Grasping for the Shadow of Identity :: essays research papers fc

Grasping for the Shadow of Identity   Ã‚  Ã‚  Ã‚  Ã‚  There once lived a peaceful, ancient culture, isolated from civilization, living in peace and harmony with its surroundings, grounded in deep faith springing from its religious leader, blooming like a rose in the majestic hills. In what seemed like only minutes, this nation I speak of suddenly became a communist, occupied country, with no identity of its own, with an outlawed flag and an exiled leader. This nation is Tibet. After more than 2,000 years of freedom, one day in 1959 changed this country’s identity. In 1959, Tibet was occupied by the Chinese, who claimed that Tibet had always rightfully belonged to them. Tibet’s national flag is now outlawed, and its political and religious leader, the 14th Dalai Lama, is in exile in Dharamsala, India. Tibet is in disarray, and their culture and government now reflect that of the Chinese, though they are and have been making strong efforts to regain their freedom. Tibet has had a very ancient and illustrious history prior to the Chinese takeover. The nation began in 1063 B.C. Five hundred years before Buddha came into this world, a man named Lord Shenrab Miwo founded the Tibetan Bon religion. With this event, an empire named Shangshung ruled all of Tibet. This empire had eighteen kings before its decline. After the Shangsung Empire declined, a new kingdom called Bod came into existence. Bod is the current name of Tibet (Tibetan Studies). The Tibetan calendar places its origin in the year 127 B.C., when the kingdom was united under one ruler (King Nyatri Tsempo). This lineage of kings continues for over 1,000 years, until King Lang Darma was assassinated in 842 A.D. This period of kings had three kings that really did good things for Tibet, and they were called the Three Great Kings (Tibetan Studies 21). The three kings were Gampo, Detson, and Ralpachen. Under Gampo (629-649), Tibet became a serious military power, and Gampo was a great supporter of Buddism, so this religion gained prominence in Tibet. King Detson was in power during the peak of the Tibet power (755-797). During his reign, Tibet seized the Chinese capital, and adopted the Indian form of Buddism, built the first monastery in Tibet, and declared Buddism the state religion in Tibet. During the reign of Ralplachen (815-836), Tibet continued as a military power and won many key victories, and reached a peace treaty with China (Tibet: An Occupied Country).

Invisible Man Essay: Invisible Man and the Pre-Made Identity

Invisible Man and the Pre-Made Identity    Society forms definitions, or stereotypes, of people according to the color of their skin, their economic status, or where they live. Stereotypes define how society believes these people should act and how they should be treated. These stereotypes are, in effect, a pre-made identity. There are three options an individual must face when presented with this pre-made identity. The individual can accept this identity as his/her own. This would maximize the individuals acceptance into society, but at a considerable price. The individual would lose power, become exploitable, suppress and consequently lose his/her own "true identity," and then would become one of many faces in the crowd. The "true identity" would be stifled and strangled under the one imposed by society. Anger, frustration , and confusion would occupy the mind of the individual. The individual could reject this identity outright and could circumvent the accumulation of this anger and confusion, but not without consequences. This person may be branded a heretic and be rejected by society. They would lose their agency and legitimacy in the society and would lose any hopes of bringing about any change. The third option entails living a lie. On the surface the individual would embrace society's identity, bu t keep their true self hidden within. This option would allow the person to retain their agency in the society and their individuality. However, like the other two options, there exists a downside. The person would constantly have to put on the mask a particular community wants him/her to wear in order to conform to that community's ideals. It then becomes almost impossible for anyone to get to know the real person, hid... ...come invisible.      Works Cited and Consulted Bellow, Saul. "Man Underground" Review of Ralph Ellison's Invisible Man. Commentary. June 1952. 1st December 2001 Available: http://www.english.upeen.edu/~afilreis /50s/bellow-on-ellison.html Ellison, Ralph. Going to the Territory. New York: Random House, 1986. Fabre, Michel. "In Ralph Ellison's Precious Words." Unpublished Manuscript. 1996. 30 November. <http://www.igc.org/dissent/archive/ Ellison/early.html Howe, Irving. "Review of: Ralph Ellison's Invisible Man" Pub. The Nation. 10 May 1952. 30 November 1999. <http://www.english.upenn.edu/~afilreis/50s/howe-on-ellison.html. O'Meally, Robert. The Craft of Ralph Ellison. Cambridge, Mass.: Harvard University Press, 1980. O'Meally, Robert, ed. New Essays on Invisible Man. Cambridge; New York: Cambridge University Press, 1988.

