The Sixth Amendment - 2928 Words

The Sixth Amendment The 6th Amendment focuses completely on the rights of a person accused of committing a crime by the government. The 6th Amendment contains seven specific protections for people accused of crimes. These seven rights are: the right to a speedy trial, the right to a public trial, the right to be judged by an impartial jury, the right to be notified of the nature and circumstances of the alleged crime, the right to confront witnesses who will testify against the accused, the right to find witnesses who will speak in favor of the accused, and, the right to have a lawyer. The reasoning behind all of these protections goes back to the days of our founding fathers; when under the English law none of these rights were†¦show more content†¦The history in England and Europe was of people being sentenced to lengthy prison terms, tortured or even killed in secret trials. If you were accused in this situation, you often had no chance to defend yourself and the charges were often trump ed up to eliminate political and religious dissent. By requiring a jury to be involved in a trial, serious and sometimes fatal decisions are taken out of the hands of one or a few judges, and are put into the hands of a group of average citizens who look over the evidence. This greatly reduces the possibility of corruption in the trial. For many years, all juries in America had twelve people, which is how juries were conducted during the time the Constitution was written. Eventually, though, the Supreme Court reduced the allowable size of juries in state trials down to a minimum of six. Federal trials must still have twelve jurors. The Court also removed the requirement that juries be unanimous in their decisions in state courts. Instead, 10-2 or 9-3 verdicts are now accepted. Federal court juries, however, must be unanimous. That brings me to the arraignment clause. This clause requires that if you are ever charged with a crime, you must be fully informed of the nature and cause of the accusation against you. Arraignments must include very specific charges, including dates, times, exactly what allegedly happened and must reference the exact writtenShow MoreRelatedEssay on The Sixth Amendment1908 Words   |  8 PagesThe Sixth Amendment was ratified on December 15, 1791. It guarantees rights related to criminal prosecutions in federal courts and it was ruled that these rights are fundamental and important. The Sixth Amendment gives the accused the right to speedy and public trial by the impartial jury. The accused has the right to be informed of the nature and reason of accusation and also be confronted with the witness against him as well as obtaining witness in his favor. In this research paper I will provideRead MoreHistory and Development of the Sixth Amendment Essay1044 Words   |  5 PagesMut hu S. Weerasinghe Constitutional Law LS 305 – 01 Unit 7 Essay The Sixth Amendment of the Bill of Rights contains seven clauses that protect the rights of the accused. The amendment assures the accused that â€Å"In all criminal prosecutions, the accused shall enjoy the right to a speedy and public trial, by an impartial jury of the state and district wherein the crime shall haveRead MoreThe Sixth Amendment: Providing Justice for Everyone Essay731 Words   |  3 PagesThe 6th Amendment: Providing Justice for Everyone Prior to the Revolutionary War, if the British accused a colonist of a crime, he would most likely receive an unfair trial and a prison sentence. When the Founding Fathers wrote the Bill of Rights, they believed that all Americans deserved rights which the British had not given them. The 6th Amendment provides many legal rights to United States citizens that protect them from being wrongly convicted of crimes. The 6th Amendment is the most importantRead MoreImportance Of The Sixth Amendment1735 Words   |  7 Pagescreate the sixth amendment in 1789 in attempt to codify fairness. When thinking about what the word fair means, one should think of a â€Å"marked by impartiality and honest: free from self-interest, prejudice, or favoritism† (Fair). Overall, the sixth amendment was created to â€Å"guarantee the right to criminal defendants, including the right to a public trial without unnecessary delay, the right to know who your accusers are and the nature of the charges and evidence against you† (Sixth Amendment). This meansRead MoreFourth, Fifth, and Sixth Amendments to the Constitution Essay887 Words   |  4 PagesCJL 4064 Amendment Project As requested by the committee chair, I have examined the 4th, 5th, and 6th Amendments of our Constitution. It is imperative for the participants of the Constitutional Convention to update, and furthermore, enhance the Bill of Rights. The amendments were created with a valuable perspective on individual rights in the 1700s. Today, in 2010, our country has developed in the use of language, our principles, and our overall society. After close examination of theRead Morehearings is to further the transparency course as espoused by the sixth amendment of the2300 Words   |  10 Pageshearings is to further the transparency course as espoused by the sixth amendment of the constitution. However, the open criminal proceedings are at the discretion of the judge because there are some trials that touch on national security or where minors are involved. During this deliberation, the judge is informed by the first amendment of freedom of press and speech, but these rights must be weighed according to prevailing circumstances. In such cases, the judge will issue order barring the mediaRead MoreMy Cousin Vinny : Truth, Justice And The Gambini Way968 Words   |  4 Pagesremain silent, anything may be held against the individual in a court of law. â€Æ' During the interrogation, Bill Gambini was not aware of his present charges nor his right to obtain an attorney, in addition, proceeded to be a violation of his sixth amendment right. This is a contrast due to the experience of a detective whom would not violate any constitutional right to insure that the case is unshakable. The Beechum County Sheriff’s Department obtained a coerced confession from Bill Gambini, anotherRead MoreCase Analysis : Crawford V. Washington944 Words   |  4 PagesEvid. 804(b)(3) (2003)† (Id. at 40). The defense objected to the use of this evidence in court because it violated his Sixth Amendment right â€Å"to be confronted with the witnesses against him† (Id. at 40). The trial court allowed the evidence to be admitted by citing an earlier decision, in Ohio v. Roberts, 448 U.S. 56 (1980), that the Supreme Court’s description of Sixth Amendment rights did not bar the prosecution from admitting a statement from an unavailable witness, â€Å"†¦ if the statement bears â€Å"adequateRead MoreDavis V. Washington ( 2006.990 Words   |  4 Pagesof Davis v. Washington (2006), the Supreme Court needed to decide on whether or not a statement that is made to law enforcement personnel during a 911 call or at a crime scene are â€Å"testimonial† and would thus be subject to the requirements of the Sixth Amendment’s Confrontation Clause. The case begins with a call made to a 911 emergency operator that was quickly disconnected before anyone was able to speak a word. The 911 operator, most likely following policy, called the number back. When the callRead MoreWho Is A Criminal Offender?1542 Words   |  7 Pagesthe history of the S ixth Amendment, information on self-representation process, individuals charged with a felony who use pro se, court cases dealing with pro se, and lastly laws in Virginia pertaining to criminal pro se defendants. Sixth Amendment First and foremost the criminal justice system is what it is today due to the first ten amendments to the Constitution that was ratified on December 15, 1971, also known as the Bill of Rights (Worrell and Moore, 2014). These amendments set the pathway for

