Stereotypes and Stereotyping - Stereotypical Female in Im Your Horse i

A Stereotypical Female in I'm Your Horse in the Night  Ã‚  Ã‚  Ã‚   Luisa Valenzuela's short story titled "I'm Your Horse in the Night" is a thought provoking piece of literature. The story is written in such a way that the reader must interpret what is meant by what is being said. Although it is easy to go into depth when describing the elements of this piece, the storyline is rather simple. The story contains an assortment of characters; with those characters being Chiquita, Beto, Andres, and several policemen. The time and location are unknown. The telephone tells us that the time period is of somewhat modern times, and the Spanish ethnicity would most likely relate to the setting being that of a Spanish colonization. The narration of the story is first person persona told by Chiquita throughout. Aside from the geographic location of the setting, it is the home of a woman who lives on her own. She is in love with a man who she calls Beto. The woman hasn't heard from Beto in months, but she practically fantasizes about him every night. One morning she is awaken by   a mysterious phone call. She thought it was a man she calls Andres, but then the man hangs up and she is left hearing that Beto is dead. Chiquita called the police. They showed up only to harass her and tear apart her house, asking questions about Beto, which Chiquita was unable to answer. The police conclude their search by taking Chiquita to jail. She is left to ponder what is going on with Beto, the man she loved. The short story summarized above illustrates the common stereotypical theme of a female wanting to be loved by a man who in turn only wants the woman for her sex. The characters in this short story would have to be... ...ng and complexities, making it into a complete literary piece. Certain areas of the story were open for interpretation, giving the story line more than one path to go by, making it an ambiguity within itself. Every sentence adds to what the reader is able to see and comprehend as far as this particular story goes. Overall the theme is clearly that of a female simply wanting to be loved, and a male wanting sexual pleasure. This piece just glorifies the common occurrence with the verisimilitude of the main characters making the story come to life for the reader. The main characters within the story are a good example of reality when it comes to seeing the differences between males and females during an event such as this. Valenzuela's story does a good job of taking a common theme, and turning it into an exciting, thought provoking piece to read. Stereotypes and Stereotyping - Stereotypical Female in I'm Your Horse i A Stereotypical Female in I'm Your Horse in the Night  Ã‚  Ã‚  Ã‚   Luisa Valenzuela's short story titled "I'm Your Horse in the Night" is a thought provoking piece of literature. The story is written in such a way that the reader must interpret what is meant by what is being said. Although it is easy to go into depth when describing the elements of this piece, the storyline is rather simple. The story contains an assortment of characters; with those characters being Chiquita, Beto, Andres, and several policemen. The time and location are unknown. The telephone tells us that the time period is of somewhat modern times, and the Spanish ethnicity would most likely relate to the setting being that of a Spanish colonization. The narration of the story is first person persona told by Chiquita throughout. Aside from the geographic location of the setting, it is the home of a woman who lives on her own. She is in love with a man who she calls Beto. The woman hasn't heard from Beto in months, but she practically fantasizes about him every night. One morning she is awaken by   a mysterious phone call. She thought it was a man she calls Andres, but then the man hangs up and she is left hearing that Beto is dead. Chiquita called the police. They showed up only to harass her and tear apart her house, asking questions about Beto, which Chiquita was unable to answer. The police conclude their search by taking Chiquita to jail. She is left to ponder what is going on with Beto, the man she loved. The short story summarized above illustrates the common stereotypical theme of a female wanting to be loved by a man who in turn only wants the woman for her sex. The characters in this short story would have to be... ...ng and complexities, making it into a complete literary piece. Certain areas of the story were open for interpretation, giving the story line more than one path to go by, making it an ambiguity within itself. Every sentence adds to what the reader is able to see and comprehend as far as this particular story goes. Overall the theme is clearly that of a female simply wanting to be loved, and a male wanting sexual pleasure. This piece just glorifies the common occurrence with the verisimilitude of the main characters making the story come to life for the reader. The main characters within the story are a good example of reality when it comes to seeing the differences between males and females during an event such as this. Valenzuela's story does a good job of taking a common theme, and turning it into an exciting, thought provoking piece to read.

Financial Derivative Case Studies Essay

INTRODUCTION Financial derivatives have crept into the nation’s popular economic vocabulary on a wave of recent publicity about serious financial losses suffered by municipal governments, well-known corporations, banks and mutual funds that had invested in these products. Congress has held hearings on derivatives and financial commentators have spoken at length on the topic. Derivatives, however remain a type of financial instrument that few of us understand and fewer still fully appreciate, although many of us have invested indirectly in derivatives by purchasing mutual funds or participating in a pension plan whose underlying assets include derivative products. In a way, derivatives are like electricity. Properly used, they can provide great benefit. If they are mishandled or misunderstood, the results can be catastrophic. Derivatives are not inherently â€Å"bad.† When there is full understanding of these instruments and responsible management of the risks, financial derivatives can be useful tools in pursuing an investment strategy. DERIVATIVES: A derivative is a contractual relationship established by two (or more) parties where payment is based on (or â€Å"derived† from) some agreed-upon benchmark. Since individuals can â€Å"create† a derivative product by means of an agreement, the types of derivative products that can be developed are limited only by the human imagination. Therefore, there is no definitive list of derivative products. Why Have Derivatives? Derivatives are risk-shifting devices. Initially, they were used to reduce exposure to changes in foreign exchange rates, interest rates, or stock indexes. For example, if an American company expects payment for a shipment of goods in British Pound Sterling, it may enter into a derivative contract with another party to reduce the risk that the exchange rate with the U.S. Dollar will be more unfavorable at the time the bill is due and paid. Under the derivative instrument, the other party is obligated to pay the company the amount due at the exchange rate in effect when the derivative contract was executed. By using a derivative product, the company has shifted the risk of exchange rate movement to another party. More recently, derivatives have been used to segregate categories of investment risk that may appeal to different investment strategies used by mutual fund managers, corporate treasurers or pension fund administrators. These investment managers may decide that it is more beneficial to assume a specific â€Å"risk† characteristic of a security. For instance, several derivative products may be created based on debt securities that represent an interest in a pool of residential home mortgages. One derivative product may provide