“Tell Me What You Pay Attention to and I Will Tell You Who You Are.” †Jose Ortega Y Gasset free essay sample

I additionally like different statements by Ortega y Gasset like: â€Å"Love is that unbelievable activating of human essentialness, the incomparable action which nature bears anybody for leaving himself toward somebody else†, yet I chose to expound on the statement referenced above in light of the fact that along my youth my mom consistently brought up to me that individuals will pass judgment on me for my companions, my looks, for what garments I will wear, for what I read, I state or, all in all, for everything. As the years goes on, I discovered this pitiful truth and how individuals can extremely simple adjudicator us for a dress or what vehicle we drive or more awful, for what school we take care of and what companions we decide to have close by. What Jose Ortega y Gasset needed to state is that in the event that you recognize what an individual peruses, tunes in to and watches, you can make a more than taught surmise about his political leanings, I state political leanings since when Ortega y Gasset said this statement Spain swayed between government, republicanism and tyranny, strict twisted, instructive foundation and to a limited degree, his knowledge. We will compose a custom paper test on â€Å"Tell Me What You Pay Attention to and I Will Tell You Who You Are.† †Jose Ortega Y Gasset or then again any comparable subject explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page I concur with the part that say’s that we can figure the insight. We can distinction an individual with a high IQ by the language that individual use, by his outcomes at school, by the spots he jumps at the chance to go: show, library’s, bookshops, by the book’s he peruses and the subject the book has, as: philosophical or mental topics, about history or science and the rundown can go on. I likewise concur with the possibility that you can characterize a few highlights of somebody’s character by recognizing what they read, tune in, what sort of garments they wear, what places they visit, however I don’t concur with the way that we can characterize that individual, since we can’t, we can just place them in a classification, class or area that everybody of us have our own, I have my method of classing individuals and seeing things and others have their direction. To keep up my thought I will give a model. In my first year of contemplating brain research I have an instructor that I cherished without question, she was youthful, truly pleasant and open to us and her showing was great, at classes she was dressed formal, however in her own life she was the stone sort of young lady and with â€Å"rock type† I’m discussing her garments and the kind of music she tune in to; she has tattoo’s all over her back. What I am attempting to state is that on the off chance that somebody saw her, with her stone looks and style and the tattoo’s all over her back will, perhaps, state what the dominant part thinks about individuals who tune in and embrace the stone style, that she is a â€Å"trashy† individual, that she possibly don’t wash up frequently and that she is an unusual individual, tuning in to abnormal music with a low enthusiasm to culture, craftsmanship, school/examines. A couple of will contemplate her and her vocation, yet that’s the manner in which most of us individuals think these days and it’s a miserable and furthermore incorrect method of seeing things. Obviously, from my model I can find that the individual who is putting this â€Å"label† on my educator without knowing her in person is a shallow individual. I state shallow on the grounds that, in view of what Jose Ortega y Gasset says in his statement: â€Å"tell me what you focus to†¦ † the individual who thinks off-base about my instructor is focusing on her looks, what she is wearing, what garments and footwear she has and when somebody is so intrigued by the appearance and classes individuals by the dress that individuals are without a doubt shallow and shallow. Shallow is the element that implies passing judgment on an individual dependent on looks, not considering as a part of their character at all. So in the event that you focus on looks, you are shallow and shallow, on the off chance that you focus on what vehicle an individual drives, what mark has his garments, what manor he haves, you are a realist individual, this implies you are essentially inspired by material solace and you are antagonistic or not interested in workmanship and culture, a realist knows the cost of everything and the benefit of nothing, on the off chance that you focus on others needs, on the off chance that you hop to support them, on the off chance that you make companions effectively, you are a warm and satisfying individual, who is entirely pleasing and needed around. On the off chance that you favor purchasing books rather than garments or making a blessing a book for a companion and you like setting off to the film to see a great deal of motion pictures, in the event that you like going to exhibition halls or at the drama to see theater or expressive dance, this implies your consideration is going to craftsmanship and culture, if your consideration goes to perusing news papers and watch the news on TV or on the off chance that you have a place with a political association, at that point your inclinations goes to political leanings, you like to be very much educated about your nation and what's going on the planet. On the off chance that your consideration goes to helping destitute individuals, heading off to the congregation, chipping in at emergency clinics or at halfway houses and doing great stuff for individuals in torment, hurt, need, you are a humane, kind and humble individual, set apart by tameness or unobtrusiveness in conduct, demeanor or soul. On the off chance that you like speed (when you are driving), riding a cruiser, activity games and films, outrageous games, you are an experience individual with no dread and in affection with adrenaline, you are an ideal individual to go in a get-away in the mountains and gain great experiences and mess around with. In the event that your advantages and consideration are for tests, science, compound substances and responses, nature, clarifying a few responses or things that occurs on the planet, as an Earth-wide temperature boost or a nature risks, similar to torrent or typhoons, at that point you are a science individual, inspired by hypotheses and how the world and nature functions. The rundown can go on with numerous different models, interestingly, knowing our inclinations and what are we focusing on is the means by which we can class an individual or why not, judge somebody. We can figure simple what sort of training that individual has and how shrewd she or he is, yet we can never know how the individual truly feels inside, or what sort of heart the person has, we can just assume or conjecture about the sentiments the individual has and his ability to love and care about others however we can never tell without a doubt until we truly become acquainted with the individual close and invest energy with. My grandma has a word: â€Å"you can’t know an individual in a lifetime† so it’s hard to make a picture about an individual simply dependent on some basic considerations and passing by appearances, you need to need to know an individual profoundly and give your time and enthusiasm for this so you can at long last know who he truly is. Anyway isn't so terrible to make expectations on a person’s character and interests, actually, these forecasts are shown on the off chance that you ask me, in light of the fact that along these lines we can pick if that somebody is beneficial for us to have in our life. In all sort of connections we are looking and looking for similarity, to have comparative musings, to need and dream at very similar things, to have similar desires, propensities so we can do things together and have a great time, so we can have conversations, tentative arrangements and have an individual who we know in what circumstance we can rely on and when not. Taking everything into account, we can’t tell without a doubt how an individual is, yet by observing or knowing their preferences and interests in especially everything, from books, music to garments, craftsmanship, science, we can make a picture of what that individual is and how savvy, instructed, generous, awful/insidious he is or not. Some of the time, as I said over, that picture can not be right or half obvious, however we can constructed a thought regarding that individual and we can check whether we are good for companionships or connections, we can pick on the off chance that we need that individual to be close by or disregard them as indicated by their considerations or contrasting them with our own. Jorz Janett-Sorina Universitatea de Vest Timisoara Facultatea de Sociologie si psihologie An II, semestrul I, grupa I

Ryanair’s Management and Creativity

1. In the book â€Å"Management and Creativity† (Bilton, 2007), Wilson and Cummings characterize system as two particular methodologies; technique as position and methodology as procedure. The previous, additionally alluded to as technique as direction, adopts a progressively top-down strategy and is focused around a solitary head. It endeavors to set up a vital position that will fill in as a reason for separation, which is generally observed as unique and creative. Be that as it may, an effective execution of the methodology frequently requires high observing and a hierarchal structure. Therefore, the procedure itself is very uncreative and there is no place for changes and advancement after the methodology has been set up. The pioneer assumes a significant job in this key methodology by setting vision and coordinating representatives, and the person in question is regularly firmly connected with the association. Ryanair’s CEO Michael O’Leary is an incredible case of a pioneer inside a direction system association. The other methodology laid out by Wilson and Cummings is system as liveliness. This adhocracy style is normally adjusted by inventive associations and the methodology is a greater amount of an advancing procedure than a fixed vital position. It is based upon little, nonstop changes that develop gradually inside the association. In contrast from direction, adhocracy adopts a base up strategy and the technique is created through an aggregate action. The pioneers job isn't to oversee and coordinate, yet to set casings, and perceive and expand upon significant examples. Common objectives and qualities hold the organization together and fill in as the paste in the association. The movement film studio Pixar fills in as an extraordinary case of the adhocracy approach. Their procedure situated methodology and base up approach has assisted with sustaining imagination and manufacture a culture where everyone’s thoughts matters and all workers are encouraged to express their real thoughts. In this way, innovativeness is viewed as something that develops through frameworks and systems, and not something that is segregated to a solitary chief. Posthocracy is a sort of non-procedure. The style is regularly adjusted by associations that are dependent upon a great deal of vulnerability and changes in their condition. The flightiness of things to come makes it hard for the associations to set up a technique in advance and choices are frequently legitimized after they have been made. This methodology depends on inner self, feelings and character. 1. 