984 results for “Bankruptcy”.
Bankruptcy eform Act of 2005 and Explaining Why Congress Instituted This Act
When an individual or a firm comes to a financial situation where its assets are unable to cover the debt or liabilities and there is no capital or asset that can be liquidated to pay the debt the firm or person becomes insolvent. Formerly there were prison sentences for debtors, but the laws from the medieval periods have been amended. In the United States the person or firm that reaches the stage of bankruptcy can file for an absolute dilation of credit by being declared bankrupt. Legal motions have to be made in the appropriate court of law that deals with the issue. This is available to both the corporate and individual debtors with the first legislation coming to be passed in 1800. Individuals incurring debts from the lenders have put the lenders in a spot by taking recourse…
References
Altman, Edward I; Hotchkiss, Edith. (2010) "Corporate Financial Distress and Bankruptcy:
Predict and Avoid Bankruptcy, Analyze and Invest in Distressed Debt" John Wiley & Sons.
Paik, Yongwook. (2010) "Bankruptcy Reform Act of 2005 and Entrepreneurial Activity"
Marshall School of Business, University of Southern California.
It provided for fast proceedings, encouraged debtors to reschedule their obligations rather than liquidate and helped creditors recover their claims against bankrupt estates. The 1994 Act also created the National ankruptcy Commission, charged with investigating further modifications of the bankruptcy law. Latter laws, however, disregarded many of the Commission's recommendations. In April 2005, President George W. ush signed the ankruptcy Abuse Prevention and Consumer Protection Act of 2005. Many experts consider this the most extensive rework of the U.S. bankruptcy law since 1978. The most important changes introduced in this Act concern individual bankruptcy cases, small business bankruptcies and cross-border insolvency cases (AC Amega, Jackson).
II General Concept
ankruptcy is governed by the ankruptcy Code, which became effective in 1978 (Empowerment Zone 2007). It was amended in 1994 and then in 2005. The 2005 amendments formed the ankruptcy Abuse Prevention and Consumer Protection Act of 2005 or APCPA. This Act ignited…
Bibliography
ABC Amega. U.S. Bankruptcy Law - Brief History. Credit-to-Cash Advisor: ABC Amega, Inc., 2006
Bankrate.com. 12 Myths about Bankruptcy. Money Central. MSN Money: Microsoft, 2007
Consumer Education Center. General Concepts. ABI World: American Bankruptcy Institute, 2007
Duhaime, Lloyd. Bankruptcy. Duhaime Lawisis: Duhaime Law, 2007. Retrieved September 29, 2007 at http://www.duhaime.org/LegalResources/Bankruptcy.doc
The same officials that controlled the municipality prior to the filing continue to run it, and the bankruptcy court has no authority to intervene or to deviate from their authority. Note that since the bankruptcy process changes nothing in the locality's political structure. Therefore, the incentives that promoted local spending and caused the bankruptcy to begin with, remain in force.
This explains why municipalities that file for Chapter 9 tend to return to insolvency after only a few years. The city of Mack's Creek, for example, filed for bankruptcy in 1998, then for a second time in 2000, and then it contemplated a third bankruptcy in 2004. The city of Westminster, Texas filed on 2000, and only 4 years later filed again. The city of Prichard, Alabama filed for bankruptcy at the end of 1999, came out of the bankruptcy only in 2007, and now, talks of a new bankruptcy…
Bankruptcy Reform Act, Pub L. No 94-260, 90 Stat. 315 § 85(e) (1976).
Robert P. Inman (2001), Dissecting the Urban Crisis, Facts and Counterfacts, 32 NAT'L TAX J. p. 136-
Margaret Weir (1996), Central Cities Loss of Power in State Politics, CITYSCAPE: J. POL'Y DEV. p. 23-
Similarly, establishing payment plans with vendors may help reduce monthly costs and free up extra cash. The benefit of such restructuring is that it would allow the company to avoid the highly invasive Chapter 11 process, where there is a loss of control as creditors and a court get to weigh in on company operations. The downside of debt restructuring is that Interstate would still have to pay its debts in full, and quite likely much more in the long run, as interest accrues.
Another option for Interstate would be to find ways to free up or generate extra cash. The company could sell assets, particularly assets that are not critical to core operations, or lay off some of its workforce. The advantage of this process is that it can improve cash flow without accruing additional debt, and Interstate did pursue these options on a limited basis (Twitty). The downside…
Works Cited
"Corporate bankruptcy" Securities & Exchange Commission 2005. 2 April 2007. http://www.sec.gov/investor/pubs/bankrupt.htm .
Murphy, John Francis. "What are the different types of bankruptcy?" The Bankruptcy Lawyer 2005. 2 April 2007. http://www.thebankruptcylawyer.net/types_of_bankruptcy.htm.
Twitty, David. "Maker of Twinkies and Wonder Bread files for bankruptcy." Sign on San Diego Sept. 22, 2004. 2 April 2007. http://www.signonsandiego.com/news/business/20interstatebakeries-bankruptcy.html .
ankruptcy of WomenFirst Health Care, Inc.
Women First HealthCare, Inc. entered the American business scene in 1996 and its declared mission was to "to help midlife women make informed choices regarding their health care and to provide pharmaceutical products" and, additionally, to provide specific pharmaceutical products to meet the needs of women over forty years. In this sense, the company developed several products, including hormone treatments, meant to improve the life condition of middle- aged women.
Even if, in the beginning, there seemed to be a highly potential market segment that could have been profitably exploited and even if a brief analysis in 2001 showed a significant rise in the stock quotations, the company filed for bankruptcy in 2004, only to end a period of continuous losses and accumulated debts. Had we not had a look at some documents and had we not analyzed the actual happenings, we might have believed this…
Bibliography
1. Item 7. Management's Discussion and Analysis of Financial Condition and Results Of Operations. From the Internet at www.edgaronline.com
2. Available on the Internet at http://finance.yahoo.com/q/is?s=WFHCQ.PK&annual
3. FORM 8-K. WOMEN FIRST HEALTHCARE, INC. August 2003
4. The company's website at http://www.womenfirst.com/about.html
Bankruptcy may occur when people or businesses that are financially-distressed may have their debt eliminated in part or altogether. The number of bankruptcy filings for the fiscal year ending March 31, 2003 was ~1.6 million in the United States alone (Levy and LaGana). Common types of bankruptcy include filing Chapter 7, 11, 12, or 13. Chapter 7 is the most common type of bankruptcy and may be used by people or businesses. Chapter 13 bankruptcy is limited to people only. Chapter 11 and Chapter 12 bankruptcy are much less common and will not be discussed in this report.
With a Chapter 7 bankruptcy, a court-appointed trustee will divide the debtor's property into "exempt" and "non-exempt" property (Taylor). The trustee will sell all of the debtor's non-exempt property and use the money to pay off the debtor's unsecured creditors. Secured creditors are protected by their security interest in the debtor's property (called…
References
Levy, B.S., and G.M. LaGana. "Repairing Damaged Care." Mich Health Hosp 39.4 (2003): 52-3.
Monroe, S.M. "Bankrupt!" Contemp Longterm Care 22.12 (1999): 56-7.
Taylor, M. "If at First You Don't Succeed... Bankrupt Companies Buy Back Their Own Assets." Mod Healthc 33.51 (2003): 8-9.
bankruptcy?
There are essential two primary purposes for the existence of federal bankruptcy laws. The first purpose is to provide debtors with a legally recognized method for discharging their debt and affording said debtors with an opportunity for a fresh start financially. The second purpose is to provide creditors with protection of their interests in the estate of the bankrupt party. In all bankruptcy, all debts are listed and creditors are categorized as either secured or unsecured. Secured creditors enjoy a better position relative to any assets in the bankrupt estate as they have an enforceable interest in said assets. Bankruptcy, depending on the type utilized by the debtor, can either erase the indebtedness of the debtor or allow the debtor additional time to satisfy his debts without interference from his creditors.
What is a lien. Give an example.
In bankruptcy filings liens, claims against property that are filed in order to…
Discriminate Analysis and Other Models to Predict Bankruptcy
Type of Data Used
Selection of Keywords
Authenticity and Validity
Methods Used for the Prediction of Bankruptcy
Discriminant analysis
Logit analysis
Neural networks
Distance to Default
There has been a constant increase in the attempts that are made to predict bankruptcy because of the deteriorating consequences that are associated with this phenomenon. These consequences include the following: The negative social and economic consequences for the investors and creditors who are associated with the bankrupted organization. The social and economic consequences that the competitors and government, who are associated with the affected organization, would confront. This research will explore various methods that are used for the prediction of bankruptcy. It will highlight the functioning of these models. In addition to that, this paper will also list down the advantages and disadvantages of all of the discussed models as well.
Using Discriminate Analysis and Other Models to Predict Bankruptcy
Introduction
There has been a constant…
References
Back, B., Laitinen, T., Sere, K. & Van Wezel, M. (1996). Choosing bankruptcy predictors using discriminant analysis, logit analysis and genetic algorithms. Turku Centre For Computer Science Technical Report, (40), pp. 1-14.
Cooper, D.R. & Schindler, P.S. (1998). Business research methods. Boston: Irwin/Mcgraw-Hill.
Karamzadeh, M.S. (2013). Application and Comparison of Altman and Ohlson Models to Predict Bankruptcy of Companies. Research Journal Of Applied Sciences, Engineering And Technology, 5 (6), pp. 2007-2011.
Klobucnik, J. & Sievers, S. (2013). Bankruptcy prediction based on stochastic processes: a new model class to predict corporate bankruptcies?. Research Gate Working Paper, pp. 1-32.