that the purchaser receives only the interest payments made on the mortgages while another product may specify that the purchaser receives only the principal payments. These derivative products, which react differently to movements in interest rates, may have specific appeal to different investment strategies employed by investment managers. The financial markets increasingly have become subject to greater â€Å"swings† in interest rate movements than in past decades. As a result, financial derivatives have appealed to corporate treasurers who wish to take advantage of favorable interest rates in the management of corporate debt without the expense of issuing new debt securities. For example, if a corporation has issued long term debt with an interest rate of 7 percent and current interest rates are 5 percent, the corporate treasurer may choose to exchange (i.e., Swap), interest rate payments on the long term debt for a floating interest rate, without disturbing the underlying principal amount of the debt itself. RISK INVOLE IN DERIVATIVES: There are four risk associated with derivatives. * Market risk * Operational risk * Counter party credit risk * Legal risk Market risk: The risk to earnings from adverse movements in market prices. Operational risk: The risk of losses occurring as a result of inadequate systems and control, human error, or management failure. Counter party credit risk: The risk that a party to a derivative contract will fail to perform on its obligation. Exposure to counterparty credit risk is determined by the cost of replacing a contract if a counterparty (as a party to a derivatives contract is known) were to default. Legal risk: The risk of loss because a contract is found not to be legally enforceable. Derivatives are legal contracts. Like any other contract, they require a legal infrastructure to provide for the resolution of conflicts and the enforcement of contract provisions. CORPORATION: BARING: Barings PLC was the oldest merchant bank in Great Britain. Founded in 1762. With total shareholder equity of  £440 million, it was far from the largest or most important banking organization in Great Britain. Barings had long enjoyed a reputation as a conservatively run institution. But that reputation was shattered on February 24, 1995, when Peter Baring, the bank’s chairman, contacted the Bank of England to explain that a trader in the firm’s Singapore futures subsidiary had lost huge sums of money speculating on Nikkei-225 stock index futures and options. In the days that followed, investigators found that the bank’s total losses exceeded US$1 billion, a sum large enough to bankrupt the institution. STRATEGIES AND TRANSACTION: CONTEXT: In 1992, Barings sent Nicholas Leeson, a clerk from its London office, to manage the back-office accounting and settlement operations at its Singapore futures subsidiary. Baring Futures (Singapore), hereafter BFS, was established to enable Barings to execute trades on the Singapore International Monetary Exchange (SIMEX). The subsidiary’s profits were expected to come primarily from brokerage commissions for trades executed on behalf of customers and other Barings subsidiaries. Most of BFS’s business was concentrated in executing trades for a limited number of financial futures and options contracts. These were the Nikkei-225 contract, the 10 year Japanese Government Bond (JGB) contract, the three-month Euroyen contract, and options on those contracts (known as futures options). The Nikkei-225 contract is a futures contract whose value is based on the Nikkei-225 stock index, an index of the aggregate value of the stocks of 225 of the largest corporations in Japan. The JGB contract is for the future delivery of ten-year Japanese government bonds. The Euroyen contract is a futures contract whose value is determined by changes in the three-month Euroyen deposit rate. A futures option is a contract that gives the buyer the right, but not the obligation, to buy or sell a futures contract at a stipulated price on or before some specified expiration date. STRATEGIES: During late 1992 or early 1993, Leeson was named general manager and head trader of BFS. Leeson never relieved his authority over the subsidiary’s back-office operations when his responsibilities expanded including trading. Barings’s management understood that such trading involved arbitrage in Nikkei-225 stock index futures and 10-year Japanese Government Bond (JGB) futures. Both contracts trade on SIMEX and the Osaka Securities Exchange (OSE). Leeson soon embarked upon a much riskier trading strategy. Rather than engaging in arbitrage, as Barings management believed, he began placing bets on the direction of price movements on the Tokyo stock exchange. Leeson’s reported trading profits were spectacular. His earnings soon came to account for a significant share of Barings total profits; the bank’s senior management regarded him as a star performer. After Barings failed, however, investigators found that Leeson’s reported profits had been fictitious from the start. By manipulating information on his trading activity, Leeson was able to conceal his trading losses and report large profits instead. A major part of Leeson’s trading strategy involved the sale of options on Nikkei-225 futures contracts. The seller of an option earns a premium in return for accepting the obligation to buy or sell the underlying item at a stipulated strike price. If the option expires â€Å"out-of-the money,† the option premium becomes the seller’s profit. If prices turn out to be more volatile than expected, however, an option seller’s potential losses are virtually unlimited. Sometime in 1994, Leeson began selling large numbers of option straddles, a strategy that involved the simultaneous sale of both calls and puts on Nikkei-225 futures. TRANSACTION: Leeson’s trading losses from 1992 through the end of February 1995. By the end of 1992—just a few months after he had begun trading—Leeson had accumulated a hidden loss of  £2 million. until October 1993, when his losses began to rise sharply. He lost another  £21 million in 1993 and  £185 million in 1994. Total cumulative losses at the end of 1994 stood at  £208 million. That amount was slightly larger than the  £205 million profit reported by the Barings Group as a whole, before accounting for taxes and for  £102 million in scheduled bonuses. By January 1, 1995, Leeson was short 37,925 Nikkei calls and 32,967 Nikkei puts. He also held a long position of just over 1,000 contracts in Nikkei stock index futures, which would gain in value if the stock market were to rise. WHAT WENT WRONG? HOW WAS THE LOSS ACCUMULATED? Disaster struck on January 17 when news of a violent earthquake in Kobe, Japan, sent the Japanese stock market into a tailspin. Over the next five days, the Nikkei index fell over 1,500 points Leeson’s options positions sustained a loss of  £68 million. As stock prices fell, he began buying massive amounts of Nikkei stock index futures. By February 6, the Japanese stock market had recovered by over 1,000 points, making it possible for Leeson to recoup most of the losses resulting from the market’s reaction to the earthquake. cumulative losses on that date totaled  £253 million, about 20 percent higher than they had been at the start of the year but within some days market began to fall again making losses to multiply. Barings faced massive margin calls as Leeson’s losses mounted. While these margin calls raised eyebrows at the bank’s London and Tokyo offices, they did not prompt an immediate inquiry into Leeson’s activities. It was not until Feb ruary 6 that Barings’s group treasurer, Tony Hawes, flew to Singapore to investigate irregularities with the accounts at BFS. Barings had committed a total of  £742 million to finance margin calls for BFS. WHO WAS RESPONSIBLE FOR THE LOSS? Some observers blame this lack of communication on the rivalry between the two exchanges. Communication between SIMEX and the OSE was minimal, however this lack of communication not only helped make it possible