Holland Theory and Application Essay

John Holland made his mark from 1953-1556 while working at Vocational Counseling Service in Perry Point Veterans Hospital followed by his work as the Director of Research for the National Merit Scholarship Corporation. His work at these two organizations leads to the first edition of Vocational Preference Inventory. In 1959, John Holland was published in the Journal of Counseling Psychology for his vocational theory (Gottfredson & Johnstun, 2009). He established his theory of matching people to vocations in the world of work. Although the trait and factor approach was established in 1909, John Holland took it a step further using the Army as his model (Bolles & Figler, 1999). John Holland was quoted, â€Å"I am a psychologist who pays attention to the obvious† (Bolles & Figler, 1999, p. 63). This was the theme of his theory. Holland theory is about the fit of the individual to the work environment. Some clients will be better suited for certain working environments and poorly matched to others (Anderson & Vandehey, 2012). The Holland theory is based on identification of people environment, skills, and values leading into six occupational categories known as ‘RIASEC’ (realistic, investigative, artistic, social, enterprising, and conventional) (Bolles & Figler, 1999). Although each category is consider a unaltered type of personality most clients will not fit into just one type. Holland’s theory assigns them a set of two or three of the types (Anderson & Vandehey, 2012). The first of Holland’s types, realistic, are clients who have athletic or mechanical ability, work with objects, machines, tools, plants, animals and the outdoors. Realistic client will be competent in reading blue prints, repair of furniture, making mechanical types of drawings, using special instruments such as a voltmeter, and will also have good math and mechanical backgrounds. They will also have interests in woodwork, metal work, and easily work with tools. Some realistic occupations would include radio operator, civil engineer, machinist, or piano tuner (Bolles & Figler, 1999). The next type, investigative, will be clients who like to observe, learn, analyze, investigative, solve problems or evaluate in general. Their proficiencies include scientific and technical training using a slide rule or microscope, using a logarithmic table, describes white blood cells by their uses, interpret chemical formulas, and understand the workings of a vacuum tube. These clients readily enjoy scientific books, lab work, chemistry, math puzzles, and normally take several classes in physics, math, and biology. Investigative job opportunities could be physician, math teacher, lab technician, or oceanographer (Bolles & Figler, 1999). The artistic clients, Holland’s third type, are innovating or intuitive thinkers, like to work in unrestrictive environments, and tend to be extremely creative or imaginative. Skills for creative people would contain playing a musical instrument, choir, designing, creating photography or art, or read/write poetry. Artistic types, according to Holland, would enjoy sketching, attending plays, taking an art class, or reading popular fiction. Occupations for these clients can be drama coach, advertising executive, photographer, or foreign language interpreter (Bolles & Figler, 1999). Holland’s fourth types of clients, social, like to work with people by informing, helping, training, or are skilled with words. These clients will feel competent with peers older than them, easily plan a school or church function, and are good judge of others personalities. They will belong to clubs, write letters, attend sports events, go to parties, help others with personal problems, and like to meet new people. Director of social services, employment representative, counselor, recreation administrator, and Foreign Service officer are a few of the occupations well suited for a social Holland code (Bolles & Figler, 1999). Enterprising, Holland’s fifth code, are comprised of clients that a people-influencing, leaders, persuaders, or economic goal friendly. They easily sell, influence others, give pep talks, meet important people, and discuss politics. In college or high school these clients were elected to office, organized clubs, debated, supervised the work of others, or acted as a spokesperson for a cause. They become bankers, personnel recruiters, labor arbitrators, insurance managers, and small business owners (Bolles & Figler, 1999). The conventional is the last of Holland’s types. Conventional types like to work with data and carrying out in detailed instructions. They have the ability to file correspondence, work in office setting, type 40 words per minute, use shorthand, post credits and debits, and keep accurate records. They may have done bookkeeping, operated business machines, written business letters, or maintain neat records and files. Conventational types are often employed as accountants, credit managers, payroll clerks, bookkeepers, library assistants or personnel secretary (Bolles & Figler, 1999). Holland realized that not every client would fit into a type nice and neatly hence the Holland two or three codes are established in order to have a person in a job that would give work satisfaction. They are several resources available to clients and counselors to aid in discovering a client’s RIASEC code. The Self-Directed Search (SDS) was first published in 1970 and was development by John Holland. The advantage of this assessment is that it is intended for the college or adult setting. The written version not only includes the assessment but also Holland’s Occupation Finder (OF) booklet for a counselor to use with their clients. Holland also created a seven page booklet, You and Your Career, that can be used to enhance the SDS and OF with suggestions for effective career planning (Reardon & Lumsden, 2002). Later, Holland, with Amy Powell, created SDS Career Explorer designed for middle school students along with his booklet Exploring Your Future with the SDS. Along with the assessment are several tools for educators and students alike. Holland, along with several other colleagues, has expanded the abilities of instruments to include measures for stability, environment, and additional resource to ensure understanding of the instruments and proper use and application (Reardon & Lumsden, 2002). In my world of career counseling, I apply Holland’s theory of putting the right client into the best fit for client. I agree with his theory that if a client is not using the skills or interests that they enjoy that will have poor performance. This ultimately in my opinion leads to job hopping, lack of self-efficacy, and depression. I have the advantage of money on my side and we use the program Discover for most assessments. However, I do not always jump to test. By having knowledge of Holland theory and his types and code match through counselor I am able to get a client to find their career goals on their own without test. With my â€Å"type† of client they do not want to sit through testing no matter how short it is, they already have to study for their current jobs, college classes, and advancement exams. I try to incorporate Holland’s theory daily which can have its drawbacks. They occupation that my client would be good at may not have openings or worse the Navy does not have it, so I try help them compromise with community service or college course that would satisfy their needs. Over the last ten years, I have learned that I am not the answer person more like their vessel to maintenance phase of their transition cycles (Anderson & Vandehey, 2002). I could not trade in the feeling of when I see them finally figure out what they want to do when the grow up.

Recycling Letter

Mr. Smith: Thank you for presenting this recycling opportunity of business to the Owl Recycling Factory. The recycling and reusing of materials such as the ones that you have brought to our attention reduce pollution for our environment every day. There is a slight problem, however, with the state in which your materials will be given to us. Owl Recycling Company must first separate different substances from one another before sending them out to be reused.Since the four materials in your dump truck are ground into a fine powder, the Owl Recycling Company will need to carry out a procedure other than what we normally would use to separate them. As you know, the materials included aluminum soda cans, steel cans, milk jugs, and soda bottles. We fortunately have many useful tools in our factory such as a conveyor belt, a large tank filled with water, another tanks with sugar water, powerful magnets, and nets to skim our tanks. I would like to propose to you our plan to separate your rec yclable powder mixture.Due to the materials being on your property, we need your OK on our plan before we can begin our recycling work. Our plan is as follows: First of all, as the items are going down the conveyor belt, the magnets hanging above with attract all of the steel products. With those out of the way, we will be left with the aluminum, the milk jugs, and the soda bottles. The next step would be to put the remaining materials into the tank filled with sugar water. The sugar water has a density of 1. 5 g/cm^3, the soda bottles have a density of 1. g/cm^3, and the milk jugs have a density of . 95 g/cm^3. This means that these items would float and could be skimmed out by the nets. The remaining material, the aluminum cans (with a density of 2. 7 g/cm^3), would be left behind at the bottom because they are more dense than the sugar water. The skimmed out materials would then be placed into the tank filled with regular water. The density of water is 1 g. cm^3. The soda bottles would sink and the milk jugs would float and be able to be skimmed out by the nets.After these steps, all four materials would be successfully separated. The density of these products are a vital role in the separation of these materials. If a object or particle is more dense than the liquid it is placed in the item will sink, while if the object is less dense the item will float. This is how the water and the sugar water can help separate the materials remaining after the use of the magnets. We hope that you will accept our plan for separating your recyclable materials. Thank you for doing business with us to help preserve our environment. Read also: â€Å"Co Curricular Activities Letter†