Introduction To Dementia Care Clinical Neuroscience

Question: Describe about the Introduction To Dementia Care for Clinical Neuroscience. Answer: Introduction Dementia is a chronic, progressive deterioration of the human cognitive functions, much severe than what usually occurs in normal aging. It slowly affects a persons memory, intellect, learning, and other higher mental functions, except consciousness. On further progression of the disease, the person becomes disoriented, withdrawn, and loses control of ones own bodily functions, eventually leading to death. Dementia might be attributed to genetic causes, even as hypothyroidism, Vitamin B12 deficiency, and infections like neuro-syphillis also are known to trigger the early onset of the disease (WHO, 2016). Dementia usually occurs in individuals over 65 years of age, and the disease causes some of the symptoms of aging to occur prematurely. Various mechanisms related to aging and aging theories are attributed to trigger the symptoms of dementia, such as the neuronal mitochondrial damage, formation of plaques, white matter damage, altered synaptic connectivity etc. However, the natural process of aging must not be confused with accelerated aging seen in dementia due to pathological changes (Appendix). Hence, a single theory of aging cannot be proved to justify accelerated aging in dementia; the interventions must be planned addressing to all the pathological changes that occur within the brain due to the disease. (Powers, 2005) Cognitive examination is mostly used as a diagnostic testing, along with neuro-imaging techniques. Till date, a complete cure for the disease is not found, though a lot of treatment methods are being researched upon. However, there are a few measures to improve the quality of life of individuals affected with dementia and their caregivers. Cognitive, functional, behavioural, and psychological interventions can help delay the rapid progression of the disease, making the individuals condition manageable. This essay discusses the different manifestations of dementia and its associated changes, its impact on the quality of life, roles and responsibilities of the caregivers, and the strategies to effectively manage the disease. Dementia and its management Most of the types of dementia are characterized by slowly progressing irreversible damage to the brain (Savva et al., 2009). Four major types of the disease are discussed here. (Alzheimers Association, 2009) Alzheimers disease is accountable for nearly 50% of the individuals diagnosed with Dementia. It is usually an inherited genetic disorder, characterized by short term memory loss, disorientation, agitation, and withdrawal from society. Upon onset, progressive atrophy of the brain cells triggers the symptoms. Vascular Dementia is accountable for nearly 20% of the individuals diagnosed with Dementia. It is caused by vascular damage to the brain, as in a cerebrovascular accident, with the severity of the disease depending on the area of the vascular injury. Dementia with Lewy Bodies is accountable for nearly 10% of the individuals diagnosed with Dementia. It is caused by the clumping of a protein in the nerve synapses, thereby altering synaptic transmissions. The symptoms of this type, look alike to that of Parkinsons disease, though there is a difference in the pathology. Fronto-temporal Dementia is accountable for nearly 8% to 10% of the individuals diagnosed with Dementia. It is cause d by genetic mutations, and is characterized by severe alterations in the behavioural and personality patterns. Mixed Dementias are a combination of two or more disease processes from multiple types of dementia. Research is still underway on its pathology and manifestations. Dementia is known to take control of the individual and his family, and alter their activities of daily life greatly. Four aspects of the influence of dementia on the family, in addition to the Quality of Life are discussed below. Cognitive Impact In the early stage of Dementia, which is known as mild cognitive impairment, the changes are subtle, and occur sparingly. Forgetting a particular word, losing directions, inability in effectively managing finances leading to massive losses of money, etc are the visible symptoms of cognitive impairment, leading to frustration, violence and/or depression. (Laurin et al., 2001) Initially, though constant care might not be needed, constant reminders on various aspects of day to day life are needed to be given, along with managing the individuals changing emotions. Functional Impact As the condition progresses, the person might have difficulty in performing activities that have a sequence of steps, such as tying a shoelace. Initially, assistance might be needed in completing simple chores of self care, which might regress into complete dependency of the individual on the family and the caregiver. (Gure et al., 2010) The need for constant monitoring and the shouldering of additional responsibility can lead to increased stresses on the caregiver. Behavioural Impact The person with dementia often turns violent, as a futile aggressive attempt to jog his memory. Emotional disturbances like frustration, depression and violence make the person feel safe when alone and isolated, thus changing the individuals persona. The changes in the persons behaviour might be aggressive, passive, irrelevant or indifferent, leading to confusions in the familys image of the person (Kar, 2009). Psychological Impact The frequent episodes of forgetfulness, disorientation, violence etc can visibly alter an individuals relationship with his family, as in him the family sees a person whom they have not seen before, or wish to see. The family members are the caregivers experience depressions seeing their loved ones fade away slowly in front of their eyes (Alzheimers Research, UK, 2015). The increased sense of responsibility, guilt, lack of a quality personal life, increasing financial burden