for Leeson to accumulate large losses but also hampered efforts to contain the damage once Barings collapsed. The exchange’s attitude toward Barings was influenced in part by the bank’s strong international reputation, but its willingness to relax normal risk management guidelines also may have been attributable to its desire to attract business. Events surrounding the collapse of Barings have served to highlight weaknesses in risk management on the part of SIMEX and other futures exchanges. Barings’ collapse was due to the unauthorized and ultimately catastrophic activities of, it appears, one individual (Leeson) that went undetected as a consequence of a failure of management and other internal controls of the most basic kind. Management failed at various levels and in a variety of ways WHAT LESSONS ARE TO BE LEARNED FROM THE CASE/ DISASTER? HIGHLIGHTED WEAKNESS: (1) The lack of communication between securities and futures exchanges and regulators in different countries, and (2) Conflicting laws on the legal status of customer accounts at futures brokers and clearing agents in the event of insolvency. These weaknesses can be addressed only by increased international cooperation among futures exchanges, regulators, and lawmakers. * Management teams have a duty to understand fully the businesses they manage. * Responsibility for each business activity has to be clearly established and communicated. * Clear segregation of duties is fundamental to any effective control system. * Relevant internal controls, including independent risk management, have to be established for all business activities. * Top management and the Audit Committee have to ensure that significant weaknesses, identified to them by internal audit or otherwise, are resolved quickly. METALLGESELLSCHAFT: Metallgesellschaft AG (hereafter, MG) is a large industrial conglomerate engaged in a wide range of activities, from mining and engineering to trade and financial services. In December 1993, the firm reported huge derivatives-related losses at its U.S. oil subsidiary, Metallgesellschaft Refining and Marketing (MGRM). STRATEGIES AND TRANSACTION: CONTEXT: In 1992, MGRM began implementing an aggressive marketing program in which it offered long-term price guarantees on deliveries of gasoline, heating oil, and diesel fuels for up to five or ten years. The first was a â€Å"firm fixed† program, under which a customer agreed to fixed monthly deliveries at fixed prices. The second, known as the â€Å"firm-flexible† contract, specified a fixed price and total volume of future deliveries but gave the customer some flexibility to set the delivery schedule. STRATEGY: By September 1993, MGRM had committed to sell forward the equivalent of over 150 million barrels of oil for delivery at fixed prices, with most contracts for terms of ten years. Both types of contracts included options for early termination. These â€Å"cash-out provisions† permitted customers to call for cash settlement on the full volume of outstanding deliveries if market prices for oil rose above the contracted price. Its contracted delivery prices reflected a premium of $3 to $5 per barrel over the prevailing spot price of oil. MGRM sought to offset the exposure resulting from its delivery commitments by buying a combination of short-dated oil swaps and futures contracts as part of a strategy known as a â€Å"stack-and-roll† hedge. TRANSACTION: In its simplest form, a stack-and-roll hedge involves repeatedly buying a bundle, or â€Å"stack,† of short dated futures or forward contracts to hedge a longer-term exposure. Each stack is rolled over just before expiration by selling the existing contracts while buying another stack of contracts for a more distant delivery date; hence the term stack-and-roll. MGRM implemented its hedging strategy by maintaining long positions in a wide variety of contract months, which it shifted between contracts for different oil products (crude oil, gasoline, and heating oil) in a manner intended to minimize the costs of rolling over its positions. Had oil prices risen, the accompanying gain in the value of MGRM’s hedge would have produced positive cash flows that would have offset losses stemming from its commitments to deliver oil at below-market prices. As it happened, however, oil prices fell even further in late 1993. Moreover, declines in spot and near-term oil futures and forward prices significantly exceeded declines in long-term forward prices. As a result, contemporaneous realized losses. WHAT WENT WRONG? HOW WAS THE LOSS ACCUMULATED? Decline in oil prices caused funding problems for MGRM. The practice in futures markets of marking futures contracts to market at the end of each trading session forced the firm to recognize its futures trading losses immediately, triggering huge margin calls. Normally, forward contracts have the advantage of permitting hedgers to defer recognition of losses on long-term commitments. But MGRM’s stack-and-roll hedge substituted short-term forward contracts (in the form of short-term energy swaps maturing in late 1993) for long-term forward contracts. As these contracts matured, MGRM was forced to make large payments to its counterparties, putting further pressure on its cash flows. At the same time, most offsetting gains on its forward delivery commitments were deferred. MG reported losses of DM 1.8 billion on its operations for the fiscal year ended September 30, 1993, in addition to the DM 1.5 billion loss auditors attributed to its hedging program as of the same date. WHO WAS RESPONSIBLE FOR THE LOSS? MG’s board of supervisors fired the firm’s chief executive and installed new management. The board instructed MG’s new managers to begin liquidating MGRM’s hedge and to enter into negotiations to cancel its long-term contracts with its customers. This action further complicated matters. The actions of MG’s board of supervisors in this incident have spurred widespread debate and criticism, as well as several lawsuits. Some analysts argue that MGRM’s hedging program was seriously flawed and that MG’s board was right to terminate it. Others, including Nobel Prize-winning economist Merton Miller, argue that the hedging program was sound and that MG’s board exacerbated any hedging-related losses by terminating the program too early. WHAT LESSONS ARE TO BE LEARNED FROM THE CASE/ DISASTER? Considering the debate over the merits of MGRM’s hedging strategy, it would seem naive simply to blame the firm’s problems on its speculative use of derivatives. It is true that MGRM’s hedging program was not without risks. But the firm’s losses are attributable more to operational risk—the risk of loss caused by inadequate systems and control or management failure—than to market risk. If MG’s supervisory board is to be believed, the firm’s previous management lost control of the firm and then acted to conceal its losses from board members. If one sides with the firm’s previous managers (as well as with Culp, Hanke, and Miller), then the supervisory board and its bankers misjudged the risks associated with MGRM’s hedging program and panicked when faced with large, short-term funding demands. Either way, the loss was attributable to poor management. FINAL CONCLUSION OF BOTH CASES: The cases of Metallgesellschaft and Barings provide an interesting study in contrasts. Both cases involve exchange-traded derivatives contracts. In both cases, senior management has been criticized for making an insufficient effort to understand fully the activities of their firms’ subsidiaries and for failing to monitor and supervise the activities of those subsidiaries adequately. But while critics have faulted MG’s management for overreacting to the large margin calls faced by one of its subsidiaries, Barings’s management has been faulted for being overly complacent in the face of a large number of warning signs. If these two disparate incidents offer any single lesson, it is the need for senior management to understand the nature of the firm’s activities and the risks that those activities involve.