It is right that students should contribute to the cost of their degrees? Essay

The level of education demonstrates how strong a nation is constructed. It represents one of the most important factors which contribute at the process of the development of people from an intellectual and social point of view. More and more students have the opportunity to obtain a degree and to have an appropriate career. In many countries the cost of their degrees are funded by the state, this increasing the number of applicants each year. However, there is not a matter of number, but a matter of quality this being the principal account why students should contribute at the cost of their degrees. The governments should be aware that the effectiveness of education is measured after the number of ambitious, talented students who fulfil their potential. It is obvious that whether the state funds their degrees there exists the admissibility for students not to work so hard and not aiming to affirm within the society. From the psychological point of view, people are inclined not to appreciate enough something for what they do not need to work hard in order to achieve their goals. Whether the states would give a part of this responsibility to students, the perspective from what they understand the issue relating to education is likely to change for better. Many argue that this change would merely be a burden for students during their university years. The account of this is that they should concentrate on studying more than looking for a job to pay their degrees. Moreover, this is going to affect the students from all backgrounds as long as it is well-known that some of them cannot afford to pay large amounts of money for being educated. It might be true that the modification will cannote outcomes, but the benefits are higher. The government should pay attention more to the quality of students than the number of students. Taking into consideration all these outcomes, perhaps the government should act in a way so students concur even with a small amount of money. The apportionment of funds between the state and students will have a positive impact on the economy, being fewer problems relating the spending cuts in education. If not, taking into account that the state has to pay large amounts of money because the costs of obtaining a degree is higher and higher it will affect the way in which a country aims to improve its statute among the nations from all over the world. Likewise, there will be many advantages relating to facilitations. The government will not only pay attention to payment, but to all the needs of students and there will be more investments in necessary materials and equipment. Every state should be aware of the importance of the quality of education and the importance of making significant steps towards the improvement of students’ skills. According to students the right to participate at the cost of their degrees will not only motivate them to make the most of their education but also the economy will improve.

Compare of the Poets Present Emotions in the Poems In Paris With You and Ghazal

In these poems, the poets use a range of techniques to present feelings and emotion from the point of the speaker. Ghazal is in the style of a traditional Persian love poem, which puts forward powerful imagery and metaphors, in an attempt to summarise the emotion of love, while In Paris With You is a playful attempt to woo a previous lover in a more informal, colloquial way. Ghazal, as mentioned before, is written like a love poem. However, one may consider it an example of role reversal- unusually; it is written from the point of view of a woman, not a man.Although it is not a sonnet, the form of poem is a Ghazal- this is a type of song, of mystical love poetry: we can thus compare it to a sonnet in the way that love is explored as a theme. It is structured in rhyming couplets- these can be described like poems themselves, as they capture the speaker’s strong feeling of attachment. These also contain refrain words, which help to drive in the points being made, such as â€Å" me†, which forms part of the weak rhyme scheme.The love in the poem can be seen in the first stanza- â€Å"If I am the grass and you the breeze, blow through me/ If I am the rose and you the bird, then woo me†. These