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? The American subprime crisis compared with the Norwegian banking crisis 1987-92. Past, present and policy: 4th International Conference. Retrieved from www. epr. org/meets/wkcn/1/1730/papers/KnutsenFinal. pdf Krinsman, A. (2007). Subprime mortgage meltdown: How did it happen and how will it end? The Journal of Structured Finance, 13(2), 1 – 9. Mamudi, S. (2008, September 15). Lehman folds with record $613 billion debt. The Wall Street Journal. Retrieved from http://www. marketwatch. com/story/lehman-folds-with-record-613-billion-debt? siteid=rss Mortgage Info. (2007). BNC Mortgage Inc. Retrieved May 3, 2011, from http://www. mortgage-info. us/lender_bnc_mortgage. htm Onaran, Y. (2007, August 22). Lehman Brothers shuts down subprime unit, fires 1,200. Bloomberg. Retrieved from http://www. bloomberg. com/apps/news? pid=newsarchive;sid=a87FPr78qX9w mp;amp;refer=news Snowdon, C. , Steinberg, D. , ; Lippman, M. (2009). Managing the bankruptcy of Lehman Brothers. International Tax Review, (49), 3 – 6. Stowell, D. (2010). Investment banking in 2008 (B): A brave new world. An Introduction to Investment Banks, Hedge Funds, and Private Equity, 403 – 417. Zingales, L. (2008). Causes and effects of the Lehman Brothers bankruptcy. Retrieved from http://www. scribd. com/doc/11096014/Causes-and-Effects-of-the-Lehman-Brothers-Bankruptcy

Biography of John von Neumann †Computer Science Essay

Biography of John von Neumann – Computer Science Essay Free Online Research Papers Biography of John von Neumann Computer Science Essay John von Neumann, born Jnos von Neumann then later called Johnny in the United States. His father was named Max Neumann, a top banker and John was brought up living in Budapest where as a child he learned languages from the German and French tutors that were employed. Although the family was Jewish, his father did not observe the strict practice of Judaism and the household seemed to mix Jewish and Christian traditions In 1911 John entered school at the Lutheran Gymnasium. The school had a sturdy academic tradition. His math teacher quickly recognized von Neumanns intellect and he was given a scholarship. After World War I ended, a Communist government controlled Hungary for five months in 1919. The Neumann family fled to Austria because the wealthy came under fire. However, after one month, they returned to face their problems in Budapest. When the communist government failed, the fact that it had been largely made up of Jews meant that Jewish people were blamed. The fact that the Neumann family opposed the communist government did not keep them from being blamed as well. Von Neumann studied chemistry at the University of Berlin until 1923 when he went to Zurich. He attained outstanding results in the mathematics exams at the University of Budapest despite not attending any classes. In 1926, von Neumann received his diploma in chemical engineering from the Technische Hochschule in Zà ¼rich. Neumann married his fiancà ©e Marietta Kovesi before setting out for the United States in 1930. During the initial years that he was in the United States, von Neumann continued to go back to Europe during the summers. Until 1933 he still held academic positions in Germany but resigned these when the Nazis came to power. Von Neumann was one of the pioneers of computer science making important contributions to the development of logical design. He advanced the theory of cellular automata, supported the adoption of the bit as a measurement of computer memory, and solved problems in acquiring reliable answers from unreliable computer components. In 1955 President Eisenhower appointed him to the Atomic Energy Commission, and in 1956 he received the Enrico Fermi Award, knowing that he was terminally ill with cancer. John von Neumann played a key role in helping advance computers into what we know them as today, without his genius, computers would not play such an important role in our daily lives. Http://www.wikipedia.com/ http://cepa.newschool.edu/het/profiles/neumann.htm Research Papers on Biography of John von Neumann - Computer Science EssayAppeasement Policy Towards the Outbreak of World War 2Assess the importance of Nationalism 1815-1850 EuropeStandardized TestingPersonal Experience with Teen PregnancyQuebec and CanadaCapital PunishmentThe Effects of Illegal ImmigrationArguments for Physician-Assisted Suicide (PAS)Never Been Kicked Out of a Place This NiceHip-Hop is Art