Top Worthy but Unsung R and B Artists of the 80s

The Great Gatsby By F. Scott Fitzgerald Essay - 1653 Words

Nick Caraway, from F. Scott’s Fitzgerald’s The Great Gatsby, once found himself â€Å". . . standing beside [Mr. McKee’s] bed and [Mr. McKee] was sitting up between the sheets, clad in his underwear, with a great portfolio in his hands† (Fitzgerald 38). Nick’s thoughts and actions in this odd circumstance spark numerous questions on his sexuality. While Fitzgerald uses covert implications to support the idea Nick is a homosexual, he also preserves plausible deniability that perhaps the scene was just a drunken hallucination. Yet it has been speculated that, due to the time period, Nick was forced to hide his desires through interactions with the â€Å"feminine man† (Fitzgerald 30), Mr. McKee or the masculine woman, Ms. Jordan Baker. Similarly, other literary figures have been caught between societal expectations of proper behavior and their own definitions of true happiness. Other characters that have faced this choice are French diplomat Re ne Gallimard and opera singer Song Liling from David Henry Hwang’s M. Butterfly. Based loosely on true events, the play chronicles Gallimard’s doomed love story with Song, who is actually a male spy for Communist China. For twenty years, Gallimard claims he did not know of Song’s gender, yet Hwang’s covert implications support the idea both Gallimard and Song were homosexuals who had to hide their preferences in order to survive in their respective societies. Gallimard’s latent homosexuality manifests itself in the symbol of his prison cell whileShow MoreRelatedThe Great Gatsby by F. Scott Fitzgerald1393 Words   |  6 PagesF. Scott Fitzgerald was the model of the American image in the nineteen twenties. He had wealth, fame, a beautiful wife, and an adorable daughter; all seemed perfect. Beneath the gilded faà §ade, however, was an author who struggled with domestic and physical difficulties that plagued his personal life and career throughout i ts short span. This author helped to launch the theme that is so prevalent in his work; the human instinct to yearn for more, into the forefront of American literature, where itRead MoreThe Great Gatsby By F. Scott Fitzgerald1343 Words   |  6 PagesHonors English 10 Shugart 18 Decemeber 2014 The Great Gatsby F. Scott Fitzgerald s 1925 novel The Great Gatsby is a tragic love story, a mystery, and a social commentary on American life. The Great Gatsby is about the lives of four wealthy characters observed by the narrator, Nick Carroway. Throughout the novel a mysterious man named Jay Gatsby throws immaculate parties every Saturday night in hope to impress his lost lover, Daisy Buchanan. Gatsby lives in a mansion on West Egg across from DaisyRead MoreThe Great Gatsby By F. Scott Fitzgerald1155 Words   |  5 PagesThe Great Gatsby The Jazz Age was an era where everything and anything seemed possible. It started with the beginning of a new age with America coming out of World War I as the most powerful nation in the world (Novel reflections on, 2007). As a result, the nation soon faced a culture-shock of material prosperity during the 1920’s. Also known as the â€Å"roaring twenties†, it was a time where life consisted of prodigality and extravagant parties. Writing based on his personal experiences, author F. ScottRead MoreThe Great Gatsby By F. Scott Fitzgerald1166 Words   |  5 Pagesin the Haze F. Scott Fitzgerald lived in a time that was characterized by an unbelievable lack of substance. After the tragedy and horrors of WWI, people were focused on anything that they could that would distract from the emptiness that had swallowed them. Tangible greed tied with extreme materialism left many, by the end of this time period, disenchanted. The usage of the literary theories of both Biographical and Historical lenses provide a unique interpretation of the Great Gatsby centered aroundRead MoreThe Great Gatsby by F. Scott Fitzgerald845 Words   |  3 PagesIn F. Scott Fitzgerald’s novel, The Great Gatsby, colors represent a variety of symbols that relate back to the American Dream. The dream of being pure, innocent and perfect is frequently associated with the reality of corruption, violence, and affairs. Gatsby’s desire for achieving the American Dream is sought for through corruption (Schneider). The American Dream in the 1920s was perceived as a desire of w ealth and social standings. Social class is represented through the East Egg, the WestRead MoreThe Great Gatsby By F. Scott Fitzgerald Essay970 Words   |  4 Pagesrespecting and valuing Fitzgerald work in the twenty-first century? Fitzgerald had a hard time to profiting from his writing, but he was not successful after his first novel. There are three major point of this essay are: the background history of Fitzgerald life, the comparisons between Fitzgerald and the Gatsby from his number one book in America The Great Gatsby, and the Fitzgerald got influences of behind the writing and being a writer. From childhood to adulthood, Fitzgerald faced many good andRead MoreThe Great Gatsby By F. Scott Fitzgerald2099 Words   |  9 Pagesauthor to mirror his life in his book. In his previous novels F. Scott Fitzgerald drew from his life experiences. He said that his next novel, The Great Gatsby, would be different. He said, â€Å"In my new novel I’m thrown directly on purely creative work† (F. Scott Fitzgerald). He did not realize or did not want it to appear that he was taking his own story and intertwining it within his new novel. In The Great Gatsby, by F. Scott Fitzgerald, he imitates his lifestyle through the Buchanan family to demonstrateRead MoreThe Great Gatsby By F. Scott Fitzgerald1607 Words   |  7 Pages The Great Gatsby is an American novel written in 1925 by F. Scott Fitzgerald. One of the themes of the book is the American Dream. The American Dream is an idea in which Americans believe through hard work they can achieve success and prosperity in the free world. In F. Scott Fitzgerald s novel, The Great Gatsby, the American Dream leads to popularity, extreme jealousy and false happiness. Jay Gatsby’s recent fortune and wealthiness helped him earn a high social position and become one of the mostRead MoreThe Great Gatsby By F. Scott Fitzgerald1592 Words   |  7 PagesMcGowan English 11A, Period 4 9 January 2014 The Great Gatsby Individuals who approach life with an optimistic mindset generally have their goals established as their main priority. Driven by ambition, they are determined to fulfill their desires; without reluctance. These strong-minded individuals refuse to be influenced by negative reinforcements, and rely on hope in order to achieve their dreams. As a man of persistence, the wealthy Jay Gatsby continuously strives to reclaim the love of hisRead MoreThe Great Gatsby By F. Scott Fitzgerald1646 Words   |  7 PagesThe 1920s witnessed the death of the American Dream, a message immortalized in F. Scott Fitzgerald’s The Great Gatsby. Initially, the American Dream represented the outcome of American ideals, that everyone has the freedom and opportunity to achieve their dreams provided they perform honest hard work. During the 1920s, the United States experienced massive economic prosperity making the American Dream seem alive and strong. However, in Fitzgerald’s eyes, the new Am erican culture build around that

William Shakespeare s Julius Caesar - 1011 Words