examples of natural imagery mean we can see how the idea of the speaker and the person they address being together is beneficial- in fact, drawing from the imagery, we could go further and say that the idea is a natural (good) thing. Another emotion present is longing. This is the feeling of desperation to be with the other person talked to.Focusing on the language used, Ghazal makes extensive use of metaphors to explore the relationship between the speaker and the person they feel love for. Many of the metaphors are in the form of pairs of items or objects that complement each other, reflecting the way in which the speaker sees the relationship. For example, â€Å"what shape should I take to marry your own, have you- hawk to my shadow, moth to my flame â €“ pursue me? † showcases the idea that the speaker is willing to transform to suit the other, in â€Å"†¦what shape†¦Ã¢â‚¬ . This could also be a cue to the reader that the writer is perhaps lacking in some confidence..Another example is â€Å"If you are the rhyme and I the refrain don’t hang/ on my lips, come and I’ll come too when you cue me†: using enjambment to keep the poem flowing like a song. Also, the two sides of a relationship are likened to being like the â€Å"rhyme† and â€Å"refrain†, which suggests a sense of the two people being one unit together. This refrain could be the word â€Å"me†: because it appears so frequently in comparison, it could be a representation of the lover showing inferiority to the one she loves, and desperation. In Paris with You is a poem with a theme of longing also.The speaker is this time a man recounting a relationship he had moved on from. Perhaps this could have been partly due to a certain partiality to drinking alcohol, which we are told about in â€Å"And I get tearful/when I’ve had a drink or two†. â€Å"I'm on the rebound† shows that it must have been rather long-term, if he is describing a recovery from it. Unlike Ghazal, which is less clear about the outcome, In Paris with You suggests that the relationship is a reality. The poem, unlike Ghazal, is made up of two stanzas of about 5 lines, which deal with the run-up to the situation, and then a longer one in the middle,.It could be argued that this represents a pause for thought, as then the mood, or tone, of the poem changes, as in the next two stanzas, the speaker focuses on enjoying the present, such as â€Å"that crack across the ceiling/ and the hotel walls are peeling/ and I’m in Paris with you†, which shows that the speaker does not care for the surroundings when he is with the woman he loves. Indeed, this could be described as the summary of the poem, o r meaning- us being together is far more important than being in traditional romantic and beautiful locations, such as the Notre Dame (more beautiful than romantic), which he promptly tells to â€Å"sod off†.In terms of language, the opening is not like Ghazal’s in the respect that it starts with the negative â€Å"but†, to discourage the person he is talking to from â€Å"talk(ing) to me of love†. This is an opportunity to recognise the colloquial nature of the poem, such as the use of the phrases â€Å"an earful†, and â€Å"sod off to sodding Notre-Dame†. This contrasts heavily with the more formal, overwritten tone present in Ghazal. We can also see this as the speaker makes words to carry on his rhyme scheme, such as â€Å"wounded/ marooned†, which brings a playful nature.Similarly, the final stanza draws heavily on the phrase â€Å"in Paris with you†, to show the importance of being with the person he wants to be with, and then â€Å"am I embarrassing you? † is used to add to the teasing nature of the tone. Looking to the tone, which we have just looked at, I believe that another emotion brought forward is playfulness, in the way that more orthodox methods of seducing people are turned down in favour of just being with each other, albeit in a way that uses references to â€Å"embarrassing† ideas about romance, and love poems.In conclusion, the two poems Ghazal and In Paris with You deal with the same topics of love and longing, using techniques such as imagery, contrast, and metaphor achieve these pictures, but the latter feels more like a pastiche to the first in the way that its colloquial and abrupt humorous tone is a juxtaposition to the comparatively formal of the first.