Presentation paper Essay Example | Topics and Well Written Essays - 750 words

Presentation paper - Essay Example However, merit pay has been used to develop the standard payment structure that is common and applicable to all the employees (World at Work 60). Merit pay is as described as pay for performance based on the results set on a standard operative module. It is an approach to compensation that rewards well performing employee. It focuses on offering additional pay for the best performing employees. Despite the challenges, the merit pay system has several advantages. First, it enables the employer to differentiate between high and low performers in the company. Unlike the profit sharing or bonus pay schemes, it allows the employer to differentiate between performances of employees. While there are several programs and schemes are developed to reward overall performance of employees, merit pay offers compensation for strong performers. Merit pay allows the employer to recognize individual performance once meaning to continue benefiting from the scheme the employee must be able to continue the performing perfectly (Jiang, Xiao and Qi 67). Despite the numerous advantages of the scheme, it has been found that it does not offer a better support mechanism to the employees and the employer. The failure to address the essential issues that may affect performance both the group and individual makes the scheme non-effective. The scheme lacks accuracy affecting its ability to differentiate the ability of the individual employees. The success of the scheme has been reduced by the increasing dynamism in human behavior and factors that affect performance. The merit pay structure is different and creates a serious challenge in managing workers. The use of the total reward system has taken over the development of compensation structures. The total reward scheme is a program developed, by employers, to attract, motivate, and retain employees. The main focus of the program is to include everything the employee perceives to be value resulting from the employment relationships. The con cept has been advanced tremendously through evaluation and restructuring of the process of rewarding employees. When developing a total reward system, analyzing the need of every employee in the team (Jiang, Xiao and Qi 112). The development of a total reward scheme involves six steps with the first phase of the process in analyzing. The process of analyzing the needs of the employees includes the examining of the current policies. After analysis, the design process will involve the determination of compensation and the compensation strategies that can be employed in the process. During the design process, all the available approaches in total reward schemes. After the design, of the total reward scheme, the development of the plan and operation strategy involves the use of the various methods (World at Work 45). After the creation of the necessary plan and strategy, the plan must be communicated to the employees, so that they understand the reward scheme. Additionally, communicatio n in the company is vital because of the various reasons. Communication facilitates the development process, and the reasons of promotion and wage level setting. The success of the total reward scheme will depend on the various factors including the management design of the process (World at Work 213). The inclusion of all the factors that affect motivation and employee welfare will ensure that the total reward scheme is perfect. In conclusion, the total reward scheme is based on the inclusion of all

How do UK companies' Mechanisms Affect and Help their Corporate Dissertation

How do UK companies' Mechanisms Affect and Help their Corporate Governance - Dissertation Example Throughout the entire period in fulfilling the objectives of this dissertation, I was greatly blessed with his extensive guidance and supervision over my work. I cannot complete this part without saying ‘thank you, sir’. Subsequent to that, my colleagues and friends who also played their part have extended their hand for my project; the successful culmination of this dissertation has also observed the role of my friends. For such contribution, I am also indebted to them. Abstract The purpose of this paper was to understand and highlight corporate governance mechanisms pursued by the different organizations. For this purpose, the annual reports were used to extract the relevant information. Subsequently, the empirical analysis was carried out the understand interplay between the financial performance and the corporate governance mechanisms. The results indicate that the strongly established corporate governance mechanisms considerably improve the financial performance. Th e results indicate that the companies having strong corporate governance mechanisms were experiencing strong financial performance. However, more focus should be given to cooperation and coordination between executive and non-executive directors. Table of Content Introduction 5 Literature Review 8 Methodology 11 UNILEVER PLC 13 TATE & LYLE PLC 18 TESCO PLC 21 THORNTONS PLC 24 SAINSBURY PLC 27 SABMILLER PLC 32 MORRISON PLC 35 MARKS & SPENCER PLC 38 DIAGEO PLC 41 DIARY CREST GROUP PLC 44 CRANSWICK PLC 47 BRITVIC PLC 51 BOOKER GROUP PLC 55 ASSOCIATED BRITISH FOODS PLC 61 A.G. BARR PLC 65 Conclusion and Recommendation 70 Bibliography 77 Appendices Introduction Board governance mechanism haves experienced the focus of a range of reports in the United Kingdom, especially the Cadbury Report (1992)1 and the Hampel Report (1998)2. However, from these reports along with the support of Green bury Report (1996)3 came the Combined Code of best practice.4 In the United Kingdom, companies are expe cted to understand and implement board structures in accordance with the principles and provisions of the Combined Code. As a prerequisite of listing on the London Stock Exchange, firms are required to include a corporate governance statement in their annual reports. The purpose of this inclusion is to mention the ways in which companies apply the principles and provisions of the Combined Code. Subsequently, this elaborates the concept of the ‘comply or explain’ rule for the companies registered in the United Kingdom. In this regard, it has been provided that the Combined Code mentions three significant corporate governance mechanisms: duality and setting up of board sub-committees and the number of Non-Executive Directors. A considerable amount of literature is available to highlight that boards should include and ensure a balance of Non-Executive and Executive Directors. In this regard, Raheja contended that Executive Directors provide benefit to companies because of the extent of their company-related information.5 In addition to that, various studies provide that Non-Executive Directors have a constructive and positive effect and studies find that boards dominated by the Non-Executive Directors have more tendencies to act in the best interests of the shareholders.6 The UK Combined Code of best practice have recommended that Non-Executive Directors should make up at least one-third of the Board and consequently there have been