Personal Bankruptcy
The context of challenging economic times has resulted in sharp increases in the rates of personal bankruptcies filed in the United States (Athreya, 2004). Personal bankruptcy happens when individuals use credit to obtain assets which they are not able to fully pay for because of growing debts due to interest. Interestingly, households generally tend to increase their holdings of debt relative to income, meaning that as household income increases, so does debt. There is an epidemic of over-consumption in the United States, where needs are not distinguished from wants, and instant gratification is easily provided with a swipe of a credit card. Individuals are resorting to borrowing money to pay debts, which creates a cycle that inevitably spirals out of control if not attended to. However, stating that overconsumption is the cause of personal bankruptcy is over-simplifying the matter, as there are several factors that may be involved in…
References
Athreya, K. (2004). Shame as it ever was: stigma and personal bankruptcy. Economic Quarterly, 90(2), 1-19.
Dick, A.A., Lehnert, A. (2010). Personal bankruptcy and credit market competition. The Journal of Finance, 65(2), 655-86.
Dranove, D., Millenson, M.L. (2006). Medical bankruptcy: myth vs. fact. Health Affairs, 25(2), w74-w83.
Evans, D.A., Lown, J.M. (2008). Predictors of chapter 13 completion rates: the role of socioeconomic variables and consumer debt type. Journal of Family and Economic Issues, 29(2), 202-18.
The recent impositions on personal bankruptcies attracted the attention but the legal experts opined that new rules could have extensive effects. In common, in the words of a bankruptcy lawyer Jon Schneider of Goodwin Procter in Boston, "There is probably going to be a raft of filings in September to avoid this new law." (Law could trigger Chapter 11 surge) D.J. Baker of Skadden Arps a New York lawyer, representing supermarket chain Winn-Dixie in its reorganization opined that these changes will make some companies to fail in Chapter 11.
James Spryaregen of Kirkland & Ellis in Chicago forecasts that the new rules will make it more stringent to raise sufficient financing in bankruptcy and he visualized more liquidation. The Companies subject to Chapter 11 will only find one and half a year during which the management alone can entail a plan for managing a reorganized company. Presently the Judges can…
References
Adams, Marilyn. Law could trigger Chapter 11 surge. 11 July, 2005. Retrieved at http://www.usatoday.com/money/companies/management/2005-07-11-bankruptcy-usat_x.htm . Accessed on 23 July, 2005
Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Retrieved at http://pfp.aicpa.org/Bankruptcy+Abuse+Prevention+and+Consumer+Protection+Act+of+2005.htm. Accessed on 23 July, 2005
Encyclopedia: Bankruptcy. Retrieved at http://www.nationmaster.com/encyclopedia/BankruptcyAccessed on 23 July, 2005
Ginsberg, Jonathan. New Bankruptcy Law Passed on April 20, 2005 - Goes Into Effect on October 17, 2005. Retrieved at http://www.moneylawyer.com/bankruptcy_georgia/new_legislation/new_legislation.html. Accessed on 23 July, 2005
Continental Bankruptcy
How can one tell if a company is about to go under? There are at least two ways to answer that. One answer (which is usually not terribly precise) is the long-range one. The other is the (usually far more precise) short-term one. This paper provides at least both long-term and short-terms analysis of the Continental Airlines bankruptcy in 1990, relying for the former on an analysis of the state of the American airlines industry in 1990 and for the short-term specific economic information relevant to Continental at the time.
The major overall economic element affected the entire American transportation industry in 1990 (this included not simply the airlines industry) was the issue of deregulation. For many years, the transportation system of the United States existed within an economic system of a high degree of regulation. That this should have been so should not surprise us if we look only…
Works Cited
Bethune, Gordon. From Worst to Best: Behind the Scenes of Continental's Remarkable Comeback. New York: John Wiley, 1999.
Dempsey, Stephen and Andrew Goetz. Airline Deregulation and Laissez-Faire Mythology. Boston: Greenwood, 1992. http://academic.emporia.edu/smithwil/s98mg476/EJA476u8/Lim/carmen.htm
http://www.creditworthy.com/topics/zscore.html
http://www.css.edu/USERS/dswenson/web/Z-SCORE.htm
The other factors are the increased level of expenditure and mismanagement of government revenue.
While Egypt experienced difficulties in servicing of its debts, the European creditors would not allow the country time. In 1875, Ismail shelved payment of interest on loans which forced European creditors, ritain and France, to appoint two people to represent their interests through negotiating new agreements. Egypt continued to service the debts faithfully to an extent that 80% of the country's revenue went to servicing of national debt. The numerous difficulties for Egypt to service the national debt contributed to increased European intervention and subsequent occupation. As European creditors used this as a means of interfering with Egypt's affairs, the Egyptian government was angered, which resulted in more trouble with the European nations and the eventual ritish invasion of Egypt.
In conclusion, Egypt's bankruptcy and occupation is attributed to various factors, especially ritish imperialism in the 19th…
Bibliography:
COUNTRY STUDIES, 'From Intervention to Occupation, 1876-82', Country Studies,
[web page] (n.d.) http://countrystudies.us/egypt/25.htm
GELVIN, J.L., the Modern Middle East -- a History, (Madison Avenue, New York: Oxford
University Press, Inc., 2011).
Family Personal Bankruptcy
Traditional sociological models of normative conformity suggest that those who most comply with presumed cultural expectations would be least likely to turn to practices that suggest a failure of their standing. Being in the midst of a normative storm, however, changes the very nature of the environment and even the conditions of those who are living through the commotion. Theoretical models, including social systems theories, can be particularly susceptible to these issues since they are based on the idea that the parts and interactions between those parts are vital for understanding what is happening and what might happen. What this means for people and their finances is not yet clear though they are often tied to business expectations in general (Granovetter, 2005: 34).
evertheless, it can still be safely assumed that if the particularly players (be they individuals, families acting as one, businesses, corporations or even nation-states) were effectively…
Nevertheless, it can still be safely assumed that if the particularly players (be they individuals, families acting as one, businesses, corporations or even nation-states) were effectively being forced into doing something they did not want to do, all would opt to find a way to undertake a "fresh start" in one way or another (Biza-Khupe, 2008). The methods and means behind the various types of bankruptcy protections, after all, foresee this, and were designed and have evolved (legally and politically) for the exact purposes of trying to determine how such a recovery could best come about. Good people (or entities of a social nature) want to continue to being good, particularly if they feel at all connected to passing that sense of cultural accomplishment on to their offspring.
The dramatic economic thunderstorm has clearly smudged the boundaries of these nebulous distinctions, however. There is no long such apparent direct links any longer between what people seem to be doing and why they are doing what they are doing. It simply could be the case that people (as individuals or inside a corporation) no longer see bankruptcy itself in the same light as they used to, which has brought about a shift in the stigma associated with that action (Efrat, 2006). And which also means they could no longer see it as a desirable option even if they have to turn toward it, or they may simply have begun to disconnect it from any basic form or moral legitimacy at all. The potency of the norms of enforcement as Efrat (2006:482) says are not as strong as they used to be. Or perhaps it could be the case that the norms are changing in several different ways and thus effectively removing the theoretical grounding from across the elements. It might well be the case that it will no longer be as safe as it used to be to claim that personal and business bankruptcy considerations share the same network of support.
Take the case of the American middle class (Boushey and Weller, 2008). Many statistics demonstrate that this sector is being hurt the most by uncontrollable debt and the related disheveling of their financial circumstances. How might such individuals act when given the chance to stay or leave this classification? Might they not want to sink lower, as it were, to the lesser social classes (where public benefits may be available), or might they be just as willing to go the other way and gamble on being able to recover with bigger and better results? Could they become reckless in one way or the other or might they be recovering from the storm by moving to an entirely different set of normative opportunities, some of
3.
Data
The data has been collected from a number od sources. Each year figures on the sale of Chrysler cars is released. The performance of the firm is being assessed using the number of cars sold by the firm each year. This is shown in the first column of table 1 below. The data was taken from a number of different news sources and correlated. The second column, the change in sales has been calculated from the sakes figures, and will provide data which may be used in the assessment.
Three sets of independent variables were collected. The first is the total number of vehicles that were produced in the USD in each of the years, in thousands. The second independent variable is the cost of gasoline. This has been assessed as the cost in cents on a per mile basis, given at current prices. Both the production levels and cost of…
References
Bureau of Transport Statistics, (2013), Table 1-15: Annual U.S. Motor Vehicle Production and Factory (Wholesale) Sales, [online] http://www.rita.dot.gov/bts/sites/rita.dot.gov.bts/files/publications/national_transportation_statistics/html/table_01_15.html, accessed on 25th May 2013
Bureau of Transport Statistics, (2013), Table 3-17: Average Cost of Owning and Operating an Automobile, [online] http://www.rita.dot.gov/bts/sites/rita.dot.gov.bts/files/publications/national_transportation_statistics/html/table_03_17.html accessed on 25th May 2013
Chrysler, (2013), [online] www.chrysler.com accessed 25th May 2013
Economagic, (2013), Unemployment Rate: SA, [online] http://www.economagic.com/em-cgi/data.exe/blsln/LNS14000000 accessed 25th May 2013
" When a person files for bankruptcy, a person's trust, conscience, moral responsibility and accountability are all jeopardized.
Trust
Trust has always been an important factor in any credit transaction. With the increase of informal credit sales such as credit cards, trust is crucial between the debtor and the creditor for the liquidity of the transaction. In earlier days, economic trust was interpreted as strong as other forms of human interaction such as neighborliness, friendship and marriage.
