JPMorgan Chase Essay Example for Free

JPMorgan Chase Essay JPMorgan Chase is one of the oldest and most respected banks in the United States. However, during the summer of 2012 Chase announced trading losses and bad investment decisions that resulted in a loss of approximately $5.8 billion. Not only did they report this substantial loss they admitted to falsifying their first quarter reports, were they where attempting to conceal the massive loss. Three months prior to this event JPMorgan Chase was viewed as the top American bank. The first question to be discussed in this paper will be what actions can Administrative Agencies such the Securities and Exchange Commission (SEC) and or the Commodities Futures Trading Commission (CFTC) take to prevent high risk gambles in securities/banking which are one of the main cornerstones of this country’s economy. According to the SEC, their â€Å"main mission is to protect investors, to maintain fair, orderly, efficient markets and facilitate capital formation† (www.sec.gov) One of the ways that SEC does this is by requiring public companies to disclose meaningful financial information to the public to help the public decide which companies will be the best to invest in. In response to the JPMorgan Chase revelation SEC Chairperson Mary Shapiro told the Senate Banking Committee that â€Å"her agency’s investigation is limited, because the trades happened in divisions of the banking giant that are not subject to SEC regulation†. She also stated that â€Å"we (the SEC) did not have any direct oversight or knowledge of the transactions†. In addition to the above statements Ms. Shapiro stated that â€Å"the SEC’s investigation would target the appropriateness and completeness of the entity’s (JPMorgan Chase) financial reporting and other public disclosure s† (Liberto, 2012). Next I will discuss the Commodity and Futures Trading Commission’s (CFTC) main purpose as well as some of its other responsibilities. The Commodity and Futures Trading Commission’s (CFTC)  main purpose is to regulate commodity futures and options markets. Its goals include the promotion of competitive and efficient futures markets and the protection of investors against manipulation, abusive trade practices and fraud (www.sec.gov). Gary Gensler, chairman of the CFTC told the Senate Banking Committee that â€Å"he couldn’t provide specific information about the investigation, but he did say that he first learned about the questionable trades from press reports. He also stated that the CFTC does not have regulators on the ground to look at bank trades yet. Chairman Gensler also told the Banking Committee that currently, the American public is not protected in that way (e.g. having regulators looking at the trades as they happen) (Liberto, 2012). Regulators have been struggling for months trying to figure out who should be included in a new crackdown on swaps and derivatives. Swaps and derivatives are complex financial bets derived from other financial products. Gensler made it clear that once the Dodd-Frank Wall Street reforms are fully implemented it will be illegal for JPMorgan Chase to make the kinds of trades that resulted in the $5.8 billion loss. He also clarified that Dodd-Frank allows for trades made to hedge against â€Å"individual and aggregate positions† – not to guard against future economic losses, as the JPMorgan trades have been described (Liberto, 2012). Next I will cover the elements of a valid contract, as well as discuss how consumers and banks each have a duty of god faith and fair dealing in the banking relationship â€Å"A contract is a legally enforceable promise or set of promises. If the promise is broken, the person to whom the promise was mad – the promise – has certain legal rights against the person who made the promise – the promisor† (Bagley, 2012). There are 4 basic elements to a contract and they are: 1) offer and acceptance, 2) consideration, 3) both parties must have the capacity to enter into a contract, 4) the contract must have a legal purpose. â€Å"The offer is a manifestation of willingness to enter into a bargain that justifies another person in understanding that his or her assent will conclude the bargain† (Bagley, 2012). Acceptance indicates the receiving person’s willingness to enter into the agreement proposed in the offer (Bagley, 2012). Consideration is something of value that is provided by both parties (Bagley, 2012). Lastly, a valid contract requires that both parties have the capacity to enter into the agreement (Bagley, 2012. Next I will discuss the duty of god faith and fair dealing  in the consumer/banking relationship. Prior to 1929, Massachusetts expressly provided that good faith was applicable to all contracts. In 1929, the Supreme Judicial Court, in addressing a breach of contract claim under an option agreement for the purchase of stock in an oil-producing leasehold, expressly stated, for the first time, that there was an obligation of good faith and fair dealing in all contracts. The court emphasized that a business contract â€Å"is to be interpreted as a business transaction entered into by practical men to accomplish an honest and straightforward