1 It can be contended that Michael O’Leary follows a system as direction approach. The minimal effort technique has come to characterize Ryanair and is profoundly enrooted in the organization. The endeavor to decrease costs no matter what set the key heading. As in most direction procedures, the organization adopts a top-down strategy and the inventiveness is concentrated to the pioneer; the CEO Michael O’Leary. His questionable thoughts are regularly observed as both new and progressive and he persistently finds the most extreme approaches to lessen costs. All things considered, the association itself is profoundly checked and controlled as to effectively minimize expenses in all aspects of the worth chain. Besides, as usually found in these kinds of system propensities, Michael O’Leary is firmly connected with the organization. As portrayed in the article, â€Å"O’Leary decided to encapsulate the job of a modest, straightforward, somewhat disagreeable Everyman, which he would endeavor to sell a modest, marginally horrendous flying experience to the Everyman. Seemingly, M. O’Leary is Ryanair. 2. As indicated by current famous hypotheses imagination is worried about oddity and independence. For a plan to be viewed as novel, it ought to give something new or another blend of components. The independence concerns the originator of the thought who is viewed as a â€Å"bra in† who needs space and free control to have the option to thrive. The mental hypothesis alters this thought by removing the segment of independence and including worth and significance. For a plan to be imaginative, the advancement likewise should be significant and give meaning. Simply advancement isn't sufficient. Both the idea of advancement and the one of significant worth is setting subordinate; to whom is the thought novel and to whom will it give importance and worth? As indicated by Margaret Boden, oddity can be characterized as new to the individual, H-innovativeness, or new to the world, P-inventiveness. A clever thought ought to have the option to fit into one of these two. For a plan to give worth and importance it must be â€Å"fit for purpose† and there will be various standards for various circumstances. In a business setting, an inventive thought could be significant in the event that it improves the arrival on speculation or on the off chance that it fits with the occasions. In another specific circumstance, a board of specialists may choose if the advancement is important or not. A thought may likewise be characterized as important on the off chance that it has a particular expectation. 2. 1 Ryanair has a minimal effort technique with the vision to be â€Å"quick, productive, moderate and safe†. Michael O'Leary is a visionary chief with â€Å"nutty† thoughts that are viewed as radical by the remainder of the aircraft business. O'Leary says that in the carrier business, associations need to have an extreme perspective in any case everything will remain the equivalent. Be that as it may, new thoughts ought to be in accordance with the ease technique of the organization. Could the Ryanair thought of evacuating the pockets on the rear of the seats be viewed as imaginative? It diminished Ryanair’s cleaning time and in this manner additionally the pivot time at the air terminal and expanded the dependability. The thought was another blend of components and was new to the carrier business. It could in this way be contended to be novel. The thought was important for clients as it satisfied the basis of wellness to times: clients are additional time-touchy today and thusly values on-time flights. O'Leary contended that it is likewise important for the clients as they are value touchy, they would prefer not to have a wonderful encounter; they simply need to be shipped from A to B. For Ryanair, the thought is significant as it diminishes costs and improves the organization's arrival on speculation. At Ryanair, the authoritative style of progress is gradual: the organization is constantly improving and creating itself. One distinctive element of this style is that change is going on despite the fact that the organization isn't in a development state or emergency of their life cycle. This is obvious as the organization has introduced net benefits in 9 out of 10 late years. The progressions at Ryanair may look as radical to the remainder of the aircraft business, yet it is in accordance with the present value touchy society. O'Leary is limit tweaking; he isn't thinking completely fresh yet simply â€Å"modifying the edges of the center business†. It very well may be addressed if Ryanair now and again make change only for the wellbeing of change. There is a feeling that O'Leary may execute changes (or propose them) just to incite the business. What's more, is less expensive in every case progressively significant? Do client's despite everything esteem modest tickets on the off chance that they need to stand up or pay for the latrine?

College

College One year ago, in the mush of schoolless boredom known as Spring Break of junior year, I got into MIT. “Got into” is here used idiomatically in the superficial sense, bearing no deeper significance than that I could take a plane to 77 Massachusetts Avenue in August and call myself a student if I wanted to. (I am, of course, blatantly ignoring the huge mass of angst and pain known as Paying Tuition). My situation was thus: One year of high school stood between myself and a diploma. I wasnt accepted to any other colleges, probably because I hadnt applied to any other colleges. After about 5 picoseconds of staring at my acceptance letter from MIT, I became exceedingly convinced that graduating high school was just a formality, a trivial remnant of the antiquated American Dream that dominated social aspirations in the postwar decades of the previous century*. Plus, “high-school dropout” had a nice ring to it (and I would get loads of street cred too!). *By the way, I copied and pasted part of this sentence out of a book report that I wrote about Death of a Salesman in 10th grade. So I decided to cross “Finish high school” off my to-do list. Before taking a second look at the campus, before getting my financial aid package, before understanding the course requirements, before learning that the elevators in the Stata Center are only semi-functional, before hearing of Random Hall, even before talking to Donald Guy 12 (who, in all likelihood, helped convinced about 15% of our class to matriculate by various means of the Internet), I accepted my offer of admission. You already know the rest of this story, and some of you who are reading this will live it for yourselves in the next six months. I can hardly wait. The punchline is that to call myself gratuitously lucky would be understating the absurdity of my uninformed, mostly blind, yet tremendously unregrettable decision. Every day, I wake up. To be more specific, every day I wake up and marvel at the sheer impossibility that I picked the right college without seriously looking at more than one college. Then I go back to sleep, because I probably went to bed at 3 AM the night before and cant believe that I just wasted 30 seconds thinking about how great my life was when I could have been sleeping. The truth is that MIT isnt right for everyone. Some people wish they had picked the state school that offered them a full ride, a free car, and the right to name a state park after themselves. Some people wish they had picked Harvard. The latter usually soon regain their ability to make reasonable judgments, however. So, whether or not youre considering MIT (if not, you might be on the wrong website), heres my advice: Look both ways before you cross the street from high school into The Vast Unknown. Forget the brand-name universities and try to imagine where youll be happiest. Talk to actual students. Probe their insights of their learning environment. Ask them to share with you the aspects of college life that matter most to them (you might get a surprise). Ask them about their most shocking self-discoveries, their failures, their moments of unbearable misery and unforgettable joy. Ask yourself whether you want to live through the same experiences. Ill start: This past semester, Ive finally started to understand MIT as an institute built on cooperative, immersive learning. Meaning that the curriculum is structured around a level of difficulty that requires you to reach out and work with your classmates, to stay up until the early hours of the morning discussing problem sets, correcting each other, plowing yourselves into deeper, subtler levels of comprehension that you certainly didnt see during lecture. The end effect is that the line between your classes and life beyond classes becomes progressively blurrier until youre instinctively radiating and absorbing information from those around you during all waking hours. This is unbelievably uplifting to your ability to make interesting dinner conversation at family gatherings. Snapshot: Last night, on the inaugural evening of Spring Break, I forgot to come home after lab. I walked upstairs to Lulus office hours, arbitrarily, because I remembered That One Blog Post where she wrote about how nobody went to her office hours and how she sat around and ate a sandwich instead. We worked through half a problem, maybe, and spent a nebulously indefinite haze of time sitting there, in an empty office, in a deserted hallway, right above MITs famously (un)Infinite Corridor, chatting loosely about physics. Lately, Ive been realizing that trying to grasp threads of understanding from the fabric of the universe is like pretending to be a salmon. You swim upstream, bluntly against the direction in which the water (the physical metaphor for your intuition) pushes you, but you struggle harder than the actual salmon because you have no instinctive knowledge of how to subvert the current. You are disoriented, weightless and uprooted, despite the fact that you have read books and articles by talented salmon like Stephen Hawking and Alan Guth. Anyway, it was 9 pm after a while. Weird how that happens. On a tangential note, I recently discovered with much confusion and psychological turmoil that I prefer college-ruled paper to wide-ruled. Walking into Walgreens on an innocent sunny afternoon and feeling compulsively drawn toward what I previously considered a waste of trees, I was overcome with self-denial and forced myself to pick up a stack of wide-ruled instead. Halfway to the cash register, I couldnt bear it any longer and threw the wide-ruled paper into the candy aisle with much angst and internal dissonance. Mournfully, I lost the identity that I built for myself on the day in 4th grade when I decided that college ruled paper was for uncool kids who didnt own any good Pokemon cards. Perhaps its a good thing. Edward 12 recently borrowed my EM lecture notes, freshly scripted on college-ruled paper, and told me that they were neat. This has never happened to me before in real life. It may have happened once during a particularly boring dream, but I cant remember. Anyway, the Blog Police are telling me that I should quit trying to become a guest speaker on Oprah and post a picture already. Lobby 10 at noon, birds-eye view from the 2nd floor. If you show up early to lecture in room 10-250, you can lean against the railing and think about how this is one of the few spots along the Infinite Corridor where your cell phone gets a signal. (T-Mobile users, Im writing this for you.) Theres something distinctly fractal-like about the architecture of Lobby 10. Douglas Hofstadter, if youre reading this blog, I give you full rights to use this picture in your next book. I call this one “Vertigo,” or “Experimental Byproducts of Camera Rotation.” I encourage you to go forth and reevaluate your life now.