etc can increase the psychological stress on the family and the caregiver. Impact on Quality of Life The well being of the family of a person with dementia depends largely on the individuals disease condition and the rate of progression. Interventions to manage the disease, if implemented effectively, serve to improve ones QOL by slowing down the progress of the condition. However, though under constant radar for upgradation, outcome measurements of QOL in such settings face risks of discrepancies in reliability and validity, along with responsiveness (Logsdon, McCurry, and Teri, 2007). Nevertheless, the decrease in QOL in a family of an individual with dementia cannot be denied. In addition to these, the family and caregivers experience health issues, as sleep deprivation, exhaustion, and increased workloads takes its toll on the caregivers physical and psychological health (Brodaty, 2009). Having an individual with dementia in the family definitely has an impact on the finances, as the individual might not be in a position to earn, and the caregiver might not have time to earn in a full time job for the family. The loss of income, added with hidden costs like increased medical expenses, increased utility costs such as transport, communication, electricity, increased cost of aiding equipment; specialized diet costs etc have a risk of causing frictions within the family (Hurd et al., 2013). An individual with dementia will have to eventually depend on his family; and even before they realize it, it would become an added responsibility to them. In the initial stages, the dependency of the person on his family would seem to be lesser; the challenges posed vary with the stages. The family must be prepared to manage the individual and their growing responsibilities (Alzheimers Research, UK, 2015), which are discussed below. Reminding the individual to perform basic activities, basic details like names, phone numbers, schedules, appointments, etc., protecting the individual from injuring himself, getting lost, etc., Monitoring the individuals day to day activities, medications, toileting activities, etc. form the responsibilities in the early stages. Feeding the individual with healthy food, and guiding him on how to eat, chew, swallow, etc., Grooming the individual, by maintaining high standards of personal hygiene, Restraining the individual when he gets too violent, or when he heads towards unknown/dangerous situations, Handling the individual, as in supporting him when he walks, or carrying him when he is unable to mobilize form the responsibilities in the later stages. Additionally, actively participating in the management procedures of the individual, by constantly encouraging him to perform mind stimulation exercises, physical activities, medications, and constantly keeping one updated on recent researches on the condition, taking clear decisions on treatment, finances and legal issues with an unbiased, practical and a selfless standpoint, and consulting for expert opinion when in doubt, and seeking for help whenever needed is very essential. The caretaker must also care for themselves, and keep themselves fit in order to effectively take care of the individual with dementia. Though managing an individual with dementia is a responsibility that is unwittingly thrust upon the family, a selfless approach would help handling the issues more efficiently. If the family is kept well aware of the individuals condition and its progression, managing the disease can be made easier and much more effective (Etters, Goodall, and Harrison, 2008). Dementia cannot be cured, but can be managed in order to delay the progression of its symptoms. As an add on to the individualized care provided, Person-Centered Approach in Dementia care (Brooker and Latham, 2015) comprises of Valuating the status of individual with dementia as a citizens with entitlement rights, Individualized approach to management, with a personalized protocol for every individual, Viewing the world from the perspective of a patient with dementia and providing a suitable social environment to meet their needs. Dementia must be managed implementing a holistic plan of action, involving all the stakeholders of the condition. Setting of realistic goals, and planning a stage-wise intervention is important step in the treatment procedure. In the early stages of Dementia, ACE Inhibitors may be given to stall the cognitive impairments of the disease. Cognitive therapies such as mental stimulation exercises, behavioural, and emotional interventions are also performed to help the individual manage his symptoms. Psychological counseling and guidance is essential for maintaining the mental stability of the patient as well as the caregivers. Though many other interventions like music therapy, simulation therapy, reminiscence therapy etc are recommended, there is no strong evidence to its effective working. There has been research on measures to prevent dementia, and delay its onset in individuals with a risk of developing the disease. Performing physical and mental activities, intake of a Vitamin-D enriched diet, and leading a healthy and socially engaging lifestyle are the widely advocated preventive measures. Genetic counseling is encouraged, to detect the risk of dementia and implement preventive strategies early in life. Implementing a management plan using a person-centered approach can help improve quality of care, by involving the family into the treatment procedures, and involving a holistic approach to management of dementia (Health Innovation Network, 2015). Many ethical issues crop up through the course of dementia care. The diagnosis of the disease being told to the person who cannot comprehend it, the inability of the individual to offer informed consent to any treatment/research procedure, the inability of the individual to question the transparency of any clinical trial in which he is made to participate, the incapacity of the person to rule over his final will and settlements, etc form the ethical dilemma in the initial stages. There must be no compromise on the quality of the treatment provided to the patient due to his absent decision making (Brodaty et al., 2005). However, the later stages of Dementia present a lot of ethico-legal confusions and conflicts, causing a great deal of emotional impact to the family. This includes situations where the individual has to be put into a full-time residential care owing to inability of the caregivers to offer undivided attention; when the individual has to be administered a feeding tube, or when the person has to be taken off life support (Whitehouse, 2000). In such cases, an unbiased guidance must be given to the family and the caregivers of the patient, in order to enable them make clear decisions without guilt or ignorance. Conclusion Living in a family where an individual is affected by dementia is always a challenging task. It