Five Forces Model for Industry Analysis Essay

New Entrants The online bookstore industry that Amazon.com has pioneered in was, at first, very hard to penetrate. There were different barriers such as distributing capabilities and the variety of the selection offered that are supposed to be hurdled. Amazon successfully solved the tricky parameters as being the first one to get into the whole idea of online retail. With being the first, they had the luxury to set what were the norms for the industry. Factors that may lower these barrier tactics would be a wider selection and the ability to go to an actual bookstore to exchange or return books or other products. This network of â€Å"actual† retail spaces makes it easier for the consumer to return or exchange the products they were not satisfied with. These handicaps of Amazon were the basis for the emergence of book retail giants Barnes and Noble and Borders in the online shopping industry. Industry Competitors The major competitors of Amazon are Barnes and Noble and Borders. Barnes and Noble is a retail giant offering books and CDs both in their outlets all over the country. It opened their online industry in 1997 and has become the fourth largest e-commerce sites today. Focused largely on the sale of books, music, software, magazines, prints, posters, and related products, the company has capitalized on the recognized brand value of the Barnes & Noble name to become the second largest, and one of the fastest growing, online distributors of books. Their â€Å"advantage† to Amazon is the brand name and the availability of actual retail outlets in which consumers could go in to exchange or return products easily. They also have an established book selection based in their retail operations. Borders is another multi-media retail store found in major cities around the country. Started out as a small bookshop in the college town of Ann Arbor, Michigan, it has since expanded into one of the finest bookstores. In 1992,  Borders was bought by the Kmart group which further flourished the company into a Multi Media Giant with a wide selection of Audio, Video and Books found throughout the United States. The Online Bookstore industry have become a fierce business which involves discounts, varied selections and fast delivery in which all three companies are challenging each other. Buyers The consumers of this industry can be found in every corner of the population. These are mostly people who have had some form of higher education and have access to the Internet and computers. The segment of online shoppers has increased dramatically in recent years due to the convenience of shopping in the comforts of the home and the accessibility of the Internet. These developments have made it easier for consumers to log on and buy on the Internet. Consumers also tend to compare prices among the retail leaders such that buyers are able to buy products with very big discounts compared to ones bought in â€Å"actual† retail outlets. The bargaining power of the consumer is based on the competitive strategies of each active firm in the industry. Thus, consumers can challenge one firm for charging more than the other one such that the firm will beat the price of the competing firm. Suppliers Amazon’s suppliers range from the publishing and media houses to electronics’ manufacturers. Amazon buys all their books, videos and audio CDs from the multi media houses and publishing giants such as Time Warner, Doubleday etc. Amazon also has alliances with other bookstores to cover orders that they cannot serve. Substitutes The substitutes for Amazon and other online bookstores are the â€Å"actual† book  retailers and music stores such as Barnes and Nobles, Virgin Megastore, Tower Records, Sam Goody and other small mom-and-pop outlets. With the rise of online retail, there will be little impact from these substitutes. One impact would be some consumers who would like to hold or listen to their purchases prior to buying and those who are into the whole â€Å"shopping experience†. Barnes and Nobles have jumped into online retail and have succeeded into diversifying into the new e-commerce industry. Industrial Organization Model Degree of Competition Due to the shift of focus for Amazon, it has become the â€Å"Earth’s biggest anything store†. Its competitors have expanded from just online book retailers Barnes and Nobles and Borders to top audio retailers CDNOW.com and online auction house EBAY.com. Amazon has an overall lead of 40% market share against the other online retail firms. Their international business has more than doubled over the past 2 years and this growth increased Amazon’s share in the online business market. Life Cycle Amazon, in it’s first years, had negative income but the rise of e-commerce sites and being the pioneer made the succeeding years led to boom time for them. Their growth period was during 1994 to 1995 when they were the first of its kind in the world. They incurred very high costs in terms of distributions to customers. Still with a negative income, Amazon went public in 1997 and had one of the biggest IPOs of the time. With investors banking on future positive cash flow for this company, Amazon’s market value soared. Many people caught on with the idea of online shopping, thus, Amazon’s success. Amazon’s success as an online retailer prompted bricks-and-mortar rivals Barnes and Noble and Borders to join in. Competition decreased Amazon’s profitability so in the past couple of years, Amazon has expanded to more than books, audio and video to electronics and other retail concepts. Social Relevance Amazon’s products are marketed for every consumer possible. Books, audio, video and electronics are appreciated by majority of the population especially those who have access to the Internet. Amazon is active in pursuing literacy programs for young children by collaborating with the makers of the Dr. Seuss books. They have actively participated in the Dr. Seuss shops, story telling sessions and Dr. Seuss days. Degree of Globalization Amazon’s strength internationally lies within its networks in major ports and cities around the Globe. Amazon first started out in Seattle but as soon as they have established a niche market, they have opened shop all over the nation and in cities such as London, Berlin, The Hague, Paris, Tokyo, Singapore and many more. These branches overseas improves their delivery service to a wide consumer base. Extent of Government Control There has not been many government regulations regarding online retailing. A group of CEOs whose firms that are engaged in such practices have formed an organization called Global Business Dialogue. This GBD group supports the development of a seamless global system that delivers the broadest array of goods and services to the largest number of consumers at the most competitive prices. This work effort will: offer recommendations to the WTO, including making the moratorium on online tariffs permanent; and collaborate with governments to target and eliminate discriminations against, or other non-tariff barriers to global trade in, electronic commerce. This working group will also provide an avenue for the GBDs to consider and promote the growth of the electronic marketplace in an environment unencumbered by detrimental taxation. Degree of Vertical Integration Amazon’s primary value chain includes purchasing/sourcing, marketing, distribution and after-sales services, which includes returns and exchanges from unsatisfied customers. Their main focus is in the purchasing/sourcing and in the distribution of the products to the consumers. Their investments are therefore, geared towards warehouses in key points of high consumer demand areas and an efficient delivery and distributing system to service all its consumers. Thus, Amazon controls most of its distributing system that spans across borders. Inter Organization of Network Economics Amazon in its efforts to sustain its market leadership in the online retailing industry has tied up with various online organizations. Netscape Navigator and Amazon will offer members of Netscape Netcenter a co-branded storefront where Earth’s Biggest Bookstore will be easily accessed through Netscape Netcenter (home.netscape.com). In addition, Amazon.com has multi-year exclusive and premier bookseller relationships with 5 of the top 6 sites on the World Wide Web: AOL.com, Yahoo!, Netscape, GeoCities, and Excite. These partnerships widen Amazon’s presence in the World Wide Web. Sensitivity to Business Cycles The Online retailing business has a very quick cyclical growth. Amazon being one of the firsts to venture in this type of commerce are all ready in what seems to be in their decline stage where market share is declining. Therefore, Amazon is expanding to different industries within online retailing. Amazon and other online retailing firms are very sensitive to business cycles due to the speed of technology involved in the services they offer. Dynamics of New Knowledge Generation Online retailing relies on the work of an excellent distribution system. Amazon has invested their money into expanding their network of distribution centers around the globe. They also have investments in creating better  technology for tracking orders and giving efficient delivery systems for their customers. Amazon.com has remained on top of the online retailing business despite the entrance of giants such as Barnes and Nobles and Borders. Their success is attributed to two factors; timing and continuing to invest heavily into the inventory and distribution systems. Amazon, by being the first of its kind, has a big lead over the nearest competitors due to their experience and its reputation as the first movers. Their thrust remains on improving efficient delivery systems across borders and to build name recognition as the number one retailing firm in the Internet. They have also ventured into different retail options to keep that lead. Marketing, Innovative inventory and distribution systems, and name recall have helped Amazon build a sustainable competitive advantage. In order for any online retail company to remain prosperous and income generating, they must invest a lot of time and money into research and development of more efficient operations and distributions systems. This proved to be key for the Market Leader in online retailing, Amazon.Com.

Write report of CESIM simulation of marketing n logistic department Essay

Write report of CESIM simulation of marketing n logistic department - Essay Example Various news such as the safety of using phones n airplanes and quality of the mobile phones to withstand pressure. For instance, the case of a phone exploding in airplane reported in China influenced the USA market demand for phones, decreasing it by 3%, and in Asia it decreased by 7%. Europe, case is conspicuous as demand remains unchanged. Further, as the oil wars diminish, the transportation costs reduce by 6%. Nonetheless, product costs remain unchanged. The factor of outsourcing in USA stand at capacity of 13% while in China is 19%. This results in reduction of up to 6% in outsourcing costs. Additionally, another elemental factor of consideration is the macro environment of the department in handling the handset sales. The factors within the global context, such including the finance industry, affect the organisation performance. The corporate tax rate raises to 22%, as aspects of competitiveness of the various economies impact the markets. Consequently, currency rates fall against the USD such as the Rmb, which fell by 10%. The EU rebounds, bringing the interest rates in Europe down. However, the rates in USA and China increase by quarter and half respectively. Thus, such developments present Europe as the destination for the organisation, as the market is viable and stable. The influence of these factors in the macro environment influence the outcome of the business environment remarkably as the department pursues its establishment in the various sectors of operation within the industry (Kotler 2013, p. 67). Thus, in view of these factors affecting the macro environme nt of the department, the effect is visible on the results presented by the department. The poor results in the marketing and establishment of the department to success are evidence of the impacts within the micro and macro environments within the industry. The CESIM model entails several strategic simulations to evaluate and formulate perceptions of the

Genetics Lab Report Example | Topics and Well Written Essays - 1500 words

Genetics - Lab Report Example Therefore, during the meiosis, four meiotic sexual haploid cells with altered heredity are produced and then genetic information is mixed. The second meiotic division is the same as mitosis one. As in mitosis, in meiotic anaphase II the single sister chromosomes (called chromatids) separate and move to opposite poles of the cell1. Meiosis is the basis of sexual reproduction because it occurs in maturing germ cells and leads to the appearing of new hereditary characteristics in the chromosomes. Gene is the coding DNA sequence that placed in the specific locus on the chromosome. Such coded chains displayed in different traits, such as color of skin or length of the stem. Allele is a variant of gene and can be dominant or recessive. For example, in diploid organism one gene contains two alleles; therefore, traits can be different. If both alleles are identical, the gene locus is homogenous. When alleles are different, such gene locus called heterogenic. A good example is the Huntington disease. Huntingtons disease has the autosomal dominant inheritance. Consequently, an affected person has at least one mutant allele of Huntingtin gene (HTT)2. The child, whose one parent is homogenous by disease, carries two different alleles of the HTT gene and is heterogenic by this gene. Therefore, this child inherited a mutant allele of HTT gene and the Huntingtons disease will progress. Another example is blood groups. Gene locus that encoded blood groups has three alleles — IA, IB, and IO3. These alleles determine compatibility of blood transfusions. The person carries one of the six possible genotypes – AA, AB, BB, AO, BO and OO. Each of genotypes produce one of the four possible phenotypes: "AB" heterozygotes, and "O" homozygotes, "A" AA homozygous and AO heterozygous and "B" BB homozygous and BO heterozygous genotypes4. Crossing-over is the process that occurs in prophase I of meiosis while homologous chromosomes