Economic trust was not thought of as a purely pragmatic relationship but was applied to a much broader spectrum of necessary social interaction. But, with declining morals in the country, it has become more acceptable to break this trust by filing bankruptcy when personal debts are too large.
Robert South writes, "without (trust) there can be no correspondence maintained either between societies or particular persons."
The basis of trust in promises and all other forms of human obligation…
Kevin J. Delaney's book "Strategic Bankruptcy: How Corporations and Creditors use Chapter 11 to their Advantage" clearly illustrates the sociological ramifications of Chapter 11 bankruptcy. Delaney argues that bankruptcy has become a legitimate business tool that is often used by important players like Texaco and Continental Airlines, among a wide variety of others. Delaney notes that Chapter 11 is often used to address a variety of social issues. This interaction reveals a great deal about the complex and powerful connections that exist between law, economics, and sociology in American society.
Strategic Bankruptcy chronicles the recent use of bankruptcy law as a legitimate business strategy by corporations. In the book, Delaney chronicles the cases of companies like Texaco, Johns-Manville, and Continental Airlines. He argues the Chapter 11 has been used extensively by businesses for a variety of political and organizational ends. These include defeating lawsuits or reducing the amount of compensation that…
Works Cited
Delaney, Kevin J. Strategic Bankruptcy: How Corporations and Creditors Use Chapter 11 to Their Advantage. Berkeley: University of California, 1999.
Swedberg, Richard. LAW AND ECONOMY: THE NEED FOR A SOCIOLOGICAL APPROACH. 18 December 2002. http://www.siswo.uva.nl/ES/esjun02art5.html
SWISSAIR'S (EX NATIONAL SWISS AIRLINES) ANKRUPTCY
On October 2, 2001, dozens of aircraft stood grounded at Zurich Unique Airport. Flights could not take off due to the simple lack of cash flow. Swissair, the airline that flew the flag and pride of the Swiss people, had declared bankruptcy. While many people knew that Swissair was ill, maybe even very ill, no one ever thought it could reach this level of gross humiliation. Passengers were left stranded with valueless tickets, and 70 years of the Swissair brand's goodwill totally disintegrated in a matter of hours.
This paper analyzes and examines the multitude of issues related to Swissair's bankruptcy. Part II discusses the evolution and impact of Swissair's bankruptcy for the hospitality, hotel, and restaurant businesses. In Part III, Swiss, the new National airlines company is reviewed. Lastly, this paper concludes with recommendations for improving the likelihood of success for Swiss.
SWISSAIR'S ANKRUPTCY AND ITS…
Bibliography
Osborne, Alistair (2/10/01). "Swissair Files for Bankruptcy." Retrieved at http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2001/10/02/cnswiss02.xmlon October 9, 2002.
Smith, Jim. "European Airlines Destined for Failure." Retrieved at http://www.janes.com/aerospace/civil/news/jtf/jtf0110101n.shtml on October 9, 2002.
Teahan, Jeremiah (1/27/02). "Swiss Air- Gone With the Wind." Retrieved at http://www.riedel.ch/swissair.htm. On October 8, 2002.
European Airlines in Financial Trouble." Retrieved at http://www.abc.net.au/worldtoday/s382639.htm on October 9, 2002.
New Bankruptcy Law
hen the next credit card representative comes to campus, trying to market the newest MasterCard or Visa -- run away! Congress has made it more difficult for individuals to declare and extricate themselves from bankruptcy. Although the idea the new bankruptcy legislation is supposed to support, namely that consumers must become more fiscally responsible, may seem neutral on its surface and merely designed to reign in an overspent America where "the average credit card balance is $12,000. And 10 to 15% of households with credit card debt are barely able to pay it off," in fact this new piece of legislation advances a number of factional interests in Congress at the expense of other interests. (illis, 2005) hile the financial industry and credit card companies may be pleased by the 2005 legislation, consumer groups and legal action groups are not.
The image of creating a more responsible and thrifty…
Work Cited
AP Wire. (21 Apr 2005) "Bankruptcy Bill Now Law." New York Times Website.
Retrieved 22 Apr 2005 at http://www.nytimes.com/2005/04/21/business/21bankruptcy.html?adxnnl=1& ; adxnnlx=1114167807-kAmkxc1y2eDekjv7KJrU5Q
Sahadi, Jeanne. (17 Jun 2002) "Red Flags you'll get a raw deal in a debt management plan." CNN Money. Retrieved 22 Apr 2005 http://money.cnn.com/2002/06/17/pf/banking/q_debtconsolidation/
Sahadi, Jeanne. (14 Apr 2005) "Bankruptcy Fees Could Skyrocket." CNN Money. Retrieved 22 Apr 2005 at http://money.cnn.com/2005/04/13/pf/bankruptcy_bill/index.htm
Shift to Activity-Based Accounting
Discuss the Information Systems implications of this case. How do the business processes and the Information Systems relate to solve the problems encountered?
The devolution and dissolution of the corporation known as orldCom, due to accounting fraud rocked the business world. However, there is at least one potential solution for what is left of the company. The company has shifted from spreadsheet accounting to using activity-based software that measures corporate productivity according to business units in a more accountable fashion.
Partly to prevent future accounting abuses and partly as damage control, the former company known as orldCom, now re-christened with its old name MCI, has adopted this new cost-analysis software. MCI is attempting to use information systems innovation, combined with more conscientious managers, to correct its old problems of insufficient accountability of the financial staff. Tom Spengler, author of the article "Back in Control," notes that, lost amidst…
Works Cited
Spengler, Todd. (28 May 004) "Back In Control." Baseline Magazine. Retrieved 13 Mar 2005 athttp://www.baselinemag.com/article2/0,1397,1603614,00.asp
gathered an understanding of some aspects of finance and am writing this paper on the topic of finance and bankruptcy. I have worked in the field of retail and enjoyed the training for assistant manager that was received. I also have taken several finance classes in college as well as an advanced finance class at the high school level, which helped prepare me for this learning experience regarding the topic of bankruptcy. I am young enough to understand and participate in today's economic climate while being old enough to understand the ebbs and tides that are a historical fact of the economy. I have a desire to learn as many possible aspects and facts as possible about the topic of bankruptcy so that the I will be better equipped for the more advanced university level finance courses that may be required before graduation.
I will draw on several factors that…
References
CAROLINE WILBERT, Staff, As rising debt stretches consumers to the breaking point, Bankruptcies setting records., The Atlanta Journal and Constitution, 09-20-2002, pp F1.
Christine Dugas, Women rank 1st in bankruptcy filings., USA Today, 06-21-1999, pp 01A.
KRISTEN HAYS, Associated Press Writer, Ex-Enron Workers Influence Bankruptcy., AP Online, 02-15-2002.
Steve France, Big Brother Bankruptcy., The Washington Post, 03-21-2000, pp A25.
A woman by the name of Ann Elk is filing bankruptcy. She ostensibly owes about $5,000 to a creditor by the name of Orbit Bank. Orbit Bank has contracted with InMotion Debt Collectors to retrieve that debt. Concurrent to this, Ann starts to file a Chapter 7 bankruptcy. An automatic stay, thus, is then issued to help keep the creditors at bay and regulate what they are allowed to do. Despite this, InMotion initially demands that she pay $1,000, which Ann does. Subsequent to this, InMotion files a lawsuit demanding the entire amount due. While InMotion is being aggressive, Ann’s lawyer is wise to tell her to disregard the lawsuit.
Analysis
Ann’s rights under the bankruptcy code are certainly being trampled on by InMotion. The question of just how much of this is going on would depend on what the automatic stay relating to the Chapter 7 motion went into effect and…
K-Mart's Bankruptcy -- a Case Study
hy did the store synonymous with low prices for relatively high quality, the famed purveyor of blue-light specials, fall into dissolution and financial despondency and eventual bankruptcy in January of 2002? (CNN, 2002) The fall of Kmart the mega-store cannot be pinned simply to single internal or external phenomena, although the company was misguided and mismanaged on multiple levels, and the economy was enduring one of its rockiest retailing passages at the time. hat left Kmart "singing the blue-light blues," (LaMonica, 2002) can be subscribed to a variety of marketing, positioning, and branding phenomenon, as well as economic miscalculations and the company's leadership.
In 2002 analysts later said that Kmart management had made two big mistakes during the holiday shopping season when retailers consistently attempt to land themselves in the 'black' after 'black Monday,' the season between Thanksgiving and the New Year. Instead, Kmart had cut…
Works Cited
CNN.com. (January 22, 2002) "Kmart files for Bankruptcy." Retrieved on September 12, 2004 at http://cnnstudentnews.cnn.com/2002/fyi/news/01/22/kmart/index.html
Haber, Gary. (May 7, 2003) "Kmart hopes pricing, brand names work: It's a lean operation leaving bankruptcy." Detroit Free Press. Retrieved on September 12, 2004. http://www.freep.com/money/business/kbox7_20030507.htm .
Haber, Gary. "Kmart names new chairman: Largest shareholder Lampert promises active role." Detroit Free Press. Retrieved on September 12, 2004. http://www.freep.com/money/business/kmart7_20030507.htm
LaMonica, Paul. (January 18, 2002). "Singing the Blue Light Blues." CNN.com. Retrieved on September 12, 2004 http://money.cnn.com/2002/01/18/investing/q_kmart/index.htm
First, the decreasing subscription of land-line telephone service due to the proliferation of cellular technology. Since 2001, there has been a steady decline in market share of land-line telephones as more and more users chose to use cell phones as their permanent phone provider. WorldCom, with its specific focus still on land-line services has created a multitiered strategy to promote land-line use. They emphasize new packages that are more affordable than older packages, with shorter time commitments, as well as more land-line services than previous offers. WorldCom believes that this strategy promotes greater diversification of land-line services across many different platforms that will increase the overall usage and service provision for American consumers. The second major issue that impacts WorldCom's future strategic vision is the emergence of VIP services as a mode of land-line phone services. VIP (Voice over IP) are internet-based telephone services that utilize the internet connections…
Overall it is evident that WorldCom has suffered tremendously as a result of their illegal disclosure and accounting practices. They suffered complete negative publicity and branding in the wake of their scandal and now must attempt to resurrect its brand through its parent company. Either of these initiatives will be extremely hard in the much tighter competitive landscape of landline phones.