is like watching the person slowly transforming into a distant stranger. The progression of the disease is a complex process, involving various interventions in different stages of the disease. However, a clear understanding of the condition, and strategies involving realistic goal setting, can make the situation effectively manageable. Early identification of the symptoms is necessary to take calculated measures to overcome the influence of the disease on the various aspects of life. A person-centered approach, which focuses on valuing the patient as an individual and providing a personalized plan of care is necessary, to enable achievement of the treatment goals. Leading a healthy lifestyle, with a family support can go a long way in providing efficient dementia care, and providing a satisfactory end-stage care to the individual. After all, it is the immeasurable flow of positivity that will help the family sail smoothly through the entire period of the disease. References Alzheimers Association (2009) Aging,Memory Loss and Dementia: Whats the difference? Available at: https://www.alz.org/mnnd/documents/aging_memory_loss_and_dementia_what_is_the_difference.pdf (Accessed: 27 June 2016). Alzheimers Research, UK (2015) Dementia in the Family. . Brodaty, H. (2009) Family caregivers of people with dementia, Dialogues in Clinical Neuroscience, 11(2), pp. 217228. Brodaty, H., Thomson, C., Thompson, C. and Fine, M. (2005) Why caregivers of people with dementia and memory loss dont use services, International Journal of Geriatric Psychiatry, 20, pp. 110. Brooker, D. and Latham, I. (2015) Person-Centred Dementia Care - Making Services Better with the VIPS Framework. Edited by Isabelle Latham. Second Edition edn. Jessica Kingsley Publishers. Etters, L., Goodall, D. and Harrison, B.E. (2008) Caregiver burden among dementia patient caregivers: A review of the literature, American Academy of Nurse Practitioners, 20(8), pp. 423428. Gure, T.R., Kabeto, M.U., Plassman, B.L., Piette, J.D. and Langa, K.M. (2010) Differences in Functional Impairment Across Subtypes of Dementia, The Journals of Gerontology Series-A: Biological Sciences and Medical Sciences, 65A(4), pp. 434441. Health Innovation Network (2015) What is person - centred care and why is it important? Hurd, M.D., Martorell, P., Delavande, A., Mullen, K.J. and Langa, K.M. (2013) Monetary Costs of Dementia in the United States, The New England Journal of Medicine, 368, pp. 13261334. Kar, N. (2009) Behavioral and psychological symptoms of dementia and their management, Indian Journal of Psychiatry., 51(Suppl-1), pp. S77S86. Laurin, D., Verreault, R., Lindsay, J., MacPherson, K. and Rockwood, K. (2001) Physical Activity and Risk of Cognitive Impairment and Dementia in Elderly Persons, JAMA Neurology, 58(3), pp. 498504. Logsdon, R.G., McCurry, S.M. and Teri, L. (2007) Evidence-Based Interventions to Improve Quality of Life for Individuals with Dementia, Alzheimers care today, 8(4), pp. 309318. Powers, R.E. (2005) The Primary Care Guide to Theories of Aging and Dementia, Bureau of Geriatric Psychiatry, 06(13). Savva, G.M., Wharton, S.B., Ince, P.G., Forster, G., Matthews, F.E. and Brayne, C. (2009) Age, Neuropathology, and Dementia, The New England Journal of Medicine, 360, pp. 23022309. Whitehouse, P.J. (2000) Ethical issues in dementia, Dialogues in Clinical Neuroscience, 2(2), pp. 162167. WHO (2016) Dementia. Available at: https://www.who.int/mediacentre/factsheets/fs362/en/ (Accessed: 27 June 2016).

European Exploration And Settlement Essays - Age Of Discovery

European Exploration and Settlement I. Europeans Look to New Worlds For Many Reasons. A. Renaissance- revival of classical art, literature, and learning. 1. Took place in Europe in 15th and 16th centuries. 2. Sparked imaginations and made people eager to explore. B. Protestant Reformation 1. Challenged Catholics who in turn persecuted Protestants. 2. Protestants longed for a place where they could worship as they wanted. C. European Nations Begin to Form Stable Governments and Resolve Power Struggles. D. Trying to Find a Quicker Route to Asia and Start Up a Rich Trade. E. New Developments in Travel. 1. Caravel- more maneuverable and quicker ship, moved with and against wind. 2. Navigation- charting of a course at sea. 3. Instruments- Astrolabe, the quadrant, and the cross- staff. II. Spain Leads The Way A. Spain was the leading nation in the Age of Discovery due to its search for wealth. 1. Wanted to find a quicker route to Asia. 2. Tired os paying the middlemen large profits. 3. Desired gold, silk, jewels, and spices. B. Columbus Stumbles On a New World 1. Christopher Columbus set out to prove world was round. 2. Queen Isabella agreed to arrange an expedition for Columbus. 3. His ships were the Nina, the Pinta, and the Santa Maria which set sail August 3, 1492. 4. When they finally reached land they thought they landed on India and natives were called Indians. 5. In reality, they landed in the Bahamas on an Island Columbus named San Salvador- October 12, 1492. C. Seekers of Gold and Glory 1. Amerigo Vespucci- found land that was not Asia but a great continent. A few years later a map-maker named the new continent "America" in honor of Amerigo Vespucci. 2. Balboa- Spanish explorer crossed Isthmus of Panama in 1513- first European to see Pacific Ocean. 3. Explorers more interested in acquiring gold and power than in finding new land. 4. Conquistadors- these were the conquerors who overcame whole civilizations of native people. 5. Most famous was Cort?s who, in 1519, took over the Aztec empire and its ruler Montezuma in Mexico. 6. Pizarro who, in 1535, destroyed the Inca empire in the heart of Peru. 7. Coronado 1540-1542 discovered the Grand Canyon on an expedition to the southwest. 8. De Soto explored southern U.S.- first European to reach the Mississippi River. 9. Most conquistadors were ruthless. a. Treated natives cruelly by enslaving and killing them. b. Gold, silver, and sugar made Spanish wealthy and opened up vast area. III. England, France, and the Netherlands Stake Claims A. Spain's power made the rest of Europe nervous especially Protestant England since Spain was Catholic. B. The Search for the Northwest Passage. 1. Europeans wanted quick trade route to Asia. 2. Hoped to find Northwest Passage- northern water way connecting Atlantic and Pacific oceans. 3. Found Northwest Passage in 1906 in the frozen waters of Canada. C. A Series of Discoveries 1. John Cabot 1497 sailed to New Found-land and Nova Scotia, found lots of fish but England was too busy with other affairs to take notice. 2. Verazano 1524 explored eastern coastline of North America from North Carolina to New Found-land. 3. Cartier 1535 explored Gulf of St. Lawrence and St. Lawrence River and marked France's dominance on Canada. 4. Henry Hudson found Hudson River and planted seeds of New Nether land ( New York.) 5. Explorers blaze paths, settlers move in.

