these packaged securities primarily because of Credit Rating Agencies (CRA) ratings of these securities as investment grade. In 2007, the tide turned and credit became expensive. Home values dropped. Majority of the subprime buyers started defaulting their loan payments. The CRAs rapidly downgraded all the securities for which they had given favourable ratings. This dissertation is undertaken to understand the emergence of structured financial products, the rating process followed by the credit rating agencies for rating them and the mistakes done by the rating agencies, a major contributor to the subprime mess in the United States which had ripple effect across financial markets all over the world. Literature Review: The following research papers and articles have been referred and reviewed in order to gain indepth knowledge about the work done about the dissertation topic under consideration. This would facilitate a clear understanding of different view points to the issue and enable a comprehensive analysis of the topic. According to V.Gupta, R.K.Mittal K.Bhalla (2010), low interest rates, abundant liquidity and a chase for yield led to the emergence of sub prime lending which was given undue support by the credit rating agencies. Credit rating agencies gave investment grade ratings to securitization transactions based on subprime mortgage loans. The CRAs combined lower rated mortgage loans with equity to form mezzanine CDO enabling a higher credit rating. Also CRAs used the same risk metric for assessment of all instruments. The CRAs assigned supersafe, triple-A ratings to structured products that later turned out to be extremely risky, and in some cases worthless. This has been illustrated with few examples of downgrades.The paper concludes that The regulatory framework should also facilitate the conduct of stress tests by users on key model parameters, and provide for the disclosure by credit rating agencies of the economic assumptions underlying their rating of structured products. According to Katz and Salinas (2009), faulty credit ratings and the flawed rating process have been the key drivers to the financial crisis 2007-2008. While the easy availability of (what turned out to be flawed) ratings fueled the growth of thismarket, the subsequent downgrades in ratings accelerated the markets collapse.The paper suggests that While corporate debt ratings are based on publicly available, audited financial statements, structured debt ratings are based on nonpublic, nonstandard, unaudited information supplied by the originator or nominal issuer. Moreover, rating agencies had no obligation to perform due diligence to assess the accuracy of the information and often relied on representations and warranties from the issuers about the quality of the data, which later proved to be inadequate. The researchers note that the credit rating agencies have always been slow to react to market events and a few examples have been quoted.Few measures suggested by the researchers inc lude managing conflict of interest, better transparency, direct government oversight etc. According to Fender and Kiff (2004) , rating od collateralised debt obligations involves assumptions such as default probability, recovery rates and correlated defaults of pool assets. The research paper analyses one of the rating methodologies used which is termed as Binomial Expansion Technique.A comparative analysis of this method and Monte corlo Simulation is done. The paper elaborates the implications of usage of different techniques on the rating outcomes. It finally discusses how methodological differences might induce issuers to strategically select rating agencies to get CDOS rated. According to Barnett- Hart(2009), Collateralized debt obligations (CDOs) have been responsible for $542 billion in write-downs at financial institutions since the beginning of the credit crisis.The poor CDO performance has been attributed to inclusion of low quality collateral with exposure to U.S residential housing market.The role of CDO underwriters and credit rating agencies in the crisis have been discussed. The credit rating agencies failed to rate the performance of CDOS precisely due to over automation in rating methodologies and heavy reliance on input whose accuracy was not verified. The researcher concludes that by understanding the CDO market meltdown story more effective regulatory and economic policies and practices to prevent history from repeating itself in the future. According to Securities and Exchange commission(2008), few observations about credit rating agencies with respect to CDOS have been made.SEC claims that few credit rating agencies could not deal with the substantial increase in the number and complexity of the CDOS since 2002. Rating agencies failed to document significant steps in rating of CDOS including reasons behind deviation from the models. Also the internal audit procedure of rating agencies varied significantly.The report summarises the remedial actions that the Nationally Recognised Statistical Rating Organisations(NRSRO) would take after the SEC examined them and came up with issues to be looked into. Under the new law and rules, NRSROs are required to make certain public disclosures, make and retain certain records, furnish certain financial reports to the Commission, establish procedures to manage the handling of material non-public information and disclose and manage conflicts of interest. The Commissions rules addition ally prohibit an NRSRO from having certain conflicts of interest and engaging in certain unfair, abusive, or coercive practices. According to Partnoy (2008), Credit rating agencies have been the primary drivers of second level securitisation.Investors did not examine the underlying assets and depended on parameters set by rating agencies to assess the CDOS. If the Credit rating agencies had used reasonable and accurate models and assumptions , the CDO transactions would not have been problematic. The paper suggests some policy prescriptions which include elimination of explicit reliance on credit ratings and the claims made by rating agencies that the ratings are mere opinions should not be accepted any longer. The researcher suggests that rolling average of market measures is a much better representation of the instrument than the unchanged credit rating .Credit default swap spreads would provide a warning about the CDOs and their true performance in the market. According to M.K.Datar(2011), the role of CRAs in the crisis has attracted