Historical events that have shaped America Essay

Historical events that have shaped America - Essay Example When breaking down the essence of America in this way, it becomes possible for a few key events to float to the top of each category as being critical in the evolution of the United States. Of course, this determination is largely a matter of opinion. Nevertheless, a concrete case can be made for three major historical developments as the most essential factors shaping America. In the political realm, the Enlightenment is the first factor. In the economic realm, the Industrial Revolution is the second factor. And in the military realm, World War II is the third factor. Taken together, these three factors comprise a triad of events in whose absence the America we know today could never have possibly come into being. The Enlightenment was arguably the most important historical event influencing the United States governmental and political system. Not only did it spawn a philosophy of good government and a view of human rights that directly impacted the thinking of the Founding Fathers as they crafted the American system of government, but it also indirectly informed modern views of social justice that precipitated such developments as the Civil Rights movement, universal suffrage, and social security. The Enlightenment, while more of a European phenomenon than an American one, took place at just the right time, directly preceding the American Revolution and heavily influencing the thinking of the great men who would be instrumental in setting the initial course of America (http://www.wsu.edu/dee/AMERICA/ENLIGHT.HTM). The Enlightenment was the point in history when some of the most influential political philosophers of history wrote their seminal works. These include the writings of John Locke, Jean-Jacques Rousseau, Thomas Hobbes, and John Stuart Mill. Together, these great thinkers laid out the philosophical underpinnings of what would become the American government. Such concepts as separation of powers, the right to life, liberty and property, the importance of a strong central government, and the common good, all came into play as the Framers developed their formula of "good government" that is laid out within the U.S. Constitution. These "enlightened" thinkers, among others, brought about a fundamental shift in the way humans viewed their world and their natural place in it. The Enlightenment essentially set the philosophical parameters surrounding the way humans interact with one another and agree to govern one another. The Founding Fathers, most notably James Madison and Thomas Jefferson, injected a heavy dose of Enlightenment philosophy into the American governmental system, with its protection against the tyranny of the majority, its preservation of individual liberty and property rights, and its perpetuation of the sovereignty of the states in the face of a strong central government. As such, the Enlightenment provided the cornerstone of American government, and was perhaps the most critical world historical event shaping America. The Industrial Revolution Just as the Enlightenment was key to America's political development, the Industrial Revo

International Business Strategy of Zara Case Study

International Business Strategy of Zara - Case Study Example The firm that is analyzed in the paper is Zara. This Spanish fashion retailer is the leader in Europe, followed by the Swedish, H&M and UK’s Marks & Spencers. Headquartered in the industrial estate of Sabon-Artexio, outside A Caruna in Spain, Zara has over 2700 stores round the world, the latest having opened in China, Serbia, Sweden and Tunisia in 2006 and in Poland, Romania and Russia in 2008. Inditex SA, the holding company, clocked revenues of $8.5 billion in 2007, of which Zara contributed 66 percent. The expansion strategy positively contributed to the increase of Inditex’s share value. The other fashion brands in Inditex’s stable, Pull & Bear, Massimo Dutti, Bershka, Stradivarius and Oysho, though having the potential of cannibalizing some of Zara’s advantage, are really no competition to Zara. Zara has stores in over 60 countries in Europe, America and Asia. However, the retailer has not gone whole hog in international expansion, particularly in th e United States and Asia, because it has not expanded its supply chain wide enough to sell in these markets without holding high inventories. Instead, the company focuses on consolidation in the European markets, entering recently into Ireland, Iceland, the Czech Republic, Luxembourg, Finland and Italy and is expanding in England and Germany. Zara’s business strategy is in contrast to most other apparel and other consumer product retailers in the world. Zara produces as many as 12,000 new items of clothing every year, which is nearly four times the average of the apparel industry. Besides, it replaces stock in 3 weeks, which is also 12 times faster than the industry average (Diaz, 2005). Zara's distinctive competence is consisted of vertical integration of design, just-in-time manufacturing system, delivery and sales; flexibility structures, low inventory, quick customization response and specific human capital (Castellano 1993; 2002). Amancio Ortega, founder of Inditex , claimed the aim of Zara is to " democratize fashion by offering the latest fashion in medium quality at affordable prices" This paper will discuss Zara's business model, particularly in relation to its supply chain and customization system, to understand whether its transnational business strategy is flexible, efficient and adapt to a learning process, which, according to Ghoshal's (1987) model, are the goals of a global firm. Theoretical Background The strategic tools that a global company has in order to gain competitive advantage are through exploitation of differences in input and output markets that exist in different markets. Besides, benefiting from economies of scale of operating in different markets and activities, global firms can gain competitive advantage that optimizes risks, efficiency and absorption of learning in different markets (Ghoshal, 1987) For some companies, global integration may result in competitive advantage through economies of scale. For some others, global expansion may not result in competitive advantage when the corporate hierarchy thrusts such a strategy on the company because of difficulties managing large organizations that blur centralized and decentralized policy decisions (Ghoshal, 1987). Since the second half of the 20th century, transnational companies have been the main agents of globalization in all industries, whether through investments, trade and the internet (Gereffi, 2001). In times of globalization, a firm's competitive strength in

The Lincol Memorial as an art object Essay Example | Topics and Well Written Essays - 750 words

The Lincol Memorial as an art object - Essay Example t and would not have been strong enough to support the structure of the Lincoln Memorial, supports for the structure were built by embedding them down almost 100 feet into bedrock, thereby creating cave like formations under the stairs that exist under the stairs and forms stalactites and stalagmites of calcium carbonate.(www2.nature.nps.gov) As pointed out by Professor Smith (1996), the Lincoln Memorial is built in the neo-classical style of art, derived from the Greek high, classical art forms as evidenced in the Parthenon. The Lincoln Memorial is built with similar fluted columns and represents an attempt to sanctify an American President by making Lincoln sitting within a recess behind the columns in the same manner as the statute of Athena sits within the Parthenon.(Smith, 1996). The Memorial is erected as a Temple, representing the dawn of a new age, in much the same manner the construction of the Parthenon in Greece represented the dawn of a new era of freedom and enlightenment among the Greeks. The art form of the Lincoln Memorial is also filled with symbolism. For example, the 36 columns comprising the structure represent the 36 states that were in existence at the time that Lincoln died (Nathan, 1998). The attic above the columns however contains 48 stone festoons which are intended to represent the number of states that existed during the time that the monument was actually constructed. The murals on the monument are also symbolic in nature and the figures represented in the murals stand for justice, fraternity, charity immortality and unity.(Nathan 1998). The murals titled Emancipation and Reunion are painted by Jules Guerin. The painting Emancipation which hangs on the southern wall is of the Angel of Truth standing with her arms stretched out above her head and slaves breaking free within her wings.(www2.nature.nps.gov). The words contained in Lincoln’s Gettysburg address are engraved on the limestone wall. The painting Reunion on the other

Learning Orientations and Growth in Smaller Firms Assignment

Learning Orientations and Growth in Smaller Firms - Assignment Example There are different types of organizational learning, according to Klimecki and Lassleben they identify two types the reactive orientation that is characterized by caution, aversion to risk taking and experimentation, the other type is proactive orientation that is based on future needs of the organization. However the distinction made in this study is passive orientation and active orientation, passive orientation is the lower level learning while the active orientation is the higher level learning. Under the lower level learning scholars have identified single loop, adaptive and incremental levels of learning, while under the higher level learning we have double loop, generative and transformational levels of learning, The scale used in this study included the zero loops which meant no learning, the single loop which is similar to adaptive learning as identified as learning aimed at dealing with changes in a new and better way and finally the double loop similar to generative learning which moves beyond the adaptive learning and is aimed at building a different perspective for both the organization and individuals. Data used was cross sectional and collection was done by mailing questionnaires and a total of 174 questionnaires were returned from the industrial and commercial manufacturers whereas 126 questionnaires were returned for the business services sector. According to the results for the machinery manufacturing centre there was a statistically significant of the correlation between learning orientation scores and high sales growth this is evident in that F= 4.15 P= 0.007 compared to lower learning orientation scores associated with higher sales growth F= 4.64 P = 0.004. Therefore higher learning can be associated with high sales growth according to this research, firms should therefore adopt learning in order to enable them survive and grow, changes should be initiated in order to develop new skill and new ways of working. Learning should be aimed at improving the organizations current state and therefore should be both passive and active orientation. The mailed questionnaires may have been biased in that the respondent may overstate or overstate the scales, the best method would have been a face to face interview in order to rectify and avoid any biasness. The sample selection would have been a random sample from a population obtained from the registration of firms other than a cross sectional sample. Strengths: The research considers the size of the firms as indicated by the number of workers and also considers the type of firm in the analysis of the relationship between growth of a firm and the level of learning. The research has contributed to organizational studies in that it demonstrates the importance of learning to an organization in terms of growth. It is evident that the higher the level of learning the higher is the rate of sales growth. The research has strength in that it considers development of small firms which is in contrast to previous research that concentrated on the growth of large firms. It considers small firms in that they are the ones that require growing in future in order to increase job opportunities and avoid closing down in case of increased competition.