Writing an A+ Essay Essay Example

Writing an A+ Essay Essay Example Writing an A+ Essay Essay Writing an A+ Essay Essay An essay is nothing new in the writing world. Students and writers all alike have tried to prefect this since the dawn of ancient Japanese literature. Now we have what happens to be the â€Å"Holy Grail† of all the ways to write an essay. This method is said to be easy as pie! You can think of it this way your body paragraphs should be P.I.E. The acronym P.I.E. stands for point, illustrate, and explain. Each paragraph though out your essay should contain each of these factors.Point is the purpose or claim of the paragraph. Illustrate is examples, quotes, evidence, and proof that demonstrates , supports, and illustrates the point and last the writer must explain the importance of all the examples, quotes, evidence and proof to ensure the readers understand the significance of each. There is not a set amount of each needed but the point should be the smallest portion of each paragraph. Most of the paragraphs information should explain, and support the point. Now let’s take a deeper look into the factors that make up an exemplary paragraph. The â€Å"P† section of your paragraph is a point that is the claim or position of the paragraph. This should be an opinion that can be argued. The point should be in the first sentence of the paragraph and it shouldn’t be vague. There should only be one point per paragraph. All the information in the paragraph should support and tie it all into one major point. The â€Å"I† is section of the paragraph should show support to the thesis statement of the entire essay. This should be done with examples, quotes, and evidence about the point. When illustrating the thesis statement you should be highly selective when choosing your quotes, examples, and other forms of this they should only support the thesis statement. Be sure not to quote-bomb the reader. You want to be able to explain all your supporting evidence to the reader. Don’t forget always to give credit to the references that you use in your

International Financial Management Essay Example | Topics and Well Written Essays - 1000 words

International Financial Management - Essay Example Therefore it can be said that Nokia is responsible for rapid growth in cellular communication and is a pioneer in this field. These four groups are serviced by two other horizontal groups, which are Customer and Market Operations and Technology Platforms. These groups are further supported by various other groups and teams centered mostly in headquarters, related with corporation functions. From 2008 onwards however, three different groups involved in mobile device business and their respective horizontal groups have been integrated into a single unit and named Devices & Services. The main reason for this integration is to increase horizontal integration across the company. Another important aspect of Nokia’s business model is its sales and customer services units. These units are dispersed across more than 150 countries. There are ten different factories across nine countries involved in cell phone manufacturing operated by Nokia. Some models are outsourced to various contractors as well. Nokia is controlled by a group executive board which is responsible for its operative management. The appointments on group executive board in turn are made by the Board of Directors. The Group Executive board currently has eleven members. In line with its long term vision of flexibility and innovation Nokia has recently decided to bring central changes to its management structure. The move is not only marked by a management strategy but a major change in business strategy as well. As mentioned earlier mobile phone market is saturated with many different players such as Apple, Samsung, and Philips etc in tough competition. Therefore Nokia’s group executive board has decided to shift its focus towards making Nokia an internet company. The management structure will therefore be changed into three main units i.e. devices, software and services and markets. The main focus of Nokia’s corporate governance strategy

Work Experience Report Essay Example | Topics and Well Written Essays - 2250 words

Work Experience Report - Essay Example As a biomedical scientist we work in the most important area of healthcare. It is our job to carry out laboratory tests and techniques that can help doctors diagnose diseases through laboratory testing and tissue sampling on affected laboratory mice or animals. The nature of the work involves evaluating the effectiveness of treatments or discovering the links between various human DNA strains with genetic or viral illnesses. Through experimentation, observation, and evaluation, a biomedical scientist is able to trace the root cause of various illnesses and viruses and is then able to predict whether it shall mutate into another type of illness, how it will mutate, and hopefully how it can be stopped before or upon mutation. However the main focus of biomedical research is to understand an illness or disease and how it can be rendered non threatening to human beings. This is a tall order for any medical scientist but biomedical scientists are not daunted by this task because it is a c hallenge that they look forward to. The enigma of an illness and the explanation behind it is what drives the nature of a biomedical scientist and it is what also drives this particular field of medical science. The world of biomedical research has always been of particular interest to me because of the promise that it holds for the future of our society and the world. The nature of the work dictates that biomedical scientists shall be at the forefront of medical and viral research in order to stay one step ahead of the various developing viruses, infections, and genetic illnesses that seem to be overtaking our world. The nature of our work is to predict the cause of the illness, the possible outcomes of the viruses discovered, and how to prevent the development of the virus before it actually becomes a problem for any country or society. The nature of our work includes analysing cell cultures grown from tissue samples and identifying whatever specific groups are required for partic ular experiments. This is done via the use of complex computer systems, sophisticated automated machinery, microscopes and other top of the line, ultra modern laboratory equipment. We use this information to accurately record and analyse data so that we can writer reports and share data with others in the field who can then use the information to effectively treat and diagnose patients in the field. It is through the results of these experiments and research that we will be able to help the medical world conquer or control diseases and illnesses such as the common cold, anemia, cancer, AIDS, and cardiovascular problems. Biomedical research may one day discover the cure to dementia and Alzheimer's. The results of the experiments in this particular field of medical science as cannot be fathomed for this research and experiment holds the key to the longevity of mankind. We may not conquer death but, thanks to biomedical science we can slow down the effects of illness and time in order to live longer than the previous generations. Our work in the biomedical research field of the utmost importance to hospital departments because we help their various departments operate effectively in the treatment of patients. This is because we work on challenging illnesses such as cancer, diabetes, AIDS, malaria, food poisoning or Anemia. We also try to discover new ways by which doctors can diagnose their patients without becoming too invasive in nature. I was privileged enough to be allowed to work with the experts of biomedical science over at the Biomedical Sciences Research Center located at St. George's University in London. Our facility concentrates on the field of molecular cell biology research. Our research includes work on transmembrane