end†. Beginning in 1936, the duty of good faith was defined as a covenant â€Å"that neither party shall do anything which will have the effect of destroying or injuring the right of the other party to receive the fruits of the contract†. This â€Å"fruits† articulation of the duty of good faith remains intact today and is regularly quoted as the operative standard (Weigand, 2013). The next topic is to compare and contrast the differences between intentional and negligent tort actions. There are several types of intentional torts and they are: torts against persons, intentional torts that involve personal property, and intentional torts with regard to economic interest and business relationships. There are also several types of negligent torts. Two of which are: duty to rescue and duty to invitees. Intentional torts against consist of battery, assault, false imprisonment, intentional infliction of emotional distress, defamation, and invasion of privacy. The key word in all of these intentional torts is intent or purpose to cause harm to another. Intentional torts against property include trespass of land, nuisance, conversion, and trespass to personal property. Intent and purpose are also why these are considered intentional. The key difference between these two torts is that one is against people and the other is a misuse of another’s property. An individual has to purpose commit these acts. Negligent torts consist of different types of duties. Duty is when a person with a legal duty to another is required to act, reasonably, under the circumstances to avoid harming the other person. Some examples of this are duty to rescue and duty to invitees. Duties are basically an obligation that one person is legally bound to perform for another. In comparing the two types of torts we find that intentional torts are torts that people commit against other people. Negligence also others but it is a failure to perform that causes the injury or unjust action. An  example of this comparison is the intentional tort of battery and failure to perform the duty to rescue. When I commit battery I cause harm to another, when I fail to perform the duty to rescue the other individual also suffers harm but it is because I failed to act. In contrast intentional torts are actions committed against another and negligence is when I fail to take action on another. Next I will discuss the tort action of â€Å"interference with contractual relations and participating in a breach of fiduciary duty†. Interference with contractual relations protects the right to enjoy the benefits of legal ly binding agreements. It provides a remedy when the defendant intentionally induces another person to breach a contract with a plaintiff. Interference with contractual relations requires intent to interfere. The existence of a contract is the difference between tortuous interference and the more difficult to prove tortuous interference with prospective contractual relations. The most famous case of tortuous interference was Pennzoil v Texaco which occurred in 1983 (Bagley, 2013). Similarly a defendant who knowingly participates in, or induces a breach of fiduciary duty by another commits the tort of participation in a breach of fiduciary duty. Lastly, I believe that if god grounds exist for the interference, such as exists in the JPMorgan Chase case then I should be able to prevail in the tort action. Lastly, I will cover how banks protect the software that allows for online transactions. Most banks protect the customers who participate in online transactions through what is called the Online Banking Guarantee. This protection covers your banking and personal information. It is the banks responsibility to ensure the customers protection while the customer engages in online transactions. In most if not all case the customer is 100% covered in the case of theft of funds. One of main defenses for software protection is through complex encryption systems. Another deterrent is simply the vast amount of software that is available for online banking. So between the wide array of software and encryption systems online banking transaction are relatively safe. In this paper I have covered several topics and they are as follows: What actions Administrative Agency’s take to be effective in preventing high-risk gambles in securities and banking, the elements of a valid contract and the duty of good faith and fair dealing between banks and consumers, comparing and contrasting intentional and negligent torts, the tort action of  Ã¢â‚¬Å"Interference with contractual relations and participating in a breach of fiduciary duty, and lastly, how banks protect the software that they use for online banking. References Bagley, C. (2013). Managers and the Legal Environment: Strategies for the 21st Century, 7th Edition. Mason: South-Western, Cengage Learning. Liberto, J. (2012) CNN Money. (n.d.). Retrieved March 1, 2013, from http://money.cnn.com/2012/05/22/news/economy/jp-morgan-senate/index.htm U.S. Commodity Futures Trading Commission. (n.d.). Retrieved March 1, 2013, from U.S. Commodity Futures Trading Commission: http://www.cftc.gov/index.htm U.S. Securities and Exchange Commission. (n.d.). Retrieved March 1, 2013, from U.S. Securities and Exchange Commission: http://www.sec.gov/ Weigand, T. (2013) . The Duty of Good Faith and Fair Dealng in Commercial Contracts in Massachusetts, Massachusetts Law Review. Retrieved 10Sep13

