The Devil Visited Salem Witch Trials - 1597 Words

The devil visited Salem in 1692, or did he? Nicholas Hytner’s The Crucible depicts the 1692 witchcraft epidemic in Salem, Massachusetts. The film was adapted from a play written by Arthur Miller in 1953. The film’s producers, Robert A. Miller and David V. Picker, released the film along with Twentieth Century Fox Film Corporation in 1996. The film focuses on one female resident of Salem and her revenge against her ex-lover. The revengeful girl and her group of friends begin to accuse other members of Salem when the group of girls are caught in a ceremonial dance in the woods and one girl becomes very ill. The film depicts various themes, but cause and effects in history and gender and history are two themes that challenge why the Salem Witch Trials took place. Did the devil visit Salem or did one manipulative act lead to a deadly conclusion? The film opens with a scene of a group of young girls and a Caribbean slave in the woods at night. The girls are participating in a ceremonial dance around a boiling pot. This opening scene suggests that the girls really are witches and participate in dark magic rituals. Although, through the remainder of the film, the girls do not demonstrate any other witchcraft practices. One of the girls becomes sick and when she is visited by a doctor and a minister they suggest that she is sick because of the devil. To draw suspicion away from them, the group of girls begin to accuse other residents of Salem of being witches. The girls areShow MoreRelatedThe Salem Witch Trials Essay902 Words   |  4 Pagestranspired in Salem, Massachusetts occurred between the years of 1688 and 1693 constituted the most significant witchcraft outbreak in the history of the New England colonies. The entire event was quickly labeled as â€Å"colossal mistake† by the government after they had passed.(Ray, 2010) With this in mind the question remains; how did it get started and how did it get out of hand so quickly? Salem is a town in Massachusetts that has unfortunately earned its reputation from these trials. It was foundedRead MoreWitch Hunt : Mysteries Of The Salem Witch Trials884 Words   |  4 Pages Witch-Hunt: Mysteries of the Salem Witch Trials. Marc Aronson. (New York: Atheneum Books for Young Readers, November 1, 2003. 272.) Written in 2003, Marc Aronson’s Witch-Hunt: Mysteries of the Salem Witch Trials tells of the truths and misconceptions of the horrors that occurred in 1692. In this book, Aronson examines the stories of the accused witches, the people who persecuted them, and the ones harmed by the supposed witchcraft. Marc Aronson opens his book by telling of how fairy tales andRead More Salem Witch Trials Essay876 Words   |  4 PagesSalem Witch Trials The Salem Witch Trials was probably considered the darkest time for the New England Colony. This was a mass murder of women and a few men that were supposed witches. All of this started from two little girls and a bacteria in the bread that affected the brain. This all started on January 20,1692 when nine-year-old Elizabeth Parris and eleven-year-old Abigail Williams started to exhibit strange behavior. Blasphemous screaming, Seizures, Trance-like states and MysteriousRead MoreSignificance Of The Salem Witch Trials1284 Words   |  6 PagesThe Salem Witch Trials, which started in 1692 and ended in 1693, was a major event that changed history and affected America greatly. A young group of puritan girls accused many lower class women of practicing witchcraft. There were many trials held to see if there was proof of this. 20 people died during this time and many others were held in jail until they could go to trial. This really affected us because it showed how poorly built the trials were; this made us see that we should change and giveRead MoreThe Judicial System of the Salem Witch Trials803 Words   |  4 Pagesduring the Salem Witch Trials, a series of hearings over a witchcraft scare that took place from June through September of 1692 in Salem, Massachusetts. The writer shall include a brief history of the events, explain the judicial system of the Trials, and give detail to what methods were used to determine fate of a victim. Additionally, the writer will explain how the Trials were based on false views that were not supported. The Trials began soon after a few young girls living in Salem began throwingRead MoreThe Controversy Of The Salem Witch Trials Essay1555 Words   |  7 Pages The Salem Witch Trials have been sensationalized as of late, becoming a highly popular television show, and an event that many movies have been loosely based upon. Without doing the proper research, one would think that the trials were more violent than they became. There were no witches burning at the stake, or daily hangings, or drownings, but people of the time were frightened nonetheless. The acts of just a few key people drove a whole town to hysteria and fear. Throughout the trials over aRead MoreThe Trials Of Salem Witch Trials1069 Words   |  5 PagesEven though the Salem witch trials were made to seem formal, they were actually subjective and not based on fact. Since there were multiple people being accused of witchcraft, the trials were short and quick to sentence. The witch trials lasted less than a year. The fir st arrests were made on March 1, 1692, and the final hanging day was September 22, 1692. The Court of Oyer and Terminer was dissolved in October of 1692. The Salem Witch Trials occurred in the spring of 1692, when a groupRead MoreThe Controversy Of The Salem Witch Trials Essay1548 Words   |  7 PagesStates of America. The Salem Witch Trials have been sensationalized as of late, becoming a popular show, and an event that many movies have been made of. Without doing the proper research, one would think that the trials were more violent than it became. There were no witches burning at the stake, or daily hangings, or drownings, but people of the time were frightened nonetheless. The acts of just a few key people drove a whole town to hysteria, and fear. Throughout the trials over a hundred peopleRead MoreThe Salem Witch Trials1274 Words   |  6 Pages During the seventeenth century Salem, Massachusetts is a seaport town populated mostly by Puritan colonists who came over from England in the seventeenth century. Beliefs of witchcraft came over with the settlers who, if caught practicing, was punishable by death. The Salem Witch Trials were a series of court cases in 1692 revolving around witchcraft where over hundred people were accused, nineteen were hanged, and one was pressed to death. England had accused people of witchcraft datingRead MoreReligion Can Make People Do Crazy Things At Times2107 Words   |  9 Pagescalled Salem, Massachusetts. People believed that Satan had visited Salem and was turning people into witches. It was later known as the Salem Witch trials, and current day Massachusetts has a statue to prove it. The Salem Witch Trials showed that people take religion very seriously by how they accused people of being witches, how they reacted to the supposed witches, and what the trials did to the town of Salem, Massachusetts. In-between the years of 1692 and 1693, all of the people in Salem feared