Research paper that will explore the resiliency of elders of the Asian

That will explore the resiliency of elders of the Asian cultrue - Research Paper Example Conversely, recent indication is provoking the supposition that elderly people are solely recipients of support, or that they obtain more assistance from their adult children than they give to them. Older people though are crucial sponsors of assistance to their children as well as their grandchildren, together with providing financial aid, baby-sitting assistances, housing, advice, and emotional support. Older people nowadays are more probable to afford accommodation for their sons and daughters, than they are to afford accommodation for them. This tendency has developed in recent years as older folks have turned out to be more financially secure while their children are less stable. Most lately, the fact of "boomerang" children -- going back to the parent nest because of unemployment and divorce -- is somewhat accountable for this development. An outline of give-and-take exchange where aging parents obtain more assistance from their adult children than they offer to their adult children--or responsibility reversal--naturally upturns with age, yet it cannot be assumed a characteristic of older parents in general. Findings have revealed that older parents are essentially net suppliers of assistance up to their 80s. Additionally, when responsibility reversal ensues, the swap tends to ensue for contributory more than responsive types of assistance. Several viewpoints on the elderly family indicate that getting too much assistance (over-support) from children or getting assistance from children, which cannot be countered may trigger distress amid older people. Most African American older people choose to stay functionally independent for as much as it is conceivable before depending on children for assistance. Findings display that the aging generally anticipate less assistance from their own children than they (children) are eager to offer. Certainly, at high points of strength, intergenerational social

Free

Freedom in the Eyes of Kant Essay Term freedom implies various aspects and is seen as man’s endowments and thoughts within his parameter and his relationship with himself, his society and his environment. Various sociologists and theorist have their own interpretations and thoughts on what constitute freedom for a man. Whether in Rome or Greece, there has been constant transformation of Greek thoughts and methodologies on the concept of freedom. Epicurians thought that, â€Å"No bodily thing was born for us to use, Nature had no such aim, but what was born creates the use. † (Carus Humphries, 143) There is nothing in this universe that has been created for us to use but what has been born naturally becomes an essential element for us. From this doctrine, freedom gets its new meaning implying we are part of the nature and to the nature we owe our existence and our freedom is also based on this natural concept. From this concept, westerners began to analyze their thoughts on freedom and what is a true freedom? In sixteenth century, the whole concept of freedom was constantly changed. Changes occurred when the concept of slavery began to shake foundations of very core of humanity. The westerners began to seek the freedom of human beings from the jaws of slavery. From the 16th to 18th century, world saw considerable change: the beginning of modern era- a period when people began to see themselves free, free from autocracy, dictatorship and even more freedom from slavery. His mental attitude as observed was, â€Å"A reasonable man is always happy if he has what is necessary for him according to his condition [his place in the social order], that is to say, if he has the protection of the laws, and can live as his father lived before him: so that one of the essential things to the good of a nation is being governed in one constant and uniform manner. † (Rempel, Online edition) According to an ordinary man of the eighteenth century, his freedom lies in the will to live according to norms of the society and follow what is traditionally inherited for him. But literature and philosophical writers saw the new dawn of day, as there was a spontaneous over flow of significant thoughts of freedom emerging from their literary works. In the backdrop of this scenario, philosophers undertook social outlook of man in defining freedom. What is an essence of freedom in the eyes of philosophers in itself involves various paradoxes. Immanuel Kant, a product of eighteenth century looked at the freedom from various perspectives but he visualized these perspectives from the individual’s inner self: how human beings himself adjust to his actions from the angle of his preconceived notions. For Kant, freedom is â€Å"the power of self determination, and as absolute self activity. †(Heidegger, 16) In the general sense as according to Kant, freedom is an activity that arises from within human beings and takes a spontaneous movement. In other words, it implies that freedom does not mean any dictates of law from any society or surrounding or environment established by human’s themselves because Kantian said, â€Å"The human will is†¦[free] be cause sensibility does not necessitate its action. There is a man a power of self determination, independent of any coercion through sensuous impulses. †(Heidegger, 17) If we ask a question, is there a general characterization of freedom? Then the answer is no as we cannot put freedom under any category, because even Kant said that no one can prove freedom as something actual or something in a real sense. We all are confined into the domains of moral laws to fundamentally actualize our freedom. All the types of freedom man presupposes like the spontaneity of the understanding, autonomy of reason, free play of faculties in judgments of taste and the political freedom to think for oneself, run on the basis of the moral laws. We ensure and follow the freedom on the basis of this morality. For Kant, both the freedom and morality are same. A person follows his free will on basis of the morality. In the other words, freedom implies independence of any wish based on conditions. Kant’s concept of morality shows deep contradiction to what is known today as compatibilist theories on freedom. These theories try to combine determinism and freedom. You can follow your own terms in doing what you feel determined by your own inner nature that in turn is determined by the moral duty that you feel you have. If we feel that we have certain moral duty on us, then we also feel ourselves free to obey these moral duties. John Locke, in his The Second Treatise of Civil Government, maintains moral duty arises when we consider duty for others. It is, â€Å"respect for the autonomy of others, which means allowing the free exercise of the innocent, competent will of others in regard to their own interests. † (Ross, Online Edition) Kant formulated moral law on the ground of involving duty towards one self and towards others. This conception of human nature dates back to St. Thomas Aquinas and Aristotle. When we see in our practical life and look around our world, since centuries what we have been following are certain laws or moral codes and we have been taught our freedom is all based on the dictum of these moral laws. Here lies the most paradox situation. If we follow societies’ moral codes, then where will be our freedom as the true freedom implies when we have all the rights to do any thing under this blue sky but moral laws restrain us in performing our own free will and if Kant says freedom entails in following our own moral laws, is itself questionable. But it is also true that man is a social animal and is dependent on others for every of his needs and desires. This intrinsic nature of human beings resulted in the formation of societies and civilizations, where every one man is dependent on every other person for the fulfillment of his needs. If each and every person follows his own free thoughts, there will be only chaos therefore what must need to be followed are the moral duties and within these moral duties all our lives are dependent on. What is more significant for the Kant is that we are rational human beings. But being human being as a rational is also a disputable matter when it comes to homosexuality and sodomy. When we go entirely by Kant’s views, we cannot take into consideration homosexuals and the question arises: is there anything rational that moves in contradiction to these practices? Even if we choose ourselves things we want to do, we cannot in our endeavor do so without considering its causes. When we think in practical terms, moral laws do not actualize us to activate free will. If we take up the spontaneity of understanding by Kant, it is spontaneous movement of our thoughts and these three thoughts originate from the faculties of mind that can arose from the possibilities of sense, imagination and appreciation. (Savre, 163) He further developed the view that â€Å"Understanding is nothing but the unity of appreciation in relation to the synthesis of imagination†. (Savre, 164) In understanding of any action, Kant’s basic assumption lies in the power of logic thinking, in other words reasoning. The reasoning can also take many forms. Reason is a sort of systematically following of laws and principles and is a source of morality and feeling of our consciousness towards freedom. Reason for Kant is both logical as well as magnificent way to express freedom. When we look at every aspect from logical viewpoint and notion, it paves the way for certain conclusions and as transcendental faculty; it makes us go into the inner depth of our mind and to analyze things through the power of intuition. Kant gave very concrete differentiation between reason and understanding. He said that understanding is concerned with finitude whereas reason with infinite. Understanding is something that we consider something concrete and with understanding, there is no scope for, as said by Kant, synthetic cognition from conceptions that is why it is finitude. Understanding simply means to grasp what is shown to us and in our environment where as reason is a flow of thoughts. We can also say that understanding is the faculty of rules whereas reason is the faculty of principles. We may generalize that reason is closer to freedom than understanding as we are not bound by any rules though both are the different sides of same coin. It is our spontaneous understanding of one aspect that leads to reasoning. Freedom also lies in our judgment of other objects and things around us according to Kant are the free play of faculties in judgments of taste. For e. g. Let us take up beauty. We all have universal appeal for beauty. Others regard beauty as a subjective thing considered being as private preference but for Kant beauty is very objective and universal. Beauty is not just physical feature but it is the way we react towards that beautiful object. We are judging ourselves in our judgment of object and this involves our feeling towards the object but with universal claim. This individual judgment should be free from any restriction or any moral constraint and they are in turn symbol of moral freedom. As no one else except individual person is involved in the feeling and judgment of taste, it’s an individual autonomy. This free play is in a state between imagination and understanding. You understand the object and it is your freedom and free play of judgment that dictates you that the object is beautiful. The main difference between free play of judgment and other types of judgment is based on its core principles. This type of freedom is enshrined within you and takes place in same situations and same circumstances in every human being. In short Kant stated that, â€Å"Free play of judgments of taste can have the quantity of universality and the modality of necessity while retaining the quality of independence from direct moral interest and relation to merely subjective, cognitive interests rather than objective, practical ones†. (Guyer, Online Edition) As the democracy as form of government has emerged in several places, man has all the freedom of the political thinking. Kant held the view that every one has a freedom to deliver his political thoughts and enter into any social contract in political sphere. Kant separates the political rights with political thoughts from what we call morals. These are the most important kinds of freedom focused by Kant, but there are many different aspects of freedom that Kant ignored. Kant also postulated what is known as Science of Right followed and pursued by Jurists or jurisconsultus. Jurists or juriconsuluts have practical knowledge of legislations and laws enshrined in the subject whereas, as said by Kant, the rights and laws when looked from theoretical perspective come under the category pure science of right. He further said that, â€Å"The science of right thus designates the philosophical and systematic knowledge of the principles of natural right. And it is from this science that the immutable principles of all positive legislation must be derived by practical jurists and lawgivers. †(Kant, Online Edition) The science of right also enshrines within itself freedom: this freedom entails freedom on account of his being human, independent of any binding and he is justly right to attain this freedom, and which according to Kant is unimpeachable. Inherent within the man is also the right of common action-all the activities that bring the men together without infringing each other’s rights. Humans have right to convey their thoughts, narrate anything to other or promise truthfully or falsely and honestly or dishonestly and on the other hand it is right of others whether they accept it or reject their messages or actions. In all these aspects of freedom for Kant, humans express the best is the freedom of the free play of the faculties in judgments of taste as Guyer in â€Å"Kant on Freedom, Law, and Happiness† says, â€Å"We are entitled to our own happiness only if we exercise freedom, freely chosen actions. † (Guyer, 124) In faculties’ of judgment, it is we who are decision makers and make interpretations on basis of our own reasons. In other types of freedom still we are bound by one law or other but here too there is a certain essence of moral law that plays which is universal. We cannot interpret to anybody anything, we have certain moral and ethical duties on how we have to address others and interpret other things. This kind of human freedom is quite plausible and satisfying. According to Guyer, it is only this freedom that induces us to follow moral laws because we are all human beings and are social animals and our humanity requires us to respect others, which is a theory of respect and it in-turn involves good will. This faculty of the freedom and fair play of judgment is part of the nature. But as Kant says there is a great gulf between the â€Å"realm of the concept of nature† and the â€Å"concept of freedom†. (Guyer, 27) He further said that â€Å"the concept of freedom determines nothing in regard to the theoretical cognition of nature; the concept of nature likewise determines nothing in regard to the practical laws of freedom. † (Guyer, 27) This faculty of judgment is a middle-way between the concept of nature and freedom which makes it possible to create a link between what is purposeful natural and what is purposeful theoretical. It makes us move from the law-engulfed world of freedom towards what is purely and in true sense and spirit natural. (Guyer, 27) Kant’s critique of teleological judgment has raised the question to what extent is it legitimate to think of nature in teleological terms, in other words, in terms of ends, goals and purposes. After assuming all the possibilities and views of Newtonian science and other teleological judgments, he said that if study of organism is a part of natural science then all the products viewed by nature should not be considered as artifacts but as natural products. He further stated that still they should not be considered merely as essential forces of matter but should be considered in teleological terms. Anything what is produced naturally or designed have an end, as Kant stated, â€Å"It is required that its parts altogether reciprocally produced one another, as far as both their form and combination is concerned, and thus produce a whole out of their own casuality. † (Ginsborg, 5) He said all the natural objects are considered to have a natural end, and the entire end must be â€Å"cause and effect of itself. † (Ginsborg, 5) For e. g. Trees are free beings that reproduce its species and the parts of trees stand depended and are in relation to each other, leaves perform the function of taking care of tree whereas tree in turn produces leaves, but this concept is different than watch. Watch does follow first two conditions but does not follow the third. It is not possible for the wheel in the watch to produce another wheel, and still less one watch does not produce other watches, and when we have to compare it is not possible for a watch to repair itself or to replace the removed parts. But Kant said that â€Å"An organized being is thus not a mere machine, because that has solely moving force [bewegende Kraft]; rather it possesses formative force, and indeed of a kind which it communicates to kinds of matter [Materien] which not have it (it organizes them), thus a self-propagating formative force, which cannot be explained through the capacity for movement (mechanism) alone. † (Ginsborg, 5) From these points it is true that nature is viewed teleologically, and there are free beings like watch, which are not natural but mechanical and can be considered beyond nature as man invented it but its conduct is quite natural. WORKS CITED Carus, Titus Lucretius Humphries, Rolfe. â€Å"The Way Things are: The De Rerum Natura of Titus Lucretius Carus† Indiana: Indiana University Press, 1968. Ginsborg, Hannah. â€Å"Kants biological teleology and its philosophical significance† Available: http://209. 85. 175. 104/search? q=cache:-DckacXj2cQJ:https://itunes. berkeley. edu/file/10/Kants_Biological_Teleology. pdf+Kant%27s+biological+teleology+and+its+philosophical+significancehl=enct=clnkcd=1gl=in, June 17, 2008 Guyer, Paul, Kant on Freedom, Law, and Happiness. Cambridge: Cambridge University Press, 2000. Guyer, Paul. â€Å"Kant and the Experience of Freedom: Essays on Aesthetics and Morality†. Cambridge: Cambridge University Publisher, 1993. Guyer, Paul. â€Å"Kant, Immanuel† In E. Craig (Ed. ), Routledge Encyclopedia of Philosophy. London: Routledge. Internet (2004). Available: http://www. rep. routledge. com/article/DB047SECT12, June 17, 2008. Heidegger, Martin. â€Å"The essence of human freedom: An Introduction to Philosophy†. London New York: Continuum International Publishing Group, 2005. Kant, Immanuel. â€Å"THE SCIENCE OF RIGHT†. (Translated by W. Hastie). Internet. Available: http://www. 4literature. net/Immanuel_Kant/Science_of_Right/, June 17, 2008 Laehn, Thomas. Liberty, Law, and the Historicity of Man in Ancient Rome Paper presented at the annual meeting of the Midwest Political Science Association, Palmer House Hotel, Chicago, IL, Apr 12, 2007 (Internet). Available: http://www. allacademic.com/meta/p197401_index. html, June 15, 2008 Rempel, Gerherd. â€Å"18th Century Social Order:Peasants and Aristos†. (Internet) Available: http://mars. wnec. edu/~grempel/courses/wc2/lectures/peasantsaristos. html, June 15, 2008 Ross, Kelley L. â€Å"The Fallacies of Egoism and Altruism, and the Fundamental Principle of Morality† Internet (2007) Available: http://www. friesian. com/moral-1. htm, June 17, 2008. Svare, Helge. â€Å"Body and Practice in Kant†. Netherlands: Springer, 2006.