Kendra McConkey Mrs. Taylor ENG2DL Monday, May 4th Brutus is a Hero In a play, there are always heroes and villains. A hero is someone who is admired or idealized for courage, outstanding achievement, and has noble qualities. In Julius Caesar, Brutus is an example of this. Despite the death of Caesar, Brutus is a hero. This shows when he is noble, honest, and admired by other characters in the play. Nobility has a huge role within characters throughout the play, in fact Brutus is very noble which proves he is a hero. Firstly, Brutus is at the funeral and he shows a great amount of respect and compassion for Caesar during his speech. He says, â€Å"As Caesar [had loved] me, I weep for him† (III.ii.23-25). Brutus is being noble to the†¦show more content†¦Finally, Brutus is overall noble for the city of Rome. He kills Caesar because he is true to the conspiracy but most of all he kills him for the better of the people. Caesar questions, â€Å"Et tu, Brut? Then fall Caesar† (III.i.85). This shows Caesar realizes if Brutus, his friend, has stabbed him along with the other conspirators then there must be a noble and important reason why. Brutus is being noble yet again to the people and Rome by doing this. Through these examples it is clear that Brutus shows he is a hero by the noble situations he is apart of. With Brutus nobility, his responsibility is also what makes him a hero in the play. Brutus first changes his opinion on Caesar. Brutus says, â€Å"Remorse from power. And to speak truth of Caesar,/ I have not known when his affections [had sway d]/More than his reason. But tis a common proof/That lowliness is young ambition s ladder† (II.i.19-22). Brutus knows he has to be responsible for Caesar because of his decision to join the conspiracy and kill him. This shows the trust he has in Lucius and the responsibility he takes so Caesar does not climb to power where he can not be stopped. Brutus then takes responsibility for his own actions and admits to regret. â€Å"Friends, I owe my tears/ To this dead man than you shall see me pay./ I shall find time, Cassius, I shall find time† (IV.iii.101-103). Brutus is proving himself responsible for his actions and he tells Cassius the consequences will pay off

Economic of Banking and Finance Transaction Cost Theory

Question: Discuss about the Economic of Banking and Finance for Transaction Cost Theory. Answer: Introduction The following report discusses about the role of financial market, financial intermediary, and the financial securities in the financial system of the company. Credit lending is an accounting term either it decrease the assets or increase the liability. Thus, lender checks the revenue and the financial position of the borrower. Moreover, this report discusses the role of asymmetric information before and after the transaction made. There are many problem and issue with the DBS bank at the time of transaction, which is resolve with the help different theories like transaction cost theory, delegated monitoring theory and economic scale theory. This report also discusses the key business activities of the Noble group and role of financial market and financial securities in the financial system of the company. Academic Review With the increase in economic activities in any country, it becomes necessary that strong and healthy financial system is in place to support such activities. Kunt et al. (2011) and may other scholars validate the financial systems and their components hold importance in facilitating smooth conduction of business activities for economic development. Adrian and Shin (2010) propose that financial intermediaries can play an important role in ensuring that all rules, regulations and diligence is followed while conducting financial transactions of the business especially those that are heavily engaged in money and capital markets. This will involve taking appropriate measure before and after lending, reducing information asymmetry and act as an agent during any conflict. Financial Intermediary Financial intermediary hold a very important role in the flow of money in the financial world. A financial intermediary is an institution or individual that acts as a middle man between two parties at the time of financial transaction, such as commercial bank, investment bank, and mutual funds. A financial intermediary is typically a bank that provides the funds to the user of funds (Dilley, 2012). Financial intermediary can offer different types of benefit to the average customer such as- safety, liquidity and economies of scale. Bank is a financial intermediary that provides a dazzling variety of financial service. Role of Financial Intermediary Being a Financial intermediary, DBS bank plays several roles as a financial intermediary. It repackages the deposits of the investor into loans, which are provided to the firms. Through the implementation of this, small deposits of the individual consolidated in the form of large amount to firms. Bank diversifies the loans among several borrowers, because it has so much money. In this way, bank increase its ability to identify the individual defaulted loans by reducing the risk of loan defaulter (Golin and Delhaise, 2013). As a financial intermediary bank provides information to the market participants, by which they make the decision about the deposits. Further, financial intermediary is providing external finance to the firms that are new and it required funds to establish their business. Credit Lending Credit landing is the amount of money that lent to an individual or any firm for their personal, family, household, and business purpose. This loan is monitored by the government regulatory agencies for their compliance. Credit lending is contractual agreement in which borrower receive some amount and agrees to repay it to the lender at some date in future with the interest (Property Metrics, 2016). Credit lending is an accounting term that either decrease asset or increase liability of the business. Cautions in Credit Lending Being a financial intermediary, DBS bank cautions some factor, while lending money to its customers. In the present market context, lender is checked the financial condition and market condition of the borrower for successfully complete the proposed project at time. Apart from this, Lender checks the business revenue and annual income of the customer before lending money to borrower. Through the implementation of this, bank should find out the credit worthiness position of the customer (Ansaloni, 2012). In addition to caution in credit lending, bank should check the background position of the customer under which bank check the liquidity risk, defaulter risk, and interest risk in context of customer. Asymmetric Information Asymmetric information is a very important concept that is widely used in the financial world. It refers that one party has more or better information than the other party when making transactions. Improper information is the reason of an imbalance of power. Role of Asymmetric Information Lack of information causes for the economic imbalances that result in adverse selection and moral hazards problems occurs. Under the adverse selection, sellers have more information about the product. If the quality cannot be measured, the buyer is willing to pay high price that reflects the average quality (Greebbaum et al., 2015). In the Moral hazard, action is taken by the borrower. This problem occurs after the transaction is made. For this reason, it reduces the probability that loan will repaid. Measures before Loan Granted Due to the asymmetric information, DBS bank has to follow some measures before granting loan to the borrower such as- Liquidity, data sharing, profitability, safely and security, purpose of the borrow amount, sources of repayment and social responsibility. Credit referencing is a very important tool by which bank can avoid the problem of Asymmetric information (Schwalbe, 2012). Under this, bank must rank to the firms on the basis of their repayment ability. Measures after Loan Granted Being a financial intermediary, DBS bank has to measure some information after the transaction is made. Bank has to check regularly the financial updates of the borrower. In addition to this, there are many factors which are measured by the lender after the loan granted such as- market value of the collateral security, business plan of the borrower, financial details and market position of the business (Onyiriuba, 2015). Problems / Issues in Lending There are many problems/ issues occur with the DBS bank such as transaction cost, selection issue and