Concern General Manager Ais Project Team â€Myassignmenthelp.Com

Question: Discuss About The Concern General Manager Ais Project Team? Answer: Introducation The memo presented is in response to the information and recommendations needed by the General Manager and the Accounting Information System (AIS) Project Team. This memo provides basic guidelines for the company to follow in developing general ledgers and products system for the use in the new Accounting Information System which will enhance production (Worrell, Wasko, Johnston, 2013). The memo also outlines the recommendations for the process to ensure the new Accounting Information System meets the need of the users and also describes the advantages and disadvantages of the recommended method. When developing the general ledger and product codes for use in the new Accounting Information System (AIS), the project team member should ensure that the proposed system is reliable in that the systems need to be free from errors (Adenike, Michael, 2016). There must be an AIS in place that is comprehensive adequately to be able to consistently record, aggregate and collect all the transactions, so the accounting information users are basically certain that they are analyzing the comprehensive results of the company. This aspect means that there are no disclosures that may seem as retrospective adjustments to the general ledger and product codes. General Manager and other members of the AIS Project Team, the responsible project team members should carry out extensive research on the benefits that the system offers the company because a viable general ledger and product codes advantages must outweigh disadvantages. They should follow all the steps in developing the system that includes reading all the material necessary to guide when developing the system. Checking all the necessary requirement for the development of the product codes and general ledger for the new AIS systems is vital (Simkin, Norman, Rose, 2014). This is because it will facilitate ease and accuracy of the project being under development. When developing the general ledger and product codes for the new systems, I recommend that the HAI project team develops a system that matches the knowledge of the reader. The team should develop the system that is tailored to the knowledge of the users. This is because it will provide significant support to the recently expanded design and production capabilities that the company presently have about 1000 unique products within their range. Another guideline that should be followed keenly when developing the system is that HAI Project team should ensure consistency in the system (Romney, Steinbart, 2012). In order for the general ledger and product codes to be useful in the new AIS system, it must be able to generate new codes consistently with the requested command. Because for the new accounting information system to be beneficial in the making decision, it should be recorded reliably which means that the same accounting action should be practical at all times to a provided type of accounting information. A significant development of general ledger and product codes for use in the new Accounting Information System (AIS), the project team should ensure relevancy. The aspect of relevancy in developing accounting information system is essential for feedback and predictive value because if the shareholders cannot analyze accounting data for the business and assess its economic worthiness, then the data is not significant and fails the significance check (Ismail, King, 2014). If the directors cannot also assess the accounting data and utilize it in making diverse decisions that concern the company operations, then the data flop the feedback check. I recommend that the project development team increase their skills and accurateness in developing the project so as to ensure that the new AIS system meets the needs of the users. This is because the ultimate goal of company ICT application system development is to ensure reliability and accurateness in increasing its production and reducing co sts. Once the development process is complete, the project team should run the new developed AIS parallel with the old system as you attempt to transform the company into the new AIS system. This is significant because it will enable the company manages the switch more effectively without the need to stop its operation for some time (Dyt, Halabi, 2007). Continuous running of the two parallel systems should be maintained until all the necessary company data has been transferred to the newly developed system where the old system can be switched off and kept as a backup system. Running the two system parallel is significant because it will assist the company to improve its productions because the system developed usually contain a sophisticated mechanism that will enable the company capture diverse data efficiently and accurately (Romney, Steinbart, 2012). Despite the advantages involved in running the developed AIS parallel with the old system, it may contain a disadvantages that it may c onsume a lot of time when trying to link all the company information and switching them to the new system. References Adenike, A. T., Michael, A. A. (2016). Effect of Accounting Information System Adoption on Accounting Activities in Manufacturing Industries in Nigeria. Dyt, R., Halabi, A. K. (2007). Empirical evidence examining the accounting information systems and accounting reports of small and micro business in Australia.Small Management Research,15(2), 1-9. Ismail, N. A., King, M. (2014). Factors influencing the alignment of accounting information systems in small and medium sized Malaysian manufacturing firms.Journal of Information Systems and Small Business,1(1-2), 1-20. Romney, M. B., Steinbart, P. J. (2012).Accounting information systems. Boston: Pearson. Simkin, M. G., Norman, C. S., Rose, J. M. (2014).Core concepts of accounting information systems. John Wiley Sons. Worrell, J., Wasko, M., Johnston, A. (2013). Social network analysis in accounting information systems research.International Journal of Accounting Information Systems,14(2), 127-137.