What is Globalization - 895 Words

What is Globalization? Globalization is growth to a global or worldwide scale. It is a series of several processes; One of which being a process of economic interactions and integrations between companies and governments of different nations. Countries engage in international trade aided by technology and other sources of information, Such as the internet and other means of communication. Economic interactions are interactions that have effects on the environment, culture, political systems, economic development and prosperity, and on human rights in countries around the world. What does Globalization mean to the United States? Pros/cons? In many cases globalization for the United States can mean outsourcing jobs, because of how work is outsourced to developing nations like China where wages and the cost of manufacturing goods are lower. This outsourcing of jobs can lead to increased job competition that in turn can lead to a reduction in wages and consequently lower standards of living. On the other hand, Globalization also allows American consumers to gain from a wider range of products and lower prices that is associated with open trade. Issues/Concerns with Globalization why do some countries benefit more than others? There are many issues with globalization. One issue begins with how capitalistic the global economy is. Globalization provides the largest possible base of competitors which helps provide a larger range of products, and lower prices. PeopleShow MoreRelatedGlobalization : What Is Globalization?871 Words   |  4 PagesWhat is Globalization? In order for my readers to fully understand the objective of this paper, I first need to make clear what globalization actually means, not just with the NFL, but to society in general. 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But to begin to talk about the positive and negative featuresRead MoreWhat Is Globalization?928 Words   |  4 Pageshigher education institution in their compact territory of West Berlin, encapsulated in the heart of East Germany. Without any signs of ending such an airlift operation in the near future, the United States was dedicated at expending resources for what they believed necessary. World War II had just ended, with the Germans being on the opposing side of the allies, so why would the United States want to educate the Berlin people? The answer is simple: power. The United States would be able to use thisRead MoreW hat Is Economic Globalization? Essay1468 Words   |  6 PagesWhat is economic globalization? I. Introduction Globalization is the demonstration or procedure of globalizing. It is kind of the improvement of an inexorably incorporated worldwide economy stamped particularly by unhindered commerce, free stream of capital, and the tapping of less expensive remote work markets.Accoding to the study, Stiglitz (2000) claims that globalization depicting as a dynamic process that join the economy of a nations with the world economy through monetary and non-financialRead MoreWhat Is The Globalization Of Labor?759 Words   |  4 PagesUAE has experienced a rapid population growth among the indigenous people and expatriates immigration that makes up more than quarter of the population. The population comprises of most of the young experts that have migrated to UAE as workers making it a large labor force country which makes it the best place for product marketing. 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The risk that comes with globalization connects between countries, culture and businesses. In today’s society, managers have more to deal with as the idea of outsourcing and cultural differences have made things a bit complex for the parties involved. Some companies might feel going to different countries for business could become a liability. For instance, if a URead MoreWhat ´s Bugetary Globalization?1081 Words   |  5 PagesBudgetary globalization made turmoil on the planet economy at the end of the twentieth century, however the Western economies utilizing business frameworks could exchange work to administrations, to rearrange their substantial businesses and to switch to workstations. The Soviet Union couldnt keep up. For example, when Gorbachev came to power in 1985, there were 50,000 Pcs in the Soviet Union; in the United States there were 30 million. Four years after the fact, there were something like 400,000Read MoreWhat Do You Understand By Globalization?1218 W ords   |  5 PagesWhat do you understand by ‘globalisation’? Discuss who- if anybody is benefiting from different aspects. It is difficult to find a more widely discussable thread than globalisation. The term Globalisation could be defined as the social process, as well as the social condition, which is very multipart and complicated, and includes aspects of the economic, political, cultural and human movement. Furthermore, it could be defined as the free movement and exchange of global capital, and the natural processRead MoreWhat Is The Globalization Of The Internet In New Zealand?1607 Words   |  7 Pages3. Social In 2014, the population of New Zealand was around 4.5 million, with approximately 4 million internet users (Central Intelligence Agency, n.d.). Even though with such a small population, it might be a challenge to get a large number of customers, it is also an opportunity for New Zealand to establish and develop online markets since it can reach most of the population. Therefore, the website creators are able to perfect the quality of their service and get ready to expand their business

Film Triumph Of The Will - 1558 Words

Taylor Singh 20519205 Assignment 1 The Perceptible Propaganda in the film Triumph of the Will (Triumph des Willens) JS 233: The Holocaust and Film Prof. James Diamond Monday, February 2nd, 2015 The film Triumph of the Will was created in 1934 after Hitler was named Fuhrer of Germany. At the time, Hitler was eager to improve the public image of the NSDP (National Socialist German Workers Party). After his election as chancellor in Early January 1933, Hitler gave Leni Riefenstahl the job of filming the annual NSDAP conference in Nuremberg, Germany . Riefenstahl accepted the offer and agreed document, direct and edit the Conference. As years pasted, the infamous â€Å"documentary† began to be speculated as possible Nazi Propaganda. Although presumptions began to arise, Riefenstahl stated that Triumph of the Will was clearly a factual documentary and stated: â€Å"Not a single scene is staged†¦It is history, pure history† and that she simply filmed what she saw. Susan Sontag’s response in her dissertation Fascinating Fascism concluded that the film is fascist propaganda promoting Nazi ideology but itself is not a about fascism . Sontag was right to the title the film was fascist due to Riefenstahl’s extreme forthright about her infatuation with Hitler. In an interview with Detroit news Riefenstahl stated: â€Å"To me Hitler is the greatest man who ever lived. He is really faultless, so simple yet so filled with ,manly power... He is really beautiful,Show MoreRelatedThe Art Within The Film The Triumph Of The Will 1353 Words   |  6 PagesFrance, the United States, and Russia, Germany also began to make films, as a way to entertain the working class in an inexpensive way. By 1933 Ado lf Hitler came to power, creating very harsh social condition that made several writers, actors, and directors flee Germany because they feared that if they stayed they would have gotten killed. Joseph Goebbels later came to run the UFA, as a government owned production company to make films that were shown to civilians and the military as propaganda on MarchRead MoreShould Triumph of the Will Be Considered a Documentary or Nazi Propaganda1334 Words   |  6 Pages‘Triumph of the will’ is a film of the 1934 Nazi Rally at Nuremburg. It was directed by Leni Riefenstahl and funded by the Nazi party. The question of whether Triumph of the Will was created for the purpose of Nazi propaganda or simply as a documentary has provoked historical debate. There is no doubt that the film was used as propaganda, as when the Nazi’s annexed Austria, triumph of the will was streamed in every cinema to convert the disillusioned Austrians into practising Nazis. However, historians Read More Triumph of the Will and Jud Suess as Nazi Propaganda Essay examples875 Words   |  4 PagesTriumph of the Will and Jud Suess as Nazi Propaganda      Ã‚   It has been readily admitted that propaganda has little to do with the truth. Why then is it so convincing? Why does the demagogic appeal of propaganda triumph over reason and truth? The answer is that the power of our emotions and our prejudices clouds our reasoning; and even more, propaganda uses our emotions against us by manipulating them. We are shown what the propagandist wants us to see; we feel what the propagandist wantsRead More`` Triumph Of The Will : Propaganda And Mass Rallies957 Words   |  4 PagesAn example of Hitler’s propaganda would be his documentary film entitled ‘Triumph of the Will’, which thoroughly demonstrates the profound effectiveness of his propaganda, which still impresses people living in the modern day. The overall theme of the film is Germany’s return as one of the great powers of the world, with Hitler as the new leader who will bring glory back to Germany. Through the eyes of an ordinary German in 1935, ‘Triumph of the Will’ would almost certainly instill a great senseRead MoreEssay on Leni Riefenstahl’s Triumph of the Will Propaganda1447 Words   |  6 PagesLeni Riefenstahl’s Triumph of the Will Propaganda I am going to discuss whether Leni Riefenstahl’s Triumph of the Will (1934) was propaganda, or a representational recording of an event. Riefenstahl was considered â€Å"an intricate part of the Third Reichs propaganda machine[1]†, yet she claimed that: If you see this film again today you ascertain that it doesnt contain a single reconstructed scene. Everything in it is true. And it contains no tendentious commentaryRead MoreNight and Fog vs Triumph of the Will Essay1086 Words   |  5 Pagesâ€Å"Triumph of the Will† and â€Å"Night and Fog,† portray Hitler’s vision for Germany, and the findings of Allied liberators of concentration camps in the beginning of World War II. A comparison of the films present two very different views of what Hitler deemed necessary for Germany. They each displayed propaganda in a way they’re eye-catching simply because of the raw footage. It took everything that we knew about pre WWII and corrected it, so that we knew the truth about how the people of Germany feltRead MoreAslan: The Savior Archetypal Character in Chronicles of Narnia853 Words   |  4 Pagesthe â€Å"Queen of Narnia† and bring back balance back to Narnia. One particular person, Aslan, follows the Savior Archetypal path similar to Jesus’ life . These archetypes can be seen through situations, character development, and symbolism in the film. Firstly, Aslan can be connected to the archetypal path through situations that relate to Jesus’ life. For example, when Aslan appeared at about an hour and twenty minutes into the movie. This symbolizes the birth of Jesus Christ . This was toldRead MoreThe Main Character And Hero Of This Play By Alexander Hamilton1746 Words   |  7 Pagesof film and camera direction. I decided to spend more time watching the film, Triumph of the Will, directed by Leni Riefenstahl, which we were shown in our political ideologies class as an example of fascist film. 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Jp Morgan Chase Annual Report Free Essays