Huella Online Essay Example for Free

Huella Online Essay Introduction Huella Online Travel was an Internet travel portal Founded in 1999 in Kuala Lumpua, Malaysia targeting Greater China and Asian Pacific. It expanded into 10 different markets across Asia, including Hong Kong. Huella online travel sells travel related products and services to customers, on behalf of suppliers, such as airlines, car rentals and hotels. Problem Statement Hong Kong consumers have low interest in buying airline tickets online although internet penetration is quite high. Research Objectives Huella‘s Hong Kong site was launched in 2000. Revenue growth in Hong Kong had been less than expected. Huella market share in Hong Kong to be only 4% compared 9% in Singapore. In this regard, we seek to †¢To get a depth insight into Hong Kong online travel market †¢To find rationale behind low usage of online booking of airline tickets in Hong Kong especially people belonging to the age group of 18-35 †¢Perception of Huella brand and its Hong Kong website Research Design The research will be conducted with the help of survey through the feedback of questionnaires from a sample of 300 people (including both male and female) belonging to the age group of 18 to 35 and will be conducted online. The sample will focus students, business executives and leisure travellers. The respondents used to fill the questionnaire will be based on Random Sampling. DATA ANALYSIS The answers of the questions in the questionnaires will be analyzed on the basis of scale which may vary from question to question and is constructed at the time of preparation of the questionnaires. The results will be shown in terms of percentages and the graphical representation of people’s preferences in terms of percentages and ratios. BUDGET The overall cost may range from $ 2,000 to $ 3,000 approximately. SCHEDULE The Research may take Three months, according to the schedule as follow: ïÆ'ËœOne month for the questionnaires to be filled by respondents. ïÆ'ËœOne Month for the Data Analysis. ïÆ'ËœOne Moth for the preparation of Report.

Arrhythmia :: essays research papers

Arrhythmia   Ã‚  Ã‚  Ã‚  Ã‚  I am doing my report on Arrhythmia. It affects the cardiac muscle, the heart. Arrhythmia causes three types of problems. It causes the heart to pump too slowly (bradycardia), it causes the heart to pump too fast (tachycardis), and it causes the heart to skip beats (palipations).   Ã‚  Ã‚  Ã‚  Ã‚  Bradycardia can be very serious. Some of the symptoms are loss of consciousness, heart failure, or death. Slow heart rates are caused by heart block. The hearts natural pace-maker fails to be conducted to the ventricles, the hearts main pumping chambers. Some treatments can be used. An electronic pace-maker can be inserted and it will send electronic impulse to the heart stimulating it to beat at a normal rhythm. Pace-makers are only inserted when the heart beats too slow.   Ã‚  Ã‚  Ã‚  Ã‚  Tachycardis can also be very serious. It can lead to disabling symptoms and even death. When you have Tachycardis your heart rate is above 100 beats per minute. Tachycardis is caused by heart injuries from past times. Tachycardis usually occurs months or years after a heart attack. A treatment for Tachycardis can be inserting a device called a defibrillator. A defibrillator will detect and treat abnormally fast heart rhythms. The defibrillator monitors the heart and automatically gives electric shocks before Arrhythmia causes permanent damage. If the person does not have a defibrillator a strong electric shock will be given. The cause of Tachycardis is by something not functioning properly in the atria. They are sometimes stimulated by anxiety. Too much caffeine or alcohol and certain drugs can also be the cause. Attacks might last a few minutes or several days. They can be serious and sometimes not serious.   Ã‚  Ã‚  Ã‚  Ã‚  Palpitations happen when your heart skips beats. Palpitations have many different symptoms. Some of these symptoms are dizziness, fatigue or fainting as a result of the brain not getting enough oxygen rich blood, chest pain, shortness of breath, and death (which occurs rarely). Palpitations are caused by high blood pressure, mistral valve prolapse, Hyperthyroidism, Anemia, coronary artery disease, or stress, Anxiety, panic attacks, stimulants such as caffine, nicotine, and alcohol, heavy excursus, high consumption of nutmeg. There some treatments which you can do. You could try to hold your breath briefly, take a slow drink of cold water, wash your face in cold water, cough several times, and hold your nose and blow (it will pop