Get the Scoop on Easy Classification Essay Topics Before Youre Too Late

Get the Scoop on Easy Classification Essay Topics Before You're Too Late The Easy Classification Essay Topics Chronicles Nobody actually wants to compose an essay. Don't begin writing your essay with the start or ending, the most essential part is the middle one. As you probably already know, simply because you've got a definition essay topic and a couple examples doesn't indicate you've got an essay. Starting with a simple thesis at the start of your work, don't hesitate to polish it later on, whenever your essay starts to take some shape. To start with, if you're writing definition essay you will need to opt for a topic which will be interesting. Easy expository essays are essays where you're predicted to work on facts instead of opinions. The great topic for a classification essay ought to have some logical point, you could classify. Understanding how to structure and compose an argumentative essay is a helpful skill. Classification essays aren't very popular with professors. A classification essay may be a good source of self-reflection. The Hidden Treasure of Easy Classification Essay Topics What's more, people drink for assorted reasons. It is vital that you select a word that will supply you with plenty to write about, and th ere are a couple normal tactics you may utilize to elaborate on the term. The actual folks highly praise our essay help site. When you're deciding on a theme, there are a couple of things you can do. The Advantages of Easy Classification Essay Topics Include all the vital points you have. When choosing the one or making your own idea of the research work, pick the theme, top will make it possible for you to write about certain well-defined categories. When you develop a list of subjects you enjoy, think of ways to approach it from an intriguing angle. The next step is to divide the subject into three distinct items within the extensive category you've already chosen in step one. Finding Easy Classification Essay Topics You will get unique texts, which will be finished in time. Occasionally it's easiest to begin at the start and compose the introduction first. Rarely the work on the research papers go smoothly with no confusion, you might come to a standstill sooner or later or feel tension as a result of time limitations set. From time to time it all is normally helpful that includes fun via your paper. Pick something which you can categorize in various ways. It is imperative to select a subject matter which can be of social relevance, something that's relatable for everybody. There are many things you'd better bear in mind. Always go right to the most important idea you're trying to elaborate on. The Fundamentals of Easy Classification Essay Topics Revealed Begin with analyzing the targeted audience to specify the primary aim of your writing and choose whether you will need to specify terms or provide background info. Because it's possible to notice, there are a great deal of subjects you may publish on, but should you prefer professional documents you then have to proceed having a specialist article writing site that may furnish you the best message for affordable dissertation writing service the best prices. It's essential to define the o rder you're going to place the categories in your paper when describing them. You can select any order you enjoy, but be sure your logic is understandable and clear. There are many techniques that may help you to select a topic. Our tool is excellent to create research paper topics also. It is extremely easy to discover such a topic and also write this kind of essay as long as you stick to a few standard rules. It is not too tricky to develop a topic for a division essay. Occasionally easy persuasive essay topics are a best points, as they are easy to comprehend. Picking out the persuasive essay topics is a significant elaborate work. Your text ought to be in a position to explain fully all points which might have been raised. Many are highly-reputed. It's important to keep in mind that every category ought to have a single base for classification. One of the most fascinating pieces of a classification essay is exploring the many ways which you can categorize the pieces of your subject. In order to set up a given subject, you must settle on a subject that may be easily subdivided into groups. If you can't come up with two or three, then you might require a new subject. Your subject will represent a wide whole.