Challenges of Money Market Mkt in India Essay

The India money market is a monetary system that involves the lending and borrowing of short-term funds. India money market has seen exponential growth just after the globalization initiative in 1991. It has been observed that financial institutions do employ money market instruments for financing short-term monetary requirements of various sectors such as agriculture, finance and manufacturing. The performance of the India money market has been outstanding in the past 20 years. The central bank of the country – the Reserve Bank of India (RBI) has always been playing the major role in regulating and controlling the India money market. The intervention of RBI is varied – curbing crisis situations by reducing the cash reserve ratio (CRR) or infusing more money in the economy. Money market instruments take care of the borrowers’ short-term needs and render the required liquidity to the lenders. The varied types of India money market instruments are treasury bills, repurchase agreements, commercial papers, certificate of deposit, and bankers acceptance. The major players in the money market are Reserve Bank of India (RBI), Discount and finance House of India (DFHI), banks, financial institutions, mutual funds, government and the giant corporate houses. Indian money market has a dichotomic structure. It has a simultaneous existence of both organized and unorganized money markets. The organized structure consists of the RBI , all scheduled and commercial banks and other recognized financial institutions as mentioned above. However, the unorganized part of the market consists of local moneylenders, indigenous bankers, traders, etc. This part of the market is outside the purview of the RBI. Issues and challenges of the Indian money market The money market in India has undergone tremendous developments since past twenty years. However, it is still not free of certain rigidities that are hampering the growth of the market. They are: 1. Dichotomy between Organized and Unorganized Sectors: The most important defect of the Indian money market is its division into two sectors: (a) the organised sector and (b) the unorganized sector. There is little contact, coordination and cooperation between the two sectors. In such conditions it is difficult for the Reserve Bank to ensure uniform and effective implementations of monetary policy in both the sectors. 2. Predominance of Unorganized Sector: Another important defect of the Indian money market is its predominance of unorganised sector. The indigenous bankers occupy a significant position in the money-lending business in the rural areas. In this unorganized sector, no clear-cut distinction is made between short-term and long-term and between the purposes of loans. These indigenous bankers, which constitute a large portion of the money market, remain outside the organized sector. Therefore, they seriously restrict the Reserve Bank’s control over the money market, 3. Wasteful Competition: Wasteful competition exists not only between the organised and unorganised sectors, but also among the members of the two sectors. The relation between various segments of the money market are not cordial; they are loosely connected with each other and generally follow separatist tendencies. For example, even today, the State Bank of Indian and other commercial banks look down upon each other as rivals. Similarly, competition exists between the Indian commercial banks and foreign banks. 4. Absence of All-India Money Market: Indian money market has not been organised into a single integrated all-Indian market. It is divided into small segments mostly catering to the local financial needs. For example, there is little contact between the money markets in the bigger cities, like, Bombay, Madras, and Calcutta and those in smaller towns. 5. Inadequate Banking Facilities: Indian money market is inadequate to meet the financial need of the economy. Although there has been rapid expansion of bank branches in recent years particularly after the nationalization of banks, yet vast rural areas still exist without banking facilities. As compared to the size and population of the country, the banking institutions are not enough. 6. Shortage of Capital: Indian money market generally suffers from the shortage of capital funds. The availability of capital in the money market is insufficient to meet the needs of industry and trade in the country. The main reasons for the shortage of capital are: (a) low saving capacity of the people; (b) inadequate banking facilities, particularly in the rural areas; and (c) undeveloped banking habits among the people. 