string(54) " back to 1799 and operates in more than 50 countries\." JPMorgan and Chase 2011 Financial Analysis Abbiton Mumba , Bomboma Douti, Thuy Doan, Tracy Nguyen [Type the company address] General Information: JPMorgan Chase (NYSE: JPM) is one of the oldest financial institutions in the United States with a history dating back over 200 years. JPMorgan and Chase is basically included Chase- the U. S. We will write a custom essay sample on Jp Morgan Chase Annual Report or any similar topic only for you Order Now consumer and commercial banking businesses serve customers under the Chase brand. The consumer businesses include: Branch, ATM, telephone and  online banking, Credit cards, Small business, Home finance and  home equity loans, Auto finance, Education finance, Retirement Investing, Retail Checking. The commercial banking businesses include: Middle Market, Corporate Client Banking, Commercial Real Estate, Business Credit, Equipment Finance, Commercial Term Lending, Community Development. – and JPMorgan which is J. P. Morgan clients include the world’s most prominent corporations, governments, wealthy individuals and institutional investors. These businesses use the  J. P. Morgan brand: Investment Bank, Asset Management, Treasury Services, Worldwide Securities Services, Private Banking, Private Client Services, One Equity Partners. The corporate headquarters are in  270 Park Avenue,  Midtown,  Manhattan, New York City, New York, and the  retail  and  commercial bank  is headquartered in  Chase Tower,  Chicago Loop,  Chicago, Illinois, United States. The biggest event recently that JPMorgan anticipating in is acquisition of Washington Mutual in 2008. JPMorgan Chase raised $10  billion in a stock sale to cover write-downs and losses after taking on deposits and branches of Washington Mutual  Through the acquisition, JPMorgan now owns the former accounts of  Providian Financial, a credit card issuer Washington Mutual acquired in 2005. The company announced plans to complete the rebranding of Washington Mutual branches to Chase by late 2009. JPMorgan and Chase has the fiscal year end Dec 31. Internet Information: The internet address of the corporation is www. jpmorgan. com. The website provides broad information. The most important section is the â€Å"Investor relation† section. We can find Financial Information including annual report/ proxy statements, SEC filing, earning release, credit releases, Investor presentations , shareholder information including stock price history. The purpose of website is describe the corporation, provide customer service information, promote the industry the corporate in, provide employment information, publicize corporate citizenship. The annual reports and other different reports can be found in the government website www. sec. gov. The primary Standard Classification (SIC) is 6021 6029 6712 and the Central Index Key (CIK) number assigned to corporations that file with the SEC is 19617. The latest form 10-K is dated February, 29th, 2012. Basically, JPMorgan and Chase have a moderate change in the price of the common stock over the last two years. The biggest downward slope is between September 2011 to December 2011 and then it continues to be upward sloping. This fall price considers a narrow price range. Income Statement Compared to last year, Revenue growth decreased by -5. 3168%. A decreased of $5,460,000,000. The decline in net revenue from 2010 was driven by lower net interest income, securities gains, mortgage fees related income, and principal transactions revenue, partially offset by higher asset management, administration and commission revenue and higher other income. The increase in noninterest expense was driven largely by higher compensation expense, reflecting increased headcount. Despite the fact that the revenue lost than last year, over the last 5 year the company experienced the increased revenue due to net inflows to products with higher margins, higher deposit and loan balances, and the effect of higher average market levels. Growth in Revenue decreases than last year but Growth in profit increases by 9. 2458%. Although the Net Revenue of the current year is less than last year but Pre-provision profit on 2010 decreases from $16,639,000,000 to $7,574,000,000. That reason makes Growth in profit during the current year increased by 9. 2458%. Common-size Analysis: | Current Year| Previous Year| Revenue| 100%| 100%| Non-interest Expense| 64. 70%| 59. 59%| Interest Expense| 13. 99%| 12. 45%| Income Tax Expense| 7. 99%| 7. 29%| Income from continuing operations| 27. 51%| 24. 21%| Net Income| 19. 52%| 16. 91%| In general chase’s total non-interest expenses in 2011 rose 5. 11% higher than the total non-interest expense in 2010. The net income in 2010 seems lower than 2011 due to less operating and investment activities in 2010. Apart the item labeled other expenses and amortization of intangibles; all the other expenses were slightly higher. The increase in non-interest expense was driven largely by higher compensation expense reflecting headcount. The operating cost as part of the non-interest expense was definitely higher compared to 2010. The higher headcount visibly explains this increase. The provision for credit lost was 8. 41% lower than the 2010 provision. This was due to the amelioration of collection from customers. Consumer business modestly improved and mortgage net charge-offs and delinquencies improved. It is probably included in the item â€Å"other expenses† which were lower than 2010 but 6. 38% higher than 2009. Tax Burden: The total revenue in 2011 was 5. 62% lower than the revenue in 2011 but the bottom line was a lot higher than the previous year (2. 61%). The tax burden became consequently higher than the previous year; actually about 0. 7%. The increase in the tax burden due to the higher income in 2011 was definitely the result of the lower provision in credit loss in 2011. The provision in 2010 was about twice the provision in 2011, because of the lower interest revenue. Profitability in 2011 was better than the one in 2010. As a percentage of total revenue, net income was 2. 61% higher than the one in 2010. Net income in 2011 was by itself 9. 2 % higher than the one in 2010. This was again the result of the lower provision for credit losses. The consumer portfolio also improved. The decline in 2010 was driven by lower net interest income, security gains, mortgage fees and related income. The other-than-temporary impairment losses are included in securities gains for the periods presented was $27million in 2011 and $94 million in 2010. Balance sheet JPMorgan Chase ; Co. s one of the oldest, largest and best-known financial institutions in the world. The firm’s legacy dates back to 1799 and operates in more than 50 countries. You read "Jp Morgan Chase Annual Report" in category "Essay examples" JPMorgan and Chase is proved to be a mature firm with higher capital and liquidity. The Total Assets on the balance sheet grew $148,187 million, year en ding Dec 31, 2011 from previous year ending Dec 31 2010 representing a percentage of 0. 07. The change in Assets were partly due to the acquisition of RBS Sempra on July 1, 2010 and the transaction in 2011 of RBS Sempra which is a commodities’ global oil, global metals and European power and gas businesses. This acquisition almost doubled the number of clients the firm’s commodities’ business can serve and has enabled the firm to offer clients more products in more regions of the world. J. P Morgan Chase completed purchase of the remaining interest in High bridge, which resulted in $228 million Capital surplus. Missing Common size analysis Cash Flow Statement: The cash flows resulting from operation activities in 2010 and 2011 were -$3752 million and $95,932 million. The cash flow resulting from investing activities in 2010 and 2011 was $54,002 million and -$170,752. The cash flow resulting from financing activities in 2010 and 2011was -$49,217 million and $107,706 million. There was a significant increasing in cash $ 32,035 in 2011 and a little $1,361 million in 2010. The beginning in cash balance was $27,567 million and $26,206 million respectively in 2011 and 2010. The ending cash balance in 2011 and 2010 were $59,602 million and $27,567 million. There were three significant sources of cash which were from a hug number of net change in deposit, proceeds from long-term borrowings and trust preferred capital debt securities and from net earnings and sell securities. The three most significant uses of cash were taken from acquisition of businesses or dispositions, purchase securities and loans out and proceed from sales, securitizations and pay downs of loans held-for-sale and net change in trading assets. Based on a comparison of the income statement to the statement of the cash flows, depreciation and amortization in intangible was add back to statement of cash flow and other-than-temporary impairment losses are included in securities gains for the periods presented, caused the greatest differences net income ( loss) and the cash flow from operation. Statement of changes in Stockholders’ Equity: The number of common shares outstanding has decreased over 3 years. On March 18, 2011, the Board of Directors approved a $15. 