many other issues, while it lending money to its borrower. That can be defined with some theories, which are covered as below: Transaction costs reduction theory Transaction cost refers to the cost of transferring between the lender and Borrower. This theory followed by DBS bank to reduce the loss after issued the latter of demand to the company. Through the implementation of this theory, Bank reduces the cost of recovering the loan amount (Pilbeam, 2010). On the other hand, It also refer to reduce some risk, which always involve in the financial transaction such as- search cost, Arrangement fees, professional advise fee, and covenant compliance cost. Informational Economies of Scale theory Due to implementation of this theory, DBS bank faced the problem related to the adverse selection and moral hazard. To overcome this issue, bank should develop the expertise in information that enables them to select a good risk. So bank has to take care of this type of issue in future. At the same time, bank has to measure the information of borrowers transactions held with bank (THE TREASURY, 2016). In addition to this, bank should used different types of tool reduce the risk after issued letter of credit to the company such as: monitoring, government regulation to increase information, financial intermediary active in the equity market, and debts contact. Delegated Monitoring Theory This theory is useful by DBS bank for resolving the problems related to incentive between the borrower and lender after issued the letter of demand to company. On the other hand, this theory provides the best contract to the bank so that legal protection is strong for the bank. At the same time, delegated monitoring is helpful to reduce the transaction cost and deriving the technology in the bank (CESP, 2016). Benefit of delegated monitoring is raised because of skills and the reduction of duplication work. 2. Financial System Financial system is the process and procedure used by the organization to exercise the financial control and accountability. A financial system is covered the financial transactions and exchange the money between lender and borrower. The Singapore financial system is highly developed and well regulated and it offers a wide range of non banking service. The financial system of Singapore has the analytical and operation capabilities to do effectively (Monetary Authority of Singapore, 2016). There are many component of Singapore financial system, which describe as below- Financial Markets Financial market is a broad term that describes a market place, where buyer and seller equally participate in the trade of assets like equity, bond, currencies, and derivatives through the financial intermediaries. Financial market increased the overall production and efficiency of the economy. Financial market of the Singapore is unique in which government played a major role for creating an eco-system that nurtured quality growth (Burton el al., 2015). Financial market of Singapore was able to leverage on the competitive strength at the time of financial crises. Financial Intermediaries Financial intermediary is refers to a middle-men, who is involved in buying and selling of the financial securities such as Banks, Investment Banks, pension funds, and insurance companies. Bank is the most important financial intermediaries in the Singapore financial system, who works as middle men in the transaction of financial securities. They work as credit analyst, which has the ability to assess the creditworthiness of the firms, who wish to borrow funds (Valdez and Molyneux, 2010). Being a financially intermediaries, Singapore banks has so much money to lend and they can easily diversify loans between the borrowers. Singapore banks may facilitate the flow of funds to the business firms as intermediaries to the investor, who are willing to purchase the securities. Financial Instruments A financial instrument presents ownership position in a public traded corporation. Financial market can be divided in many types such as- money market instrument, capital market instrument and hybrid instruments. The financial market of the Singapore covers the capital market instrument, it generally consists the long term financial instrument like shares and bonds. The debts security refers the money, which can borrow and it must be repaid with a particular interest rate at maturity date (Parameswaran, 2011). Equity refers the ownership held by shareholders such as stocks. Generally, a financial security is like a money maker instrument by which companies and other enterprises can raise new capital. Type of Financial Products and Services There are many products and services offered by banking system of Singapore such as insurance, derivatives, and credit and loans. It can played different roles in the Singapore financial system that helps the Noble Group to achieve its business objectives and goals. Nature of financial product and services is described as below: Insurance Insurance service is provided by Singapore banks to the Noble Group for the financial protection and to cover the risk against a range of events such as- damage of property, financial crisis, and loss. There are many types of insurance, which offers by banking system like Life insurance, property insurance, and casualty insurance. In the present context, it is possible for business to insured against the risk but not necessary to cover all the risk. In that case, Bank provides a service of financial adviser by which it helps the noble group in the selection of insurance policy (Annual report, 2016). Insurance policies are helpful for the company at the time of risk. With the help of different insurance, it can easily overcome the losses occurred in the company and achieve its objectives and goals. Credit and Loans Credit and loans is very important facilities provided by the banking system to the noble group. There are many types of credit facilities offer by the banks such as- loan for consumer durables, loan against deposits, loan against shares, and loan against LIC polices. Through the implementation of these facilities bank revolving the credit facilities and decide the amount, which the company want to withdraw. Apart from this, credit facility helps to manage the cost easily and it can help to take advantage of the opportunities (Noble Group, 2016). Banking system of the Singapore provides the facilities of financial advisor to the Noble Group by which helps to frame a plan for the use of amount to achieve the business objectives. Derivatives Singapore baking system provided derivatives facilities to the Noble Group, help to achieve the goals and objective of the company. Banks provides the derivatives facility related to hedging and commodity contract. With the implementation of this, company hedges their interest rate risk and increase the yield of the company. Bank is playing a role of intermediary, which maintains the relationship between the client and company (DBS Corporate Banking, 2016). It can help to reduce the FX exposure and increase the return on the currency investment of the company. Company in Focus Brief Background Information Noble Group Limited is a modern global commodities firm. It was founded in 1986 by Richard Samuel Elman and William James Randall. Noble group buy commodities and transform them into customized and consumable product through which they meet the requirement of the customer. Noble Group manages portfolio of supply chain across the range of industrial and energy products. The core strategy of noble group is to be best company in the whole world at the moving of physical commodity from producer to the consumer. Key business activities of Noble Group Figure-1 Key business activities of Noble Group (Source Annual report, 2016) Noble Group sources the physical commodities and transforms that into the customized product that meets the requirement of the consumers. It provides the logistic business service to the external as well as