7. Seasonal Shortage of Funds: A Major drawback of the Indian money market is the seasonal stringency of credit and higher interest rates during a part of the year. Such a shortage invariably appears during the busy months from November to June when there is excess demand for credit for carrying on the harvesting and marketing operations in agriculture. As a result, the interest rates rise in this period. On the contrary, during the slack season, from July to October, the demand for credit and the rate of interest decline sharply. 8. Diversity of Interest Rates: Another defect of Indian money market is the multiplicity and disparity of interest rates. In 1931, the Central Banking Enquiry Committee wrote: â€Å"The fact that a call rate of 3/4 per cent, a hundi rate of 3 per cent, a bank rate of 4 per cent, a bazar rate of small traders of 6.25 per cent and a Calcutta bazar rate for bills of small trader of 10 per cent can exist simultaneously indicates an extraordinary sluggishness of the movement of credit between various markets.† The interest rates also differ in various centres like Bombay, Calcutta, etc. Variations in the interest rate structure is largely due to the credit immobility because of inadequate, costly and time-consuming means of transferring money. Disparities in the interest rates adversely affect the smooth and effective functioning of the money market. 9. Absence of Bill Market: The existence of a well-organized bill market is essential for the proper and efficient working of money market. Unfortunately, in spite of the serious efforts made by the Reserve Bank of India, the bill market in India has not yet been fully developed. The short-term bills form a much smaller proportion of the bank finance in India as compared to that in the advanced countries. Many factors are responsible for the underdeveloped bill market in India: * Most of the commercial transactions are made in terms of cash. * Cash credit is the main form of borrowing from the banks. Cash credit is given by the banks against the security of commodities. No bills are involved in this type of credit. * The practice of advancing loans by the sellers also limits the use of bills. * Heavy stamp duty discourages the use of exchange bills. * Absence of acceptance houses is another factor responsible for the underdevelopment of bill market in India. * In their desire to ensure greater liquidity and public confidence, the Indian banks prefer to invest their funds in first class government securities than in exchange bills. * The RBI also prefers to extend rediscounting facility to the commercial banks against approved securities. Comparison of Indian money market with Developed & Developing economies MONEY MARKET IN A DEVELOPED ECONOMY (with the US in reference) The domestic money market in the United States carries out the largest volume of transactions of any such market in the world; its participants include the most heterogeneous group of financial and nonfinancial concerns to be found in any money market; it permits trading in an unusually wide variety of money substitutes; and it is less centralized geographically than the money market of any other country. Although there has always been a clustering of money market activities in New York City and much of the country’s participation in the international money market centers there, a process of continuous change during the 20th century has produced a genuinely national money market. The unit banking system: This system has led inevitably to striking differences between money market arrangements in the United States and those of other countries. At times, some smaller banks almost inevitably find that the wholesale facilities of the money market cannot provide promptly the funds needed to meet unexpected reserve drains, as deposits move about the country from one bank to another. MONEY MARKET IN DEVELOPING COUNTRIES Well-developed money markets exist in only a few high-income countries. In other countries money markets are narrow, poorly integrated, and in many cases virtually nonexistent. Despite the many differences among countries, one can say in general that the degree of development of a country’s financial system, including its money markets, is directly related to the level of its economy. Most developing countries, except those having socialist systems, have the encouragement of money markets as a policy objective, if only to provide outlets for short-term government securities. At the same time many of these governments pursue low-interest-rate policies in order to reduce the cost of government debt and to encourage investment. Such policies discourage saving and make money market instruments unattractive. Nevertheless, a demand for short-term funds and a supply of them exist in all market-oriented economies. In many