Good Topics For An Exploratory Paper

Good Topics For An Exploratory PaperIf you want to write a good research paper then you will need to have chosen some good topics for an exploratory paper. An exploratory paper is a kind of research paper that has just been started so it is very much untested and therefore should be able to provide some valuable data to help decide whether the topic is a good one for further development.The first step to writing a good topic for an exploratory paper is to choose the type of research. This is something that you may not think about when starting out but will make a big difference to the quality of your project.If you are writing a report about a particular topic for a research paper then you should really choose a topic which is very well documented. It is possible to take a book on the topic and follow it exactly but this can be very time consuming and will likely be of little use to you if you are doing your own research. It is a lot easier to begin your research with an overview or summary of the topic.If you are doing your own research on a topic, then try to follow the same format as when you do your actual research paper. You should create a section for discussing your research in general terms and then add a small section at the end that describes your findings. This will give you the opportunity to describe what you have done, why you have done it and what the results are.When writing an exploratory paper, it is best to select a topic which is very general and broad. This makes it easier to keep track of the various points which need to be covered in the paper. Even if the topic is very broad and has many points it will still be very useful to have a section in the paper which contains all the details.You will have to find a suitable topic which is well documented but which does not seem too controversial. This will mean finding a topic that is widely known by other researchers. You will also need to choose a topic which is not a subject that has become r ather obscure.When you have chosen a topic, you will also need to consider how accessible it is to people in your target audience. This is important because you will not be able to obtain the best possible results if you do not allow the research to be completed in a way that will be accessible to those people who you are trying to reach. In addition, you will also need to decide how long the project will take.Finally, you will need to choose a topic that is interesting and easy to research. Once you have decided all these things you will be able to write an exciting topic for an exploratory paper.

The One Best Method to Use for Why You Should Go to College Persuasive Essay Uncovered