internal customers, providing the ocean transport. In additional to this, the logistic business provides the long term freight solution and the guidance to the external as well as internal customers of the company. Noble Group Limited provides the financial services that covering capital origination and customer financing solutions (Noble Group, 2016). This service generates business by unblocking new opportunities within the existing customers and providing the financial coverage the relationships with banks, institutional and other global pool of capital. Noble group applies the cash flow hedging accounting for some financial derivatives that are used to hedge the risk of the foreign currency fluctuations. The value of the company is enhancing the solutions transforming commodities by helping the customer in the hedging service that reduce the price risk. It is supported by the flexible structure of the company and trade finance solutions that added the dimension of service for the business. Accessibility and Financial system Financial system of the Noble Group can be access effectively through the different financial market, financial intermediary and financial instruments. It can be facilitated the business activities of the Noble Group. Financial Market Financial system of the Noble Group can be access through the capital market. Under the key business activities, price risk management and hedging facilities of the company is cover under the capital market. Capital market is used for the long term asset with the maturity date is more than one year. In additional to this, noble group includes the shares, bond, and derivatives to facilities the business activities of the company. It is executed forward in the freight derivatives market to hedges its physical freight exposures (Jackson, 2010). Further to this, it also engaged in the derivatives trading of crude oil. It mainly involve in the commodity contract such as physical commodity contract and cash commodity contract, which include commodity future, options swaps and forward freight agreements. Financial Intermediaries Banks act as a financial intermediary for the Noble Group to facilities its business activities effectively. This company partnered with the Australian bank that facilities the medium term prepayment facilities, which secured by the iron ore off take to noble group. An Australian bank provides the guaranteed payment stream with the minimum risk to this group that helps in the growth of business. Being a financial intermediary, Banks facilities comprise different type of credit facilities to the company for their financial arrangements. It works as a credit analyst through which they have the ability to access the credit worthiness of the company. Banks helps the company in the better management of its trade finance operations and improves the efficiency and effectiveness on global basis (Levinson, 2014). Further to this, banks play an essential role for accessing the financial system of the Noble group through managing the risk to achieve the positive rate of return. Bank plays an important role in the corporate governance of the company so that it can be maintain the legal and ethical environment and promote the interest of share holders. Financial Instruments Financial instruments play a role for the future benefit of the company. Noble Group is dealing in the long term financial instrument such as derivatives (future, option or swap), bonds, and shares. Financial instruments can be used to hedge the financial risk and price risk of the company. Shares are issued by the company to raised the money from the investor that is helpful maintain the business activities (Baker and Filbeck, 2014). These instruments provides a link between the investor and the company and it also play a crustal role for the arranging of invest funds of the company. Conclusion Financial system can be access through the financial market, financial intermediary, and financial securities. This report is concluded that the financial intermediary should check the credit worthiness of the client at the time of credit lending. Moreover, it was found that lender and the borrower have to disclose all the information at the time of transaction. There are many problems arise at the time transaction, which are to be overcome with the implication of many theory that reduce the transactional cost, provides help in the selection of best risk. Further to this, it can be concluded that many product and service provides by bank is helpful in achieving the key business activities of the Noble Group. Reference Adrian, T. and Shin, H.S. (2010) Financial intermediaries and monetary economics. FRB of New York Staff Report, (398). [online]. Available at: https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.189.809rep=rep1type=pdf (Accessed: 05/09/2016). Annual report (2016) Our Business Management. [online]. Available at: https://www.thisisnoble.com/images/investors/financialInformation/annualReport/ar2015.pdf (Accessed: 3/09/2016). Ansaloni, P.G. (2012) The Role of Asymmetric Information in Environmental Policy Settings. London: University of London. Baker, K.H., and Filbeck, G. (2014) Investment Risk Management. UK: Oxford University Press. Burton, M., Nesiba, F.R., and Brown, B. (2015) An Introduction to Financial Markets and Institutions. UK: Routledge. CESP (2016) Financial Intermediation and Delegated Monitoring. [online]. Available at: https://www.cfsp.org/publications/papers/financial-intermediation-and-delegated-monitoring#.V8lPTVt97Dc (Accessed: 2/09/2016). DBS Corporate Banking (2016) FX Derivatives. [online]. Available at: https://www.dbs.com.sg/corporate/treasury/derivatives/fx-derivatives (Accessed: 3/09/2016). Demirguc-Kunt, A., Feyen, E. and Levine, R. (2011) Optimal Financial Structures and Development: The evolving importance of banks and markets. World Bank, pp. 1-38. [online]. Available at: https://www.researchgate.net/profile/Ross_Levine/publication/265202090_Optimal_Financial_Structures_and_Development_The_evolving_importance_of_banks_and_markets/links/5523c95b0cf2b351d9c336aa.pdf (Accessed: 05/09/2016). Dilley, K.D. (2012) Essentials of Banking. US: John Wiley Sons. Golin, J., and Delhaise, P. (2013) the Bank Credit Analysis Handbook: A Guide for Analysts, Bankers and Investors. US: John Wiley Sons. Greebbaum, I.S., Thakor, V.A., and Boot, A. (2015) Contemporary Financial Intermediation. US: Academic Press. Jackson, K.J. (2010) Financial Market Supervision. US: DIANE Publishing. Levinson, M. (2014) The Economist Guide To Financial Markets. UK: Profile Books. Monetary Authority of Singapore (2016) Singapore financial centre. [online]. Available at: https://www.mas.gov.sg/ (Accessed: 3/09/2016). Noble Group (2016) about us. [online]. Available at: https://www.thisisnoble.com/#aboutus (Accessed: 5/09/2016). Noble Group (2016) Financial information. [online]. Available at: https://www.thisisnoble.com/#aboutus (Accessed: 3/09/2016). Onyiriuba, L. (2015) Emerging Market Bank Lending and Credit Risk Control: Evolving Strategies to Mitigate Credit Risk Optimize Lending Portfolios, and Check Delinquent Loans. US: Academic Press. Parameswaran, S. (2011) Fundamentals of Financial Instruments: An Introduction to Stocks, Bonds, Foreign Exchange, and Derivatives. US: John Wiley Sons. Pilbeam, K. (2010) Finance and Financial Markets. UK: Palgrave Macmillan. Property Metrics (2016) the Commercial Credit Approval Process Explained. [online]. Available at: https://www.propertymetrics.com/blog/2013/06/12/credit-approval-process/ (Accessed: 2/09/2016). Schwalbe, U. (2012) the Core of Economies with Asymmetric Information. Germany: Springer Science Business Media. THE TREASURY (2016) Current theories of financial intermediation. [online]. Available at: https://www.treasury.govt.nz/publications/research-policy/wp/2003/03-19/04.htm (Accessed: 2/09/2016). Valdez, S., And Molyneux, P. (2010) An Introduction to Global Financial Markets. UK: Palgrave Macmillan.