Lawson, Stephen. www.infoworld.comInfoWorld, January 06, 2006.
Lynne W. Jeter (2003). Disconnected: Deceit and Betrayal at WorldCom. Wiley
Business
Under the Bankruptcy Code, Janet is obliged to file several documents and schedules. These include a certificate of credit counseling, evidence of employer payment 60 days before the filing, a statement of monthly net income and anticipated income increase or expenses after filing, and a record of interest in terms of federal or state qualified education or tuition accounts. These documents must be filed 60 days prior to filing the Chapter 7 petition.
If this deadline is missed, the likelihood is that the filing will be dismissed or modified to a different type of filing, which could have financial implications for Janet.
To determine whether Janet is involved in substantial abuse of Chapter 7, the court would determine whether the debts are primarily consumer oriented. If the income exceeds the minimum threshold determined by 11 USC 702 (B) of the code, it would be considered as substantial abuse. If the current monthly…
GM has lowered forecasted earnings from its December plan to around 11.5 million U.S. sales annually, "But even those lower sales numbers look optimistic in a year when most analysts predict the U.S. market will struggle to top 10 million units," (Lassa 2009:1). There still are large risks that the company will not meet even minimum projections and fall under. Also risky from outsider's perspectives, is CEO Henderson's move to not alter GM's product planning group, "Yet it has routinely missed major product trends and rarely sets them," (Welch 2009:2). This has serious potential consequences if GM can't get more life into its product planning.
Summary Scorecard
Perspective
Desirability of Alternatives
Financial
Great reduction of production costs with downsizing and outsourcing.
Customer
Gives the customer new models which are more economically feasible as well as lighter material -- meaning more gas efficient as well.
Internal Business Process
Cut production costs means lower unit costs, ensuring a more profitable…
References
Lassa, Todd. (2009). GM's survival strategy: divisions, nameplates to disappear, but is it enough? Motor Trend. Retrieved August 11, 2009 at http://www.motortrend.com/features/auto_news/2009/112_0903_gm_survival_strategy/index.html
Leech, Eric. (2009). GM's new strategy: "made in China." Business and Politics. TreeHuger.com. Retrieved August 11, 2009 at http://www.treehugger.com/files/2009/05/gms-new-strategy-made-in-china.php .
Welch, David. (2009). Henderson's strategy to fix GM: with the Obama Administration pressuring for quick results, the CEO's first job is to remake a bureaucracy notoriously resistant to change. Business Week. Retrieved August 11, 2009 at http://www.businessweek.com/magazine/content/09_26/b4137002878880.htm .
WorldCom Noose Getting Tighter: Bankruptcy Tough to Avoid" illustrates dramatic business news, relevant to current issues in the telecommunications slump. The WorldCom bankruptcy declaration is also personalized because it reminds the reader of the fragility of the economy as well as the possibility of individual financial ruin.
The fact that the $3.9 billion fraud disclosure was a "record" indicates controversy and drama, no doubt conflict-filled. Because this dollar amount is clearly stated as being a "record" signifies the novelty of this particular incident. That banks could "force" WorldCom into default depicts actual action in the business world. Newsworthiness of this piece increases with the stress on the sullying of the WorldCom name, which is "permanently scarred," and "damaged beyond repair."
Investors are angry, notes the journalist: the issue is personalized, identifiable, and conflict-filled. The mentioning of 20 million customers further drives home the fact that you, the reader, are directly affected.…
Photo of Baby Suicide Bomber Called a Joke" is filled with violent imagery that is linked to current, relevant political issues. That the photo is a joke is irrelevant in light of the reality of suicide bombers in Israel. This prank, called "Terror in Diapers," is a concrete event. It is also controversial, deviant, and novel. That a baby was dressed up as a suicide bomber evokes cruelty and hatred. The incident is dramatic and conflict-filled, but it is also personal: most readers will be able to relate to the sense of shock and horror induced by using a baby in this way. The journalist uses this novel incident to lead the reader into an analysis of current events in the Middle East. Reminding us of the reality of suicide bombers through this joke, the writer uses the opportunity to present both sides of prevalent political issues.
Xerox Reduces1996-2001 Revenues by 2%" describes the deviant, controversial behavior of a major corporation. Because Xerox is a recognizable name, the issue becomes personalized and relevant to current economic issues. Xerox "improperly recorded more revenue," which is a controversial, conflict-filled, and concrete event. The events of the impropriety are identifiable; the facts listed are dry and verifiable. Attempting to sensationalize the issue, the writer indicates that the company paid the largest levy "against a company for financial-reporting violations." Corporate deviance is as relevant and newsworthy as criminal deviance, especially to investors.
None of these articles contain all the components of newsworthiness. Only the "Photo of baby suicide bomber called 'a joke'" contains elements of violence. Although all three articles indicate some sort of action, none of them are particularly riveting narratives. Nevertheless, the issues are personalized enough to grab the reader's attention. The journalist in each case links the facts to prevalent current events: the business articles through economic issues and the photo article through political issues. All articles list concrete events that are identifiable; the facts are clear. The photo of the baby is of course the most novel and deviant of the three, as well as being the most dramatic. However, the writers of the WorldCom and Xerox pieces attempts to sensationalize their points by emphasizing corporate deviance. All three articles depict some type of controversy and conflict. Attention-grabbers are necessary for newspaper sales; therefore even the driest news must be made as controversial as possible.
causes of business failure and bankruptcy has, in the past, primarily focused on the financial symptoms of the failure and usually not the underlying causes. When a study takes into account other, non-financial, factors they usually limit themselves or focus only on specific kinds of businesses. As a result there has never been a comprehensive approach to studying the causes of bankruptcy in relation to the behavior of the company and the financial situation at the time. Therefore the authors of the article "Failure processes and causes of company bankruptcy: a typology," have attempted to provide the first all-encompassing study on the causes of bankruptcy.
In order to accomplish this goal the researchers chose to study 12 Belgian companies that have filed for bankruptcy as the source material for their case studies. The companies selected varied in size, age, and industry and were only chosen if the appropriate data could…
References
Ooghe, Hubert, and Sofie De Prijcker. (2008). "Failure processes and causes of company bankruptcy: a typology." Management Decision 46(2), 233-242.
Carillion
Introduction
Carillion was a construction and facilities management company that went bankrupt in January 2018, after experiencing financial difficulties during 2017. This paper will analyze the company’s financial statements in order to examine this bankruptcy, specifically to use the techniques of financial statement analysis to ascertain what went wrong with Carillion, and how it ended up in bankruptcy.
There are three key questions that will be answered in this analysis. The first is how liquidity affected the company. Bankruptcy typically arises from a liquidity crisis, so this analysis will investigate the structure of the liquidity issues, and perhaps determine if there were signs prior to 2017 of a looming crisis, or that management’s response to the crisis was poor. The second question that needs to be answered is what the effect of bad management was on the company’s financial health. The company was continuing to acquire building contracts; its failure was not…
References
Iceland's Economic Crisis
Web
Iceland's bankruptcy
The purpose of banking in Iceland: speculation and hedging
The central issue: too much too soon
Iceland's Transition
eplicating Wall Street
Taking on foreign "assets" at a ratio to GDP of 10:1
Is debt an asset?
Easy credit and the role of the Housing Financing Fund
Low interest rates
f. Inflation
g. The end of short-term financing in the wake of Lehman's collapse
h. The bubble bursts
The plight of the average citizen
j. Aliber's speech
k. Left holding the bag
The effects of financial deregulation
A prime opportunity for shorting
Iceland and Nationalization
Not Bailing out the Banks
Introduction: Statement of Purpose
The bankruptcy of Iceland in 2008 can be explained in one line from Michael Lewis's Boomerang: Travels in the New Third World. The line is stated by a representative of the International Monetary Fund (IMF) who is tasked with assessing whether Iceland should be bailed out with a loan. Iceland, historically populated with "rational human beings" was now at the mercy of the…
References
Aliber, R. (2011). Preludes to the Icelandic Financial Crisis. UK: Palgrave
Christiansen, L. (2011). Iceland: Geyser Crisis. Preludes to the Icelandic Financial
Crisis. UK: Palgrave: 89-106.
Danielsson, J. (2008). The first casualty of the crisis: Iceland. The First Global
The first was the motivation on the part of Ebbers and Sullivan. The second was the complicity of employees within orldCom's accounting department. The third was the complicity of the external auditor, Arthur Andersen. In order to prevent such frauds from occurring, these different factors should be addressed. ith respect tot Ebbers and Sullivan, two problems occurred that should be prevented in future.