0 billion common equity (i. e. , common stock and warrants) repurchase program, of which $8. 95 billion was authorized for repurchase in 2011. The $15. 0 billion repurchase program superseded a $10. 0 billion repurchase program approved in 2007. During 2011 and 2010, the Firm repurchased (on a trade-date basis) an aggregate of 240 million and 78 million shares of common stock and warrants, for $8. 95 billion and $3. 0 billion, at an average price per unit of $37. 35 and $38. 9, respectively. The Firm did not repurchase any of the warrants during 2010, and did not repurchase any shares of its common stock or warrants during 2009. As of December  31, 2011, approximately 408 million unissued shares of common stock were reserved for issuance under various employee incentive, compensation, option and stock purchase plans, director compensation plans, and the warr ants sold by the U. S. Treasury. Retained Earnings: fixed Dec 31 2011 Dec 31 2010 Beginning Retained earnings (2008) $54,013,000,000 Net Income $944. 00, 000 $1,001,000,000 Ending Retained Earnings $88,315,000,000 $73,998,000,000 From the number above we can conclude that Retained earnings increased in 2008 to $88,315,000,000 from $73,998,000,000 in 2010. Notes and supporting schedules to the financial statements. Cash and cash equivalents: the corporation define their cash equivalents by fund invested in US, T-bills, money market account, demand deposits or small-denomination time deposit and other investment with a maturity of 3 months or less when purchase. Account receivable: The corporation has the gross Account Receivable of $89,087 million current year and $102,413 million in 2010 reflects to 30. 9% and 31. 5% percentage of uncollectible. The lower the ratio the better, JPMorgan and Chase’s percentage uncollectible for 2011 is slightly better than 2010. The results of the receivable turnover in 2011 and 2010 were 1. 48 times and 2. 69 times respectively. The higher the turnover is the better. However, the current year 2011 is lower than the previous year 2010. This is the result of the higher revenue in 2010. Inventories: N/A Property and Depreciation: The Corporation classified its property, plant and equipment into five categories: land, buildings, leasehold improvements, furniture and fixtures, hardware and software. JPMorgan Chase computes depreciation using the straight-line method over the estimated useful life of an asset. For leasehold improvements, the Firm uses the straight-line method computed over the lesser of the remaining term of the leased facility or the estimated useful life of the leased asset. None of the assets were recognized as impaired during the current year. The Accumulated Depreciation increased from $13,355,000,000 of last year to $14,041,000,000 of current year. Despite the land or construction in progress, percentage of Fixed Asset Depreciation was approximately 23. 17% last year and 23. 26 % this year. For the percentage of fixed asset depreciation do not included land and construction in progress, there is slightly increased from last year to this year. The increase in premise and equipment was predominantly due to renovation of J. P Morgan Chase’s headquarters in New York City, the purchase of a building in London, retail branch expansion in the US, and investment in technology hardware and software, as well as other equipment. The increase was particularly offset by depreciation and amortization. This implies that in the future the company will spend more money on replacing the old equipment and that means it impacts on the capital expenditure on their financial statement. However, the company applies on the fixed asset turnover to generate revenue. The ratios are 7. 50 times last year and 7. 0 this year Operating and Capitalized leases: JP Morgan Chase hasn’t declared any capitalized leases in the 2011 10K. We do have a section devoted to operating leases. Obligation associated with operating leases in 2011was $2,228 million, and expense associated with operating leases in the current year is $1,825 million. Payment for operating leases next year is $1,753 million. Long term debt: JPMorgan Chas e issues long-term debt denominated in various currencies, although predominantly U. S. dollars, with both fixed and variable interest rates. Included in senior and subordinated debt below are various equity-linked or other indexed instruments, which the Firm has elected to measure at fair value. Changes in fair value are recorded in principal transactions revenue in the Consolidated Statements of Income. The following table is a summary of long-term debt carrying values (including unamortized original issue discount, valuation adjustments and fair value adjustments, where applicable) by remaining contractual maturity as of December 31, 2011. Most debts were JPMorgan Chase Capital. The five largest debt were JPMorgan Chase Capital X $1,016 million in amount with the rate of 7%, JPMorgan Chase Capital XXV $2,292 million in amount with the rate of 6. 8% rate, JPMorgan Chase Capitals XXVI $1,815 million in amount with the rate of 8. 0% , JPMorgan Chase Capitals XXVIII $1,500 million in amount with the rate of 7. 2%, JPMorgan Chase Capitals XXIX $1,500 million in amount with the rate of 6. 7%. Those debts aren’t due until next 30 years. JPMorgan and Chase don’t have any significant debt payment outstanding. Pension Plans: JPMorgan and Chase recognize in its statement of financial position the funded status of a benefit plan; measure defined benefit plan assets and obligations as of the end of the employer’s fiscal year (with limited exceptions) and recognize as a component of other comprehensive income, net of tax, the gains or losses and prior service costs or credits that arise but are not recognized as components of net periodic benefit costs pursuant to prior existing guidance. JPMorgan and Chase don’t have Defined Contribution Pension expense but Defined Benefit Pension with the expense of 11,808 billion. Defined benefit obligation in the current year: $13461 millions for U. S and Non U. S plans. Fair value of the retirement plan assets at the end of the current year: At December 31, 2011 defined benefit pension plan amounts not measured at fair value included $50 million. At the end of December 2011, the accumulated defined benefit pension obligation had a balance of ($9,008) million, but in my opinion, the plan is well funded. At December 2011, the plan was said to have 2. 6 billion balance overfunded. It is clearly stated in the notes that by December 31st 2011, the U. K plan was $33 million unfunded. Amount recognized on the balance sheet related to pension: $ 1,429 million funded in the U. S, and a non-U. S balance of 160 million. The amount contributed to the defined benefit pension plan in 2011 was 37 million for the U. S and 169 million for the Non-US. $540 million were paid to retirees in the U. S whereas 93million were paid to non U. S in 2011. Investments in the defined benefit pension fund are the Firm’s U. S. defined benefit pension plan assets are held in trust and are invested in a well-diversified portfolio of equity and fixed income securities, real estate, cash and cash equivalents, and alternative investments (e. . , hedge funds, private equity, real estate and real assets). Non-U. S. defined benefit pension plan assets are held in various trusts and are also invested in well-diversified portfolios of equity, fixed income and other securities. Assets of the Firm’s COLI policies, which are used to partially fund the U. S. OPEB plan, are held in separat e accounts with an insurance company and are invested in equity and fixed income index funds. The investment policy for the Firm’s U. S. efined benefit pension plan assets is to optimize the risk-return relationship as appropriate to the needs and goals using a global portfolio of various asset classes diversified by market segment, economic sector, and issuer. Assets are managed by a combination of internal and external investment managers. Periodically the Firm performs a comprehensive analysis on the U. S. defined benefit pension plan asset allocations, incorporating projected asset and liability data, which focuses on the short-and long-term impact of the asset allocation on cumulative pension expense, economic cost, present value of contributions and funded status. Postretirement Benefits other than Pensions: there is no expense associated with non-pension post-retirement benefit. Benefits obligation for the non-pension post-retirement benefit plan was $999 million in 2011. Fair market value of assets held for non-pension post-retirement benefits plan was 1,435 million in 2011. The plan is adequately funded. The fair market value of the post-retirement benefit plan has enough resources to operate. Amount recognized on the balance sheet related to the non-pension post-retirement plan was $436 million. Amount contributed to non-pension post retirement benefits during the current year is $2 million, and amount of non-pension post retirement benefits paid to retirees during the current year is $26 million. Income Taxes: The income tax expense for the current year in the income statement is $7,773 million and $1,693 million of the current year’s income tax expense has been deferred to future periods. The effective tax rate for current year is 29. 