attention basically owing to the severe downgrades during the initial stages of the crisis. The conflict of interest in the payment model has been discussed and the author suggests that investor pay model should be adopted as the issuer pay model creates a bias as rating agencies might be prone to give good ratings because the issuers are paying for it.An alternative platform pay model has been suggested in the paper wherein an issuer approaches a clearing house (platform) with a preset fee to get a rating. The platform would get the ratings done from a pool of recognised CRAs. This process avoids direct contact between the issuer and the rating agency.The paper concludes that better disclosures by CRAs and their subsidiaries in respect of details of earning from rating and non-rating revenues, default and transition statistics would play a key role in improved governance in CRAs. Problem Definition: The dissertation work is undertaken to understand the reasons behind the emergence of the subprime crisis in late 2000s and the role of credit rating agencies in the crisis.The study is divided into two parts studying the pre crisis and post crisis situations and analysing the change in credit ratings of various complex instruments in response to the crisis. The objectives are briefly stated as below: Understand the evolution of structured financial products Understand the causes of subprime crisis Study the credit rating process for CDOS Study the factors that drove the rapid downgrade of CDOs in the initial meltdown stages Analyse the flaws in the rating process which led to failure in forecasting true performance. Suggestions and corrective action for facilitating accuracy in credit ratings of complex products. Research methodology: Research Design: The method adopted for research is causal research wherein the problem in question is understood and the degree of impact of the cause on the effect under study is analysed. The financial crisis that began in 2007 is studied and the contribution of credit ratings to the crisis is analysed. Credit ratings serve as the control group in this research. Finally suggestions for improvement in credit ratings and measures to be taken are proposed. Methods and Techniques of data collection and analysis: To achieve the research objectives, secondary data from reliable sources are being used. Thorough study of the existing literature is being done to understand different ideas and view points on the topic which would facilitate a comprehensive analysis of the issue. Methodology adopted for rating complex products by leading credit rating agencies has been studied in detail which includes statistical tools and financial models. Data sources: Data is being obtained from various secondary data sources for study and analysis. The major sources used for research are as follows: Credit Rating Agencies websites and reports Banking for International Settlements(BIS) working papers and reports Securities and Exchange Commission reports Journals and papers published on Credit ratings contribution to the Crisis. DRIVERS TO EMERGENCE OF FINANCIAL CRISIS 2007-2008: The financial crisis was fuelled right from the early 2000s through various factors , the most important of which is sub-prime lending. This inturn led to construction of CDOs at a later stage in order to transfer the concentrated risk of banks to the investors . Hence it is vital to get a clear idea about the emergence of sub prime lending and evolution of CDOs . Sub-Prime lending: The sub-prime mortgage market caters to customers who are unable to meet normal credit and/or documentation requirements for mortgages. Subprime lending is riskier than normal lending for the banks. Hence banks tend to charge a higher interest rate to compensate for the risk. Over the past decade, this mark-up over prime rates has been about 2%, making lending potentially very lucrative. Only by the mid-1990s did the subprime mortgage market begin to take off as a number of factors emerged which apparently mitigated the default risk on such loans and hence led to an increasing number of banks lending ever-larger amounts to this sector. Some important factors which contributed to a boom in subprime lending are discussed below. Introduction to Sub Prime Lending: Evolution of Structured Financial Products: Collateralised debt obligations have been one of the complex financial products which have been instrumental in driving the financial system into a crisis. The evolution of CDOs needs to be understood in order to study the emergence of the financial crisis. The basic principle behind a CDO involves re-packaging of fixed income securities and division of their cash flows according to a specified structure. A CDO is constructed by creating a brain-dead company, a special purpose entity (SPE) or structured investment vehicle (SIV), which buys assets and issues bonds backed by the assets cash flows. The bonds are divided into a number of tranches with different claims on the principal and interest generated by the CDOs assets. The mechanics of a typical CDO are illustrated in Diagram A.  [1]   In order to understand the sudden growth in the demand for CDOs which in turn led to the financial crisis , it is vital to list out the reasons behind the growth of CDOs which are as below. Rationale behind growth of CDOs: Securitisation has been a way that helped banks to bundle loans and sell it to investors or make it off-balance sheet items .Once these items are removed from the balance sheet the capital adequacy gets more space and hence banks make new loans and the process continues. This basically facilitates banks to free up cash and easily meet BASEL norms for capital adequacy. The second rationale is re-allocation of risk.CDOs helps banks reduce the concentration of risk and also create securities as per specific requirements and risk profiles of the investors. This facilitated institutional investors to purchase CDOs as they can invest only in highly rated investment grade securities. CDOs allowed these investors to gain exposure to assets that, on their own, had been too risky, while investors looking to take more risk and receive potentially higher returns could buy the most junior or equity CDO tranches.  [2]   These are the major reasons behind growth of CDOs . Banks only thought of their own benefits and growth and the aftermath of this action was left to the market to face in reality few years down the lane . The consequences of this act of the highly knowledgeable financial community has been faced by people across the globe. Credit Ratings and CDOs: An overview Investors invest in securities based on various criteria one such being reliable ratings given by well known credit rating agencies. Credit rating agencies(CRA) were basically formed to guide investors assess risk of fixed income securities. CRAs have played a major role in the growth of CDOs market as investors relied on the ratings given to these complex structures and based their investments majorly on these credit ratings. They used credit ratings in place of their due diligence for assessment of CDOs. Credit rating agencies are approved by Nationally recognised Statistical rating organisation(NRSRO) . There are three well known players in the U.S financial market which are Moodys Fitch Standard and Poors These three agencies rated CDOs and the fees generated by rating CDOs were quite high which led to record profits . The percentage of CDO deals that were rated by the credit rating agencies has been given in the below diagram. Source: UBS CDO research Note: The percentage total exceeds 100 as the same instruments have been rated by more than one agency. Revenue earned by the rating agencies has grown since 2002 which has been depicted in the diagram below: Source:thismatter.com/money According to Mark Adelson, current Chief Credit Officer at SP: The advent of CDOs in the mid-1980s was a watershed event for the evolution of rating definitions. Until the first CDOs, rating agencies were only producers of ratings; they were not consumers. With the arrival of CDOs, rating agencies made use of their previous ratings as ingredients for making new ratings à ¢Ã¢â€š ¬Ã¢â‚¬Å" they had to eat their own cooking. For rating CDOs, the agencies used ratings as the primary basis for ascribing mathematical properties (e.g., default probabilities or expected losses) to bonds.  [3]   Credit rating agencies failed to examine the accuracy of the prior collateral ratings. They also used other rating agencies ratings as base for rating CDOS without verifying accuracy.To adjust for the shortcomings in other agencies ratings they used a system called notching where the rating would be decreased by one notch if the rating has been done by another rating agency. For example , if Moodys is rating a CDO which has a collateral rated BB+ by Fitch , Moodys would consider the rating as BB and plug it into their rating model. No analysis of accuracy had been done and it would be assumed that the notching would compensate for any errors in the rating done by Fitch. Figure below illustrates a comparison between the collateral ratings and the corresponding CDO ratings at the beginning and also the current scenario. This shows that the CRAs somehow gave huge amounts of AAA rated CDO securities from collateral with much lower ratings, reassuring the fact that that main reason why CDOs were so profitable in 2005-2007 is that it was possible to generate a high proportion of highly rated securities from lower quality assets. That practice backfired, resulting in massive downgrades of the CDO tranches as it became apparent that the rating agencies had been overly optimistic. While in 2005-2007, the initial ratings given to CDO tranches were on average better than the ratings of their underlying collateral assets, current CDO tranche ratings are worse than their associated collateral pool ratings which is an area that needs attention. The following figure shows the downgrades of CDOs over the years. The numbers on the y-axis correspond to the rating scale with lower numbers equal to higher-quality ratings (1=AAA, 22=D). An overview about the credit ratings and CDOs has been done. The following section elaborates the rating methodologies adopted by the rating agencies which have different variables considered for the purpose of rating the complex financial instruments and the assumptions behind them. CDO Rating Methodology: CDOs are based on portfolios of instruments combined together and not on a single loan. Rating these complex structures requires ascertaining a probability of default (PD) to each instrument in the portfolio and involves assumptions relating to recovery rates and default correlations. Thus it combines credit risk assessments of the individual assets and estimates about default correlations using credit risk modelling. There are two widely used methodologies for rating CDOs namely: Binomial expansion technique Monte Carlo Simulation Each method is discussed initially and then a comparison is done between the techniques and their impact on the ratings. Steps in the Rating Process: The reliability of a CDO rating depends on the agencys ability to assess the credit risk in the underlying asset pool and accurate modelling of the distribution of cash flows from the asset pool to different groups. All rating agencies generally follow a two stage rating process. In the first stage, analytical models are used to assess credit risk. The tools applied for analysing CDO pools differ according to the nature of underlying assets and are also based on the rating agencies. The second stage of the process comprises of structural analysis. This stage involves detailed modelling of cash flows, legal assessments and evaluations of third parties involved in the deal such as asset managers. The results of the cash flow analysis are used as input in the credit model in the form of adjustments in particular model assumptions. Finally, all information is aggregated and combined into a single, alphanumeric rating which is benchmarked to the historical performance of bonds. RATING METHODOLOGIES: The famous CDO rating methodology is based on Moodys quantitative approach for determining expected losses for CDO tranches which is called the binomial expansion technique (BET). BET was introduced in the year 1996 and is still used in CDO analysis along with a number of other new methodologies. The method relies on the use of diversity score (DS) which is used to map the underlying CDO portfolio with a hypothetical portfolio that consists of homogeneous assets equal to the diversity score. For calculating expected loss distributions a simpler hypothetical portfolio of homogeneous, uncorrelated securities is used in place of the original portfolio. As the number of assets in the hypothetical pool is assumed to equal the diversity score, it will be lower than the number of assets in the actual CDO portfolio to account for uncorrelatedness under the BET. Given the homogeneous nature of the