The One Best Method to Use for Why You Should Go to College Persuasive Essay Uncovered What Everybody Dislikes About Why You Should Go to College Persuasive Essay and Why Some careers do not demand a level, but they might need an apprenticeship. College will also help in preparing a person for a career in a specific field. Students may also schedule courses around work and individual obligations. To begin with, if you're arranging a persuasive speech, you ought to think about a topic that may create mental pictures in the minds of your audience. Your audience should know precisely what the writer is going to debate and why. You went to college to enlarge your mind, learn a variety of new info, learn to think critically and live an examined life. One other important aspect when picking a persuasive speech topic is to select a topic that could provoke your audience a little. Success doesn't come easy or cheap, college demands a great deal of dedication, effort, and money (u nless you get a grant or a complete scholarship, which is equally as hard as hitting the lottery). It's important to not forget that if you finish college, you must pay the loans back with interest, and it's possible your job won't pay as well as you hope, or that you might not locate a work immediately. There are lots of others jobs opportunities. There are lots of jobs opportunities in the Army that you can select from. The History of Why You Should Go to College Persuasive Essay Refuted You don't necessarily desire a business degree to begin your own business you require an idea and a strategy. If people have more cash, they have a tendency to spend more cash, causing the economy to grow. One of the greatest approaches to manage it lies in reverse. Starting a company is always a risk, and if you're likely to fail, it's much better to do it when you are young enough to recover from it fairly quickly. When it can significantly raise your odds of landing a high paying job after graduation, that isn't always the situation. Giving everyone the chance to study without paying is not only going to boost the quantity of students, but will produce the college become perceived as less serious. In general, education contributes to higher income, and a greater quality of life. Unfortunately, some students are denied the prospect for this kind of education as a result of financial restraints. At least in case you go to school, you are still able to simultaneously work and, in reality, you can satisfy the love of your life and discover a career that's suited to you! The only issue is you don't have to be concerned about being laid-off. The friends you make during college is going to be some of your very best friends for the remainder of your life and college is an excellent place to get started building a network. Some feel parents ought to be allowed to provide permission for their minor children to acquire tattoos, because they are making the decision for their own children. Finding the Best Why You Should Go to College Persuasive Essay Persuasive essay writing isn't easy guaranteed. Importantly, you ought to think about how to compose argumentative essay introduction and allow it to be effective. You may believe you don't find out how to compose a persuasive essay, but you truly do. You may also benefit by reading a number of the most effective persuasive essays in history. Now you need to sift through all your notes to discover the three to five things that actually speak to you. For instance, a why us essay might speak about how very interesting XYZ interdisciplinary project is and the way it fits nicely with your senior project. By reading a few papers, you can find lots of new and intriguing ideas. For instance, if an individual does not study hard before college, they have plenty of remedial work to do. All About Why You Should Go to College Persuasive Essay The ideal matter to never need to fret about, is depend ing on other folks. It isn't easy to generate a choice such as deciding to go to college when you're in your 40s. Get a Change of Scenery For some folks, the number one reason to visit college may simply be the chance to move to a different site. There are many reasons as to why not everyone needs to go to university. An education from a four-year university is now an essential fixture to the peak of any resume. Students should have to college after graduating because college provides new experiences and you get to fulfill new men and women there. College is surely a wonderful expense and an amazing stressor. In essence, it is vital to how far in life you can go.

Essay of Memo: Tips For Writing A Sample Essay of Memorandum

Essay of Memo: Tips For Writing A Sample Essay of MemorandumDo you want to write a sample essay of memorandum? You might think that this task is too much for you. However, if you are interested in learning some extra methods that you can use to help you write a better essay, then you will find some tips below. Hopefully, you will be able to find something that you can use to make it easier for you to write your essay.First, you should be able to identify how you want to begin your essay. Will you write the introduction, or will you begin the essay by telling the reader about your thesis statement? If you are going to talk about your thesis statement, then you will need to outline it. Then, you can describe what you learned in your last class. Or you can just provide some facts to tell your reader why they should take your course.However, if you don't feel comfortable discussing your own research, then you can include a summary at the end of your essay. Your essay can still be very po werful and effective, even without mentioning any research that you have done. Perhaps, you can provide some information about your interests and the things that you are passionate about. Showing your passion will really help people to relate to you and to see you as someone who is going to be useful to them.Once you have finished writing your paper, you should look for an appropriate format for it. You can use the word processor, type in the font, and create a PDF or word document for your essay. However, you should be able to see whether you are presenting information in a proper way so that it makes sense.Second, you need to give your essay due respect. Everyone enjoys having his or her ideas and opinions respected. It shows that you value their opinions. If you value the opinions of others, then you will get more respect from your professors. Plus, it will make you feel more confident in your ability to write.Avoid plagiarism. You can take a book or article and change the text. However, you can't replace the ideas with your own.Finally, make sure that you get enough sleep each night before you begin work. You will have more energy to finish the task you have set out to do. And if you don't sleep, then you will find it hard to get into the right mood to start writing.