Savings and Loans Crisis Essay Example for Free

Savings and Loans Crisis Essay INTRODUCTION In the 1980’s, the savings and loan (SL) industry was in turmoil with the watershed event of this being the implementation of price fixing legislation in favour of home ownership in the 1930’s. Even though it was the basis of the crisis, the trigger lies in more fundamental concepts, including fiscal policy, mismanagement of assets and liabilities, pure imprudence by SL institutions, brokered deposits and the cyclicality of the regulation/deregulation process and this was fuelled by economic reactions such as inflation. It would be ‘unfair’ to attribute it to only one factor. Therefore, to properly investigate the crisis and with a view of having all round perspective of the crisis, this report will discuss this financial disaster’s main causes. The impact of the crisis was borne mostly by the SL industry, the savings and commercial banks in the US and more generally, the US economy. This report will further cover the corrective measures undertaken by regulators and the government with the aim of saving the SL sector as the number of institutions with worsening financial conditions steeply increased. The consequences of this crisis persisted until the early 1990’s and this long term effect is understood by analysing the regulations enacted in the aftermath of the crisis. The main turning point has been the enactment of the Financial Institutions Reform, Recovery and Enforcement Act in 1989. Finally, there are essential lessons to be learned from the SL crisis, not only for the SL institutions, but also the banking industry, regulators and the government. CAUSES In the 1930s the SL industry was a conservative residential mortgage sector surrounded by legislation put in place during that period to promote home ownership. At the same time it has its own regulator which is the federal savings and home loan banking loan, and its own insurance firm to insure deposits at SL institutions. However the regulatory and interest rate environment started to change dramatically as from the 1960s when congress applied the Regulation Q to the SL industry by putting a ceiling on the interest rate that SLs can pay to depositors. The purpose was to help thrift institutions to extend interest rate ceiling to them in order to reduce their cost of liabilities and protect them from deposit rate wars since there were inflationary pressures in the middle till late 1960s. Regulation Q was price fixing, and in trying to fix the prices, Regulation Q caused distortion where the costs outweigh any benefits it may have offered. Regulation Q created a cross subsidy, passed from saver to home buyer, that allowed SLs to hold down their interest costs and thereby continue to earn, for a few more years, an apparently adequate interest margin on the fixed-rate mortgages they had at that recent past years. The problem was that the SL industry was not competing effectively for funds with commercial banks and securities market leading to large things in the amount of money available for mortgage lending. The ceiling on interest rate that SL could offer to depositors as per the Regulation Q led dampening of competition for depositors funds between bank and SL. But as new money market funds began to compete fiercely during the 1970s for depositors’ money by offering interest rates set by the market, SLs suffered significantly withdrawal of deposits during periods of high interest rates. This caused outflows from financial institution into higher yielding investment such as capital market instrument, government securities and money market funds. This process is known as disintermediation. Disintermediation has several undesirable consequences. Most important, it both restricted the availability of credit to consumers and increased its cost, particularly for home mortgages, the same consequences affected small and medium sized businesses that did not have access to the commercial paper market. In additional, because normal cash outlays increased to meet deposit withdrawals while cash inflows decreased as new funds were diverted to alternative investments, disintermediation slowed the growth of financial institutions and caused them liquidity problems. To have the cash available to meet withdrawal demands, banks and thrifts were often forced either to borrow money at above-market interest rates or to sell assets, often at a loss from book value. At the same time, rise in oil prices in 1979 pushed inflation and headline interest rates up. Growing inflation in the 1970s received two huge boosts: the first comprised the late-1973 and 1979 oil shocks from OPEC (the Organization of Petroleum Exporting Countries). Soaring oil prices compelled most American businesses to raise their prices as well, with inflationary results. The second boost to inflation came in the form of food harvest failures around the world, which created soaring prices on the world food market. Again, U.S. companies that imported food responded with an inflationary rise in their prices. In order to combat the increase in inflation, there was a rise in interest rates to encourage people to save and spend less. The Federal Reserve opted for tightening monetary measures in reaction to inflationary concerns. As a result of the subsequent monetary tightening, interest rates rose abruptly and significantly. Interest rates soared from 9.06% in June 1979 to 15.2% in March 1980. Such drastic change in base rates caused the yield curve to become inverted. The spread between the 10 year Treasury bond and the 3-month T-Bill became negative as seen in the table below reaching 373 basis points in 1980. (http://www.milkeninstitute.org/pdf/InvrtdYieldCurvesRsrchRprt.pdf) The graph below shows the variation of US Treasury three-month T-Bill. The large rise and the volatility of short term interest rates is evident from the graph. (http://www.milkeninstitute.org/pdf/InvrtdYieldCurvesRsrchRprt.pdf) The following 10-year Treasury against the effective Federal Funds Rate spread also illustrates how the yield curve inverted during the SL crisis. (http://www.milkeninstitute.org/pdf/InvrtdYieldCurvesRsrchRprt.pdf) With high volatility of interest rates during these periods, the SL industry failed to tackle the risk inherent in the funding of long term, fixed mortgages by means of short