hypothetical portfolio, the behaviour of the asset pool can be explained by DS+1 default scenarios with default occurring for 0 assets, 1 asset, DS assets, where the probability of each scenario is calculated using the binomial formula. After working out the cash flows and losses under each default scenario, the obtained output from the binomial distribution are converted into estimates of the portfolio and tranche loss distributions. An alternative method that is used in by three major rating agencies is Monte Carlo simulation technique which estimates the default properties of the underlying CDO asset pool based on repeated trials of random defaults with correlation structure that is assumed. In this process, default events are simulated within a credit risk model, where default occurs when the value of assets fall below that of its liabilities. The models main inputs are asset-level probabilities of default and pair-wise correlations of assets, which are converted into an estimate of the entire pools loss distribution. This distribution is used with other inputs, to determine the required subordination level (level of credit enhancement) for each CDO tranche, where desired tranche ratings are assumed constant or given.MC approaches give more accurate loss distribution estimates, they are computer intensive and take a long time to provide accurate results. Especially for cash flow CDOs it is very difficult to co nstruct an efficient MC simulation that accounts for all cash flow nuances .Sometimes it takes hours for an MC simulation to determine the subordination level for an AAA tranche and this can be complicated when further assumptions are made. In managed portfolios, the relative value of the simulation approachs asset-by-asset analysis is less while some of the BETs implicit simplifying assumptions (like equal position sizes) closely resemble typical covenants in managed deals. The choice of rating methodology basically considers a trade-off between accuracy and efficiency, and the result may differ for certain types of CDO structures. This is one of the reasons for Moodys to introduce a new Monte Carlo simulation-based method called CDOROM to rate static synthetic CDOs, while it continues to use the BET and its modifications for rating cash CDOs and managed structures.

Teaching Philosophy Statement :: Philosophy of Education Teachers Essays

Teaching Philosophy Statement Yesterday’s great thinkers are not nearly the same as today’s great thinkers! Along with modern technology and our country’s increasing emphasis on individuality and freedom, students today are accomplishing more personal goals and achieving much different aspirations than those of just twenty years ago. Therefore, with these realities comes the thought that educational philosophy, curriculum, and teaching methods should also change with the time. I do not want our schools to become manufacturers of â€Å"ideal† thinkers, where we just spit out little replicas of past instructors and educators. Our own philosophies of life rule our everyday decisions and how they affect those around us, and do our philosophies for the classroom. How we approach even the simplest of tasks relates to how the teacher will handle the classroom environment and its challenges. I hope one day to prove to my students that I am a person of education but not of harsh discipline. I want my role in the classroom to one of a facilitator no that of a dictator. My students will know that I am approachable for questions and discussion and I am friendly and the class mood that I will establish will be one that is informal, fun, and creative. There are so many people and students in this world and each of which has a slightly different view of life. That is what makes a world dynamic and interesting. I believe my educational philosophy stems from the progressive movement of thinking of such men as John Dewey and W. H. Kilpatrick. I want to show my future students that they have the power to change the world for the better, depending on whom they choose to take wise advice from and how they apply it to their lives and careers. An encouraging, more relaxed type of education such as the one I want to utilize, also known as Social Reconstructionism, is so important, I believe because the present students and intellectuals are our future leaders and government officials. We want to ensure that our students are given enough freedom to learn as an individual, along with some positive reinforcement and guidance for learning. I feel that I have a lot to instill in many students’ lives, and while I know that I cannot change the whole world, I can change my world.

Imprint of Italian and Irish Americans on the American Culture Essay

On July 4th 1776, Congress adopted the Declaration of Independence. Carefully written on this scribe and on the foundation of this nation are the unalienable rights to â€Å"Life, Liberty and the pursuit of Happiness.† (Declaration of Independence, n.d.) While some of the values and ideas of this document come from America’s motherland, England, the promised rights to the free world are shared by no other nation. For this reason, The American Dream is dreamt not only by natural born citizens of this nation, but by many people all around the world. Over twelve million immigrants during the late 1800s and early 1900s passed through Ellis Island, the first federal immigrant inspection station of the free world. Of the newcomers, a portion of them consisted of Italian Americans and Irish Americans. Throughout history, these groups have contributed to what is termed multiculturalism. Being the minority, these two groups have also experienced power-conflicts through their quests of assimilation. The two ethnic groups faced many challenges that helped create what is believed to be the melting pot to many ethnicities and racial groups. For The Journey While the American Dream is a common value, the aspirations of the idea come from different motives. In Italy, a strong, and unfair class structure created such severe conditions that led to 1/3 of the nation’s population to immigrate to the new world. While the majority of this fraction came permanently for a new life, some came temporarily to make enough money to return to Italy and buy land. Simply owning land in Italy automatically escalated Italians within the class structure. Many Italian Americans settled in Chicago Illinois, one of the largest growing cities in America at the time. Chicago offered much opportunity for work, as it