Lehman Brothers Subprime Crisis free essay sample

Introduction The global financial crisis that erupted in September 2008 has thrown economies around the world into a recession. The root cause were sown in the credit boom that peaked in mid-2007, followed by the meltdown of sub-prime mortgages and securitized products. Fannie Mae and Freddie Mac were both taken over by the government and on September 24, 2008, Lehman Brothers declared bankruptcy after failing to find a buyer. The fall of Lehman Brothers rattled the global market and led to a great drop in the United States (U. S. ) stock market the day after the announcement. The sudden failure of Lehman Brothers is widely viewed as a watershed moment in the global financial crisis of 2007 – 2009. With over $639 billion in assets and $613 billion in liabilities, it is one of the largest bankruptcies in the history of U. S. (Mamudi, 2008). Lehman Brothers was founded in 1850 by three cotton brokers in Montgomery, Alabama. The firm moved to New York City after the Civil War and grew into one of Wall Street’s investment giants. We will write a custom essay sample on Lehman Brothers Subprime Crisis or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Lehman Brothers is a global financial services firm; the fourth largest investment bank in the U. S. Lehman Brothers’ clients is big institutions, not small individuals. It is an innovator in global finance, serving the financial needs of corporations, governments, municipalities, institutional clients and high-net-worth individuals worldwide. Lehman Brothers investment banking operations accounted for just 20 per cent of the company’s 2007 revenue while most of its net revenue comes from fixed income sales and trading; about 40 per cent. Some of the different fixed income investments that Lehman Brothers deals with include derivatives and swaps, mortgage-backed securities and futures (Callan, n. d. ). However, the investment management business still provides the stable earning base because of its fee-based structure. This term paper will further look into the how Lehman Brothers started off as an investment bank began getting entangled to the subprime mortgages and how it led to its bankruptcy. Lessons from the downfall of Lehman Brothers and the causes and consequences of the collapse will be highlighted in this paper. Subprime Mortgage Crisis The subprime mortgage market lends money to people who don’t meet the credit scoring for ordinary mortgages. For example, a FICO score less than 620 will disqualify the applications from loans at the prime rate. Since subprime borrowers mostly have poor credit history or low incomes, there is a greater possibility that the debts won’t be paid. Thus, making subprime mortgages risky for lenders. Therefore, to compensate the added risk, banks and other lenders charge higher interest rates on subprime mortgages. This made subprime lending very lucrative. Fannie Mae and Freddie Mac have led the mortgage industry in the 1990s promoting home ownership amongst lower income borrowers. The growth of subprime mortgage market can be attributed to a number of factors. The lower interest rates which resulted in home mortgage payments inexpensive led to a large number of demands for houses. Figure 1 show, a prolonged period of low interest rates which led to raise in house prices that was completely abnormal by historical standards. Banks searched for a method to meet the ever-increasing demand for mortgages and hence realized the perceived great profit opportunities in the real estate market. This prompted the innovation and design of new financial instruments and organizations such as securitized mortgage loans – mortgage backed securities (MBS), asset-backed securities (ABS) and collaterized debt obligations (CDOs) (Knutsen, 2011). As real estate prices rose in the early years of this decade and securitization provided more working capital for mortgage, lenders relaxed their underwriting criteria in order to issue more mortgages (Kirk, n. . ). During the refinancing boom from 2001 to 2003, interest rates fell, borrowing demand increased, mortgage lenders expanded their businesses, and new lenders entered the market (Krinsman, 2007). Figure 2 shows the significant increased in subprime lending from 2004 to 2006. With the U. S. housing boom well under way, Lehman Brothers acquired five mortgage lenders; including subprime lender BNC Mortgage. BNC is ranked as one of the nation’s top 100 mortgage lenders and the eighth largest wholesale subprime lender (Mortgage info, 2007). BNC Mortgage, as the subsidiary of Lehman Brothers Holdings Inc. ecame the biggest underwriter of U. S. bonds backed by mortgages. As securitization of mortgages increased, the investment banks urged the mortgage lending industry to increase their loan volumes. However, on August 22, 2007, Lehman Brothers decided to close down its subprime-lending unit; BNC Mortgage, causing about 1,200 employees to lose their jobs (Onaran, 2007). Figure 2: The downfall of Lehman Brothers Until 2007, Lehman Brothers has generated a significant portion of its revenue through the issuance of mortgage-backed and asset-backed securities. Lehman Brothers had grown increasingly reliant on its fixed income trading and underwriting division which served as the primary engine for its strong growth throughout the first half of the decade as shown in Exhibit 1 (Stowell, 2010). When the collapse of the U. S. subprime mortgage industry started, it result in