The first is the heavy emphasis on option-laden compensation. This created an incentive for Ebbers to manipulate the company's stock, as his options were under water. A greater emphasis on hard salary and bonuses would partially address this problem, or an emphasis on performance-based compensation that takes long-run performance into account would be more useful. In addition, too much control was held by too few. For instance, the internal auditor was informed by the external auditor that he only answered to Sullivan. This concentration of power enabled…
Works Cited:
BBC. (2002). Disgraced WorldCom faces fraud charge. British Broadcasting Corporation. Retrieved February 9, 2011 from http://news.bbc.co.uk/1/hi/2068865.stm
Pulliam, S. & Solomon, D. (2002). How three unlikely sleuths exposed fraud at WorldCom. Wall Street Journal. Retrieved February 9, 2011 from http://www.happinessonline.org/MoralCode/LiveWithTruth/p23.htm
SEC. (2003). Report of investigation. Securities and Exchange Committee. Retrieved February 9, 2011 from http://www.sec.gov/Archives/edgar/data/723527/000093176303001862/dex991.htm
Business Ethics
ecent high profile bankruptcies in the U.S. corporate sector such as the ones filed by Enron, WorldCom, and Global Crossing in 2001 have highlighted the importance of financial ethics in business since lack of ethical practices were identified as the main cause of their failures. The business scandals underlined the importance of stricter regulation of the corporate sector and forced the U.S. legislature to pass the Sarbanes-Oxley Act of 2002 that contains a number of important provisions relating to business ethics. This paper about business ethics focuses on the impact of financial ethics in business.
Greed and an over-riding focus on increasing the profits and "share-holder value" usually leads managers and business leaders to disregard financial ethics in business. Although the impact of such "over sight" may be beneficial in the short run, it is invariably disastrous in the long run -- both at the individual as well as the…
References
Hackworth, Michael. (1999). "Only the Ethical Survive." Issues in Ethics - V. 10, N. 2, Fall 1999. Retrieved on July 1, 2005 from http://www.scu.edu/ethics/publications/iie/v10n2/ethical-surv.html
'Summary of Sarbanes-Oxley Act of 2002." (2005). AICPA Web site. Retrieved on July 1, 2005 from http://www.aicpa.org/info/sarbanes_oxley_summary.htm
Thomas, C.W. (2002). "The Rise and Fall of Enron; When a Company Looks Too Good to Be True, It Usually Is." Journal of Accountancy. 193(4), 41+.
Title IX of the White Collar Crime Penalty Enhancement (WCCPA) Act, which is part of Sarbanes-Oxley provides for penalties of $5,000,000 and/or imprisonment of up to 20 years for willful and knowing violations. ("Summary of ... " 2005)
External Environment – Retail
Circuit City failed to adapt to changes in the external environment. First, as Best Buy grew, competition in the industry increased significantly. During the strongest periods of Circuit City’s growth, the company had the largest market share in the industry, but as it lost share it entered into a duopoly competition with Best Buy. This placed downward pressure on prices, precisely at a time when it became clear that Circuit City was less popular with consumers overall, and as it was facing some financial pressure from a decision to overhaul its stores.
The other thing that the company struggled to identify was that it was struggling through a boomtime in the mid-90s. Normally, a retailer should be doing well during an economic boom, but they were not. Management should at that point have realized that they were in trouble, and started making strategic moves to defend the company…
Madoff Investment Securities LLC (BLMIS) committed one of the greatest financial frauds in U.S. history. Investigations revealed that Mr. Madoff operated an elaborate "Ponzi Scheme" that started operating in 1980s.Even though Madoff was initially supposed to invest all of his clients' money in the securities markets, he never did so. Instead, he deposited the whole amount in a certain bank account that he held with the Chase Manhattan Bank. He therefore fulfilled his client's redemption requests using his own money. The fraud value was estimated at $50 billion and became a matter of public knowledge only after Madoff confessed to the crime. It can be regarded as the biggest financial fraud in U.S.'s history and it affected a large number of investors.The financial industry blamed the investors as well as regulators for neglecting the various warning signals that enabled Maddoff to continue with the fraud for several decades.
The Board…
References
Akhigbe, A., Martin, A., and Whyte, A., (2005). Contagion effects of the world's largest bankruptcy: the case of WorldCom. The Quarterly Review of Economics and Finance
45 (2005) 48 -- 64
Haque, F., Arun, T., and Kirkpatrick, C (2008) "Corporate Governance and Capital Markets: A
Conceptual Framework," 'Journal of Corporate Ownership and Control', 5(2)
Business Studies
What Caused Polaroid's Bankruptcy in 2001?
In 2001 Polaroid filed for bankruptcy. The circumstances surrounding the bankruptcy indicate several potential reasons, including poor management decision making and escalating commitment. The financial management of the firm appears to have been questionable in the year before the filing; a special bonus of $1.4 million was paid to the CEO Gary DiCamillo, and other board members received payments f between $63,000 and $272,000 (TParadiso, 2003). The payments were not illegal, but it is notable that the $1.4 million bonus for DiCamillo would not have been received if 6 months prior the auditor KPMG LLP had not been persuaded to refrain from issuing a going concern warning on the annual accounts (TParadiso, 2003). These actions may all appear questionable, especially the action of DiCamillio calling KMPG's CEO in order to ensure the going concern warring was not issued, but whatever the view, these do…
References
Rifkin, G, (2002, Jan), Losing Focus, Boston Magazine, accessed at http://www.bostonmagazine.com/2006/05/losing-focus / on 2nd April 2014
Sandstrom, Christian; Magnusson, Mats; Jornmark, Jan, (2009), Exploring Factors Influencing Incumbents' Response to Disruptive Innovation, Creativity and Innovation Management, 18(1), 8-15
TParadiso, (2003, Aug 26), The Battle for Business Ethics, Polaroid's Final Days Come Into Focus, Motley Fool, accessed at https://www.fool.com/community/pod/2003/030826.htm on 2nd April 2014
Dierct Air - Management & Marketing Mistakes
The following case study employs the array of industry metrics discussed above to determine major factors that contributed to Direct Airways filing for Chapter 11 bankruptcy during the time period from 2007-212. This time period was chosen because SEC filings at that time available, providing valuable insight into the stark differences between the two airlines. Direct Airways was a major U.S. carrier that was founded in 2001 and operated for 7 years until it fell into bankruptcy in 2001. This terminated an unrestrained years for Direct Airways, which filed for Chapter 11 bankruptcy last year of 2012 (Jayanti).
I understood that already the subject of a federal investigation by transportation regulators, the outdated charter service Direct Air long ago would soon may be facing a far-reaching investigation of its finances by the bankruptcy trustee (Bomkamp). The lawyer governing Direct Air's bankruptcy went ahead and asked…
Work Cited
Barla, P., & Koo, B. (1999). Bankruptcy protection and pricing strategies in the U.S. airline industry. Transportation Research.Part E, Logistics & Transportation Review, 35, 101-120.
Borenstein, S., & Rose, N.L. (1995). Bankruptcy and pricing behavior in U.S. airline markets. The American Economic Review, 85(2), 397-397.
Borenstein, S., & Rose, N.L. (2003). The impact of bankruptcy on airline service levels. The American Economic Review, 93(2), 415-415.
Baran, Michelle. Uncertainty over refunds surrounds Direct Air's bankruptcy. 2 April 2012. http://www.travelweekly.com/Travel-News/Tour-Operators/Uncertainty-over-refunds-surrounds-Direct-Airs-bankruptcy/ . 29 November 2012.
Rock Group
HorribleScreech, this week's hottest band on the planet, recently came to its senses and hired me as its new attorney. The first task after cashing a retainer check for mucho dinero is to free the band from an oppressive "new kid" recording contract between HorribleScreech and Bloodsucker Enterprises. There is nothing on the face of the contract that would free HorribleScreech. At this point, all other legal/business options can be considered.
The contract and all the circumstances around it should be considered first. For example, even though the contract is oppressive and even though some lawsuits take years, there might be some factor that would allow the band out of the contract more easily and quickly. Contract laws differ from state-to-state, so let us assume for this paper that the contract was signed in Los Angeles, California. In California, a contract can be unenforceable or can be rescinded for…
Works Cited
Dirks, Tim. AMC: Film History Milestones - 1943. 2011. Web. 2011 30 November.
Edgar, Alexander L. "The Law of Reopening: Revisited." 2011. Justice.gov. Web. 30 November 2011.
Handel On the Law. "Bankruptcy." 2011. Handelonthelaw.com. Web. 30 November 2011.
Legalinfo.cal.gov. "California Codes: Civil Code: Section 1746(a)." 2011. Legalinfo. Web. 30 November 2011.
Yet, today, they sell only about 47% and this market share loss has accelerated over the past decade (Sullivan, 2008). The major issue, according to Sullivan, is the inability of the ig Three to effectively compete with their more efficient and market savvy Japanese rivals, even on their home turf. Opponents of the auto industry bailout feel that placing more money into a failed business strategy makes no sense and that everyone is better off if the free market, not the federal government, choose the winners and the losers in the economy (Moran, 2008). The end result of the auto bailout could well result in a return to protectionism which could unfairly impact other American industries' ability to compete in a global market. A policy analyst at the German-Marshall Fund voices a common concern that a bailout of the auto industry has the potential "to be the torch that…
Bibliography
Abouhalkah, Yael T. "The Big Three Bailout vs. Big Bank Handouts for AIG, CitiGroup." Kansas City Star 4 Dec. 2008. http://voices.kansascity.com/node/2983
"1979 Chrysler Bailout Holds Lessons" The Washington Times 24 Nov. 2008. http://www.washingtontimes.com/news/2008/nov/24/1979-chrysler-bailout-holds-lessons/
Grossman, Andrew M. And Gattuso, James L. "TARP: Now a Slush Fund for Detroit?" 12 Dec. 2008. http://www.heritage.org/Research/Economy/wm2170.cfm#_ftn2
Kiley, David. "Auto Bailout Hung Up in the Senate." BusinessWeek 10 Dec. 2008. http://www.businessweek.com/bwdaily/dnflash/content/dec2008/db20081210_152585.htm
Independent dealers must sign a contract that sets forth the manner in which they will operate their rental centers. Often a small business owner will supplement their income be adding U-Hauls to their market mix. Independent contractors earn a commission on their sales.