was the ideal producer of steel and aider to America’s industrial growth. Back in Ireland,  the Irish had much more to deal with than just a harsh class structure. Under English rule, Irish religious practices were repressed along with many other basic freedoms the Irish came to experience in America. A poor economic situation due to chaos of rebellious battles led to much of Ireland’s population living an unsanitary lifestyle in mud huts well into the late 1800s. These living conditions led to diseases of more than half the population. When the Irish Americans first settled in Boston, they lived crammed into small, single-home houses with at least a couple more families. Many shared cellar, attic, and crawl spaces for living quarters (Youtube, 2011). Overall Assimilation Assimilation in reference to the Italians and the Irish is much more complex and has become an identity reference in itself. Being the weak minority has demanded the Italians and Irish to accept and disregard many of their own practices to satisfy the dominate. Unlike the Irish, many Italians did not stick together, but lived spread-out and separated from others. In fact, some tensions developed between some Italians groups based on what streets and neighborhood they lived on and in. Inside conflicts like this led to outside conflicts as Americans began to depict Italian Americans as a dark and devious group within press. Italian Americans worked hard to reverse this depiction and to adhere to the dominate rule of society. When Mussolini began to restore Italy to what many people believed that to the equivalent of the Roman Empire eras, Italian Americans felt sense of pride. Mussolini knowing that he needed the approval of Italians worked hard to earn their respect. The world viewed Mussolini as a strong leader, and this view reflected off of the proud Italian Americans. However, when Mussolini declared war on the U.S. by joining forces with other fascist leaders, Italian Americans began to receive much ridicule from the dominate social class again. Meanwhile, Irish Americans needed little effort to complete the process of assimilation. Having many of the same physical characteristics as the dominate groups of America, made it easier to focus on progression up the social ladder. The first generation, while working factory jobs like the Italian Americans, led a more togetherness of a lifestyle with one another in their group, which created a better support system. The support system created a stronger group and led to management positions. The second  generation focused heavily on education as much as the dominate class did. Higher education led to political offices within just the third generation of Irish Americans, which led to the Irish becoming part of the dominate group in America. A great example of this would be the Kennedy Family. Power-Conflicts Predicted to be the minority by the middle of the 21st century, the dominate white has been accused of trying to oppress the minority through tactics summarized by power-conflict theories. (Feagin & Feagin, 2011). When the Italians and Irish first immigrated to America, the first jobs they assumed were factory and railroad jobs. Running these factories were members of the dominate class. It is commonly believed that money is the result of success in America, just as the sum of money and success are equal to power. The contrast between the dominate and the minority was very much defined as there was not much of a middle class. It was without effort for the dominate factory runners and railroad heads to pay the minority the minimum for the dangerous work they provided, after all, the only thing factory workers had to provide was their labor while factory runners had the product of the factories. For a long time this was a recurring issue in terms of power-conflicts. This issue created so much unrest until the two groups gained support from within their own groups to develop labor unions. Multiculturalism Multiculturalism is a term that to this day produces many unsettled feelings of both unrest and excitement. America, regarded as the Melting Pot of many cultures is not even a fully multicultural nation, as this country has taken almost three hundred years to see the first African American president. While the Italians and the Irish have worked hard to assimilate to the ways of this nation, they have also brought their culture onto this nation as well. Christopher Columbus day is proudly recognized by Italians as he was always considered the son of Italy. His finding of the new world has been an amazing accomplishment for the Italians. When the Italians finally had a voice in congress, they pushed to make the day a federal holiday (Youtube, 2011). Meanwhile, the strong religion practice as Catholics has also prompted holidays in favor of the Irish, such as St. Patrick’s Day. Without  the push by these groups to recognize these days, America may have not done so otherwise. It is important that days that attribute much to other cultures be recognized by America to promote multiculturalism. For example another federal holiday that reminds America of equal rights among equal groups is Martin Luther King Day. Conclusion In the late 1800s and early 1900s Italian and Irish Americans came to American to take advantage of the opportunities. The Italians settled primarily in Chicago, while the Irish settled in Boston. The two groups worked hard to assimilate through the trials and tribulations of power-conflicts and the everlasting multiculturalism. While the groups assimilated well by becoming an American version of their ethnicity, they also left an imprint on the overall culture of America. When both groups achieved political offices, days that were influential to their groups became federal holidays. References Declatation of Independence. (n.d.). Retrieved from http://www.archives.gov/exhibits/charter/declatation_transcript.html Feagin, J. R., & Feagin, C. B. (2011). Racial and Ethnic Relations (9th ed.). New York, NY: Prentice Hall. Library of Congress. (2014, May). Immigration†¦Irish. Retrieved from http://www.loc.gov/teachers/classroommaterials/presentationssandactivities/presentations/immigration/irish6.html Youtube. (2011, December). And they Came to Chicago: The Italian American Legacy. Retrieved from http://www.youtube.com/watch?v=vqeikaWQCyo Youtube. (2011, July). The Irish in America Part 1. Retrieved from http://www.youtube.com/watch?v=r0sZ_jWcyl

AniSci Lesson Plan 2 Essays - Articles, Nutrition, Free Essays