1%. There are two types of Income taxes disclosed on the notes: Gross deferred tax asset is $27,632 million and Gross deferred tax liability is $12,856 million. As the results, the Net deferred tax amount is $14,776 million. The significant activities resulted in recognition of deferred tax liabilities that are not yet due to a tax authority are depreciation and amortization, leasing transactions, non-US transaction and others. On other hand, the significant activities led to the recognition of deferred tax assets will be utilized in the future are allowance for loan losses, employee benefits, accrued expenses and others, non-US operations, tax attribute carry forwards. Stock-Based Compensation: MISSING Segmental and Geographic Information: JPMorgan Chase Co. JPMorgan Chase) is a financial holding company. The Company is a global financial services firm and a banking institution in the United States, with global operations. The Company is engaged in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, asset management and private equity. JPMorgan Chase’s prin cipal bank subsidiaries are JPMorgan Chase Bank, National Association, a national bank with the United States branches in 23 states, and Chase Bank USA, National Association, a national bank that is the Company’s credit card-issuing bank. The bank and non-bank subsidiaries of JPMorgan Chase operate nationally, as well as through overseas branches and subsidiaries, representative offices and subsidiary foreign banks. One of the Company’s principal operating subsidiaries in the United Kingdom is J. P. Morgan Securities Ltd. , a subsidiary of JPMorgan Chase Bank; N. A. JPMorgan Chase’s activities are organized into six business segments, as well as Corporate/Private Equity. JPMorgan Chase’s activities are organized into six business segments, as well as Corporate/Private Equity. The Company’s wholesale businesses comprise the Investment Bank (IB), Commercial Banking (CB), Treasury Securities Services (TSS) and Asset Management (AM) segments. The Company’s consumer businesses comprise the Retail Financial Services (RFS) and Card Services Auto (Card) segments. Contingencies: NEED TO FIX Probable Litigation: The Firm has established reserves for several hundred of its currently outstanding legal proceedings. The Firm accrues for potential liability arising from such proceedings when it is probable that such liability has been incurred and the amount of the loss can be reasonably estimated. The Firm evaluates its outstanding legal proceedings each quarter to assess its litigation reserves, and makes adjustments in such reserves, upwards or downwards, as appropriate, based on management’s best judgment after consultation with counsel. During the years ended December 31, 2011, 2010 and 2009, the Firm incurred $4. 9 billion, $7. 4 billion and $161 million, respectively, of litigation expense. There is no assurance that the Firm’s litigation reserves will not need to be adjusted in the future. Mortgage Foreclosure Investigations and litigation: JPMorgan Chase and four other firms have agreed to a settlement in principle (the â€Å"global settlement†) with a number of federal and state government agencies, including the U. S. Department of Justice, the U. S. Department of Housing and Urban Development, the Consumer Financial Protection Bureau and the State Attorneys General, relating to the servicing and origination of mortgages. The global settlement, which is subject to the execution of a definitive agreement and court approval, calls for the Firm to, among other things: (i) make cash payments of approximately $1. billion (a portion of which will be set aside for payments to borrowers); (ii) provide approximately $500 million of refinancing relief to certain â€Å"underwater† borrowers whose loans are owned by the Firm; and (iii) provide approximately $3. 7 billion of additional relief for certain borrowers, including reductions of principal on first and sec ond liens, payments to assist with short sales, deficiency balance waivers on past foreclosures and short sales, and forbearance assistance for unemployed homeowners. If the Firm does not meet certain targets for provision of the refinancing or other borrower relief within certain prescribed time periods, the Firm will instead make cash payments. ) In addition, under the global settlement the Firm will be required to adhere to certain enhanced mortgage servicing standards. Overdraft Fee/Debit Posting Order Litigation: JPMorgan Chase Bank, N. A. has been named as a defendant in several purported class actions relating to its practices in posting debit card transactions to customers’ deposit accounts. Plaintiffs allege that the Firm improperly re-ordered debit card transactions from the highest amount to the lowest amount before processing these transactions in order to generate unwarranted overdraft fees. Plaintiffs contend that the Firm should have processed such transactions in the chronological order they were authorized. Plaintiffs seek the disgorgement of all overdraft fees paid to the Firm by plaintiffs since approximately 2003 as a result of the re-ordering of debit card transactions. The claims against the Firm have been consolidated with numerous complaints against other national banks in multi-District litigation pending in the United States District Court for the Southern District of Florida. The Firm’s motion to compel arbitration of certain plaintiffs’ claims was initially denied by the District Court. On appeal, the United States Court of Appeals for the Eleventh Circuit vacated the District Court’s order and remanded the case for reconsideration in light of a recent ruling by the United States Supreme Court in an unrelated case addressing the enforcement of an arbitration provision in a consumer product agreement. The Firm has reached an agreement in principle to settle this matter in exchange for the Firm paying $110 million and agreeing to change certain overdraft fee practices. The settlement is subject to documentation and court approval. Service Members Civil Relief Act and Housing and Economic recovery Act Investigations and litigation: multiple government officials have conducted inquiries into the Firm’s procedures related to the Service Members Civil Relief Act (â€Å"SCRA†) and the Housing and Economic Recovery Act of 2008 (â€Å"HERA†). These inquiries were prompted by the Firm’s public statements about its SCRA and HERA compliance and actions to remedy certain instances in which the Firm mistakenly charged active or recently-active military personnel mortgage interest and fees in excess of that permitted by SCRA and HERA, and in a number of instances, foreclosed on borrowers protected by SCRA and HERA. The Firm has implemented a number of procedural enhancements and controls to strengthen its SCRA and HERA compliance. In addition, an individual borrower filed a nationwide class action in United States District Court for South Carolina against the Firm alleging violations of the SCRA related to home loans. The Firm agreed to pay $27 million plus attorneys’ fees, in addition to reimbursements previously paid by the Firm, to settle the class action. Additional borrowers were subsequently added to the class, and the Firm agreed to pay an additional $8 million into the settlement fund. The court entered a final order approving the settlement in January 2012. Reasonable Possible: The Firm believes the estimate of the aggregate range of reasonably possible losses, in excess of reserves established, for its legal proceedings is from $0 to approximately $5. 1 billion at December 31, 2011. This estimated aggregate range of reasonably possible losses is based upon currently available information for those proceedings in which the Firm is involved, taking into account the Firm’s best estimate of such losses for those cases for which such estimate can be made. For certain cases, the Firm does not believe that an estimate can currently be made. The Firm’s estimate involves significant judgment, given the varying stages of the proceedings (including the fact that many are currently in preliminary stages), the existence in many such proceedings of multiple defendants (including the Firm) whose share of liability has yet to be determined, the numerous yet-unresolved issues in many of the proceedings (including issues regarding class certification and the scope of many of the claims) and the attendant uncertainty of the various potential outcomes of such proceedings. Accordingly, the Firm’s estimate will change from time to time, and actual losses may be more than the current estimate. Auction Rate Securities Investigations and Litigation: Beginning in March 2008, several regulatory authorities initiated investigations of a number of industry participants, including the Firm, concerning possible state and federal securities law violations in connection with the sale of auction-rate securities. The market for many such securities had frozen and a significant number of auctions for those securities began to fail in February 2008. The Firm also faces a number of civil actions relating to the Firm’s sales of auction-rate securities, including a putative securities class action in the United States District Court for the Southern District of New York that seeks unspecified damages, and individual arbitrations and lawsuits in various forums brought by institutional and individual investors that, together, seek damages totaling approximately $50 million. The actions generally allege that the Firm and other firms manipulated the market for auction-rate securities by placing bids at auctions that affected these securities’ clearing rates or otherwise supported the auctions without properly disclosing these activities. Some actions also allege that the Firm misrepresented that auction-rate securities were short-term instruments. The lawsuits are being coordinated before the federal District Court in New York. Additionally, the Firm was named in two putative antitrust class actions. The actions allege that the Firm, along with numerous other financial institution defendants, colluded to maintain and stabilize the auction-rate securities market and then to withdraw their support for the auction-rate securities market. In January 2010, the District Court dismissed both actions. An appeal is pending in the United States Court of Appeals for the Second Circuit. Interim (Quarterly Reporting: During the current year 2011, the company’s revenue for 1st quarter is $25,221 million, 2nd quarter is $26,779 million, 3rd quarter is $23,763 million and 4th quarter is $21,471 million. There is a significant fluctuation in quarterly data because It experienced a decrease in revenues during the current year from 1st quarter to 4th quarter. Report of independent Auditors: Auditor is PricewaterhouseCoopers LLP located at 300 Madison Avenue New York, NY 10017. The auditor believes that the financial statements were presented fairly. Their opinion is stated as follow: In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of income, changes in stockholders’ equity and comprehensive income and cash flows present fairly, in all material respects, the financial position of JPMorgan Chase ; Co. and its subsidiaries (the â€Å"Firm†) at December 31, 2011 and 2010, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2011, in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Firm maintained, in all material respects, effective internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Report of Internal control: Management of JPMorgan Chase ; Co. (â€Å"JPMorgan Chase â€Å"or the â€Å"Firm†) is responsible for establishing and maintaining adequate internal control over financial reporting. The same authority, Management of JPMorgan Chase ; Co. â€Å"JPMorgan Chase â€Å"or the â€Å"Firm†) is responsible for maintaining adequate internal control over financial reporting. The auditor does believe that the corporation maintained adequate internal control over financial reporting. Here is their opinion: â€Å"in our opinion, the Firm maintained, in all material respects, effective internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Ratio Analysis Analysis of profitability: The profit margins were 16. 