Family Effects on Criminal Behavior Essay Example for Free

Family Effects on Criminal Behavior Essay It is rare for a person to see someone, who comes from a â€Å"good† family per say, to get into criminal behavior but it does happen. These people are brought up in this world with high standards and at some point they just can’t take it. They’re brought up with high expectations on them so when they can’t be met they find a way to cope. They turn to things, such as drug abuse, to make it through their situations. Others are just anti-social so they don’t know another way out but to turn to something that will accept them. Family has a major effect on what they’ll do. If they expect them how they are flaws and all they’re more likely to stay away from criminal behavior. But if they expect nothing but perfection and then are shunned on for not meeting those standards, they find a way to cope. They turn to things that you wouldn’t expect them to do. They’re brought up to high expectations. Then there’s people who aren’t brought up in a â€Å"good family† and don’t turn to the criminal behavior. These people are doing it for themselves. They saw what it was like to come from a â€Å"poor family† and don’t want to be that way the rest of their lives. They know what it’s like to live without the things they need and they want better for their future. They aren’t held to meet high expectations so any type of accomplishment they met is highly looked upon. But then there is the person who was brought up in a â€Å"good family† and isn’t looked upon as doing something so amazing. They just break at some point. But the ones who don’t come from a â€Å"good† family are given praise. People that come from a â€Å"good† family have more pressure on them to be a better person. They have high family values to meet. In Agnew’s Sources of Strain and Their Consequences it states one of the sources of strain is failure to achieve goals and one of the negative affective states could be anger or frustration. So then they turn to drug abuse or violence. But in some cases it’s not the family who has the effect on them. Because in the social learning theory it states that, people act aggressively because, as children, they modeled after the violent acts of adults. So when people are brought up in this world with those role models they try to be just like them. So a person’s acts aren’t only affected by their family. But their family does have a great deal on how they’ll be in the future. Though it is more likely for people that come from a disadvantaged family to turn to crime, there are always exceptions to everything. People can come from a good family and still turn to crime. They find a way to be individual, to stand out from the rest of the family. They want to have their own individuality and be paid attention to and if crime is the only way they are seen, the crime is what they will turn to. As for people who come from a poor family they may want to be able to give back to their family what they couldn’t be given. They strive to be different and stand out from the rest of their family. They too are looking for individuality.