AniSci Lesson Plan 2 Essays - Articles, Nutrition, Free Essays Lesson Plan #2 Age: K-2 Subject: Animal Science Topic: Nutrition Time + Pacing Central Focus of Lesson: At the end of the lesson, students should feel comfortable recognizing the things that both they and animals have in common when it comes to nutrition. Part 2: Content Objectives SWBAT give an accurate definition of nutrition SWBAT list 2 things that that both they and animals need (water, food, specific nutrients) Key Vocabulary Nutrition Nutrient Prior Academic Learning and Prerequisite Skills: Students should have prior experience on classifying things as living or nonliving, and characteristics of living things This lesson plan should be taught after the lesson plan pertaining to fiber and eggs Students have very little prior knowledge of the subject of animal science and these topics. Students should also have a prior knowledge of how to use art supplies such as markers, colored pencils, or crayons. Students should be aware of typical classroom procedures. Materials Needed Cereal or snacks (several kinds, but a minimum of three) Containers with lids Plastic cups Plastic sandwich bags Board Part 3: Lesson Introduction Gather the children and begin the discussion by reviewing concept of living and nonliving things "Are animals living or nonliving?" "What makes them living?" The students should give examples such as: eating, breathing, moving, sleeping, etc. If incorrect suggestions are given, discuss and clear any misconceptions. After the list is complete, explain that today they are going to be talking about the things that both they and animals have in common when it comes to nutrition. Ask students if they know what the word nutrition means. When suggestions are given, write them on the board. If incorrect suggestions are given, write them on the board, discuss, and correct misconceptions before erasing incorrect information. This is the working definition for nutrition, and they will be able to come to the correct definition throughout the lesson. Definition they are working towards: Nutrition is defined as the use offoods by living things and represents how the body uses nutrients consumed to sustain life and production.Nutrition work, growth, and change of an animal Nutrition supports growth, tissue maintenance and repair, and production of meat, milk, eggs, fiber, etc., (Ties into previous lesson) 5-10 min Introduction of New Information Do you eat like an animal?" Students will most likely answer NO, but explain that YES they do because this means that both they and animals are eating a very healthy and balanced diet, which contains all the nutrients their bodies need in the most appropriate amounts to promote energy, growth, and health Begin the discussion on the concept of nutrients: Information to give: A nutrient is any chemical element or compound in the diet that is needed for animals to grow and change and perform daily tasks. Humans need nutrients too. There are six types of nutrients that humans and animals both need:water,carbohydrates,lipids (fats),proteins,vitamins, andminerals. Water is one of the most important nutrients "Do humans need water to grow and change and to do daily activities?" "Both humans and animals can get very sick if you don't have enough water" Carbohydrates are very important so that animals have energy Fats are part of the type of nutrient called lipids. They are also very important for energy Proteins are another very important part of an animal's nutrition so that they remain healthy Vitamins are made up of a lot of different things. "How many of you take vitamins in the morning?" Discuss the importance of vitamins so that animals stay healthy. Minerals are needed by all animals If you have too much or not enough of these, you can get sick. It is important to have a good balance of minerals. Next, begin the discussion on the concept of animal food Information to give: The food that many farmers give animals has to be ground up. It is made up of several different types of things so that the animal gets all the nutrients they need to remain healthy. It is typically ground up so that animals are not able to pick out their favorite parts of the food. "How many of you like trail mix?" "Do you pick out your favorite things from the trail mix?" "Animals can do this too! They might pick out things of a certain color, texture, or taste. If they do this they may not be getting all the nutrients they need" Ask students if there are any questions, and clear any misconceptions that

The Battle of Atlanta in the American Civil War

The Battle of Atlanta in the American Civil War The Battle of Atlanta was fought July 22, 1864, during the  American Civil War  (1861-1865) and saw Union forces under Major General William T. Sherman win a near-run victory. The second in a series of battles around the city, the fighting centered on a Confederate attempt to defeat Major General James B. McPhersons Army of the Tennessee east of Atlanta. While the attack did achieve some success, including killing McPherson, it was ultimately repulsed by Union forces. Following the battle, Sherman shifted his efforts to the western side of the city. Strategic Background Late July 1864 found Major General William T. Shermans forces approaching Atlanta. Nearing the city, he pushed  Major General George H. Thomas Army of the Cumberland toward Atlanta from the north, while  Major General John Schofields Army of the Ohio neared from the northeast. His final command, Major General James B. McPhersons Army of the Tennessee, moved towards the city from Decatur in the east. Opposing the Union forces was the Confederate Army of Tennessee which was badly outnumbered and undergoing a change in command. Major General William T. Sherman. Photograph Courtesy of the National Archives Records Administration Throughout the campaign, General Joseph E. Johnston had pursued a defensive approach as his sought to slow Sherman with his smaller army. Though he had been repeatedly flanked out of several positions by Shermans armies, he had also forced his counterpart of fight bloody battles at Resaca and Kennesaw Mountain. Increasingly frustrated by Johnstons passive approach, President Jefferson Davis relieved him on July 17 and gave command of the army to Lieutenant General John Bell Hood. An offensive-minded commander, Hood had served in General Robert E. Lees Army of Northern Virginia and had seen action in many of its campaigns including the fighting at Antietam and Gettysburg. At the time of the change in command, Johnston had been planning an attack against Thomas Army of the Cumberland. Due to the imminent nature of the strike, Hood and several other Confederate generals requested that the command change be delayed until after the battle but they were denied by Davis. Lieutenant General John B. Hood. Photograph Courtesy of the National Archives Records Administration Assuming command, Hood elected to move forward with the operation and he struck at Thomas men at the  Battle of Peachtree Creek  on July 20. In heavy fighting, the Union troops mounted a determined defense and turned back Hoods assaults. Though unhappy with the result, it did not deter Hood from remaining on the offensive. Fast Facts: Battle of Atlanta Conflict: Civil War (1861-1865)Dates: July 22, 1863Armies Commanders:United StatesMajor General William T. ShermanMajor General James B. McPhersonapprox. 