The Crucible Act Essay Example for Free

The Crucible Act Essay This meant that God chose each person from birth for salvation or damnation. Only God knew the fate of a person and nothing you did would change it. They lived very strict lives that adhered to the divine law and you were condemned if you didn’t obey it. 2. When Abigail accuses Tituba of witchcraft just to get the pressure off of her and so that they would stop asking her questions. More evidence is found when we discover the affair between Abigail and proctor which could be the reason why Abigail tries to hide the truth about what really happened. An alternative is that they just wanted to do something daring and fun because Puritans were very strict and they didn’t have that much freedom. Or they wanted to use witchcraft to make potions to get men to fall in love with them. 3. Reverend Paris is the minister of Salem. He caught his daughter Betty, Ruth Putnam, and Abigail Williams dancing with Tituba in the woods. He thinks they were performing witchcraft and now he’s worried that he’ll be kicked out of the town for having a witch as a daughter. He is a paranoid, attention seeking, self-absorbed person. Most people in the town don’t like him. 4. Thomas Putnam was a very wealthy man who wanted to increase his wealth buy accusing people of witchcraft and then buying their land. Ann Putnam is Thomas Putnam’s wife who is woman who has experienced many deaths and has bad dreams. She thinks that witchcraft was the reason that she had 7 stillborn children, so she’s okay with blaming these deaths on the supernatural and wants justice for the â€Å"wicked doings† of someone else. Ruth Putnam is the only surviving child of the Putnams. She fell ill along with Betty after Reverend Parris found them dancing in the woods. Ruth goes to Tituba to conjure spirits so she’d be able to communicate with her dead siblings because her mother asked her to. 5. It became suspicious when we found out that Elizabeth didn’t want to sit near Abigail (whom she fired), despite the fact that Abigail has denied doing anything wrong. The commentary gives us a bit of background information and helps us understand some of the things going on in the story. On page 1241 the 5 paragraphs of commentary go into detail about Thomas Putnam, discussing his background life and personality. From this commentary we now know that Putnam was very wealthy and he felt like he had superiority over everyone else. He has a vindictive, revengeful, and bitter personality. This gives us insight into the character so that we can deeply understand them which will help us grasp the story better.

Effects of Corporate Scandal on Governance in the UK

Effects of Corporate Scandal on Governance in the UK 1.1 Introduction The aim of this thesis is to examine the evolution of Corporate Governance in the United Kingdom and the affects which corporate scandals had on it. This aim is achieved through the following objectives: The development of Corporate Governance in the United Kingdom. The affect of corporate scandals on stakeholders. Corporate scandals and Corporate Governance. Corporate Governance has been a source of discussion among investors and entrepreneur and it has gone through many changes in recent years. It is defined as the structures and processes for the direction and control of companies (World Bank, 2005). The importance of Corporate Governance came into enlightenment after the collapse of high profile organisation such as Robert Maxwell (Parkinson Kelly, 1999). These corporate failings lead to UK Corporate governance being improved (Iskander Chamlou, 2000). The Dramatise change in Corporate Governance affected many big organisations with a number of challenges. But the key aspect of Corporate Governance is Risk-taking is fundamental to business activity (Spira Page, 2003), which means risk taken by the organisation must be controlled properly and from here Risk Management comes in. To select Corporate Governance as a dissertation topic large amount of research activities with many sources of literature is being used. One of the major problem realised with this topic was, there was ample amount of literature available and that to is very difficult to select the most appropriate one. But problem was solved by concentrating on academic literature, which is mentioned in brief in this dissertation. The structure of this dissertation is as follows, chapter one will focus on literature review, which will provide some basis knowledge for this dissertation. The main aim of the literature review is to highlight the various factors associated with the evolution of Corporate Governance. This section will also include Corporate Governance in the USA which will only give some idea how the legislation is different in two countries. Secondly we will discuss some scandals (Arthur Andersen and Robert Maxwell). The purpose of choosing these two case is to show by which Corporate Governance reached the stage of maturity. Robert Maxwell scandal which occurred in the UK and Arthur Andersen scandal occurred in the United States, which will be the second chapter of this dissertation which actually gave the birth to Corporate Governance. And the last part of the dissertation which is third and final chapter will describe some limitation and conclusion. Chapter 1 Literature Review The aim of this section is to provide an overview in order to analyse different aspect of Corporate Governance and scandals which are linked with the aim and objective of this dissertation. This part of the dissertation will describe about, what Corporate Governance actually is, discussing definitions. Further it will present back ground, development of Corporate Governance in UK, need for Corporate Governance and Corporate Scandals. What is Corporate Governance? Corporate governance is a field in economics that investigates how to secure/motivate efficient management of corporations by the use of incentive mechanisms, such as contracts, organizational designs and legislation. This is often limited to the question of improving financial performance, for example, how the corporate owners can secure/motivate that the corporate managers will deliver a competitive rate of return, www.encycogov.com, Mathiesen [2002]. Corporate governance deals with the ways in which suppliers of finance to corporations assure themselves of getting a return on their investment, The Journal of Finance, Shleifer and Vishny [1997, page 737]. Some commentators take too narrow a view, and say it (corporate governance) is the fancy term for the way in which directors and auditors handle their responsibilities towards shareholders. Others use the expression as if it were synonymous with shareholder democracy. Corporate governance is a topic recently conceived, as yet ill-defined, and consequently blurred at the edge. Corporate governance as a subject, as an objective, or as a regime to be followed for the good of shareholders, employees, customers, bankers and indeed for the reputation and standing of our nation and its economy Maw et al. [1994, page 1]. Corporate Governance is the structures and the process for the direction and control of companies (World Bank, 2005). This definition only explain the involvement of Corporate Governance, however it fails to explain in depth about Corporate Governance. The other definition says the system by which