developing countries these pressures have led to â€Å"unorganized money markets,† which are often highly developed in urban areas Such markets are unorganized because they are outside â€Å"normal† financial institutions; they manage to escape government controls over interest rates; but at the same time they do not function very effectively because interest rates are high and contacts between localities and among borrowers and lenders are limited. Money Market Instruments in India: 1. COMMERCIAL PAPERS (CPs) : Commercial Paper (CP) is a negotiable short-term unsecured promissory note with fixed maturity, issued by well-rated companies generally sold on discount basis. It does not originate from any specific self-liquidating trade transaction like commercial bill which generally arise out of specific trade or commercial transaction. CP was introduced in India in 1990 with a view to enabling highly rated corporate borrowers to diversify their sources of short-term borrowings and to provide an additional instrument to investors. The CP rates usually lie between prime lending rate of commercial banks and some benchmark interest rate like 91-day Treasury bill rate, bank rate, 3 month MIBOR, Average Call Money Rate, etc. Except for the bank rate, which is a policy- induced rate, other rates are market determined. Risks associated with Cps: Credit Risk: Moderate to high. The ratings of the company issuing the commercial paper should be monitored; i.e., A-1/P-1. Liquidity Risk: Moderate. If a company has credit problems it may receive a negative credit watch, which will lead to a rating being downgraded. Commercial paper also may be somewhat difficult to sell. Market Risk: Moderate, due to the short-term nature of this security. CHALLENEGES ASSOCIATED WITH CPs: * Higher financial costs force organizational decisions and changes * Substantial initial collateral requirements * More risky as debt holders can force closure of MFI * More tricky cash flow management as principal is repaid * Early negotiations require a new set of skills and contacts * Local banks may not be willing to be cooperative * Loans may be dollarized in an inflationary situation * Too many subsidized loans can retard move to market rate 2. CERTIFICATE OF DEPOSITS (CDs) : This scheme was introduced in July 1989, to enable the banking system to mobilize bulk deposits from the market, which they can have at competitive rates of interest. The major features are:   Who can issue- Scheduled commercial banks (except RRBs) and All India Financial Institutions within their `Umbrella limit’. Investors- Individuals (other than minors), corporations, companies, trusts, funds, associations etc Maturity -Min: 7 days Max : 12 Months (in case of FIs minimum 1 year and maximum 3 years). Amount- Min: Rs.1 lac, beyond which in multiple of Rs.1 lac Interest Rate- Market related. Fixed or floating Loan- Against collateral of CD not permitted Pre-mature cancellation- Not allowed Transfer, Endorsement & delivery- Any time Other conditions †¢ If payment day is holiday, to be paid on next preceding business day †¢Issued at a discount to face value †¢Duplicate can be issued after giving a public notice & obtaining indemnity CHALLENGES ASSOCIATED WITH CDs: * No additions are permitted to be made to any CD. Unless otherwise required by law CDs may not be withdrawn prior to maturity. When one purchases a CD, he has to agree with the issuing depository institution to keep your funds on deposit for the term of the CD. * CDs are not automatically renewed * CDs are relatively illiquid and taxable instruments. Hence, generally people do not find an incentive to hold CDs. * One might not get a fixed interest rate if you choose the wrong type of CD. It’s important to understand the distinction between variable-rate CDs (which can be less predictable) and those that offer fixed rates. 3. TREASURY BILLS (T-BILLS) : Treasury bills, popularly known as T-bills, are short-term finance bills issued by the government. They are not backed by any trade transaction, like the commercial bills. These bills are highly liquid and risk-free as they are backed by a guarantee from the government. They were earlier issued for 91 days but now there are also 182 days and 364 days treasury bills. These treasury bills are floated through auctions conducted by RBI. The Reserve Bank of India as the leader and controller of money market, buys and sells these treasury bills. The buying and selling operations are conducted by DFHI on behalf of RBI for stabilizing the money market. Who can buy – Treasury bills can be purchased by any one (including individuals) except State govt. These are issued by RBI and sold through fortnightly or monthly auctions at varying discount rate depending