The Works Of David Cronenberg Film Studies Essay

The Works Of David Cronenberg Film Studies Essay The dissertation reviews works of David Cronenberg circa 1976-1999 in relation to Truffauts theories of the auteur to show the relevance of auteur theory in todays cinematic climate. The dissertation will look at Cronenbergs recurring themes, subjects such as biology, the use of insects as a supernatural force, body horror, and themes of psychological delusion and repression. These themes are consistent in Cronenberg film practice, and will form the basis of identifiable traits for consideration in defining contemporary autership. It will look into both of sides of the argument comparing the evidence from sources that believe directorial auterism is a viable concept and those who feel film making is a collaborative process and therefore a director can never truly take ownership of a piece of work. In this chapter the dissertation will also look at Cronenbergs Rabid which is the directors second feature film. The genre is a Horror film and relies heavily on one of the staple themes of the vampire sub-genre Infection which in this case a strain of rabies being passed on from person to person through the exchange of bodily fluids. The plot is simple girl falls off motorbike, girl has pioneering yet risky surgery, surgery turns girl into bloodthirsty vampiress The recurrent themes are ones of body modification (surgery), faceless medical organisations, sexuality and penetration, especially in the manifestation of a phallic, knife-like probe that emerges from lead actress Marilyn Chambers armpit to stab and infect her victims. The dissertation will discuss the different aspects that make up the film including the actors and their performances, staging (Director of Photography) the narrative and the script and look to relate them back to Truffauts guidelines to highlight key element s. Dissertation chapter 3: The Fly (Dir. David Cronenberg (1986) A scientist invents a teleportation device and accidentally teleports both himself and a fly at the same time. This unfortunate event leads to the scientist becoming part man part fly. The film is a story of blind ambition, a love story and also a story of metamorphosis. The consistency in Cronenbergs choice of film crew (Director of Photography, composer etc) will be looked at in detail and compared to his previous films along with the other recurring themes mentioned in the introduction. Dissertation chapter 4: CONCLUSION In this chapter the dissertation will compare the recurring themes between the films in relation to Truffauts theory of autership. This correlation between the content of both films and Truffauts work aim to show that, Cronenberg can in fact be classed as an auteur. Chapter 2 Rabid. Rabid is a 1977 film both written and directed by David Cronenberg. It is often seen as a sequel to his 1975 film Shivers both films deal with the subjects of disease and sexuality. The film tells the story of Rose Cronenberg has stated that he named her Rose as a metaphor for her innocence. Rose is played by American pornographic movie star Marilyn Chambers and tells of her newly acquired taste for blood that appears after pioneering life saving surgery after suffering a horrific motorbike crash. The skin graft surgery that Rose undergoes causes a mosquito like probe to appear in her armpit which she then uses to drink the blood of her victims. The probe itself is very phallic and is sheathed in something that resembles a vagina adding to the metaphor of this being a way of spreading sexual disease. The disease in this case is explained as a rare strain of rabies. The opening scenes of the film are set in the Keloid clinic. The director seems to have intentionally used this as a name for both the clinic and the head surgeon Doctor Dan Keloid as Keloid is a biological term for a type of scar. There is a discussion about investors being interested in putting money into the clinic between the members of staff to help create a franchised series of plastic surgery resorts which although shot in 1977 seems to reflect the modern day attitude to plastic surgery. It mirrors the blasà © approach of people to undergo potentially life threatening surgery in the name of personal appearance. The character of Lloyd Walsh (Roger Periard) is introduced into the story by stating that, Ive already had my ears done twice, im just here to get my eyes done there is evidently nothing wrong with the bags under Lloyds eyes. The discussion of franchisation is transposed with the images of a couple on a motorbike, Rose and her boyfriend, Hart Read (Frank Moore). The se quence on the motorcycle is very similar in style to sequences in the 1969 film Easy Rider. Close ups on the drivers foot changing gear are interspersed with shots of the bike weaving along country lanes. This editing technique is a horror film staple with quick cutting from actions that seem quite banal cutting back to another action that is building inevitably into catastrophe and violence. The tension helped to build by the use of sound, Howard Shore as the composer for Rabid has used strings and driving synthesizer noises and increasing in volume. As the motorcycle winds through the country lanes we see that a third set of protagonists are brought into the scene in the form of a camper van with a family in. As the camper van driver realizes his mistake in taking a wrong turn he turns the van around blocking the road. Close up on Rose as she realizes they are about to crash. (Rabid 1977) Inevitably the couple on the motorbike swerve and Hart gets thrown clear from the wreckage; Rose however ends up underneath the bike which bursts into flames burning her badly. The scene then cuts back to the Keloid clinic where one of the patients in the hospital has witnessed the crash and alerts the medical staff. They promptly make the decision to take the ambulance and help the crash victims. The use of the location in which the clinic is set helps the audience to realize that without this help then Rose would surely die. Cleverly, Cronenberg has set the clinic in the middle of the countryside. It is clearly in the middle of winter as there are no leaves on the trees and the fields are akin to barren waste ground. The clinic itself is a cold, faceless building with darkened windows and is surrounded by forest. This is consistent with Cronenbergs use of faceless organizations such as shadowy media companies and in this case a medical establishment. The hospital appears to be the modern day equivalent of Draculas castle or some other horror film haunted house staple. Monaco states that: To experience a Horror film was cathartic, the elements are well known: there was litany to each popular genre. Part of their pleasure lay in seeing how these basic elements would be treated this time around (Monaco, 1981) Suffice to say that when we watch films from the horror genre we are expectant of seeing these certain location and character stereotypes although in the case of Rabid, Cronenberg has transformed the haunted castle with the mad professor into a more modern setting with the use of the Keloid clinic as a key location. The mad professor has now transformed from being that of Dr Victor Frankenstein or Doctor Moreau to one of experimental plastic surgeon Dr Dan Keloid. The use of the faceless medical organization is consistent throughout Cronenbergs body of work throughout the seventies and eighties. Upon the arrival of Rose into the clinic for life saving treatment, Cronenberg seems to have prophesized the modern surgical technique of stem cell research and given Dr Keloid the ability to neutralize skin tissue from Roses thigh and then use this to grow skin grafts that replace the damaged tissue that is affected by the crash. This yet again is another horror film staple; this experimental almost maverick attitude becomes the surgical equivalent of a character deciding to walk down the dark alley when there is a serial killer on the loose. Throughout this time Rose remains in a coma. The editor Jean LeFleur has used a static title stating one month later to show the passage of time and the fact that Rose has been in a shock induced coma for a long time. Changes in time and space invite audiences to make an immediate comparison between two distinct points in time. Changes in time and space may mark the presence of central conflicts or emphasize important stages in character development (Pramaggiore, M. and Wallis, T., 2008) To show the development of a character that is essentially immobile and unable to communicate without the use of something like dream sequence for instance would be challenging to the director. It seems that what initially appears to look like a potentially lazy plot device in the use of a title to show the passage of time actually becomes a logical tool to show the development of Roses character. It is at this point that Rose awakens from her coma. It is suggested to the audience that by Rose unflinchingly removing the Intravenous drip from her arm that something might not be right. Fellow patient Lloyd Walsh discovers Rose lying in her hospital bed thrashing around her breasts uncovered. Rose claims to have no recollection of the accident but complains of being cold and wants Lloyd to embrace her for warmth. Beard says that; Metanarratively there is a kind of male-sexual-fantasy skit going on, with Lloyd as the male viewers stand-in: man accidentally comes upon beautiful young woman semi-naked in a hospital room; his safety as a voyeur is guaranteed by the womans unconsciousness; when she does awaken, she begs him to hold her because she is cold- another opportunity for covert sexual satisfaction (Beard, 2006) This part of the scene can be construed as Roses awakening of her dormant blood lust and her way of using her sexuality to entice her prey into physical contact so she can feed on them. Another way of looking at it is that this scene is Cronenbergs dark sense of humor coming to the fore. Casting a porn film actress in what audiences would regard as a relatively mainstream film and then placing her in a scenario not too dissimilar to the plot of a seventies porn film could be seen as amusing. The scene plays out with an ironic twist of fate; the male viewers on the side of Lloyd want to see this beautiful woman let Lloyd have sex with her, it is however Lloyd that is the one who gets penetrated with a phallus. Rose strikes with her armpit spike, and the scene once more is sexualized (again metanarratively) and in an unexpected way that reverses the roles of sexual attacker and victim (Beard, 2006) Rose then feeds on Lloyds blood, and Lloyd having no recollection of this starts to wander the hospital looking for help. He has no recollection of what has happened to him and as there appears to be no evidence of Rose having been awake at all it is assumed that Lloyd has had a stroke and fallen. However when the staff enter Roses room everything is in disarray and one of the nurses tells Doctor Keloid she believes Lloyd has tried to molest Rose. The decision is made to send Lloyd to the general infirmary in the city after they have taken some blood samples. This decision is a turning point in the story and shows how Cronenberg has married together several different horror staples; a vampire movie has now shows some of the traits of becoming a zombie film too. The idea of a single infected person being sent back into the general population unaware of the disease they are carrying after a wrong diagnosis from the doctor, furthering the spread of disease is something that has been use d time and time again in film making. Metaphorically speaking the disease could be thought of