companies are directed and controlled (Cadbury, 1992, Coyle, p4). The Organisation for Economic Co-operation and Development (OECD, 1998) explain Corporate Governance in more details it says A set of relationships between a companys board, its shareholders and other stakeholders. It also provides the structure through which the objectives of the company are set, and the means of attaining those objectives and monitoring performance are determined (United Nations, 2003, p1). If we look at the definition provided by the OECD (1998) we can say Corporate Governance involve number of parties such as stake holder, share holder and board, and the goal of an organisation can be achieved by using Corporate Governance. And lastly we can say Corporate Governance measures the performance of the company. Background Many large organisations in UK suffered because of the Corporate Governance and this was the main reason for the number of changes in it throughout the years. One of the secondary reasons for this change was the economy and society as well. In this section we will focus on this area, the change occurred in this area and the impact of these changes on corporate world. Dubbed the Enron of England, the South Sea Bubble was one of historys worst financial bubbles (Stock Market Crash! 2006). This was started in 1711, when a war felt Britain in arrears by 10 million pounds. And this debt was financed by the South Sea Company at 6% interest. A part from the interest, Britain also gave the right to trade exclusively in the South Seas. The failure of the South Sea bubble was the expectation of the directors lying about the profits, as the South Sea Company issued stock to finance its operation. Interested Investors quickly realised that company is having monopoly in the market, so the share price increased drastically from the scratch. Speculation became rampant as the share price kept skyrocketing (Stock Market Crash! 2006). And after certain period the management realized that the company share was overvalued. Well we can say that this point in time this happened because there was none of the guidance documents which are available today. Cadbury Committee told this initiative and they produce the first guidance document in the UK, which was chaired by Adrian Cadbury (Cadbury, Report, 1992). The Cadbury Committee Report included a number of financial aspects of corporate governance i.e. the role of the board, auditing and reporting of financial information to shareholders (Cadbury Report, 1992). Cadbury Committee Report was structured in such a manner that the organisations can easily follow it. Here are some outlines of Cadbury Committee Report, Section 4 deals with the structure of board, and there should be executive directors and independent non-executive directors. Section 4.11 explains the purpose of having non-executive directors. The responsibilities of directors which are mentioned in section 4.28. Internal control is discussed in section 4.31 of the Cadbury Report (1992) which provided guidance on keeping records of accounts and reducing the chance of fraud (Cadbury, 1992). Section 4.33 which explain about Audit committee and there relationship with the board members and the appointment of external auditors. However Cadbury Committee report fails to unveil directors remuneration, which leads to the introduction of the Greenbury Report. The chartered Institute of Management Accountants (1999) explains the purposes of having Greenbury Report, to encourage more transparency with the organisation. It provides guidance on directors salaries, bonuses, and also accountability (Chambers 2002). Section A of the Greenbury Report discusses about the directors remuneration and directors remuneration should be decided by a remuneration committee. This committee should include non-executive directors who will decide upon the remuneration of the directors (Greenbury, 1995, section A1). The remuneration committee should provide report to shareholders which are discuss in Section B of the Greenbury Report disclosure and approval provisions (Greenbury, 1995, section B). Section C of the Greenbury Report discuss the performance of the company with there directors. The performance- related component of remuneration should be plan to align the interest of Directors and shareholders and to give directors enthusiastic incentives to execute at the highest levels (Greenbury, 1995, section C). Section D of the Greenbury Report discusses service contracts and compensation (Greenbury Report, 1995, Section D). This part focus on, how much compensation a director is entitled in the event of lea ving the company before his/ her contract expires. This means that shareholders know accurately how much it would cost them if they are firing any one of there director or directors. Hampel and the Broadening of Control Hampels Committee on Corporate Governance (1998) resulted in both a step fore and a step back from the earlier Cadbury report. Hampel elaborated the concept of internal control business risk assessment and response, financial management, compliance with laws and regulations and the safeguarding of assets, including the minimising of fraud (Hampel, 1998, pp. 53-54). The authors clearly stated that They are not concerned only with the financial aspects of governance (Hampel, 1998, p.53). Hampel took a broad view of internal control, stating that it is the responsibility of directors to establish a robust system of risk management, to recognize and appraise potential risks in every aspect of the business operation. The control concept of Hampels was welcome by many organisations, which also include the Association of British Insurers (ABI) which recognise it a realistic approach that motivated companies to deal with their compliance with the new corporate governance requirements (Fagan, 1999). Neil Cowan, Vice President of the European Confederation of Institutes of Internal Auditing, say that Hampels view of risk management represented a welcome restatement of that part of a Boards prime responsibility for devising a strategy that will ensure the companys continued existence (Cowan, 1997). The Turnbull Report A committee chaired by Nigel Turnbull produce a new report titled, Internal Control: Guidelines for Directors on the Combined Code, under the support of Institute of Chartered Accountants in England and Wales (ICAEW, 1999), it was published less than two years after the Hampel Committee on Corporate Governance was published. The document issued by Turnbull committee filled may gaps left by Cadbury and Hampel. The report was drafting by the recommendations of the Combined Code and the underlying Hampel recommendations that directors review all controls. The main aim of the report as agreed by large organisation including ICAEW and the London Stock Exchange was to provide guidance to the listed companies and to implement the requirements in the Code relating to internal control. But the main purpose of the report was giving the relaxation to companies to explain their governance policies, the guidance obliged the board to report on the effectiveness of the companys system of internal c ontrol. This centre on internal control is attached to the idea of a dynamic company, which requires non-stop monitoring and auditing. The Report states that: A companys objectives, its internal organisation and the environment