upon the bids. Denomination – Minimum amount of face value Rs.1L and in multiples thereof. There is no specific amount/limit on the extent to which these can be issued or purchased. Maturity : 91-days TBs, 182-days TBs, 364-days TBs and two types of 14-days TBills. Rate of interest -Market determined, based on demand for and supply of funds in the money market. CHALLENGES ASSOCIATED WITH T-BILLS: * T-Bills do not fetch very attractive yields. * Though T-bills are sold through auction in order to ensure market rates for the investor, in actuality, competitive bids are almost absent. The RBI is compelled to accept these non-competitive bids , hence, adequate returns are not available. It makes T-bills unpopular. * Generally , the investors hold T-Bills till maturity and they do not come for circulation. Hence, active trading and mobility in T-bill market is adversely affected. 4. REPURCHASE AGREEMENT (REPO AND REVERSE REPO) : Repo is a money market instrument, which enables collateralized short term borrowing and lending through sale/purchase operations in debt instruments. Under a repo transaction, a holder of securities sells them to an investor with an agreement to repurchase at a predetermined date and rate. In the case of a repo, the forward clean price of the bonds is set in advance at a level which is different from the spot clean price by adjusting the difference between repo interest and coupon earned on the security. A reverse repo is the mirror image of a repo. For, in a reverse repo, securities are acquired with a simultaneous commitment to resell. Hence whether a transaction is a repo or a reverse repo is determined only in terms of who initiated the first leg of the transaction. When the reverse repurchase transaction matures, the counterparty returns the security to the entity concerned and receives its cash along with a profit spread. One factor which encourages an organization to enter into reverse repo is that it earns some extra income on its otherwise idle cash. Broadly, there are four types of repos available in the international market when classified with regard to maturity of underlying securities, pricing, term of repo etc. They comprise buy-sell back repo, classic repo bond borrowing and lending and tripartite repos. CHALLENGES ASSOCIATED WITH REPURCHASE AGREEMENTS: * As far as risks are concerned although repos are collateralized transactions they are still exposed to counterparty risk and the issuer risk associated with the collateral. As far as the counterparty risk is concerned, the investor should be able to liquidate the securities received as collateral, thus largely offsetting any loss. Against this the seller /lender of bonds will hold cash or other securities as protection against non-return of the lent securities. In both the cases it is to be ensured that the realizable value equals or exceeds the exposure. * There is also the concentration risk resulting from illiquid issues which are used as collateral in the transaction. * Again, even where global agreements are signed full transfer of ownership as per contractual protections could be enforced only where a clean legal opinion is available in respect of jurisdiction concerned. In other words, repos are also prone to legal risks if care is not taken. 5. MONEY MARKET MUTUAL FUNDS (MMMF): 6. COLLATERALIZED BORROWING AND LENDING OBLIGATION (CBLO) It is a money market instrument as approved by RBI, is a product developed by CCIL (Clearing Council of India Ltd) . CBLO is a discounted instrument available in electronic book entry form for the maturity period ranging from one day to 90 Days (can be made available up to one year as per RBI guidelines). CBLO is explained as under: †¢ An obligation by the borrower to return the money borrowed, at a specified future date; †¢ An authority to the lender to receive money lent, at a specified future date with an option/privilege to transfer the authority to another person for value received; †¢ An underlying charge on securities held in custody (with CCIL) for the amount borrowed/lent. Banks, financial institutions, primary dealers, mutual funds and co-operative banks, who are members of NDS, are allowed to participate in CBLO transactions. Non-NDS members like corporate, co-operative banks, NBFCs, Pension/Provident Funds, Trusts etc. are allowed to participate by obtaining Associate Membership to CBLO Segment. In order to enable the market participants to borrow and lend funds, CCIL provides the Dealing System through: – Indian Financial Network (INFINET), a closed user group to the Members of the Negotiated Dealing System (NDS) who maintain Current account with RBI. – Internet gateway for other entities who do not maintain Current account with RBI.