Early Childhood Education and its Impact on Technology Essay -- essays

Early Childhood Education and its Impact on Technology Early childhood education is a time where young children develop important learning skills. Young children, aged birth through approximately 8 years (young children, 2004) interact with one another to develop social and even motor skills that they will carry with them later in life. Development in young children involves the early years in a child's physical, social-emotional, language, and cognitive development (Baur, 1998). Developmental aspects can be assessed by technology. Technology is growing everyday in our society, it is becoming a big factor in the use of early childhood education. Computer use is most popular in the classroom because it is easy for children to learn and develop learning (Clements, 1992). Computers increase social interaction and help children explore writing. Until age eight, activity of young children is symbolic since they communicate with gestures, language, and play (Shade & Caruso, 1994). The computer; therefore, provides a symbolic tool for children to use in school, which is very beneficial. As technology is a useful aspect in early childhood education, there are also negative effects. Overall, the use of technology in early childhood education has positive effects on children because it plays a major role in the learning development of young students from pre-school through out elementary school. Learning Development Learning development during early childhood is a very important part of learning. Activities and experiences that help the developmental changes in children through these years form birth to elementary school, around grades kindergarten to third grade, are aspects of early childhood education (early chil... ...that are less fortunate and can not afford technology equipment. It explains how computers in poor communities, such as cities, use computers in a negative way for drill practice on standardized tests. Clements, D.H. (1992). Technology as a learning tool. In The encyclopedia of early childhood education. (Vol. 504, pp. 369-371). New York: Garland Publishing The entry in the encyclopedia mentions why computers are a cooperative tool for children to use in the curriculum of teaching. Early childhood education (2004). Ebsco Publishing, Retrieved November 23, 2004 from ERIC database. The database gives a detailed definition of early childhood education in its thesaurus. Young children (2004). Ebsco Publishing, Retrieved November 23, 2004 from ERIC database. The database gives a detailed definition of young children in its thesaurus.

Home Burial by Robert Frost Essay

For anyone that has lost a loved one, the grief in often times unbearable. No matter what the cause of death, sadness engulfs all feelings and emotions. These feelings are further heightened when a couple loses their first child. Sometimes, the grief is just too much to take that the marriage or relationship falls apart. Grief and sadness are genuine and real emotions. People feel these in real-life situations. The poem, â€Å"Home Burial† by Robert Frost, highlights how death and the grief it causes ruins relationships. Tragedy creates barriers between people. Reader Response A reader of the poem would experience the grief and sadness in the poem. It talks about a family tragedy and grieving over the loss of a child. From my own reading, the poem gives description of the graves that further describe the theme and extends the ideas of what is happening. For example, the male character said: â€Å"The wonder is I didn’t see at once. I never noticed it from here before. I must be wonted to it – that’s the reason. The little graveyard where my people are! So small the window frames the whole of it. (Lines 21-24) But I understand: it is not the stones, But the child’s mound—† (lines 30-31) This demonstrates that the poem is depicting a sad event that had occurred and where it is mentioning the clear idea of a tragedy. I personally feel that this poem best describe a couple grieving over a loss of their only child which makes them confused as to how to just move on back to their normal life. But also with the struggle of having arguments between them, it is clear that they both have problems. Just looking at one another brings up the grief that they both cannot seem to express and this makes the poem seem even sadder to read. New Criticism – Plot The poem starts out with the narrator describing the two characters whose interaction becomes the center of the story. They speak of what they saw in the distance from a small window up above the second floor of the house. The story further continues with the two getting into a heated argument and despair over the loss of their child. An example of their argument is: â€Å"There you go sneering now!† â€Å"I’m not, I’m not! You make me angry. I’ll come down to you.   