as a sexually transmitted infection as the situation in which it was passed had definite sexual undertones. After Rose has fed on Lloyd they lay down in what appears to be some kind of post coital bliss. Rose attacks Lloyd and feeds on his blood, she strokes his hair and they lay back down on the bed. (Rabid, 1977) After Lloyd is sent to the general infirmary in the city, Dr Keloid looks at Lloyds blood sample through a microscope and realizes that something Is not quite right. The blood sample is shown through the point of view of the doctor and the blood cells are being attacked by other mutated cells. This representation of the disease is akin to watching a sperm fertilize an egg except in the case of the disease the sperm like disease is not fertilizing a cell but eating it instead. This imagery is akin to the spread of the disease throughout the populace shown later on in the film. Cronenberg stated that, Rabid was about the spread of diseaseà ¢Ã¢â€š ¬Ã‚ ¦, how a whole city is finally almost brought to his knees by a sexually transmitted disease. My imagery tends to be very body oriented. I think Im interested in transformation as well, but not in an abstract spiritual sense or at least not at first, but in a very physical sense. In the case of Rabid it seems Cronenberg is not concerned with only the physical transformation of the protagonists, but also it seems the transformation of society as a whole. It could be assumed that within Rabid, Cronenberg is addressing the changing attitudes of society and that the end of the free love attitude of the sixties and seventies is changing. Sex is no longer safe he appears to be saying. The final scene of the film shows Rose dead on the pavement. Government soldiers that have been charged with controlling the population and keeping the spread of the disease under control find her and throw her into the back of a garbage truck. Muir (2006) proposes that Cronenberg is merely having a stab at women and implying that it is women who are the carriers of disease and that the final scene with Rose getting thrown away emphasizes his thoughts on promiscuity within women equating them to the likes of garbage. Rose, dead, is thrown away into the garbage truck. (Rabid, 1977) Chapter 3 The Fly. Im saying Im an insect who dreamt he was a man and loved it, but now that dream is over and the insect is awake.- Seth Brundle (The Fly, 1986) The Fly is a 1986 film directed by David Cronenberg and produced by Mel Brooks. The film is a remake of the 1958 film of the same title directed by Kurt Neumann which is in turn based on the short story by George Langelaan. The Fly was Cronenbergs biggest cinematic success to date. The director has completely re-imagined the film of the fifties and transformed it into a love story between two characters. The film focuses on Cronenbergs recurring obsession with the horror of the human body. The scientist Seth Brundle (played by Jeff Goldblum) and magazine journalist Veronica Quaife (played by Geena Davis) are the main characters involved in the story. Goldblum plays one of the archetypal Cronenberg staples, the mad scientist. Unusually for Cronenberg the scientist is a likeable character, slightly awkward but ultimately charming. As is the norm for the director, Brundle works for a faceless scientific organization Bartok Science Industries who are financing Brundles work. The pair mee ts at a press event held by Bartok. Brundle convinces Veronica that his work will change the course of human history. Wisker (2005) states that Cronenbergs fascinations lie in the perversions of science being manipulated by corporate interests and how humans, initially unaware, are sucked in to the danger resulting in devastation. This is especially the case regarding the character of Veronica Quaife although it seems that in this scenario, both parties involved had the best intentions and both were unaware of the horror which was to follow. When Brundle asks Veronica to come and look at the project he is working on both characters has ulterior motives, Brundle wants sex and Quaife wants a story for particle magazine. Brundles project is one of teleportation; he is on the verge of mastering teleportation via the use of two pods. Brundle and Veronica go back to his workshop, when they arrive outside the building he lives in the building is dark made of brick and has no discerning fea tures as are the majority of Cronenbergs choice of location throughout his career. The dark building where inside the viewer knows that scientific horror waits. In Rabid (1977) it was the use of a plastic surgery clinic, an apartment block in Shivers (1976) and in The Fly it is an old red brick mill type building. Muir (2007) claims that Veronicas effect on Brundles work is one of humanization, initially it is seen that Brundle has the single minded focus of an insect already, in one particular scene Veronica looks in Seths wardrobe only to encounter five sets of the same clothes. Brundle states that this is purely so he will not have to expend energy worrying unnecessarily about what he is wearing, thus allowing him to concentrate fully on his work. Veronica teaches Brundle about Flesh and about with that comes feelings that seem to have eluded Brundle throughout his manhood; feelings of love and passion are intermingled with anger jealousy over Veronicas suspected continuation of a relationship with her former lover. This is not the case however and we learn early on that veronica wants nothing more to do with Stathis (John Getz) who also happens to be her boss at the magazine. It is this drunken and jealous rage that leads Seth to decide to use his teleportation pods to transport himself. A s shown to the audience previously transporting living flesh has not gone well to say the least, initially the transportation of a baboon led to the baboon being turned inside out. Metaphorically speaking the baboon incident coincided with the introduction of Veronica into Brundles life, figuratively speaking it was not just the baboon that was turned inside out but also Seths life. Brundle tries teleporting a baboon with devastating results (The Fly, 1986) Without the introduction of Veronica it is assumed that uncalculated risk would not enter into Brundles research however fueled by alcohol and jealousy he decides to transport himself in the pods. Whilst entering the transportation pod Brundle fails to notice a fly has entered in with him. As the door seals the audience realize, so is Brundles fate. It is at this point that Cronenbergs film becomes a story about the frailty of human flesh and as with the major body of his work a metaphoric tale of disease, loss and the relationship between human and machine. As Brundle leaves Pod B he feels more alive than he has before unaware that the computer has fused, on a genetic level, both himself and the fly together in to what Seth refers to as, Brundlefly. Seths behavior gradually becomes more animalistic; he becomes more sexually aggressive, stronger and exhibits more risky behavior. Brundle thinks that he has somehow purified himself, by going through the machine and being pieced back together he somehow thinks that the computer has improved him. It becomes apparent to Veronica that maybe things are not quite right with Seth after the discovery of coarse black hair growing out of Seths back. After Veronica has the hairs medically examined it transpires that they are insect hairs. Seth is in denial and tells Veronica that, Ive become free, Im released and you cant stand it. Hairs sprouting from the back of Seth Brundle (The Fly, 1986) When Veronica points out that Seth is not well he retaliates by going to a bar with the sole purpose of finding another woman to have sex with. in a scene which seems to encapsulate both Brundles new found animalistic masculinity and his wanting to take his anger and hurt out on another being he enters into an arm wrestling match. He bets the men one hundred dollars and the hand of the girl at the bar who is with the men. Brundle starts to arm wrestle, white almost sperm like fluid seeps from his hand as he wrestles the man. With little effort, Seth breaks the bigger mans arm and walks off with the girl. Cronenberg yet again punishes promiscuity like he has done in previous films such as Shivers and Rabid. In the case of Brundlefly a combination of promiscuous behavior and risky scientific procedure leads to Brundlefly becoming diseased in a very noticeable way. The transformation of Brundle into Brundlefly at least at first seems to replicate the physical characteristics of AIDS. De rry states that: In Cronenbergs, movie the scientists early manifestation of bodily change resemble the skin lesions of Kaposis sarcoma, the cancer so common in the early stages of AIDS-related immune dysfunction. As these changes transform him into something monstrous-looking that even his girlfriend recoils from. (Derry, 2009) Lesions on Brundles face, similar to Kaposis sarcoma (The Fly, 1986) Derry is making the point that within the context of a horror film Cronenberg is asking a profound question on whether or not we as a society can show compassion for the degradation of people who are suffering from debilitating disease. By ignoring or failing to embrace these people due to revulsion are we becoming monsters ourselves? Veronica shows us that she is a strong and compassionate character by comforting Brundlefly even though to the viewer he has become a repulsive monster. Cronenberg has said that: The AIDS connection is very superficial. I see it (The Fly) as talking about mortality, about our vulnerability and the tradgedy of human loss (Cronenberg) This may well be the case but in the context of which the film was released it seems no doubt inevitable that viewers would link the film with the AIDS paranoia of the nineteen eighties. Seth Brundle states in the film that, I seem to be afflicted by a disease with a purpose, wouldnt you say. In a social context at the time HIV and AIDs were misunderstood diseases with a lack of education, especially from the government and public misinformation and rumours adding to the fear felt by the public. Cronenberg has yet again tapped into the fear of the unknown. Speculation about the films hidden meanings and metaphors certainly helped gain public interest for the film and to garner huge box office success for the director. In one particular dream sequence there is scene involving a pregnant Veronica giving birth in the hospital. The surgeon, who in this case is none other than the director himself, pulls what the audience are led to believe a baby from Veronicas womb. Amidst the screening the audience, as well as veronica see for the first time that this is no ordinary baby and she has given birth to a baby/maggot hybrid. This reflects the fear of the public during the AIDS crisis, what if my unborn baby is infected? What if somehow my baby is different? Cronenbergs cameo as a surgeonas he pulls the maggot baby from Veronica. (The Fly, 1986) Jà ¼rgen Mà ¼ller, Herbert Klemens (2003) Claim that, along with several other films of the eighties, The Fly is dealing with the theme of a person, in this case Brundle, looking for the Lost Secret the need for a person to become something which they are not. In the case of The Fly Cronenberg has touched on this theme but as is usual for the director the theme is based around the fact that if anyone tries to transgress the boundaries set by nature they will be found guilty of hubris, punishment in the case of Seth Brundle is creeping dissolution. Once he has felt how perfect a specimen he can be as a man, once he has achieved this greatness the only possible way for the character to go is down.