in which it operates are frequently developing and, consequence, the risks it faces are frequently altering. So there should a sound internal control system which depends on a regular assessment of the nature and extent of the risks to which the company is exposed. As profits are, in part, the prizes for successful risk-taking in business. Internal Control purpose is to help manager and control risk appropriately rather than to eliminate it. (ICAEW, 1999, p.5, para.13). Turnbull Committee involve two steps to interpret, firstly to identify the risk and how the risk is managed and evaluated. Secondly, assess the effectiveness of the internal control system, it procedure and effectiveness. Some other report which focuses on Corporate Governance in UK are Rutteman Report 1994 on Internal Control and Financial Reporting, Myners Report 2001 on Relationship between institutional investors and companies, Tyson Report 2003 on Recruitment and development of non executive directors (Chartered Institute of accountants for England and Wales, 2006). Why use Corporate Governance? The argument that the company should be subject to legal regulation at least some of their actions tends to be couched in term of Market failure. Companies are recognized to have characteristics, particularly the scale and scope of their operations, which make the market governance of their actions imperfect. The purpose of the regulation is to iron out those imperfections and to restore market governance. Now in some cases this may mean very extensive legal regulation indeed, and in exceptional cases, particularly in respect of the so-called natural monopolies, an acceptance that market governance must be abandoned in favour of economy governance. This is a topic, which is growing in importance following a number of high profile failures. In UK stock market as per Financial Aspects of Corporate Governance,1992 all listed companies need to publicly state whether or not they comply with Corporate Governance. If the Investors they are not fulfilling this requirement, they may full loss as this is an incentive for the listed companies to use Corporate Governance otherwise investors may choose to invest elsewhere. According to James Madison (Bavly, 1999) No man is allowed to be judge in his own case, because his interest would certainly bias his judgement and, not improbably corrupt his integrity described by James Madison (Bavly, 1999). Because of the Corporate Governance, companies are run in a fair and efficient manner to maximise the wealth of the organisation rather than maximise the profit and that no one person should have too much control. The Institute of Chartered Accounts for England and Wales (ICAEW, 2002) discuss the importance of Corporate Governance in more details, ICAEW (2002) explain that because of the corporate scandals, Corporate Governance came into motion or it can also be said corporate scandals is the main driver for Corporate Governance as it highlights what can actually happen and also the devastating affects. The ICAEW (2002) also indicated that because of the awareness and the increased knowledge of shareholders have lead to companies to improve there presentation in the market and also to improve the way in which they operate in order to attract investment. Shareholder influence affect the structure of an organisation (Investments) so they having a positive impact on Corporate Governance as it is a key driver for the implementation of Corporate Governance to many companies. Iskander and Chamlou (2000) explain that, to increase the market value and the market share good corporate Governance is essential. This is a key subject to consider because if the management is not performing efficiently and effectively, then money is going to be spent on agency problems, which arise. However with good Corporate Governance the board is working more consistently. Coyle (2003/2004) explains that there is also a difference of interest between directors of a company and its shareholders. The directors need to earn more benefits and high remuneration whereas the shareholders want the company to be earn more profit or to maximise the profit of an organisation so that they can cover there cost of capital. Corporate Governance allows shareholders and Directors to set criteria to come to an friendly agreement. This allows to set out exact guidelines to each other thus reducing conflict. (PriceWaterHouseCooper, 2004) The above figure is taken from a survey conducted by PriceWaterHouseCooper in year 2004, undertaking 134 executives. The executive were ask, what was the main reason for the failure of Corporate Governance. 37% of the executives replied because of the compliance failures and 26% replied because of the poor management and also because of the poor leadership. The conduct of senior executives was also a major risk according to 15% of directors. The figure clearly shows that Corporate Governance strongly focuses on activities such as leadership of executives. Corporate Governance in the USA Corporate Governance in the United States of America (USA) is different in some way from United Kingdom, however there are some similarities. In America the first Corporate Governance documents, was Treadway Report (Chartered Institute of Management Accountants, CIMA, 1999). It emphasis on auditing, which it stressed must be separate from directors (CIMA, 1999). There are many forces that have led to the development of corporate governance in the U.S. as it appears now. The problem of the corporate governance in U.S is that there is not a set of laws or regulation to decide how organization matters are to be addressed. There are two side-by-side laws first is Federal law and Second is state laws, and traditionally corporate governance is a matter of state, so it is determine by the sate laws. This recommendation of corporate governance was aimed at reviewing the performance and profitability of companies through an independent organization in order for shareholders to have a true pic ture of how the company is performing. The Committee of Sponsoring Organisations of the Treadway Commission (COSO) then produced a further document on Corporate Governance which was based on Internal Control (CIMA, 1999). This was designed to discuss how a company should be run and appropriate controls, which would ensure this. After the corporate scandal of Enron, the Sarbanes-Oxley statute is really a federalization of corporate law. Sovereign of written statutes and regulations, the U.S. is a common law system so a great deal of the law on corporate governance comes through judicial decisions. The United States of America introduced corporate governance legislation in 2002, the Sarbanes Oxley Act (SOX). High profile corporate collapses due to a number of circumstances including financial reporting irregularities leading to a lack of investor confidence and public trust. The Financial Services Authority (FSA) which is the regulating body of the Financial Services sector in the UK did a number of things in reaction to the Enron scandal (Rouston, 2003). Rouston explains that the FSA conducted a review of listing rules and looking further into the matter of accountancy and auditing (Rouston, K, 2003). However in the USA the response to the growing number of Corporate Scandals and most recently the Enron scandal the USA was different than the UK. The