1% and 19. 52 % to the following 2010 and 2011 year end. The increase in profit margin due to the advantage of the allowance for losses, noninterest revenue and interest expense. Interest income and interest expense is recorded in the Consolidated Statements of Income and classified based on the nature of the underlying asset or liability. Interest income and interest expense includes the current-period interest accruals for financial instruments measured at fair value, except for financial instruments containing embedded derivatives that would be separately accounted for in accordance with U. S. GAAP absent the fair value option election; for those instruments, all changes in fair value including any interest elements, are reported in principal transactions revenue. For financial instruments that are not measured at fair value, the related interest is included within interest income or interest expense, as applicable. The corporation has the return on assets of 0. 86% in 2011 and 0. 79% in 2010. The returns on assets were significant low compare to return on stockholder’s equity of 10. 5% in 2011 and 9. 66% in 2010. In general, JPMorgan and Chase is a big corporation, but they had a tight controlled and managed very well. Therefore, their earning is improved and very stable in recent year although the economy looks doom. Earnings per share (â€Å"EPS†) is calculated under the two-class method under which all earnings (distributed and undistributed) are allocated to each class of common stock and participating securities based on their respective rights to re ceive dividends. JPMorgan Chase grants restricted stock and RSUs to certain employees under its stock-based compensation programs, which entitle recipients to receive non-forfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock; these unvested awards meet the definition of participating securities. Options issued under employee benefit plans that have an anti-dilutive effect are excluded from the computation of diluted EPS. EPS in 2011 was $4. 50 compare to 2010 of $ 3. 98. This increase is the result of increasing in net income in 2011 due to better management. The corporation does disclose the diluted EPS with $4. 48 in 2011 and $3. 96 in 2010. Cash dividend per share in 2011 was $ 0. 94 dollar per share and $0. 36 dollar per share in 2010. Dividend payout ratio for 2010 was 16% and 35% in 2011. Price/ Earning ratio also improves between 2010 with 9. 26 times and 2011 with 9. 62 times. In the past decade, the average P/E ratio for Major Corporation has ranged from 14 to 25. JPMorgan and Chase’s P/E was below the range about 5 points. However, we can’t say that JPMorgan and Chase is no t growing. JPMorgan Corporation is huge plus with the gloomy economy right now, but this corporation still generates profitability while other corporation in the same industry is struggling. This tell us that JPMorgan is a stable for a long run. Analysis of Liquidity: JPMorgan and Chase had the current (working capital) ratio in 2011 of 1. 55:1 and 1. 71:1 in 2010. Net working capital was $964,168 million in 2011 and $932,220 in 2010. Quick (Acid –Test) ratios were 0. 28:1 in 2011 and 0. 31:1 in 2010. The liquidity position of the corporation weakened a little in 2011. Although there was an increase in cash and receivables in 2011, there was less account receivable compared to 2010. There was also a large increase in current liabilities in 2011, because of the increase in deposit. Based on this, JP Morgan Chase should be able to meet its current obligation even though the ratio was a little down compare to the previous year of 2010. Since it is a big and sustainable corporation in the financial industry, there is rarely a change for them to have a problem with the working capital. Analysis of Solvency: Debt to total Assets in 2011 was 91. 8% and 91. 6% in 2010. There is not much difference between the debt to assets ratio showing the amount of leverage JP Morgan Chase used to finance its operations between the year 2011 and the year 2010.. The rule of thumb is to make sure that the bottom which is the assets is larger than the top which is the liabilities. The ratio of 91. 8% percent for the year 2011 and 91. 6% for the year 2010 at first glance would give an impression of a company which is over leveraged. This is not the case, JPMorgan Chase Debt to Assets ratio is very consistent with the banking industry standards especially banks of JPMorgan Chase size. Banks make money by lending other peoples money. It never hurts however, to bring the ratio a little lower as it would give the bank more space to maneuver should there be a financial melting in the general economy like the one experienced in 2008. Potential lenders would prefer the ratio to be as lower as much as possible because that would show that the company has more Assets than Liabilities which can help the company pay its debt when it’s due or assets that can be liquidated to pay its lenders should the company end up in liquidation. Missing Time Interest Earned Ratio Industry Competitor Comparison: A close competitor of JPMorgan Chase is Bank of America Corporation. The difference between these large banks is that Bank of America is primarily a bank operating in other financial services while J. P. Morgan is an investment firm also operating as a bank. It has offices in more than 60 countries of the world. Both companies have relatively similar gross profit percentages; but percentages changed if we go down to income from continuing operations of both companies. As we see on the table 3, we know that the Net income from continuing operations of JP Morgan Chase is greater than Bank of America Corporation. This shows that Chase is good at managing costs on other income and expenses besides selling general and administrative and others. On the balance sheets, we both see the similar common-size on total assets of both companies. Another difference between two of them is the profitability. As we see on Table 3, profit margin of Chase bank is higher due to net income (gain) while Bank of America experiences a net loss. Return on asset for both companies are pretty low on last year. Return on equity for Chase bank is higher that means the shareholders earn a sufficient return on their equity investment. The major different on Profitability ratio between two companies is the dividend payout ratio which is the Bank of America is way too high. It indicates the company pays high dividends whose stock price is temporary not good. Moreover, a high dividend payout ratio can also point to a mature company with few growth opportunities. On other hand, Chase bank has low dividend payout ratio that we know Chase is a fast-growing company whose shareholders willingly forego cash dividends, because the company uses the extra money to generate higher returns and, in turn, a high stock price. As a conclusion, JP Morgan Chase is more profitable than Bank of America Corporation. Compared on the liquidity ratios, both companies meet their requirements on pay their liabilities on time. If we take down to Acid test, we easily understand Bank of America has more liquid assets available to pay its current debts. On the debt ratio, both companies’ ratios are over 0. 5 which means both companies’ assets are finances through debts. On the Time interest earned ratio, JP Morgan Chase is little bit higher which is better since Bank of America Corporation Company has more debts. Last but not least, Operational ratios are very similar and they both efficiently know how to use the assets on sales. As the whole comparison between too biggest bank firms, I think they are overall doing very well on managing their companies. Taking on to the details, JP Morgan Chase has more probability on sales. Bank of America is still doing fine but if I prefer invest on JP Morgan Chase’ stock. |   JP Morgan ;Chase |   | Bank of America Corp. |   | Income Statement Common-Size Data|   |   |   |   | Gross Profit/Sales| 92. 0%|   | 95. 6%|   | Income from Continuing Operations/Sales| 19. 5%|   | 7. %|   | Balance Sheet Common-Size Data|   |   |   |   | Current Assets/Total Assets| 19. 5%|   | 42. 5%|   | Current Liabilities/Total Assets| 71. 4%|   | 74. 1%|   | Liabilities/Total Assets| 91. 9%|   | 89. 2%|   | Equity/Total Assets| 8. 1%|   | 10. 8%|   | Profitabilty Ratios|   |   |   |   | Profit Margin| 19. 5%|   | 1 . 3%|   | Return on Assets| 0. 9%|   | 0. 1%|   | Return on Equity| 10. 6%|   | 0. 7%|   | Dividend Payout Ratio| 18. 0%|   | 400. 0%|   | Liquidity Ratios|   |   |   |   | Current Ratio| 0. 62 :1|   | 0. 64:1|   | Quick Ratio| 0. 27 :1|   | 0. 2:1|   | Solvency Ratios|   |   |   |   | Debt/Total Assets| 0. 92|   | 0. 89|   | Times Interest Earned (Accrual)| 3. 00|   | 1. 12|   | Operational Ratios|   |   |   |   | Receivable Turnover| 1. 5|   | 1. 5|   | Inventory Turnover| N/A|   | N/A|   |  © 2008 William R. Pasewark|   |   |   |   | | | | | | Making Decision based on annual report Total net revenue for 2011 was $97. 2 billion, a decrease of $5. 5 billion, or 5%, from 2010. Results for 2011 were driven by lower net interest income in several businesses, lower securities gains in Corporate/Private Equity, ower mortgage fees and related income in RFS, and lower principal transactions revenue in Corporate/Privat e Equity. These declines were partially offset by higher asset management fees, largely in AM. Investment banking fees decreased from 2010, predominantly due to declines in equity and debt underwriting fees. The impact from lower industry-wide volumes in the second half of 2011 more than offset the Firm’s record level of debt underwriting fees in the first six months of the year. Advisory fees increased for the year, reflecting higher industry-wide completed MA volumes relative to the 2010 level. Management discussion and analysis) Revenues increased from 2009 to 2010 by 2. 