Case 6.6 Essay

Charles Tollison, Audit Manager 1. I strongly believe that Charles Tollison is qualified for a partnership position as he puts in long hours worked year-round and solves the most difficult accounting/auditing issues. He is considered the â€Å"technician† of the company because of his abilities of micromanaging his jobs and being involved in every aspect of them. It shows that he cares for the company; but he needs to invest more time in getting more clients, contracts for the organization, rather than spending all of his time solving accounting/audit issues. These are matters that someone else can handle in order for him to qualify as a partner. 2. I strongly believe that the firm did not treat him fairly. They know very well that he is a hard worker that devotes most of his time with the company and has promised him year to year that he will get promoted. Instead, they are promoting his fellow audit manager, Craig Allan because of all the connections and the new clients he brought to the firm. They can suggest Charles Tollison to shift some of his time from the audit/accounting work and try to bring in new contracts, as that is one of the major qualifications of a partner. 3. As a large international accounting, the criteria used when evaluating individuals for promotion to a partner is to place emphasis on the individual’s behavior, personal expectations, aggressiveness, and individual achievement. Job success with international firms is primarily dependent upon the individual’s technical competence, advancement does not occur without the development of management skills. In order to be considered a partner you need to learn more sophisticated management skills such as communicating, organizing, motivating, and directing the efforts of larger and more numerous teams of staff and senior accountants. By the time a person is considered for partner, his or her primary responsibilities, in order of importance, are that of client development, staff supervision, and, finally, technical accounting activities. Thus, while technical ability is the most important skill needed at the start of a career, it is not the most important skill needed to be come a partner of a large international accounting firm. Smaller accounting firms establish different criteria for evaluation individuals for promotion to partner as is an informal process and typically based on a person’s technical competence. Promotion is somewhat limited within small accounting firms. 4. Some accounting firms manage their staffs according to an â€Å"up or out† policy governing both promotions and staff retention. The advantages of this type of management is that only those people with the potential to become partners is equivalent to retaining those with the greatest intelligence and skills, meaning a stronger and more productive work force in the firm than would exist if people with lower potential were retained, no matter how valuable they otherwise might be. Moreover, it can seem more honest and straightforward than the tendency of many employers to retain staff by giving them false indications of their future prospects for promotion. Disadvantages are the high turnover work environment of an â€Å"up or out† policy. It is one device to keep all employees constantly on their toes and exerting themselves at full speed, at times with extensive work weeks as an ongoing proposition.

The Bribery Scandal at Siemens AG Case Study Example | Topics and Well Written Essays - 1000 words

The Bribery Scandal at Siemens AG - Case Study Example The practice of bribery is perceived advantageous to parties involved since it enables them acquire business gains without having to meet expected standards, developing relationship with foreign officials or being favored by potential customers. In other instances, they can also benefits from reduction of the payouts involved, thereby resulting to increased profitability for the company. Other benefits derived by these companies from the practice of bribery are such as opportunity cost since money offered as a bribe in not considered to be in productive use. Siemens AG was involved in a case of corruption that involved bribery in 2006 and 2007, whereby this scandal involved company’s employees, who had established slush fund meant for facilitating acquisition of contracts. For instance, Siemens managers were convicted of embezzling company funds amounting to six million pounds in order to bribe foreign officials to acquire a contract involving natural-gas turbine (Akana, 1). H owever, the perception of the executives towards this case was that getting involved in bribery practice was worth it, since the employees were willing to break the law in order to gather huge profits. Other employees argued that this act was not a violation of any laws since it did not result to any personal gain; instead, it was aimed at enhancing Siemens’ positioning strategy. Nonetheless, their notions were not rational since breaking the law can never be for the right purpose; thus, despite, focusing on the benefits that to be derived from practice of bribery for the Company. Question number 2: Was the Board right in not extending Kleinfeld’s term even though he had performed well and was not personally implicated and explain? What virtuous and/or virtuous behaviors did he show with observable facts? Decision of board whereby they failed to extend Kleinfeld’s term can be considered personal due to lack of rational reason associated with the bribery scandal. This judgment is made based on considerations of the challenges that Kleinfeld was faced with as the CEO willing to rescue the company from the bribery scandal in order to sustain their growth. On the other hand, Kleinfeld had gained confidence on issues such as labor and management in the Siemens AG. Besides, there is need to understand that the scandal caused by bribery practice was not entirely Kleinfeld’s fault; in fact, employees were the once involved in the practice. The entire company should have taken the blame; instead of laying the whole burden on the CEO. The board should have considered that engagement into these practices was due to the influence increasing competition among companies, hence these illegal payments aimed at winning international contract was the only option for these employees in the emerging economies. Furthermore, Kleinfeld was not directly implicated in the scandal; thus, by the fact that he was responsible for behaviors of the employees, thi s case was out of his control. In fact, Kleinfeld was unaware of the unlawful practices that employees were engaging in within the company. In addition, the practice of bribery was hard to notice since there was commonality of spending funds amounting to four hundred and twenty million and they were unnoticeable or unquestionable (Akana, 1). Kleinfeld’