Sarbanes-Oxley Act was introduced in 2001 as a direct response to a number of corporate failures (Matyjewicz and Blackburn, 2003). The Sarbanes-Oxley Act (2002) was useful as it meant that Corporate Governance would have to be taken seriously and that there would be company on the stock exchange who did not comply with SOX (2002). Although the UK does not have legislation many companies do use corporate governance, the Combined Code, in order to attract investors (Financial Aspects of Corporate Governance, 1992). The three reasons for the development of Corporate Governance in USA:- (The Continuing Evolution of Corporate Governance in the United States- Thomas A. COLE Chairman, Executive Committee, Sidley Austin Brown Wood LLP) Capitalistic view has clearly prevailed with specific regulations imposed relating to the treatment of employees and such. The second factor in the development of U.S. corporate governance is that there are very widely held corporations. Another factor that has shaped corporate governance is the rise of the institutional investor. Paying for Good Governance One of the survey done by Mckinsey Company in 2000 all the investors are willing to pay more for a company with good board governance. Nearly 83% in latin America, 81% in US and 89% in Asia they consider that there should be proper control upon the working of the organisation. Source: Mckinsey company, Investor opinion (2000) Corporate Governance: A Mandate for Risk Management? Risk Management is described as identifying and managing a firms exposure to financial risk. Corporate Governance as describe above is a set of rules, procedure and structures by which investors, who invest in an organisation assure themselves that they are getting pre-determined return and they also ensure themselves that there investment is used and invested in efficient portfolio and the managers are not misusing there investment. It is at the top of the international development agenda as emphasised by James Wolfensohn, President of the World Bank: The governance of companies is more important for world economic growth than the government of countries. This section will focus the connection between risk management and Corporate Governance. Corporate Governance and Risk Management are strongly linked and the two are used in conjunction with one another to help companies in the running of a smooth and well-organized business. One of the main reasons for the implementation of Corporate Governance is to stop Corporate Failings and Turnbull highlights that that drive the business forward, some risks should be taken (Chartered Institute Internal Auditors for UK and Ireland). And is said to calculate risks the use of risk management is essential because even the smallest risk can create big problem for companies. CIMA (1999) explain number of factors which link Corporate Governance with Risk Management, good corporate Governance reduces risks. The purpose of the risk management is to eliminate risk. Risk Management as described by Coyle (2003/04) identifying, assessing and controlling the risks facing a business, and with incorporating risk issues into decision making processes (Coyle, B, P2). And if we compare the definition provided by the (Cadbury, 1992, Coyle, p4) The system by which companies are directed and controlled both the definitions aim to protect the organisation and their investor (equity or debt) and also ensure the smooth running if the organisation. There have been many changes in issues Corporate Governance and Risk Management from the Cadbury Report of the early 1990s to the more recent Turnbull Report of 1999. Well it is now clear to all the boards of directors there responsibility to ensure that all possible threats to an organisation have been systematically identified, carefully evaluated and effectively controlled. Corporate Scandals The Corporate Scandals were occurring on a frequent basis in the 1980s 1990s (The international Corporate Governance Review 2003). This was considered as a worrying condition for investors and companies. Short et al (1998) suggested that corporate scandals can occur for a number of reasons one of the reason given by them was creative accounting, which can explain as not doing the accounts properly and hiding the problems or risk through which the company is exposed. And the investors believe that company is performing and working in a good condition and there investment is safe. They also explained that dishonest of directors also played a vital part in corporate scandals, this can be in many ways such as hiding the fact and telling shareholder that the company is doing well. Nathanson (2002) explain corporate scandals often have elements of political blame. Nathanson explain this by taking the example of Heaths Government in 1972 as they made a drive for growth. Which mean high share prices which affected the economy which was growing at round 5%. And some companies such as Slater Walker went bankrupt (Nathanson 2002). One of the interesting question to analyse is How do (the suppliers of finance) make sure that managers do not steal the capital they supply or invest it in bad projects (Licht, 2003). To protect Investors is the overall main purpose of Corporate Governance and this statement shows the overall purpose for the Corporate Governance. The scandals not only affected the shareholders of the organisation but it also harm the staff, usually financially. So the whole organisation was effected by the Corporate Scandals. One of the article printed in Financial Times in year 2002, which explain the former employees pension which was previously worth $450, 000 is now worth $12,000, this is because of the collapse of the company, and financial time total blame corporate governance (Financial Times, 2002). This shows how the collapse of a massive company such as Enron can have on one individual employee. However we should also understand that shareholder are not only one who are affected by this disaster but it also affected such as the financial services market, a decline in confidence in the market, and the government as it is poor publicity. (Market and opinion research International, 2003) The figure 3.2 highlights that confidence in UK organizations is in-fact fairly high when comparing the above data it is clear that in-fact confidence is rather high with 47% disagreeing that an Enron could occur and 35% strongly disagreeing. But the fact is that only 4% of the directors who were interviewed believe that it was likely or highly likely. To conclude this, now the directors are confident after the effective corporate governance that there wont be another Enron Scandal occurs in the UK. Maier (2005) suggested of the failure of the corporate governance is corporate scandal. And because of these corporate scandals investor loose there confidence over the market (Maier 2005). Because of these corporate scandal government introduce the Cadbury Report (1992) to increase the confidence of the investor (Cadbury Report 1992). The USA also acted in a similar way to the Enron scandal by introducing the Sarbanes-Oxley Act (2002). It appears that corporate scandals have many bad affects but they are a key driver for Corporate Governance. Can directors be trusted to tell the truth? Agree: 17% Disagree: 65% Are directors paid too much? Agree: 75% Disagree: 11% Can firms pension promises be