Each division of AMERCO has it own president. All of them must report to a Board of Directors. The Chairman of the Board and overall President is Edward Shoen, descendent of the original founders of the company. Many members of the Shoen family still control much of the company (Google Finance). Little information is available about the company, aside from their financial statements. Although they have a Board of Directors, the company continues to operate as a family-style operation, with the family members occupying many positions in upper management. The company structure is simple and little is available beyond basic information.
Purchasing Contract Analysis and the UCC
The Uniform…
Works Cited
Ceh v. UHaul International, Inc., 11th district court of appeals, No. 04-10031.
A www.ca11.uscourts.gov/opinions/ops/200410671.pdf. Accessed January 22.
Company News; U-Haul's Parent Seeks Bankruptcy Protection." June 21, 2003. New
York Times. http://query.nytimes.com/gst/fullpage.html?res=9800EFDF173BF932A15755C0A9659C8B63 . Accessed January 23, 2007.
Financial Analysis of Lehman rother
Lehman rothers
The history has been full of financial collapses and financial scandals and one of the biggest financial collapses that a company has ever seen was that of Lehman brother. The collapse of a firm as huge as Lehman rother and a firm which has such great experience of over a hundred years lead the world into a shock. It created doubts in the minds of people regarding the condition of other financial institutions. The history of Lehman rother is rich which is further discussed.
The history of Lehman rother dates back to 1844, when a boy named Henry who was a 23-year-old son of a cattle merchant who immigrated to the United States from Germany and he settled in Alabama State of the United States where he opened dry goods store. In 1847, when Henry Lehman's elder brother arrived to Alabama, the firm expanded to "H.…
Bibliography
1. Bebchuk, L.A., Cohen, A., & Spamann, H. (2010). The Wages of Failure: Executive Compensation at Bear Stearns and Lehman 2000-2008. Yale Journal on Regulation,27(2), 257+.
2. Blake, D. (2000). Financial Market Analysis. New York: Wiley. Cetorelli, N., Mandel, B.H., & Mollineaux, L. (2012). The Evolution of Banks and Financial Intermediation: Framing the Analysis. Federal Reserve Bank of New York Economic Policy Review, 1+.
3. Dwyer, G.P., & Tkac, P. (2009). The Financial Crisis of 2008 in Fixed Income Markets.Federal Reserve Bank of Atlanta, Working Paper Series, 2009(20), 1+.
4. Fitzpatrick, T.J., & Thomson, J.B. (2011). How Well Does Bankruptcy Work When Large Financial Firms Fail? Some Lessons from Lehman Brothers. Economic Commentary (Cleveland), (2011-23), 1+.
Debt DischargeAccording to Zywicki (2000) rampant personal bankruptcy frays the social moral order and undermines reciprocity. Throughout history a debtor who failed to repay a debt was generally regarded as a fraud or a thief; debtors prisons existed for that reason; it was unthinkable that a loan should not be repaid. However, today, personal bankruptcy laws like the federal Bankruptcy Act protect borrowers by providing immunity from creditors. The borrower who defaults will see his credit rating decline to the point where it is nearly impossible for him to get another loan, but he is not held responsible for paying back his creditors. There is a social cost to this, as Zywicki (2000) points out: bankruptcy laws that provide defaulters with immunity undermine the market economy, democracy, and healthy institutions that rely on reciprocity. In short, personal bankruptcy and immunity from prosecution erodes social trust. The ability of a person…
ReferencesMiles, V. V. (1995). Assessing Modern Bankruptcy Law: an example of justice. Santa Clara L. Rev., 36, 1025.Zywicki, T. J. (2000). Bankruptcy law as social legislation. Tex. Rev. L. & Pol., 5, 393.
Joe's Sports, a 50-year-old sporting-goods retailer with stores in Washington, Oregon and Idaho, who filed for bankruptcy protection recently. The company began when "Edward Orkney, a World War II veteran, began selling Army surplus sleeping bags from the back of a station wagon in Portland" (Martinez, 2009). It grew to a chain of 30 stores with over 1,600 employees, and was considered successful until the economic downturn that began in 2008.
The company claims up to $500 million in debt, and there are several of its creditors who are uninsured and facing steep losses, such as Columbia Sportswear, another Washington company, who is owed about $888,300. They owe about $12.8 in total to all their creditors. The company did secure some funding from Wells Fargo etail Finance so it can continue to operate and pay its employees as it attempts to reorganize and again become profitable. The President and CEO…
References
Martinez, A. (2009). Joe's Sports files for bankruptcy protection. Retrieved 13 May 2009 from the Seattle Times Web site: http://seattletimes.nwsource.com/html/businesstechnology/2008814402_joes050.html .
Particulars of Enron's Bankruptcy
There were a number of specific actions that led to Enron's bankruptcy. The majority of these pertain to a lack of accountability on the part of numerous people in key positions at this firm. The individual accountants at Arthur Andersen, the now defunct accounting firm that worked for this company, allowed Enron to utilize dubious accounting practices without trying to curtail them. Upper level management was guilty of allowing such accounting practices to take place, and of being too concerned with acquisition and spending to ensure the company was operating in accordance with the standards provided by the Securities Exchange Commission. Several fraudulent activities also contributed to Enron's bankruptcy. These include the insider trading that took place, the misrepresentation of the company as financially viable when it was on the verge of bankruptcy, and many others.
One of the primary accounting and auditing practices that eventually contributed to…
References
Cross, J.N., Krunkel, R.A. (n.d.). Andersen implosion over Enron: an analysis of the contagion effect on Fortune 500 firms. University of Wisconsin.
Emshwiller, J.R. (2001). Enron transaction with entity run by executive raises questions. The Wall Street Journal. Retrieved from http://faculty.msb.edu/bodurthj/teaching/ENRON/Enron%20Transaction%20With%20Entity%20Run%20by%20Executive%20Raises%20Questions.htm
Therefore, bankruptcy becomes the other option to deal with the liability to Crossroads. The issue of subordination should be dealt with before bankruptcy proceedings are undertaken, to best protect the Thompsons. At that point, the courts can sort out the extent to which ragonfly will honor its liability to Crossroads. The downside of bankruptcy is that the Thompsons are major creditors to ragonfly as well, and the bankruptcy could jeopardize their net worth if they are unable to convince Janet's parents to write off the Thompson's obligations to them. Bankruptcy, however, is lever that can be used against Crossroads, since the mall cannot unilaterally impose bankruptcy on ragonfly and would ideally like to receive the monies owed.
Turning ragonfly around is possible, if they are able to maintain solvency while getting out of the Crossroads lease. The Thompsons had gambled that Crossroads would attract ragonfly's target market and that does not…
Dragonfly's rent liability at Crossroads can be addressed in one of two ways. The best option is to negotiate an early exit from the lease. This would get Dragonfly out of the struggling mall and allow them to put more focus on the Bellevue location and possibly open another store elsewhere. The deal would allow them to pay Crossroads from their more profitable operations without incurring further liability. Despite the fact that the Thompson's feel 1997 was a successful year, they were not able to make any headway on their liability to Crossroads. However, given that Crossroads is about to lose 1/6 of their tenant base, they may be unwilling to make such a deal with 1 1/4 years still remaining on the lease.
Therefore, bankruptcy becomes the other option to deal with the liability to Crossroads. The issue of subordination should be dealt with before bankruptcy proceedings are undertaken, to best protect the Thompsons. At that point, the courts can sort out the extent to which Dragonfly will honor its liability to Crossroads. The downside of bankruptcy is that the Thompsons are major creditors to Dragonfly as well, and the bankruptcy could jeopardize their net worth if they are unable to convince Janet's parents to write off the Thompson's obligations to them. Bankruptcy, however, is lever that can be used against Crossroads, since the mall cannot unilaterally impose bankruptcy on Dragonfly and would ideally like to receive the monies owed.
Turning Dragonfly around is possible, if they are able to maintain solvency while getting out of the Crossroads lease. The Thompsons had gambled that Crossroads would attract Dragonfly's target market and that does not appear to have come to pass. This means that much of the business Dragonfly did generate was destination business - people who came their to shop at Dragonfly. The Thompson's have a large mailing list that can be used to attract these customers to the Bellevue location or a third location. Given that Dragonfly is no longer marking down merchandise to move it, they may be able to be sufficiently profitable with other locations to pay down the $20,000 payment. The best course of action if Crossroads would agree to it is to borrow the money to make the payment and exit the Crossroads mall early. This way, Dragonfly should be able to turn their business around, without the anchor that is their poor original location.
Though Toys ‘R’ Us has recently announced bankruptcy and closures of its stores, a business ethics situation has arisen related to the compensation packages given by the company to its executives. As Held (2017) points out, “a bankruptcy judge has granted struggling retailer Toys R Us permission to pay millions of dollars in bonuses to executives after the company argued it was necessary to motivate its top brass during the critical holiday shopping season.” The problem, as Judy Robbins of the Justice Department’s U.S. Trustee Program has shown, is one of accountability. Ethically speaking, the bankruptcy court’s allowance of this goes against all sense of ethics and how a corporation should be expected to govern itself and be accountable to shareholders. But it also goes against the Bankruptcy Code as Robbins notes: “It defies logic and wisdom, not to mention the Bankruptcy Code, that a bankrupt company would now propose…
Chain Restaurant
One chain restaurant that went bankrupt recently was Bennigan's, which filed for Chapter 7 bankruptcy in 2008 (Tozzi, 2008). All of the company-owned stores closed, and many of the franchise-owned stores also closed. Of those franchise-owned stores that survived, many suffered as a result of the negative publicity and loss of key advertising and purchasing support. hile 138 locations avoided bankruptcy initially in 2008, only 35 of those remained by 2010 (Stockdale, 2010). This paper will examine the external environment in the casual dining industry at the time of the Bennigan's bankruptcy, and the extent to which the company's strategy contributed to its downfall.