term deposits. In other words, there was a mismatch of asset/liability with a negative gap and rising short term interest rates. Aftermath In the1982’s, to attempt at resuscitating the SL industry, Congress tried to deal with the crisis by enacting the Depository Institutions Deregulation and Monetary Control Act in 1980 and the Garn-St Germain Depository Institutions Act in 1982, allowed lower capital requirements, which were based largely on book values rather than more market-value oriented techniques, grossly overstate the health of financial institutions. Regulators relaxed regulatory restrictions by decreasing the net worth requirement from 4% to 3% of total deposits, with additional flexibility of not complying with the generally accepted accounting principles (GAAP). The process of deregulation further included the extension for the period of amortisation of supervisory goodwill and the Bank Board removes the specific limitations for the SL shareholders, changing the minimum 400 shareholders restriction to only one, with no one shareholder or group holding more than 10% and 25% respectively and the acceptance of means of payment other than cash. In particular, rules on net worth changed so that thrifts could continue to operate even at historically low levels. Also, â€Å"supervisory goodwill† was used to balance out the books in terms of capital requirements and accounting numbers. This goodwill had no economic sense and simply helped to compensate any institutions, in a merger, when taking over economically impaired assets of insolvent institutions. All in all, the changes in accounting and capital treatment of supervisory goodwill enabled SL’s to post stronger accounting and capital numbers even though the underlying economic situation had deteriorated. There was a cancellation of the ceiling of the loan to value ratio as well. Forbearance or the decline in regulatory oversight was also a major factor of the debacle. Most importantly, savings and loan interest rate ceilings were removed. SL’s had a large proportion of variable rate liabilities (deposits) funding fixed-rate assets they held 84.5% of their assets as home mortgages. These institutions had a negative GAP as the amount of RSL was larger than that of RSA. GAP = RSA RSL Therefore, they were exposed to any rise in interest rates as the yield on the assets were fixed while the cost of liabilities increased. With the rapid increase in base rate in the 1980’s, FI’s cost of RSL rose faster than they could adjust their return on their assets. They had to maintain a high level of interest paid on deposit to avoid deposit withdrawal. The Net Interest Income – the difference between interest on assets and cost of liabilities decreased significantly. NII = Asset Return – Cost of Liabilities On average, the returns on home loans were 9% with an average deposit rate of 7% which implied a 2% net interest income. Given the tight regulations surrounding the SL’s, these institutions relied in the 2% net interest income as their main source of income. However, as the base rate rose dramatically, the NII dropped to negative figures, reaching -1.0% in 1981. Many institutions lost huge amounts of money. Savings and Loans specialised in originating and holding home mortgage loans that were relatively long term assets with fixed interest rates. However, these were funded by relatively short term deposits whose interest rates were variable. There was a maturity mismatch that was exposed to risk of interest rate rise. With the market value of the assets being more volatile because of its longer maturity, and as a consequence a longer duration, the rise in interest rate decreased the value of the mortgages to very low levels. The value of the liabilities decreased as well but to a smaller extent. Since net worth is the difference between market value of assets and market value of liabilities, this led to negative equity of financial institutions. Δ E = (DA DLg) x A x Δr/(1+r) Since DA DLg, with Δr 0, change in net worth value ΔE is negative. The leverage adjusted duration gap between the assets and liabilities was so large and with a large rise in interest rate, the equity value decreased to being negative. By the early 1980s, savings and loans throughout the country were insolvent by about $110 billion and the fund was reporting only $6 billion in reserves (Barth, 1991; Brumbaugh, 1988; Kane, 1989) The legislation also allowed savings and loans to begin to diversify into commercial real estate loans and other loans commercial banks could already make. Congress hoped that if SL’s invested in riskier, and thus, higher yielding assets, they would be able to offset the loss they previously made. The savings and loans were also allowed to originate adjustable-rate home loans. By 1983, most SLs were deemed economically profitable but 9% of the SL industry was insolvent. However, the Federal Home Loan Bank Board (FHLBB) and the Bank Board, went ahead with their plan of regulating the industry by imposing a 7% net worth limit for new entrants in the thrift industry so as to promote safe risk management practices and investments. Although all these developments were intended to help savings and loans, they gave rise to a subsequent twist in the crisis. The new changes did indeed allow savings and loans to reduce their interest rate risks but the changes exposed savings and loans to new risks mainly credit risks. While defaults on the home mortgages were low, defaults and associated losses on other types of loans and investments are typically much higher. By combining interest rate risk with credit risk, spread over a wider geographical area, experienced institutions had greater opportunities to choose a prudent overall balance of risk and return. However, many savings and loans began making commercial real estate loans, activities in which they were relatively inexperienced. Since investing in real estate loans entailed unique risks and required specific skills, SL’s eventually made losses on the real estate loans. These credit quality problems are reflected in the net income of the industry plunging once again, but even more than in the early 1980s, when the yield curve inverted. The industry lost nearly $21 billion in 1987 and 1988, and almost another $8 billion in 1989. Many open but insolvent savings and loans had incentives to take excessive risks and â€Å"gambled for resurrection† because of the phenomenon of moral hazard. If ever something turned wrong, the federal deposit insurance fund would bear the losses; yet the owners would reap the rewards if everything went well. The legislation, however, did not change how premiums were set for federal deposit insurance, meaning that riskier institutions and prudent ones were charged the same premium. Actually, the level of insured deposits was raised from $40,000 to $100,000. The new, lower capital requirements and broader opportunities to lend and invest allowed some savings and loan to take larger risks. With federally insured deposits and the ability to attract more deposits by offering higher rates of interest, deeply troubled savings and loans always had ready access to additional