trusted? Agree: 34% Disagree: 43% Can accountants be trusted to check results? Agree: 37% Disagree: 39% (BBC Business, 2002) The above figure was taken from BBC business survey which was conducted in 2002 by surveying 2000 members of the UK public. The survey was conducted soon after the corporate scandals which were because of the failure of the Corporate Governance. When analysing the figure the general public of UK totally lost confidence from the companies and only 17% of the citizen respondents that they trust Directors. So we can conclude by saying that corporate governance is a prime factor or this also be explain as a key element which not only enhance investors confidence but it also promote competitiveness and ultimately the whole economy benefits. The governance of companies is more important for world economic growth than the government of countries (James Wolfensohn, President of the World Bank). Cultural, political and economic norms affect the way in which a society approaches corporate governance and its affects on board leadership, management mistake and accountability. The challenge in front of the policy maker is to reach a balance of legislative and regulatory reform, taking into consideration the best practice to promote enterprise, enhance competitiveness and stimulate investment. Conclusion There are clearly many factors which act to provide incentive for institutions not to involve themselves in Corporate Governance issues. Whilst the level of monitoring by institutions is greater than that commenly supposed, such monitoring tends to be carried out in private, and, as Black and Coffee (1994) note, for most British institutions, activism is crisis driven. Furthermore, it is unlikely that behind the scenes monitoring is satisfactory, particularly from the point of view of the public, as it enhances the belief that institutions and company management are all simply part of the same old boy network, a belief illustrated by the debate concerning the high level of directors remuneration. The increase in number of informations and guidance has increased the knowledge of the companies and has also made the corporate practices more sophisticated. If we go through Cadbury committee report there was lack of internal control however Turnbull report lifted the veil and this report emphasized on internal control as part from other controls. Other countries such as the USA are different from Great Britain, the USA introduce Corporate Governance Legislation called the Sarbanes-Oxley Act. Although the United Kingdom do not have Corporate Governance legislation as such companies feel obliged to follow guidance if wish to attract investment (ICAEW, 2005). Corporate Governance is very much important for these days for the companies who work either in public sector or private sector as it has been highlighted in previous high profile corporate scandals, such as Enron, that lacking of Corporate Governance companies are exposed to being involved in a Corporate Scandal (ICAEW, 2005). Corporate Governance is now becoming a culture of companies in Britain and it is more often used than ever before. Large corporate scandals in the USA, such as Enron, have an affected other countries which also include the UK. Corporate Governance is closely linked to Risk Management; so it is essential to go through the key component in the risk management regime. Chapter 2 Case Studies In order to see the poor performance of Corporate Governance and lack of Corporate Governance legislation it is useful to use the case study approach. It was very important for the dissertation as it highlights the real life example of the poor performance of Corporate Governance. A case study can be defined as a research study which focuses on understanding the dynamics present within a single setting (Eisenhardt 1989, p65). This technique (Case Study) was introduced in 1934 as per the Oxford English Dictionary (2006). According to Stake (1993) the purpose of using two case studies was to see how the failure of corporate governance and there affect on the companies in different ways. One of the key objectives of including these cases is to see the affect of corporate scandals and how they can happen and this aim can be assisted by the case study technique. There are a many limitations however; the company scandals are in different sectors of the economy. The approach of case study is having number of advantage and number of disadvantages as well. By using case studies, comparisons can be drawn, comparing one corporate scandal with the other company scandal (Jankowicz, 2005). It must be noted that when comparing the different corporate scandal they are often very different but the

Stepladder of Evolution in Picasso’s Acrobat’s Family with a Monkey Ess

Stepladder of Evolution in Picasso’s Acrobat’s Family with a Monkey In Picasso’s "Acrobat’s Family with a Monkey", the stepladder like orientation of characters demonstrates an evolutionary procession. At the top of the ladder sits the father, a high and mighty figure, like that of King Arthur. He towers above his family as if a king on a throne, looking down upon his royal subjects. He is the sole ruler and therefore must set himself apart from them. This is reflected in the position of his arms, which he keeps close to his body, like the independent child who refuses to hold his mother's hand when crossing the street. Even his manner of dress holds a stately aura. The yellow hat upon his head is golden and pointy similar to that of a royal crown worn by the great rulers of the past. The fringes on his costume surround his neck like the golden mane of a fearsome lion, king of the jungle. The leotard, itself, is an almost fleshy tone like soft peaches in the summer. It reminds one of an acrobat in costume during his death-defying tightrope act, high above the audience. His shoes, however, are thin and black like a bat in the night, contrasting sharply with the rest of the colors of the painting. It were as if they are demanding the well-deserved attention they have earned in all the effort it had taken them to get to the top. Yet, he looks down at the child with great hope, as would a king to his newborn successor, who would follow in his footsteps, performing great deeds to society and loved by all his people. It is also a look of unconditional love that cannot dissipate even if the child were to accidentally burn their house down or fall on top of him, breaking a few ribs in the process. On the next step is the mot... ...tates. At the bottom of the rung, rests the monkey who is lower than all of the other characters in the painting both socially and evolutionarily. He is like the serfs on a feudal manner who are expected to do the bidding of their master and unable to leave. The monkey’s lack of clothing and ignorance thereof also contributes to his subordination, thereby making him less powerful than humans. The lack of clothing is similar to the condition of Adam and Eve before they ate the apple. Their eating the apple allowed them to realize their nakedness, thus elevating them to an unignorant state. His contentment towards this disposition further exemplifies the blissful nature of his ignorance. Picasso’s spatial positioning deliberately portrays the position of each member of society and their respective roles in the hierarchy of social order and evolutionary theory.