In 2008, the U.S. economy was headed for recession, and this has a significant negative impact on the casual dining industry. The industry had 81,000 restaurant locations, making for a highly-fragmented marketplace that was in all likelihood well over capacity. As a result, some failures were…
Works Cited:
Goldberg, E. (2012). The benefits of the franchise model. Franchising.com Retrieved February 11, 2012 from http://www.franchising.com/howtofranchiseguide/benefits_of_the_franchise_model.html
Horovitz, B. (2008). Casual dining chains hunger for change. USA Today. Retrieved February 11, 2012 from http://www.usatoday.com/money/industries/food/2008-10-13-casual-dining-restaurants_N.htm
Stockdale, C. (2010). Ten vanishing American restaurant chains. MSNBC.com. Retrieved February 11, 2012 from http://www.msnbc.msn.com/id/44891779/ns/business-retail/t/ten-vanishing-american-restaurant-chains/
Tozzi, J. (2008). Bennigan's bankruptcy fallout. Business Week. Retrieved February 11, 2012 from http://www.businessweek.com/smallbiz/running_small_business/archives/2008/08/bennigans_fallo.html
y extending the copyright term it virtually ensures that the person's children and possibly grandchildren will also not have to see that take place.
Other than peace of mind for future generations of relatives, however, there is really little to gain by an extension of the copyright period. The original creator of the work is gone, so he or she will not be complaining, and the original copyright act went fifty years beyond that person's death, so an extra twenty years does not gain much. What it does do is stop people with ideas that are creative and unique to some degree but would also play on or work with an older idea from getting those ideas to market and into the hands of readers and consumers.
This actually hurts the public as a whole, and people do not even realize it. It can also hurt creative people like writers and…
Bibliography
Cheeseman, Henry R.(2003). Contemporary Business & E-Commerce Law, 4th Edition, Prentice Hall ISBN: 0-13-034852-X
This is part of a month-long survey to determine whether current weight estimates are accurate. Anyone refusing to give his or her weight could be barred from the flight. Investigators are looking at excess weight and elevator malfunction as possible contributing causes of the January 8th crash of a 19 seat eech 1900 turboprop.. Maximum take-off weight for the eech that crashed was just over 17,000 pounds and the plane was within 100 pounds of that figure."
Individuals flying should be warned that anything stashed underneath the clothes will be seen, even the individuals private body parts as evidence in the following report from September 10, 2004:
new X-ray machine at London's Heathrow has been attacked by civil liberties groups as a "voyeur's charter." The machine uses low-level radiation to see through clothing, producing an anatomically detailed black and white image of the body underneath. The machine is capable of detecting…
Bibliography
Bigger travelers add to airline fuel woes (2004) located [Online] at: John Deere Travel News Report [Online] at http://www.shortstravel.com/newjdt/index.cfm?refer=news%2Findex.cf
01/28/2003 FAA Wants to Watch Your Weight. John Deere Travel News Report [Online] at http://www.shortstravel.com/newjdt/index.cfm?refer=news%2Findex.cf
11/10/2004 New x-ray machine sees all. John Deere Travel News Report [Online] at http://www.shortstravel.com/newjdt/index.cfm?refer=news%2Findex.cf
John Deere Travel News Report [Online] at http://www.shortstravel.com/newjdt/index.cfm?refer=news%2Findex.cf
e. An amount that is about 1% of GDP) to ensure that the current PAYGO system is solvent for the next 75 years. Thus, 10 trillion dollars problem is not as large and scary if we start acting today to fix the current system).
It is totally manageable."
ut the official plan is somewhat different. ush's administration is trying to introduce private account systems where a fraction of payroll tax will be transferred to private accounts and managed by the future retirees themselves, thus, giving them chance to invest this money into stocks, which have proven to give on average higher rates of return than the Treasury ills which generate rather moderate income.
The opponents of this idea state that this is just a shell-game, where no capital is accumulated and investments are not increased. The overall national capital is not increased, but this plan will cause enormous transactions costs which are estimated…
Bibliography
1) Kinnan, Chris Trustees Report: Social Security Collapse Quickening, 2004 available on web: http://www.cse.org/processor/printer_press.php?press_id=780
2) Allen, Mike Semantics shape social security debate, Article the Washington Post. Washington, D.C. Jan 23, 2005.pg. a. 04
3) Roubini, Nouriel Social Security Privatization as the Mother of All Con-Man Smoke-and-Mirrors Shell-Games, available on web: http://www.roubiniglobal.com/archives/2004/11/social_security_1.html
Conclusion
If AIG would not have been helped by the Federal eserve, it is more
than obvious that the financial group would have declared bankruptcy.
Although the bailout reached an enormous sum, the action was justified.
Given the current market conditions, an eventual collapse of AIG would
contribute even more to the fragility of the financial market. Also, it
would have led to a reduction of public wealth, and it would have reduced
economic performance.
The opinion of U.S. taxpayers is that the AIG bailout was not
justified. For them, it did not seem fair that they should pay for the
mistakes made by financial corporations' CEOs and by the defective policies
and strategies practiced by financial groups.
There are two sides to this issue, one opposing the other. U.S.
citizens have strongly declared themselves against the bailout. Their
pressure determined the country's officials to reject financial saving
plans initially.
However, the efforts of these taxpayers had to be sacrificed, and AIG
has to be helped to…
Reference list:
2. Subprime mortgage crisis (2008). Wikipedia, the free
Fiat / Chrysler -- Leadership - Teambuilding
The Chrysler merger with Fiat was met with skepticism and doubts when it was first proposed. Chrysler had just recently emerged from near bankruptcy -- saved by a U.S. government bailout -- and Fiat is a strong internationally respected corporation building cars, earth-moving machines, and more. The merging of Chrysler and Fiat was seen as having a greater opportunity for success than did the merger between Chrysler and Daimler-Benz, but still there were doubters in the industry. However, as of May, 2012, the blending together of the two companies (Fiat and Chrysler) has produced a profitable situation. This paper examines the cultures -- and leadership -- shown within the two companies, a strong combination that has allowed success to be achieved. The paper also critiques the leadership styles in the dynamics of this merger, and delves into the concept of teambuilding when two companies…
Works Cited
Associated Press. (2012). Fiat Gets Another 5% State In Chrysler Thanks to Dodge Dart.
HuffPost Detroit. Retrieved May 11, 2012, from http://www.huffingtonpost.com .
Buss, Dale. (2012). "Gordian Knott" Sliced Through Chrysler Woes with Suppliers. Forbes.
Retrieved May 11, 2012, from http://www.forbes.com .
Continental Go Forward Strategy
The overarching objective of the Go Forward Strategy was to continually accelerate the gains made in customer relationship management (CM), customer service, operations and the maintenance, repair and overhaul of their jets. What Continental was after was the ability to unify their entire operation into a highly integrated, coordinated customer-based platform that could be used for streamlining every aspect of their operations to exceed customer expectations and deliver exceptional value (Watson, Wixom, Hoffer, Anderson-Lehman, eynolds, 2006). The Go Forward strategy further galvanized Continental unto a very focused strategy for ensuring their Enterprise Data Warehouse (EDW) turned into a Powerful catalyst for customer-driven change (Watson, Wixom, Hoffer, Anderson-Lehman, eynolds, 2006).
The $30M investment in the Go Forward Strategy was one of the most effective investments in technology any airline has ever made in technology, with Continental netting a gain of $500M in increased revenue and cost savings. In…
References
Cunningham, C., Il-Yeol Song, & Chen, P.P. (2006). Data warehouse design to support customer relationship management analyses. Journal of Database Management, 17(2), 62-84.
Johnson, L.K. (2004). Strategies for data warehousing. MIT Sloan Management Review, 45(3), 9-9.
Subramanian, A., Smith, L.D., Nelson, A.C., Campbell, J.F., & Bird, D.A. (1997). Strategic planning for data warehousing. Information & Management, 33(2), 99-113.
Watson, H.J., Wixom, B.H., Hoffer, J.A., Anderson-Lehman, R., & Reynolds, A.M. (2006). Real-time business intelligence: Best practices at continental airlines. Information Systems Management, 23(1), 7-18.
The racehorse industry has been faced with accusations of promoting the breeding of fragile animals that are unable to withstand the rigors of training, because of a lust for promoting speedy animals at all costs. And the recent publicity of the slaughter of retired racehorses who have outlived their usefulness has further damaged the reputation of the sport. Unlike other forms of betting, horseracing must try to preserve its family-friendly image to some extent, given that many parents take their children to the track. Poor sportsmanship and a lack of sensitivity to the suffering of animals will turn the next generation of fans away.
Conclusion
Churchill Downs must honor the legacy of its treasured past, and promote prominent ethical spokespersons for the sport, like the multiple Kentucky Derby winner jockey Calvin Borel. More stringent standards must be imposed industry-wide regarding the treatment of both horses and jockeys, but until then, Churchill…
References
A brief history of the Kentucky Derby. (2010). Time Magazine. Retrieved October 30, 2010 at http://www.time.com/time/photogallery/0,29307,1894988_1876977,00.html#ixzz13rcUDwJF
Grassi, Diane M. (2010, June 27).Horse racing industry saddled with financial meltdown.