25 %. The increase came in part from noninterest income, securities and principal transactions. The economy will be the most important factor on the banking industry in the next year. The mortgage industry is still hurting even if it shows some signs of improvement. JP Morgan showed a net profit of at 5 billion this first quarter of the year, but it is hard to predict if the total revenue at the end of the year would match the previous year’s revenues. Next year’s revenue is probably going to be in the 100-103 billion range. JP Morgan Chase’s income comes from diverse business units. The total revenues increased 2. 25% from 2009 to 2010. The increase came from asset management, the noninterest revenue, the security gains and the item marked other income. Also the reduction in the allowances for credit losses for mortgages and credit cards as a result of improved delinquency trends and lower estimated losses reflected the net revenue increase. Principal transactions revenue increased compared with 2009. This was driven by the Private Equity business, which had significant private equity gains in 2010, compared with a small loss in 2009, reflecting improvements in market conditions. Net income next year could be in the 19 to 20 billion range. In my opinion, JP Morgan chase’s assets will have a stable growth in the next few years. Despite the visible improvement in the economy, the banking industry is not likely to record rapid growth in the next few years. The recovery is still weak; investments are still lagging and so directly affecting the books of the banks. I expect the total Assets to increase a little more next year based on the mprovement in the broad United States and World economy. My belief is based on the fact that JPMorgan performed better than the average bank in 2010 and 2010 arguably the west years for any business in recent history due to the subprime mortgage melt down of the financial markets. The last few years so a high number of unemployment hitting 10% b efore starting drop later part of 2011 and the highest number of mortgage foreclosure. The mortgage industry as bottomed and the market is already healing and banks like Wellfargo are already posting stronger than expected results due to their mortgage based assets performing better than expected. JPMorgan Chase’s balance sheet looks relatively strong and do not show that it will need additional financing next few years. It has deposits in excess of $85,279,000,000 and it is sitting on cash of $59,602,000,000. JPMorgan Chase should not have a problem raising funds from the Capital market should they need additional financing based on the strength and growth of its balance sheet. The strength that JPMorgan chase has is the relative ability and strength of deposits which Chase can use to fund its business. This is one advantage banks like Lehman brothers that went under during the financial crisis may not have had. The three areas we see as the strongest aspect of JPMorgan Chase is high balance of deposits with the bank in the amount of 85,279,000,000 which shows the relative confidence the market in JPMorgan. Cash deposits are particularly important to banks because they use this morning to lend out for interest and other related fees. The 2011 balance show retained earnings in the amount $88,315,000,000 and retained earning $73,998,000,000 on the 2010 balance sheets respectively. This is important because it shows that JPMorgan Chase have enough resources to fund it operations and enough left over to reinvest into the business for future growth. The Debt to Total Asset ratio was 91. 8% 2011 and 91. 6% 2010 respectively showing that JPMorgan Chase has more Assets than Liabilities which should help the firm raise financing from the markets . should there be a need. This always a good indication to the investors that there investment is covered should the company goes into liquidation. One of the biggest weaknesses we identified was the relative number of law suits and the amount funds that is being spent on settling law suits. Though the Debt income ratio is way better than most of the banks in its industry, we believe it would be helpful to bring the amount of leverage down to somewhere around . 075 % to better absorb economic shocks in the larger economy. We are very optimistic for the future of JPMorgan Chase especially as the mortgage industry bottom out and American economy continues creating jobs;we will see banks start do declare above average profits. The firm’s Stock price at 43. 4 is performing relatively better than it competitors like Bank of America at 8. 8 and Citi group at 34 indicating that investors still have confidence in the company. We would not invest in the stock of JPMorgan Chase stock at the moment even if we had money available to invest because we strongly feel that JPM Morgan already a very mature company and does not offer much potential for growth. We would instead invest in competitors such Capital One Corp. which is a relatively small and growing company with enough potential for growth. There stock price also now at 53 has performed better than JPMorgan Chase over the past year. How to cite Jp Morgan Chase Annual Report, Essay examples

Desiderius Erasmus free essay sample

Erasmus Desiderius Erasmus Roterodamus (27 October 1466 12 July 1 536), known as Erasmus of Rotterdam, or simply Erasmus, was a Dutch Renaissance humanist, Catholic priest, social critic, teacher, and theologian. He was most widely known for his critical and satirical writings. He attempted to reform the Church and because of that, was prosecuted by many people. I am going to consider for and against his deeds and make my own Judgement. Most of the opinions differ. Erasmus became humanist because of his education and morality. He was an intelligent and strong- minded person. He travelled a lot, so that he became a European scholar with huge knowledge of classical literature. Erasmus believed that education could change the world and I strongly agree with him. In his work Adages (1500) he aimed to make classical learning opened to a public and more than 800 sayings in Latin and Greek were explained, which means that he really tried to achieve the goal of reflecting every aspect of the Christian humanism. We will write a custom essay sample on Desiderius Erasmus or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Later, he created New Testament in Greek (1 516), which was the first ork available in Greek, not in Latin, with lots of notes and explanations, in cosequence of, all public got a great opportunity to access this testament and become more educated. He lived as a devout Christian, but was concerned with the corruption that had spread through the religious positions of the Church. However, Erasmus believed that religious revolt led directly to anarchy; therefore he took the side of neither the Pope, nor the reform radical, Martin Luther. In all his criticism of clerical follies and abuses, he had always carefully hedged himself about with protests, that he was not attacking church institutions themselves and had no enmity toward the persons of churchmen. The world had laughed at his satire, but only a few obstinate eactionaries had seriously interfered with his activities. He had a right to believe that his work so far had commended itself to the best minds and also to the dominant powers in the religious world. His criticism of the Church was therefore heard throughout Europe. He preferred reasoning to bloodshed, unlike many others of his time. While he did not criticize the Church as much as Luther had, he did call for an end to the corruption that had seeped to the core of the Church. However, it is thought that Erasmus tried to undermine the Church, destroy its form. Again, in those Praise of Folly he argued with popes who claimed to be the Christ representatives on earth: Practically no class of man lives so comfortably with fewer cases; for they believe they do quite enough for Christ if they play their part y means of every kind of ceremonial and display for them it is out of fashion to pertorm miracles, teaching the people is too much like nard work and praying is a waste of time. Without formally speaking out against the Pope, Erasmus implies that the Pope put on a facade as an all-knowing, all-powerful mortal. He states here that the Pope has no true knowledge as to what God expects from his worshipers. He cannot believe that these lucky scientist s find people to believe them. With this last statement, he calls to the people of the Church to not accept everything that is told to them from corrupt authority fgures. He gives an attack on the standarts of the members of the Church. Also, in his second edition of the New Testament in Greek he weakened the Church because he undermined the authority of it by criticising texts on which it relied. Finally, I came to conclusion that Erasmus and other Christiam humanists attempted to reform the Church by calling to the return to the simplicity of the first Christians. They tried to stop the corruption. Erasmus tried to broaden and clear the minds of people. In his Freedom of the Will (1524) he stated that humankind could choose his own density. So, he did not want to undermine the Church completely but make it easier to understand. He changed the education bases. From the Handbook of a Christian soldier (1 503): Charity does not consist in many visits to churches, bowing own in front of statues of saints, in the lighting of candels or repeating set prayers. Of these things God has no need. Charity is to love your neighboor. In my personal opinion, Erasmus was a great man. He reasoned while others fought. He was courageous in his criticism of the Church. He was a pacifist and a man of tolerance. He was disdainful of cardinals who were too much involved with making money and concerns of the world. Erasmus has Just fighted for his views of life, not paying attention on his enemies. Bibliography: AQA History AS