God, what a woman! And it’s come to this,   A man can’t speak of his own child that’s dead.† (Lines 72-75) As the woman attempts to leave the house, the tension between the characters heightens. The exchange of words is the climax of the plot. The denouement is reached as the woman finishes expressing her emotions. The end of the poem is signaled as the husband says: â€Å"There, you have said it all and you feel better. You won’t go now.   You’re crying.   Close the door. The heart’s gone out of it: why keep it up? Amy!   There’s someone coming down the road!† (Lines 112-115) The plot is very confrontational but also sad in a modern day view of a tragedy. It is very believable due to the realistic confrontation that is happening in the poem and how people usually react when they are in heated arguments between one another. New Criticism – Character As the characters in the poem interact, their personalities, feelings, and emotions are revealed. As the poem moves along, readers get to know each of the characters better. The poem has five characters a Man (unknown), Woman (Amy), Narrator, Child (Baby), and a Person who is unknown coming toward the house.   They all seem to be in a universal role of connecting to each other throughout the turns of events that’s occurring though each line of the poem. The characters are very realistic. The feelings they express and the manner by which they interact are common occurrences in real life. The realism is further revealed by the fact that the two main characters argue over something that is real, grief. In a way, their argument can be seen as a lovers’ quarrel. For example: He said twice over before he knew himself. â€Å"Can’t a man speak of his own child he’s lost?† Not you! — Oh, where’s my hat? Oh, I don’t need it! I must get out of here. I must get air.— I don’t know rightly whether any man can.† â€Å"Amy! Don’t go to someone else this time. Listen to me. I won’t come down the stairs.† (Lines 37-43) This demonstrates how the poem has a connection with a few characters of the poem and made the poem seem very believable in the understanding of a lover’s quarrel that is going on in the reading. In addition, the character’s speech and the tone that’s perceived from reading these lines make it feel like I am watching a live argument between a couple. This mainly shows that the reading and lines of these characters seem very believable in a notion of actually seeing this event occur in front of your very own understanding of the poem. New Criticism- Setting The realism of the poem is made more evident by the vividness of the setting. As one reads the poem, he would be able to create a picture of where the story takes place. Readers would get to see that the story is set in the late 1800’s to the early 1900’s in a two level house in the country side. There also seems to be a small graveyard that is around the back of the house which further explains that it is in the country side. The setting can be clearly pictured from the following lines of the poem: â€Å"He saw her from the bottom of the stairs Before she saw him. She was starting down† (lines 1-2). â€Å"The wonder is I didn’t see at once. I never noticed it from here before. I must be wonted to it – that’s the reason. The little graveyard where my people are! So small the window frames the whole of it† (lines 21-25). These lines demonstrate that the setting is in a two story house and that the character is describing a small graveyard that can only happen in a country side background and not in a city. This setting enhances the realism of the story because it has been described and has been given a clear idea of the current background where the event of this poem is happening. But also, the way the characters talk sounds like old English and that further proves the idea that this poem is talking about a setting in the early 1900’s.   So in a way, the poem has very clearly shown that the poem’s setting is happening in the past, and it is occurring in the country side. So in a way this has clearly shown that the setting is very believable in the description given in the poem. New Criticism- Universal Truth One of the few Universal Truth’s that I understand from the poem is that it grief and sadness can ruin relationships. When people, in this case couples, fail to express their emotions arguments arise. The lack of understanding and knowledge of what the other person needs causes tension which then leads to arguments. This is reasonable because in many relationships couples get into arguments to get to better understand the other persons needs and wants out of the relationship. For example, in the poem it, said: â€Å"Can’t a man speak of his own child he’s lost?† Not you!—Oh, where’s my hat? Oh, I don’t need it! (Lines 36-37) Amy! Don’t go to someone else this time. Listen to me. I won’t come down the stairs.† (Lines 40-41) â€Å"There something I should like to ask you, dear.† â€Å"You don’t know how to ask it.† â€Å"Help me, then.