funds. Deregulation encouraged increased risk-taking by SL’s. However, in the mid- to late 1980s, with considerable real estate loans and investments, regional recessions struck the USA, which reduced commercial real estate values. In particular, an unexpected plunge in the price of oil in 1986 contributed to recession. To make matters worse, the Congress passed the Tax Reform Act of 1986 that more than eliminated the tax benefits to commercial real estate ownership it had conveyed only a few years earlier. Commercial real estate values fell dramatically as a result. This severely affected the asset value of the SL’s. In 1987, the Bank Board emphasised the importance of capitalisation by imposing a supervisory approval for SLs which engage in investments that are above 2.5 the multiplier of their tangible capital base. The main turning point was the Financial Institutions Reform Recovery and Enforcement Act (FIRREA), restructuring the industry as a whole by setting up the Resolution Trust Corporation which in total resolved or liquidated 747 thrifts, with assets valued at $394 billion, jettisoning both the FHLBB and FSLIC and setting up a new regulatory institution Office of Thrift Supervision. The key to this act was that instead of trying to save the SLs which were barely solvent, it dissolved them and focused on the solvent ones to reform the industry. With the assistance of market fundamentals – favourable conditions of interest rates, the reinstatement of GAAP accounting and real estate market, the industry stabilised. LESSONS LEARNT The thrift crisis had a bailout plan of $153 billion, of which around 80% was financed by taxpayers. The number of institutions in the SL industry receded considerably until 1995 and before then, the ability of the regulators and the government to deal with the crisis was questioned many times. What followed was a series of court battles, corruption charges and major restructuring. Therefore, consequences were substantial enough for everyone to extract some observations and lessons. The starting point of it all was overregulation, which outlined the restrictions and conditions under which an SL would function. That included rigidity of the institutions to be flexible at a time economic conditions were changing and the financial sector was advancing. With fixed interest rates, it proved difficult for the SL to engage in competition as their means of investing was limited. One crucial point is that additional regulations do not necessarily mean fewer risks. SLs had to assume additional exposure to interest rate risk and alongside with banks, they were prevented from optimising their credit risk exposure. The government sometimes does not modify the regulations as fast as the structure of the industry is changing leading to new risks emerging and the cycle goes on. To keep up with advancement, the government has to put in place tighter risk management policies and controls. However, regulators and government should not direct the investment decisions of institutions. Rather, investments should be in line with market and economic forces. At a later stage, the industry was deregulated in order to remedy the situation. However, this translated into a decrease in market discipline as the SLs made high risk investments as they relied on the safety net of federal guarantee to cover any losses. Moral hazard, adverse selection and passive management were noted. Therefore, it exposes the disadvantage of FSLIC at that time which encouraged the SLs to take long-term and unreported risks. The deregulation, reducing the capital requirements, left the thrift industry more vulnerable to economic changes. From the failure of resuscitating the industry, it was deduced that forbearance treatment towards insolvent institutions might not always be the best option as it can lead to a freeze in lending and stifle the economy. One of the lessons from the thrift crisis which has been consistently taken into account over the years was the reliance on capital ratios. During the deregulation period of the crisis, there was no monitoring of the capital bases of the thrifts which ultimately lead to insolvency. From then on, institutions had to follow certain standard capital requirements put in place by regulators. However, this focus proved recently in the credit crunch to be detrimental, showing that banks favour trust and confidence. It is important to realise that capital ratios and other accounting ratios might not reveal the real economic strength of the institution. The crisis led to more disclosure and market value accounting. It has been understood that it would have been best to restrict involvement of public funds as a means of saving the industry. Using state or public funds to buy-out thrifts below value is not in accord with public welfare. A solution would have been to subdivide the thrifts into insured and uninsured ones with varying degrees of supervisory regulations concerning deposits and investments. One lesson learned was the emergence of an adjustable insurance premium rate which became a function of the institution’s regulatory rating, risk and capital levels. CONCLUSION For some years the final bill for the SL crisis remained uncertain. However, it is known now that, the thrift crisis cost an extraordinary$153 billion – one of the most expensive financial sector crises the world has seen. Of this, the US taxpayer paid out $124 billion while the thrift industry itself paid $29 million. The consequences of the SL crisis for the structure and regulation of the US financial industry were profound. The number of institutions in the SL industry fell by about half between 1986 and 1995, partly due to the closure of around 1,000 institutions by regulators, the most intense series of institution failures since the 1930s. The failures prompted an overhaul of the regulatory structure for US banking and thrifts, a shake-up in the system of deposit insurance and implied Government guarantees. Regulators shifted towards a policy of earlier intervention in failing institutions so that the principal costs are more likely to be borne by shareholders than other stakeholders. There was also a shift towards more risk-sensitive regulatory regimes, with respect to both net worth assessments and the payments to deposit insurance funds, while deposit insurance reform made it less likely that taxpayers would shoulder so great a burden in any future crisis. At a wider level, the SL crisis taught politicians, regulators and bankers how misleading rules-driven regulatory and accounting numbers can be in relation to risky bank activities. At different stages of the crisis, reporting of the financial condition of SLs was deliberately selected by interested parties to cover up the true economic extent of the unfolding disaster. It was a risk reporting failure on grand scale that greatly worsened the long term economic consequences fort the ultimate stakeholder: the US taxpayer. REFERENCES 1. Myth: Carter ruined the economy; Reagan saved it. http://www.huppi.com/kangaroo/L-carterreagan.htm [Accessed 31 October 2010 to 18 November 2010] 2. 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