Tiananmen Square June 1989 Essay Example

Tiananmen Square June 1989 Paper On the 22nd of April 1989, Chinese students collected together at Tiananmen Square to pay respects to Hu Yaobang, the students saw this as an opportunity to protest for democratic reform. Little did these students know this protest would end with tragic results. Deng blamed Hu Yaobang, a member of the Deng Xiaoping communist party, when students protested for political reform. Due to this he lost his position in the government but still remained in the politburo. His death on 15th April sparked the Tiananmen movement. Sources A, F and G are from books. Source A, the background to the Tiananmen Square incident from China in the 20th Century written in 1990 by Harriet Ward, a British Historian, who, unlike some Chinese sources controlled by government, has freedom of speech. The book gives a general overview of one hundred years in China, which suggests that the information gathered, could be considered vague and facts possibly have been overlooked, which of course would reduce the sources reliability. However, the source was written one year after the incident, which suggests that the information is probably fairly reliable. We can also assume, as the source was written relatively soon after the events, that some of her knowledge was gained from newspapers and television reports at the time, and therefore can be considered fairly trustworthy. As the historian was not present at Tiananmen Square we also know that this is not first hand reporting. However, I conclude that this book must be a fairly reliable source as it specialises in China in the 20th Century, which suggests that the writer completed detailed research into the subject. This source is quite useful in explaining the causes and events of Tiananmen Square. We will write a custom essay sample on Tiananmen Square June 1989 specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Tiananmen Square June 1989 specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Tiananmen Square June 1989 specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Source F, the events of the 4th June 1989 from the book China, A New Revolution? Written in 1990 by John Bradley, an American historian. This source gives a brief explanation of the events on June 4th. Like source A this information was written only one year after the incidents at Tiananmen Square which suggest the information is dependable for the same reasons as given for Source A. It is also written by a non-Chinese source with freedom of speech, which, as stated above, also increases the reliability of the source. This historian was also not present at the time the incident took place at Tiananmen Square so we can assume some information may be incorrect. This book deals with the revolution of China, and Tiananmen Square was a huge milestone in this regard, however these events no doubt will have slowed down the progress of the Chinese democracy movement. This source is quite useful in explaining the causes and events of Tiananmen Square. Source G, an extract from the book The Truth about the Beijing Turmoil was written in 1989 published in the Peoples Republic of China. This source reports that no one at Tiananmen Square was killed and gives the background to why the soldiers were sent. This source was written the year the incident happened which suggests that the information could be considered reliable, however, the source was written and published in the Peoples Republic of China, which suggests an element of government control and therefore reduces the reliability of the source. This source can be seen as biased as it only gives the governments point of view. In conclusion this source is not very useful. Source B is a table, Source B: Rising living standards in China, 1981-84 from official records at that time. This source shows us the increase of goods per hundred households in urban and rural areas. This source is reliable as the information is from records of that time, but is not particularly useful in explaining the causes and events of Tiananmen Square as it was written years five years before, although it does indicate an increase in the living standards of the Chinese, particularly those in rural households, which could be seen as evidence of a growing democracy. Sources E and D are both sources from newspapers. Source E: The events of 4th June 1989 from a report in the Sunday times in 1989, a British newspaper. The reporter has freedom of speech and cannot be controlled by the government unlike some Chinese sources. This is a primary source and therefore reliable due to the fact that it is an eyewitness report by the reporter, Louise Branson, who was in Beijing at the time. The information is stark and certainly anti-Chinese government, and only gives one side of the story, which could be considered as reducing the reports reliability. This is a very useful source in showing the events that took place at Tiananmen Square. Source D: The students believe they have won from Tiananmen, The rape of Peking 1989, a book published by the British newspaper, The Independent. This source is very useful in explaining the causes and events of Tiananmen Square. It is reliable due to the fact that it was written the same year as the incident; this suggests that the information is correct and up to date. The Independent, has a reputation for well researched, fair, and unbiased reporting. Sources C and H are both photographs. Source H shows one man who stopped the tanks. It was a photograph taken in Tiananmen Square on the 5th June 1989. This photograph shows a brave protestor supporting the Chinese protestors by standing in the way of tanks. This source is a primary source as it is an un-edited picture of what happened on that day and cannot be misinterpreted as the photograph shows exactly what is happening. Although this source is reliable it is not clear what happened before and after this picture was taken. This source is useful in showing part of what happened at Tiananmen Square. The video footage from which the still is taken would be a more valuable source. Source C: Student leaders on the way to deliver the petition, is a photographic source showing students on bikes on the way to deliver a petition. This source is not reliable as it there is no reference given of where it is from or who took it. This photograph could be misinterpreted, as it is not clear what it represents as it does not show anything apart from people riding on bikes, also the image is not very clear and is of bad quality. This source cannot be considered reliable and does not show the causes and events of Tiananmen Square. Source I: a cartoon supporting the Chinese protestors. This cartoon is by Garland in the Independent, drawn on the 16 June 1989 only a couple weeks after the incident, which increases the sources reliability. It is a copy of a famous picture (Source H) but where the position is reversed, the leader is trying to stop the truth from being expressed. This source is reliable as it is a cartoon and can be used to explain the causes and events of Tiananmen Square, as it shows an outsiders interpretation of the tragic events. The above sources are wide ranging and all provide information in varying ways. Some sources are more useful than others. There are two overriding points of view in the sources given which contradict each other, this is because they have different original sources and their agendas are different. All the sources are interesting but only some can be considered reliable.