MacDonalds The Princess and the Goblin Essays -- MacDonald Princess G

MacDonald's The Princess and the Goblin The Princess and the Goblin is a story about self-realisation and the expansion of limits. The princess, Irene, is able to come to certain conclusions about herself with the help of her grandmother, who lives in the attic upstairs in the palace. The grandmother guides Irene through her rite of passage into adulthood, and helps to bring the princess and Curdie together in the end. However, the reader never really knows whether the grandmother even exists, and it is this uncertainty that causes the reader to question whether she is a personification of a force within Irene that is driving her to achieve all that she does. There are many elements of fairy tales that exist within the grandmother's world and Irene's relationship with her grandmother and her nurse, Lootie. Archetypes such as the attic, birds, the moon, and fire exist within her grandmother's world and archetypes such as the underground exist within the world she guides Irene through. The grandmother embodies characteristic s of the good witch with supernatural powers, who guides Irene on her journey, while Lootie embodies characteristics of a wicked witch, who hinders her right of passage into adulthood. Irene's first encounter with her grandmother is one of ambivalence, which parallels the stage of puberty she is in. This is the stage of her journey when she is not sure how far from the safety of her mother figure, the nurse, she should wander. Irene does not stay very long with her grandmother, as she is not fully ready to leave childhood. There are elements of Charles Perrault's Little Red Riding Hood and The Sleeping Beauty in the Wood in Irene's first visit with her grandmother. Her discovery of the grandmother is very... ...hat exist in this story follow the fairy tale tradition. The princess is transformed into a young woman with the aid of a helper. This helper is her grandmother, who gives her the tools to cut the invisible thread, and be led by her own powers. The princess discovers another world beyond her nursery and the walls of the palace that becomes more and more real every time she lets go of someone's hand. Bibliography MacDonald, George. The Princess and the Goblin. London: Penguin Books Ltd., 1996 Perrault, Charles. "Little Red Riding Hood." in Folk & Fairy Tales. Eds. Martin Hallett and Barbara Karasek. 2nd edition. Peterborough, Ontario: Broadview Press Ltd., 1996. 25-27. Perrault, Charles. "The Sleeping Beauty in the Wood." in Folk & Fairy Tales. Eds. Martin Hallett and Barbara Karasek. 2nd edition. Peterborough, Ontario: Broadview Press Ltd., 1996. 40-48.

The Ysera Realm of World of Warcraft :: Personal Narrative

The virtual worlds were good for doing what was impossible to do in the physical world rather than simply produce replicates of physical reality (Yee, 2009). This is why most people including myself, although a constant gamer, enjoy the experiences of the virtual world. The virtual world is an escape route from the actual realities of the world. This paper is going to describe my experience in The Ysera Realm of World of Warcraft MMORPG. Avatars are a key component of the virtual world and we rely on them a means of living digitally while fully inhabiting in the world (Taylor, 2002). When the chosen avatar Race (Night Elf) was announced a sense of disappointment ran through my mind, because I believed the Night elf Race was not going to be as physically attractive as the Human race or Blood Elf race which I have previously used in other realms. However, when I began customizing my avatar I was excited to begin the process, because it had to ability to create a unique identity which not only serve a personal function (individualization) but also a social function as other characters would be able to recognize me over time(Taylor, 2002). My Avatar â€Å"Elvinna† is a Level 6 Druid who has the role of a tanker, healer and damager, with the ability to shape shift into animal form. Elvinna also has the capability to use mana, rage or energy as a resource (World of Warcraft: Mists of Pandaria, 2012). I chose my avat ar name based on its sexiness, simplicity and how ancient it sounds. My avatar was created as a desired self-image of myself, her gender was chosen solely on my gender as a female in reality, her look is very fierce which is what I was going for an avatar that looks fierce but sexy. Her class was chosen due to my unawareness of the different class, if I had the option of redoing characters I would go for hunter, because they are a better representation of the desire self (physically). Her personality is graceful and achieving, she desires to the highest to reach the highest levels in the virtual world. Elvinna’s, (which desired representation of myself) character is different from mine in the sense that she is everything I desire to be looks and goals. When given tasks she is quick to execute them in order to ascend, which is a total opposite from myself.

A Hero of Our Time: a Short Analysis of Human Complacency with Suffering and Pain

Jeremiah Morales Morales 1 IB World Literature Ms. Gibbs December 21, 2011 A Hero of Our Time: Human Complacency with Suffering and Pain Throughout A Hero of Our Time, Mikhail Lermontov speculates greatly the validity of human friendships. Through his protagonist, Grigory Alexandrovich Pechorin, Lermontov reveals friendship to be a parasitic sort of relationship, one member of the unit of friendship always exploiting the other to some degree. Pechorin himself is the manifestation of this idea throughout the course of the novel, interacting with other people only to achieve his own means and never when it would be unbeneficial to him. Pechorin inflicts emotional trauma of some degree upon all the people he meets; as a result of Pechorin’s presence, suffering is introduced into the lives of those around him. Also, despite Pechorin’s malign intentions & the suffering he brings to those near him, these people about him continue to lionize and honor him, neglecting to sever their ties with him even when the relationship they shared became unhealthy. The most profound example of vampirism in the novel, however, lies within the relationship shared between Pechorin and Bela, a young Circassian princess whom he would kidnap and later abandon. Through the recurring notions of suffering, Lermontov reveals the penchant of the human heart for the infliction and reception of pain, however inadvertent it may be. As Lermontov reveals through Bela and her submissiveness to her captivity, people silently allow others to inflict pain upon them, offering no true struggle against their oppressors. In the Caucasus, Pechorin crosses paths with Azamat, a young Circassian prince with a particular interest in Karagyoz, the horse of an old acquaintance of Pechorin’s, Kazbich. Pechorin comes to fancy Azamat’s sister, the lovely Bela, whom had danced before him during a wedding party. Pechorin proposes a bargain to Azamat; if he could kidnap Bela and bring her to Pechorin’s dwelling, Pechorin would procure Kazbich’s famed horse for him. Both parties fulfill their ends of the deal, and Bela soon was within the walls Morales 2 of Pechorin’s home. Once in Pechorin’s home, Bela hides â€Å"behind [her] door† (20). Bela is deeply frightened and emotionally wounded by her kidnapping, fearful of those who abducted her. She no longer sings or dances as she did before; she only â€Å"sits in a corner, wrapped in a shawl† (21), holding herself in a sort of fetal position. â€Å"She isn’t talking† (21) and â€Å"isn’t looking up† (21), refusing to actively observe her surroundings or absorb the reality of what was happening about her, for she is â€Å"as frightened as a wild chamois† (21), â€Å"shuddering† (21) when spoken to, her senses of stability and communication greatly distorted by the mental suffering she had undergone as she was abducted from her home. She â€Å"pines† (21), â€Å"her head hanging down to her chest† (21), reveling in her misery and distancing herself from her surroundings. Bela is miserable, longing desperately for the familiarity of her former home, and expressed her unhappiness without abandon. She would not, however, act on her emotions, silently allowing herself to remain in captivity. She would sit in silence, not offering a word of protest and not making any attempts to escape. Pechorin would try to elicit responses from her, entering the room that had been set aside for her and attempting to assuage her defensiveness by assuring her he meant no harm. Bela â€Å"nods her head in a sign of agreement† (22) as he demands she be more cheerful, obediently capitulating to his will and â€Å"smiling affectionately† (22), offering a fabricated smile to please him. Pechorin takes her hand and advances towards her, attempting to kiss her, and despite her â€Å"trembling† (22), she does not offer any substantial resistence, saying â€Å"’I am your captive, your slave. Of course you can force me’† (22). Despite the great emotional trauma that Pechorin inflicted on her by kidnapping her, Bela makes no true endeavor to escape or defy him; she instead submissively and obediently offers herself to him, allowing him to do as he pleased without regard to the suffering it brought her. Bela’s willingness to remain in captivity and tolerate her suffering reveals that, even in relationships today, women will be able to romanticize pain and abuse when they are afflicted by these things through an oppressive or vampiric relationship. Through Pechorin’s indifference to Bela’s suffering, Lermontov reveals to us the ultimate selfishness that men are capable of and their ability to wholly ignore the suffering of others for the sake of achieving their own means. Pechorin had a talent for manipulating women, feeding off their infatuation until he became unpleased with the relationship. Bela, however, â€Å"pines† (21) for her old life and does not succumb to his various charms initially, and so Pechorin makes a sport of winning her affection. Pechorin had noticed that, after giving her many gifts, Bela began to grow less emotionally resistant and more familiar with him, and Pechorin had begun to tell Maxim Maximych, his partner in travel, that he would without doubt win Bela’s affection. He speaks of her as if she was game, saying that she was â€Å"’not a woman’† (22), separating her from the classifications of human beings, as if she were rather an animal to be hunted. He says to Maxim that on his â€Å"’honest word, she will be [his]† (22), and when Maxim shakes his head in doubt, Pechorin proposes to â€Å"’bet on it’† (22) and that â€Å"’in a week’s time’† (22) she would give in. Pechorin made her out to be as an animal to be coaxed out of its protective shell so that it might be captured; rather than pitying Bela and taking note of her intense suffering and sadness, he made a game of the situation, and even offered to gamble with Maxim as to what the outcome of the game would be. Hitler does eventually warm her heart, winning her love short deep into a pathetic list of procedures carefully executed through plans engineered to manipulate Bela and distract her from her suffering. Pechorin himself, however, would become distracted himself, immersing himself in his love for the hunt. He â€Å"loved hunting with a passion† (30). As he came to enjoy hunting more and more, he was seen less and less at home, and Bela was left alone, â€Å"the poor pale thing so sad† (31). She would often â€Å"cry† (31), brought to deep despair by the notion that â€Å"he does not love [her]† (31). However, if Bela continued to â€Å"pine† (31), Pechorin â€Å"would grow tired of it† (31) and leave her. Pechorin was not interested in her feelings or how awfully they were damaged as a result of his indifference; he cared only that she acted in the manner that he pleased. If she would not do that, the relationship would no longer be something worthy of his investment. Out of Pechorin’s sight, however, Bela would continue to wollow in her anguish, â€Å"falling down on [her] bed and covering her face with her hands† (31) as she wept in despair. Despite the emotional suffering that Bela had been Morales 4 subject to, Pechorin would offer no comforting, as what mattered to him was his own pleasure. Through Bela’s death and Pechorin’s ability to easily cope, Lermontov reveals the ultimate complacency humans find in their suffering. Kazbich attempts to steal Bela away from Pechorin and Maxim, binding her and riding away with her on his horse. Pechorin and Maxim chase him fervently, and in an attempt to stop Kazbich and save Bela’s life, a horrible irony occurs – the bullet with which Maxim intended to target Kazbich and save Bela actually proves to have pierced through Bela herself. Bela grows fatally ill after taking this shot, and she now suffers physical trauma in addition to her emotional instability. She suffers from â€Å"delirium† (39), and often â€Å"lies motionless and pale† (39). It was barely possible to see her breathing† (39), and she is â€Å"dying† (39). She begins â€Å"lamenting† (39) all the sadnesses of her past, moved to utter and complete despair by the intense physical pain and the knowledge that her life was now virtually over. Bela now suffers in both physically and emotionally shattering ways, and yet does not curse Pechorin or Maxim for t he great physical and emotional traumas they had brought her. Pechorin expresses very mild forms of concern, but ultimately would easily be able to allow her passing, Maxim â€Å"never once [having] noticed a tear on his lashes† (39). Bela would be kidnapped and murdered by two men whom she had never known, and would not express any operative resentment; in the same respect, Pechorin’s actions would ultimately lead to Bela’s death, and yet he would offer no signs of remorse. Through the theme of suffering, and the passive ending of Bela and Pechorin’s relationship, Lermontov reveals the ultimate tolerance for the infliction and reception of pain that humans have allowed to form within their natures. (Word Count: 1,491)

Kenneth Burke Essay