Sports Column. Retrieved October 30, 2010 at http://www.sportscolumn.com/2010/06/27/horse-racing-industry-saddled-with-financial-meltdown/
History of Churchill Downs. (2010). Churchill Downs. Retrieved October 30, 2010 at http://www.churchilldowns.com/about/history
4. I did not obtain my current mortgage under any materially false pretenses.
As part of the Hope for Homeowners program, I would be able to attain a new affordable mortgage based on a current appraisal value. I would retain 10% equity in the property, and would be sharing the equity and future appreciation with the Federal government, which would prohibit me from taking out any additional loans against the property except for direct repairs and/or maintenance. There are also up front insurance premiums for this type of loan, which I am aware of.
If you would please consider one of these two options, I believe we can come up with a mutually satisfying solution to help avoid foreclosure on my home. I am writing this hardship letter to plead with your company to review my loan information, take into account my current financial situation, my excellent payment history prior to the…
REFERENCES
Mortgage Bankers Association. Fannie Mae Posts Conventional Mortgage Servicing Modifications (06-18). Related Documents, 2008 Mortgage Bankers Association. Website with .pdf file:
http://fha-refinance-program.com/hope-for-homeowners.html
http://www.hud.gov/fha/home080730.cfm http://portal.hud.gov/portal/page?_pageid=73,7601299&_dad=portal&_schema=PORTAL
A major weakness that can be mitigated for P&G is that of copycat and "me too" products that erode the prestige of the brand. When margins are high competitors tend to enter the market. The industry that P&G operates in is fairly easy to enter. There are many substitutes for Tide as there are many substitutes for Coke. P&G must be very careful to maintain the prestige and quality of the brand so that competitors can not erode its influence on consumers.
Compare the strengths and weaknesses of P&G's resources and capabilities to that of Eastman Kodak (Case 7). These companies are in very different industries. How does this affect strategic analysis of resources and capabilities?
The first major strength of P&G relative to Kodak is its margins and cost structure. P&G has the benefit of increasing earnings without having a corresponding increase in capital expenditures. Eastman Kodak however, as the case…
References
1) "P&G 2010 Annual Report." P&G 2010 AR Letter: Brand Building, Competitive Advantage. Web. 26 Feb. 2012. .
2) "Procter & Gamble Co. (PG) | Statement of Financial Position, Assets." Stock Analysis on Net. Web. 26 Feb. 2012. .
3) Stempel, Jonathan, and Liana B. Baker. "Photography Pioneer Kodak Files for Bankruptcy." Reuters. Thomson Reuters, 19 Jan. 2012. Web. 26 Feb. 2012. .
nd we must take into consideration what would happen if, somewhere down the line, we encountered the very real possibility of changed financial circumstances.
The financial knots we're tying ourselves into now, as we scramble to purchase homes and wind up owning less of them, can have serious long-term ramifications. Because today's overall tighter finances often necessitate putting off major purchases, many adults don't buy their first home until they're well into their thirties or even forties.
s a result, those thirty-year mortgage payments follow us right into retirement, hanging around even as rising health care and tuition expenses for college-aged children begin to spike. s a result, we discover too late that the asset we gambled everything to acquire because it was going to see us through retirement is instead pushing that retirement further and further away. lready, an increasing number of seniors are borrowing against their homes, accumulating more…
Adam Tanner, San Francisco Suburb Vallejo Files for Bankruptcy, REUTERS, May 23, 2008;
Fishbein & Woodall.
Michael M. Phillips, to Help Broke Homeowners, He's Taking the Law into His Own Hands, WALL ST. J., June 6, 2008, at A1.
e. telling someone that you think he is still discontent), paraphrasing the emotion that the other expresses, and encouraging emotional perspective taking (with questions like "how would you feel about this in the future?" Or attempting to convey the emotion of the other party). In short, emphasis on emotion should be placed forefront in the mediation session and the underlying emotions should be uncovered and dealt with in order that one can then proceed to a conflict-free resolution.
There are, in short, two ways -- as Schnurman (2011) observes -- to handling workplace conflicts. Firstly, one can seek to minimize them by generating a healthy, communicative work environment. Secondly, one can skillfully resolve and defuse the issues once they arise. Arguments are a part of every workplace. How one deal with them determines the results -- and the results can be positive if dealt with in a constructive manner. Focusing on…
Reference
American Institute of Stress Workplace Stress
http://www.stress.org/workplace-stress/
CCR Int. About Workplace Conflict
http://www.conflictatwork.com/conflict/cost_e.cfm
For this reason, they have stepped out to pursue alternatives, especially foreign cars. On the contrary, as consumers become price oriented, they have minimal purchasing power because they are not buyers of large volume automobiles (Porter, 1985).
3.3 Threat of New Entrants
It is extremely difficult for new entrants penetrate the auto industry because of the existing high level of brand loyalty. Nevertheless, the few popular overseas firms and entered the American auto industry easily. For example, Honda Motors entered Ohio by opening a new office. This marked the beginning of a major stiff competition in the industry. Foreign entrants have expanded leading to decreased markets for American auto companies (ubenstein, 2011).
3.4 Bargaining Power of Buyers
In the current marketplace, consumers have been given various options, models, and brands to make their selection. However, various factors affect the buying decisions of consumers. They include price, appearance, and effect on the environment. Customers…
References
Beecroft, D. (2008). History of the American automobile industry. Toronto: CCH Canadian Limited.
Cooney, S., & Yacobucci, B.D. (2009). U.S. automotive industry: Policy overview and recent history. New York: Nova Science Publishers.
Porter, M.E. (1979) "How competitive forces shape strategy," Harvard Business Review, March/April 1979.
Porter, M.E. (1980) "Competitive Strategy," The Free Press, New York, 1980.
MF Global
Discuss the key difference between conducting a financial audit and a fraud audit, and the related level of responsibility of the auditing firm.
Financial audits are typically carried out by certified public accountants or outside agencies or firms that work directly on behalf of individual companies. At times financial audits may be initiated by government entities. The audit itself is more of a "double-check" of financial reports and practices (Weinberg, 2003). Financial audits are deemed complete upon verification that numbers are accurate. Completed financial audits may prove or disprove information, but discrepancies will typically not result in the same serious consequences as those uncovered during a fraud investigation or audit.
Fraud auditing usually comes at the demand of the U.S. court system - usually the work is carried out by the government or privately-held third parties. Fraud audits look for dishonesty and hidden figures. They probe deeper than the average financial…
References
Dyck, A., Morse, A., & Zingales, L. (2010). Who Blows the Whistle on Corporate Fraud?. Journal of Finance, 65(6), 2213-2253. doi:10.1111/j.1540-6261.2010.01614.x.
Lee, A. (2012). MF Global client funds: how new NFA proposal would work. International Financial Law Review, 41.
Spencer, J. (2011, December 14). MF Global: A search for answers and millions of dollars. Star Tribune (Minneapolis, MN).
Weinberg, J.A. (2003). Accounting for Corporate Behavior. Economic Quarterly (10697225), 89(3), 1-20.
Corporation Transactions and Misrepresentation of Financial eports
Business law also called commercial law is a branch of civil law that governs business as well as, commercial transactions, and deals with both the private and public law. The branch created to ensure that, they are no exploitation and manipulation of people as well as rules and regulation in order to benefit some members of a business. This means that should one break or manipulate the rules and regulation in his favor. The or she must face the court in accordance with the law. With legal rights of all investors considered as an important element of the business law, we examine the board changes within the filling of the shareholder derivative lawsuits and might not be frivolous. Also, lack of highly competent employees within a business can lead to tremendous losses and to some extent closure of the business in accordance with law,…
Reference list
Arlen, J. (1994). The Potentially Perverse Effects of Corporate Criminal Liability, the Journal of Legal Studies 23 (June), 833.
Becker, G.S. (1968). "Crime and Punishment: An Economic Approach." Journal of Political Economy 76 (March/April), 169-217.
Zingales, L. (2004). The Costs and Benefits of Financial Market Regulation, European Corporate Governance Institute working paper 21/2004
Terrorist Attacks on New York City
Consumer ehavior and Risk
Terrorism and Consumerism in the Melting Pot
How has September 11 Impacted Americans
Economic Impact of terrorism
Outlook for the New York Economy
Examination of the Effects on usiness
Regaining Consumer Confidence
Sampling Procedures
Survey Construction
Survey results
Recommendations for Further Studies
Survey of Consumer Patterns After The September 11 attacks on the World Trade Towers
Survey Results presented Graphically
Store Owner Interviews
The Impact of the Terrorist Attacks on New York City: One Year Later Chapter 1
The attacks on the World Trade Towers on September 11, 2001 threatened the American People's sense of security in a way that had not been felt since the attack on Pearl Harbor. To say that the attacks changed the lives of many people would be an understatement. The attacks literally brought the country to a halt for nearly three days. It can be expected that these events would have an immediate and drastic effect on people's behaviors…
Bibliography
American Bankers Association. 2001. "Post Sept. 11 Survey Shows Nation's Bankers Are Optimistic." ABA Press Release, December 3, 2001.
Atkinson, J.W. 1957. Motivational determinants of risk-taking behavior. Psychological Review,
Barone, Ronald; M. Rigby, Peter;Schwartz, Bruce; Simonson; Arthur F; Chew; William H;
Eiseman, Barbara A, and Shipman, Todd A. 2002. Consequences of Sept. 11 Attacks Put
Economics
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