†(Lines 43-45) â€Å"There, you have said it all and you feel better. (Line 111) This demonstrates how the poems Universal Truth is trying to show the idea that a couple can get into an argument and also understand each other by talking it out with each other. In addition, it also shows how the idea of Universal Truth is trying to convey to people in real life who have the same or similar situations like in the poem can always work things out. The resolution, however, can only come about when the feelings and emotions of both individuals are fully expressed. But this is a believable idea of Universal Truth that every couple can work out their differences by telling each other how they feel and what they think. Gender- Feminism An important theme that the poem tackles is gender. The poem highlights certain issues that are present between men and women. From a feminist’s point of view, the poem is able to show that women have choices. Amy, the female character, has a choice to leave the man that she used to love. Amy has the freedom of choice and opportunity to leave her abusive relationship anytime. This is shown in the poem when the two are having a dispute: â€Å"You – oh, you think the talk is all I must go – Somewhere out of this house. How can I make you—†   Ã¢â‚¬Å"If—you—do!† She was opening the door wider. â€Å"Where do you mean to go? First tell me that. I’ll follow and bring you back by force. I will!—† (lines 116-120). This demonstrates the idea of Feminism when the character Amy wanted the choice to leave her sad and unhappy relationship. However, Amy also showed that she was in an abusive relationship that she is trying to run away from. But mainly Amy has shown that she will always have the opportunity to stand up for herself as an individual that has been oppressed by male dominance that is common in relationships. Gender- Masculinism Analyzing the poem from a masculinist perspective, it is evident that genuine concerns in relationships between men and women are shown. The male character is right for trying to talk to Amy about their problems as a couple. He tries his best to maintain his relationship as man who tries to understand Amy’s grieving over the loss of their child. For example, even when Amy did not want to talk about their lost of the child he said: â€Å"Can’t a man speak of his own child he’s lost?† â€Å"Not you! – Oh, where’s my hat? Oh, I don’t need it! I must get out of here. I must get air.— I don’t know rightly whether any man can.† â€Å"Amy! Don’t go to someone else this time. Listen to me. I won’t come down the stairs.†(Lines 38-43) â€Å"There’s something I should like to ask you, dear.† â€Å"You don’t know how to ask it.† â€Å"Help me, then.†(Lines 45-47) This demonstrates the man is trying his best to do what is right to fix his relationship and further repair the disillusion that he is a villain in this poem for wanting to bury in own child. Furthermore, the evidence in this is genuine because every man who tries to make things right in a relationship never really is given a chance to. In addition, why the man is right for what he does is because he is trying not to further upset Amy’s emotion over the lost of their child. But also as a man this is his civil duty is to fix any problems in his relationship between him and his woman Amy.

The True Meaning of Success Essay - 671 Words

What is success? Success stems from hard work, dedication, and motivation. Success is comparable to chef’s perfect recipes, an engineer’s final drawing, or a scientist’s research, which leads to saving lives. Without trial and error, there is no such thing as success. A large contributor to ones success is making mistakes and then learning from those mistakes. Just like the perfect recipe from a chef, an engineer’s final drawing or a scientist’s research, people may fail the first time but with trial and error it can be perfected. No one is perfect. The key to success is to have a passion for whatever it is someone chooses to do. Passion is the fuel that ignites the fire. Many people live heir life with a career that they do not love, or†¦show more content†¦I could finally say I was ready. I was motivated, dedicated, ready to work hard and had finally found my passion. After finding my passion in computer science, my motivation and dedicat ion increased drastically. I believe my passion stemmed from my job in the NAVY, which was an Operation Specialist. I started looking into computer programming and to my surprise I fell in love with it. I wish that I always had a passion for school as I do now. I am paying for my mistakes I made in college and even high school, but I am not going to give up. My passion for computer science has me setting goals that many people would find unrealistic. I know the things that I am capable of, and I will not give up until my expectations are surpassed. I am back in school for myself first, but I am also doing this for my husband and son. I want my family to be proud of me. Eventually, I would like to use my computer science degree to be a part of a group that invents new programs that save peoples lives and help accommodate peoples daily lives. I had found such a passion in computer science that I feel my career will come to me when I am ready just as computer science did. 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