35,000 menConfederacyGeneral John Bell Hoodapprox. 40,000 menCasualties:United States: 3,641Confederacy: 5,500 A New Plan Receiving reports that McPhersons left flank was exposed, Hood commenced planning an ambitious strike against the Army of the Tennessee. Pulling two of his corps back into Atlantas inner defenses, he ordered Lieutenant General William Hardees corps and  Major General Joseph Wheelers cavalry to move out on the evening of July 21. Hoods attack plan called for the Confederate troops to swing around the Union flank to reach Decatur on July 22. Once in the Union rear, Hardee was to advance west and take McPherson from the rear while Wheeler attacked the Army of the Tennessees wagon trains. This would be supported by a frontal assault on McPhersons army by  Major General Benjamin Cheathams corps. As the Confederate troops began their march, McPhersons men had entrenched along a north-south line east of the city. Union Plans On the morning of July 22, Sherman initially received reports that the Confederates had abandoned the city as Hardees men had been seen on the march. These quickly proved to be false and he resolved to begin cutting the rail links into Atlanta. To accomplish this, he sent orders to McPherson instructing him to send Major General Grenville Dodges XVI Corps back to Decatur to tear up the Georgia Railroad. Having received reports of Confederate activity to the south, McPherson was reluctant to obey these orders and questioned Sherman. Though he believed his subordinate was being overly cautious, Sherman agreed to postpone the mission until 1:00 p.m. Major General James B. McPherson. Photograph Courtesy of the Library of Congress McPherson Killed Around noon, with no enemy attack having materialized, Sherman directed McPherson to send Brigadier General John Fullers division to Decatur while Brigadier General Thomas Sweenys division would be allowed to remain in position on the flank. McPherson drafted the necessary orders for Dodge, but before they were received the sound of firing was heard to the southeast. To the southeast, Hardees men were badly behind schedule due to a late start, poor road conditions, and a lack of guidance from Wheelers cavalrymen. Due to this, Hardee turned north too soon and his lead divisions, under Major Generals William Walker and William Bate, encountered Dodges two divisions which were deployed on an east-west line to cover the Union flank. While Bates advance on the right was hampered by swampy terrain, Walker was killed by a Union sharpshooter as he formed his men. As a result, the Confederate assault in this area lacked cohesion and was turned back by Dodges men. On the Confederate left, Major General Patrick Cleburnes division quickly found a large gap between Dodges right and the left of Major General Francis P. Blairs XVII Corps. Riding south to the sound of the guns, McPherson also entered this gap and encountered the advancing Confederates. Ordered to halt, he was shot and killed while trying to escape (Map). Major General Patrick Cleburne. Photograph Courtesy of the Library of Congress The Union Holds Driving on, Cleburne was able to attack the flank and rear of XVII Corps. These efforts were supported by Brigadier General George Maneys division (Cheathams Division) which assaulted the Union front. These Confederate attacks were not coordinated which allowed the Union troops to repel them in turn by rushing from one side of their entrenchments to the other. After two hours of fighting, Maney and Cleburne finally attacked in conjunction forcing Union forces to fall back. Swinging his left back in an L-shape, Blair centered his defense on Bald Hill which dominated the battlefield. In an effort to aid Confederate efforts against XVI Corps, Hood ordered Cheatham to attack Major General John Logans XV Corps to the north. Sitting astride the Georgia Railroad, XV Corps front was briefly penetrated through an undefended railroad cut. Personally leading the counterattack, Logan soon restored his lines with the aid of artillery fire directed by Sherman. For the remainder of the day, Hardee continued to assault the bald hill with little success. The position soon became known as Leggetts Hill for Brigadier General Mortimer Leggett whose troops held it. Fighting died off after dark though both armies remained in place. To the east, Wheeler succeeded in occupying Decatur but was prevented from getting at McPhersons wagon trains by a skillful delaying action conducted by Colonel John W. Sprague and his brigade. For his actions in saving the wagon trains of the XV, XVI, XVII, and XX Corps, Sprague received the Medal of Honor. With the failure of Hardees assault, Wheelers position in Decatur became untenable and he withdrew to Atlanta that night.   Aftermath The Battle of Atlanta cost Union forces 3,641 casualties while Confederate losses totaled around 5,500. For the second time in two days, Hood had failed to destroy a wing of Shermans command. Though a problem earlier in the campaign, McPhersons cautious nature proved fortuitous as Shermans initial orders would have left the Union flank completely exposed. In the wake of the fighting, Sherman gave command of the Army of the Tennessee to Major General Oliver O. Howard. This greatly angered XX Corps commander Major General Joseph Hooker who felt entitled to the post and blamed Howard for his defeat at the Battle of Chancellorsville. On July 27, Sherman resumed operations against the city by shifting to the west side to cut the Macon Western Railroad. Several additional battles occurred outside of the city before Atlantas fall on September 2.