Kenneth Duva Burke (May 5, 1897 – November 19, 1993) was an American literary theorist and philosopher. Burke’s primary interests were in rhetoric and aesthetics. Burke became a highly distinguished writer after getting out of college, and starting off serving as an editor and critic instead, while he developed his relationships with other successful writers. He would later return to the university to lecture and teach. He was born on May 5 in Pittsburgh, Pennsylvania, and graduated from Peabody High School, where his friend Malcolm Cowley was also a student. Burke attended Ohio State University for only a semester, then studied at Columbia University in 1916-1917 before dropping out to be a writer. In Greenwich Village he kept company with avant-garde writers such as Hart Crane, Malcolm Cowley, Gorham Munson, and later Allen Tate. Raised Roman Catholic, Burke later became an avowed agnostic. In 1919, he married Lily Mary Batterham, with whom he had three daughters: the late feminist, Marxist anthropologist Eleanor Leacock (1922–1987); musician (Jeanne) Elspeth Chapin Hart (b. 1920); and writer and poet France Burke (b. 1925). He would later marry her sister Elizabeth Batterham in 1933 and have two sons, Michael and Anthony. Burke served as the editor of the modernist literary magazine The Dial in 1923, and as its music critic from 1927-1929. Kenneth himself was an avid player of the saxophone and flute. He received the Dial Award in 1928 for distinguished service to American literature. He was the music critic of The Nation from 1934–1936, and was awarded a Guggenheim Fellowship in 1935. His work on criticism was a driving force for placing him back into the university spotlight. As a result, he was able to teach and lecture at various colleges, including Bennington College, while continuing his literary work. Many of Kenneth Burke’s personal papers and correspondence are housed at Pennsylvania State University’s Special Collections Library. In later life, his New Jersey farm was a popular summer retreat for his extended family, as reported by his grandson Harry Chapin, a contemporary popular song artist. He died of heart failure at his home in Andover, New Jersey. Burke, like many twentieth century theorists and critics, was heavily influenced by the ideas of Karl Marx, Sigmund Freud, and Friedrich Nietzsche. He was a lifelong interpreter of Shakespeare, and was also significantly influenced by Thorstein Veblen. He resisted being pigeonholed as a follower of any philosophical or political school of thought, and had a notable and very public break with the Marxists who dominated the literary criticism set in the 1930s. Burke corresponded with a number of literary critics, thinkers, and writers over the years, including William Carlos Williams, Malcolm Cowley, Robert Penn Warren, Allen Tate, Ralph Ellison,Katherine Anne Porter, Jean Toomer, Hart Crane, and Marianne Moore. Later thinkers who have acknowledged Burke’s influence include Harold Bloom, Stanley Cavell, Susan Sontag (his student at the University of Chicago), Erving Goffman, Geoffrey Hartman, Edward Said, Rene Girard, Fredric Jameson, Michael Calvin McGee, Dell Hymes and Clifford Geertz. Burke was one of the first prominent American critics to appreciate and articulate the importance of Thomas Mann and Andre Gide; Burke produced the first English translation of â€Å"Death in Venice†, which first appeared in The Dial in 1924. It is now considered to be much more faithful and explicit than H. T. Lowe-Porter’s more famous 1930 translation. Burke’s political engagement is evident, for example, A Grammar of Motives takes as its epigraph, ad bellum purificandum — toward the purification of (the human spirit from) war. American literary critic Harold Bloom singled out Burke’s Counterstatement and A Rhetoric of Motives for inclusion in his â€Å"Western Canon†. The political and social power of symbols was central to Burke’s scholarship throughout his career. He felt that through understanding â€Å"what is involved when we say what people are doing and why they are doing it†, we could gain insight into the cognitive basis for our perception of the world. For Burke, the way in which we decide to narrate gives importance to specific qualities over others. He believed that this could tell us a great deal about how we see the world. Burke called the social and political rhetorical analysis â€Å"dramatism† and believed that such an approach to language analysis and language usage could help us understand the basis of conflict, the virtues and dangers of cooperation, and the opportunities of identification and consubstantiality. Burke defined the rhetorical function of language as â€Å"a symbolic means of inducing cooperation in beings that by nature respond to symbols. † His definition of humanity states that â€Å"man† is â€Å"the symbol using, making, and mis-using animal, inventor of the negative, separated from his natural condition by instruments of his own making, goaded by the spirit of hierarchy, and rotten with perfection. † For Burke, some of the most significant problems in human behavior resulted from instances of symbols using human beings rather than human beings using symbols. Burke proposed that when we attribute motives to others, we tend to rely on ratios between five elements: act, scene, agent, agency, and purpose. This has become known as the dramatistic pentad. The pentad is grounded in his dramatistic method, which considers human communication as a form of action. Dramatism â€Å"invites one to consider the matter of motives in a perspective that, being developed from the analysis of drama, treats language and thought primarily as modes of action† (Grammar of Motives xxii). Burke pursued literary criticism not as a formalistic enterprise but rather as an enterprise with significant sociological impact; he saw literature as â€Å"equipment for living,† offering folk wisdom and common sense to people and thus guiding the way they lived their lives. Another key concept for Burke is the terministic screen — a set of symbols that becomes a kind of screen or grid of intelligibility through which the world makes sense to us. Here Burke offers rhetorical theorists and critics a way of understanding the relationship between language and ideology. Language, Burke thought, doesn’t simply â€Å"reflect† reality; it also helps select reality as well as deflect reality. In Language as Symbolic Action (1966), he writes, â€Å"Even if any given terminology is a reflection of reality, by its very nature as a terminology it must be a selection of reality; and to this extent must function also as a deflection of reality. In his book Language as Symbolic Action (1966), Burke defined humankind as a â€Å"symbol using animal† (p. 3). This definition of man, he argued, means that â€Å"reality† has actually â€Å"been built up for us through nothing but our symbol system† (p. 5). Without our encyclopedias, atlases, and other assorted reference guides, we would know little about the world that lies beyond our immediate sensory experience. What we call â€Å"reality,† Burke stated, is actually a â€Å"clutter of symbols about the past combined with whatever things we know mainly through maps, magazines, newspapers, and the like about the present . . . construct of our symbol systems† (p. 5). College students wandering from class to class, from English literature to sociology to biology to calculus, encounter a new reality each time they enter a classroom; the courses listed in a university’s catalogue â€Å"are in effect but so many different terminologies† (p. 5). It stands to reason then that people who consider themselves to be Christian, and who internalize that religion ’s symbol system, inhabit a reality that is different from the one of practicing Buddhists, or Jews, or Muslims.