credit crisis and the mortgage default rates began to rise and the demand for these securities began to disappear. Lehman Brothers was left with billions of dollars of rapidly depreciating securities on its balance sheet, forcing it to take large write downs and write-offs (Callan, n. d). As the credit crisis reupted in August 2007 with the failure of two Bear Stearns hedge funds due to a lack of confidence in its subprime mortgage holdings, Lehman Brothers’ stock fell sharply. As Lehman Brothers is one of the major players in the subprime lending, it faced a huge difficulty when the housing bubble burst. Lehman Brothers underwrote a huge amount of MBSs, accumulating an $85 billion portfolio, four times its shareholders equity (Investopedia, 2011). House prices began to decline while short-term interest rates rose and borrowers found themselves unable to pay higher monthly payments by refinancing began to default. The decline in mortgage payments also reduces the value of mortgage-backed securities which erodes the net worth and financial health of banks. Lehman Brothers suffered huge losses accrued in lower-rated mortgage-backed securities throughout 2008 (Anderson Dash, 2008). Another cause of the downfall could be due to the extremely high level of leverage and short-term debt financing. Lehman Brothers significantly increased its leverage over the same timeframe, going from a debt-to-equity ratio of 23. 7 times in 2003 to 35. times in 2007 as shown in Figure 3 (Stowell, 2010). While commercial banks are regulated and cannot leverage their equity more than 15 to 1, Lehman Brothers had a leverage of more than 30 to 1. So, as the leverage increased, the ongoing erosion of the mortgage-backed security industry began to impact Lehman Brothers greatly. In turn, the instability created by the leverage problem was aggravated by Lehman Brothers’ large use of short-term debt which financed m ore than 50 per cent of the asset shown in Figure 4 (Zingales, 2008). After the beginning of the crisis, Lehman Brothers tried to reduce its leverage and reduce its reliance on short-term debt, but it was a little too late. Lehman Brothers, the 158-year-old investment bank finally announced the largest Chapter 11 filing in U. S. history, listing assets of $639 billion and liabilities of $768 billion in September 2008. However, before the filing of Chapter 11, Lehman Brothers was said to be using an â€Å"accounting gimmick† to make it appear as if it had off-loaded risky assets and reduced its balance sheet during the height of the financial crisis. This gimmick is known as a â€Å"Repo 105†. This allows Lehman Brothers to use the booking of repurchase agreements as sales rather than temporary transactions (Evanson, 2010). Exhibit 1:   Lehman Brothers’ Financial Performance Since 1999 Source: Stowell (2010) Figure 3: Increase in leverage among investment banks Figure 4: Lehman Brothers Liabilities and Shareholders’ Equity Source: Lehman Annual Report Consequences and Lessons Lehman Brothers’ global footprint meant that thousands of financial market participants were directly impacted by its collapse. Numerous aftershocks were felt throughout the world resulting from numerous cross-border and cross-entity interdependencies. Lehman Brothers’ insolvency has resulted in more than 75 separate and distinct bankruptcy proceedings (PricewaterhouseCoopers, 2009). Lehman Brothers’ collapse has forced the market to reassess risk. There are many lessons learnt from the collapse of Lehman Brothers is the internal management structure of the company. Advice from Darryl Steinberg, the managing director and senior tax counsel to Lehman Brothers is for in-house tax professionals to be involved with the firm’s business managers from the outset. He said â€Å"Assisting with the firms organisation and structural planning and providing tax-sensitive input in establishing best business practices at the same time as the creation of those business operations is imperative in the highly regulated business world of today† (Snowdon, Steinberg, ; Lippman, 2009). Global rating agencies were widely condemned as being asleep on the job or being compromised by a system where their revenue derived from the very firms they were assessing. Closer supervision was called by the European Commission to ensue the publication of high quality credit ratings in the future (Allen, 2009). Finally, from this event, all banks should learn that nothing can be taken for granted. When there is signal of warning that the company might be in financial danger, the bank must take heed. References Allen, C. (2009). Lesson learned: one year after Lehman. Global Investor, 15 – 19. Anderson, J. ; Dash, E. (2008, August 28). For Lehman, more cuts and anxiety. The New York Times. Retrieved from http://www. nytimes. com/2008/08/29/business/29wall. html? em Evanson, D. (2010, April 12). Lessons from the collapse of Lehman Brothers. TheStar Online. Retrieved from http://biz. thestar. com. my/news/story. asp? ile=/2010/4/12/business/6017192;sec=business Investopedia. (2011). Case study: the collapse of Lehman Brothers. Retrieved May 4, 2011, from http://www. investopedia. com/articles/economics/09/lehman-brothers-collapse. asp Kirk, E. (n. d. ). The â€Å"subprime mortgage crisis†: An overview of the crisis and potential exposure. Retrieved May 3, 2011, from www. rli-epg. com/articles/Subprime-Mortgage-Crisis. pdf Knutsen, S. (2011). Why did â€Å"it† happen again? 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