Music Essay Example | Topics and Well Written Essays - 1000 words

Music - Essay Example This much creativity in the musical history was never witnessed before. The work done under this era had great emotional and structural significance. This symphony is an excellent example of a classical piece introduced in the later half of the eighteenth century. It also includes elements of romance to be continued in the nineteenth century. First performance based on this symphony was on 7th April 1805. The instruments used in composing the symphony include flutes, oboes, clarinets, bassoons, horns, trumpets, timpani and strings. The structure of the symphony is as follows: 1. Allegro con brio 2. Marcia funebre: Adagio assai in C minor 3. Scherzo: Allegro vivace 4. Finale: Allegro molto Actually Beethoven composed this symphony for Napoleon Bonaparte and planned to dedicate the symphony to him only. This was because as a person, Beethoven was deeply inspired by the people who led the French Revolution and Napoleon was one significant and respectable person of that era. This reflect ed some great respect and admiration that Beethoven had for Napoleon in his heart. Considering his financial situation at that time, he could have also dedicated this symphony to Prince Franz Joseph and received a great monetary reward for it. But he did not turn away from his initial decision and dedicated it to Napoleon only. All these insights about Beethoven were given forward by Maynard Solomon. But in May 1804, when Bonaparte declared himself to be the ‘emperor of the French’, Beethoven got very disheartened and disgusted at this declaration. He went to great extents to display his ferocity and hatred for Napoleon. He went to the table where his symphony laid, and then he grabbed it and tore the first page on which the title of the symphony was written. He tore it into pieces brimming with anger. The title of this symphony was Bonaparte. This incident has been narrated by Ries in a very interesting manner: In writing this symphony Beethoven had been thinking of Bu onaparte, but Buonaparte while he was First Consul. At that time Beethoven had the highest esteem for him and compared him to the greatest consuls of ancient Rome. Not only I, but many of Beethoven's closer friends, saw this symphony on his table, beautifully copied in manuscript, with the word "Buonaparte" inscribed at the very top of the title-page and "Ludwig van Beethoven" at the very bottom. †¦I was the first to tell him the news that Buonaparte had declared himself Emperor, whereupon he broke into a rage and exclaimed, "So he is no more than a common mortal! Now, too, he will tread under foot all the rights of man, indulge only his ambition; now he will think himself superior to all men, become a tyrant!" Beethoven went to the table, seized the top of the title-page, tore it in half and threw it on the floor. The page had to be re-copied and it was only now that the symphony received the title "Sinfonia eroica.† (Beethoven and Hamburger 29-30) The real version of th e symphony however has been preserved through a person who copied the original symphony. In 1821, when Bonaparte died, Beethoven said that he had written the symphony for this sad day seventeen years ago. He said it on Bonaparte’s funeral. The symphony was thus written for signifying the heroism of the great emperor, Napoleon Bonaparte. It is because of this background information that this symphony of Beethoven is said to have a strong emotional value. A major chunk of this symphony was written in the later half of 1803 and was completed in early 1804. It was first time performed in front of the public in Vienna's Theater an der Wien on 7 April 1805 by Beethoven himself. For this performance, the work's key was announced as "Dis", the

Project Management Assignment Example | Topics and Well Written Essays - 3750 words

Project Management - Assignment Example The application allows the employees to register for the company-Sponsored recreational programs, which includes bowling, walking, jogging among others. In addition, this application allows the employees to register for company-sponsored classes and programs for management of weight stress and other health related complications. The service cost benefit of this application is the ability to track employees on the level of involvement in these activities. To ensure effective implementation of this application the company’s top management is advised to offer incentives for the employees to join these programs (Patel, 2008). The financial cost benefit of this application to the company can be calculated as follows Assume that the present cost of the industry average health care premium is X, this means that MYH, Inc pays 20% more of X , which is equivalent to 1.2X. However, upon implementation of the application the company is able to save AED 120/employee/ year for full time employees for four years. This follows that the total amount saved on the 20,000 full time employees is as the following calculation The ability of this application to track employee health care expenses and company health care costs and facilitating the data importation from the current systems that track employee expenses submitted by the insurance providers if fundamental as it facilitates clarity in the employees expenditure relative to the company ‘s care cost on the employees. This helps in establishing the exact loss or profit incurred at the end of the fiscal year. This is relative to the health care expenditure. The calculations is as illustrated below The concept of cross-selling is based on the premise that when the organizations offers additional goods and services to the organization’s customers get more value to suppliers and other organizational