What are Emotions? Essay -- Psychology Emotional Essays

What are Emotions? What are emotions and do they affect those we relate to in our daily lives. Webster’s Dictionary describes emotions as an affective state of consciousness in which joy, sorrow, fear, or the like is experienced. One can easily see emotions are a strong surge of feelings. These feelings could be happy, sorrowful, joyful, and anxious. You know these feelings and have probably experienced them all from time to time. Different situations will affect our emotions and cause them to change, but can our emotions affect the people that surround us? Do people adjust their attitudes and emotions according to those they are around? In Alice Walker’s, â€Å"Am I Blue,† she is deeply affected by the horse and the different emotions it displays. Blue’s emotions affected the way she was feeling. If she felt that he was happy, then she too felt happy. In Walker’s essay, she speaks about Blue’s reaction to loosing his companion and how he grieved. Alth ough he was in a beautiful place, with thousands of acres to run, he had no one to share this with; therefore he became devastated and sad. After reading this article, a pre-school/kindergarten teacher decided to see how her moods and emotions would affect her students. Would their actions and behavior depend solely on the emotions she was experiencing? After watching and observing them over a period of time and experiencing both good moods and bad moods, this is what she found. Emotions or one’s emotional state definitely affects how we function and interact with others, especially children. When a teacher is in a good mood, he/ she will exercise more energy and will display more patience with his/her students. This will have a positive affect on the clas... ...y will ask someone else. If the teacher continues to be in a state of emotional stress, his/ her students will begin to have fear. Also, they may not have the eagerness to learn; they won’t ask questions because they’re afraid to ask. Whether the teacher is in a good mood or a bad mood, their emotions will affect those they are teaching. In conclusion, one can tell emotions affect everyone in both positive and negative ways. On order to be a good teacher, one must exude energy, patience, knowledge, and creativity at all times. Therefore, it is very important for a teacher to try to leave any negative emotions; he/she may be feeling at home. If a teacher displays negative emotions, it will not only affect his/her students, but it will also take away from one or all the qualities he/she should posses in order to be a good and affective teacher.

Joachim von Ribbentrops Memoir :: essays research papers

In his prison cell at Nuremberg, Hitler's foreign minister, Joachim von Ribbentrop, wrote a brief memoir in the course of which he explored the reasons for Germany's defeat. He picked out three factors that he thought were critical: the unexpected 'power of resistance' of the Red Army; the vast supply of American armaments; and the success of Allied air power. This last was Hitler's explanation too. When Ribbentrop spoke with him a week before the suicide in the bunker, Hitler told him that, 'the real military cause of defeat' was the failure of the German Air Force. 'For the Allies in World War Two, the defeat of Germany was their priority.' For all his many failings Ribbentrop was closer to the truth than he might have realised. For the Allies in World War Two, the defeat of Germany was their priority. Italy and Japan never posed the same kind of threat as the European superpower they fought alongside. Their defeat, costly though it was, became irresistible. The key to ending the world crisis was the defeat of Hitler's Germany. This outcome was not pre-ordained, as is so often suggested, once the British Empire was joined by the USSR and the USA in 1941. The Allies had to mobilise and utilise their large resources effectively on the battlefield and in the air. This outcome could not be taken for granted. British forces were close to defeat everywhere in 1942. The American economy was a peacetime economy, apparently unprepared for the colossal demands of total war. The Soviet system was all but shattered in 1941, two-thirds of its heavy industrial capacity captured and its vast air and tank armies destroyed. This was a war, Ribbentrop ruefully concluded, that 'Germany could have won'. Soviet resistance was in some ways the most surprising outcome. The German attackers believed that Soviet Communism was a corrupt and primitive system that would collapse, in Goebbels' words 'like a pack of cards'. The evidence of how poorly the Red Army fought in 1941 confirmed these expectations. More than five million Soviet soldiers were captured or killed in six months; they fought with astonishing bravery, but at every level of combat were out-classed by troops that were better armed, better trained and better led.

Philosphy of Special Education :: essays research papers

Philosophy of Special Education I have known that I have wanted to become a special education teacher for almost three years. Over those three years I did lots of hands on experience with special education students. This past semester though I learned more in a semester about special education than I have in the past two and half years. Intro to Exceptional has taught me a lot of good information about laws, rules, and regulations of special education. I believe that inclusion is necessary for a child to prosper in society. I think that it is a great learning experience for both the special education student and their peers in the class. I think they both can learn a lot from each other. I also believe though if the student has a severe enough problem where learning in a regular setting would not benefit them I believe they should be placed in a setting where learning is most beneficial. Inclusion is a very good thing when it is used right where both the special education student and their peers can both learn from each other and still not be distracted from their studies. Being in Intro to Exceptional this semester and being a teacher?s assistant was a great experience. This class really helped me understand the students better. For example, in class we talked about the reward system with students. One student in my class had a hard time staying focused and getting his homework done. He always worked with me so I set up a deal with the teacher and if he finished his workbook by the time I was done with TA then he and I could have a game day. After that reward was set he did great.

Financial Analysis of Bank of America

Financial Statement Analysis of Bank of America Group 1 Chen, Yelin Dong, Xiaoxu Gransbach, Jennifer Shuai, Wang Weiss, Charles 1Financial Statements of Bank of America1 1. 1Balance sheet1 1. 2Income statement2 1. 3Regulatory capital ratios2 1. 4Investment portfolio2 1. 5Impact of the FSP FAS 115-2 and FAS 124-2 on OTTI3 1. 5. 1Bank of America3 1. 5. 2JP Morgan Chase3 1. 5. 3Citi Group3 1. 6Netting Financial Instruments3 1. 6. 1Bank of America4 1. 6. 2Comparable banks4 1. 6. 3Analysis of the impact4 2Fair Value Accounting for Financial Instruments4 2. Fair value accounting4 Table 6 Summary of the Fair Value Income5 2. 2Opinions about fair value accounting5 3Interest Rate Risk and Net Interest Earnings6 3. 1Net interest margin6 3. 2Interest rate risk7 4Credit Risk and Losses7 4. 1Main loss reserve adequacy ratios8 4. 2Policy to designate past due loans as non-performing8 4. 3Adequacy of the bank’s allowance for loan losses8 4. 4Disclosure policies relating to loans8 5Appendix9 * Part 1 Financial Statements of Bank of America . 1. 1 Balance sheetBank of America’s balance sheet has total assets of $2,129,046 million in 2011, which is less than last year’s $2,264,909 million, a fairly significant decline. There are a few primary assets on the balance sheet. The largest asset is loans and leases which makes up 41. 92% of the total assets. The next largest asset was Available-For-Sale securities making up 12. 97% of total assets. Total liabilities on the balance sheet were $1,898,945 million, with the primary liability being deposits in U. S. offices both interest bearing and noninterest bearing, at 50. 4% of total liabilities. The next largest liability was long-term debt at 19. % of total liabilities. In millions| 2011| % of total assets| 2010| % of total assets| % chg from 2010-2011| Total asset| 2,029,046 | 100. 00%| 2,264,909 | 100. 00%| -10. 41%| Loans and leases| 892,417 | 43. 98%| 898,555 | 39. 67%| -0. 68%| Available-for-sale| 276,151 | 13. 61%| 337,627 | 14. 91%| -18. 21%| Total liabilities| 1,898,945 | 93. 59%| 2,036,661 | 89. 92%| -6. 76%| Total deposits| 1,033,041 | 50. 91%| 1,010,430 | 44. 61%| 2. 24%| Deposits in U. S. offices| 957,042 | 47. 17%| 930,913 | 41. 10%| 2. 81%| Long-term debt| 372,265 | 18. 35%| 448,431 | 19. 80%| -16. 98%| Leverage ratio| 14. 0 | ? | 8. 92 | ? | 63. 58%| Table 1 Selected Financial Data from Balance Sheet of Bank of America Chase and Citi are fairly similar in size and distribution of their balance sheets. Chase and Citi have total assets of 2,265,792 and 1,873,878( ) respectively, both with slightly lower loans as a percentage of total assets at slightly over 30%, while AFS securities are around 16% of total assets for each. Liabilities are also very similar, with Chase having total liabilities of $2,082,219 million and Citi $1,694,305 million. The primary line items are also very similar once again with Chase’s total deposits 54. 6% and long-term debt 22. 77% of total lia bilities, while Citi has deposits 51. 11% and long-term debt of 19. 09%. According to the deposits in U. S. offices, BOA focus more in U. S market and Citi focus more on market outside U. S. In millions| Bank of America| % of total assets| JP Morgan Chase| % of total assets| Citi Group| % of total assets| Total asset| 2,129,046 | 100. 00%| 2,265,792 | 100. 00%| 1,873,878 | 100. 00%| Loans and leases| 892,417 | 41. 92%| 696,111 | 30. 72%| 617,127 | 32. 93%| Available-for-sale| 276,151 | 12. 97%| 364,793 | 16. 10%| 293,413 | 15. 66%| ? | ? | ? | ? | ? | ? | ? |In millions| Bank of America| % of total liabilities| JP Morgan Chase| % of total liabilities| Citi Group| % of total liabilities| Total liabilities| 1,898,945 | 100. 00%| 2,082,219 | 100. 00%| 1,694,305 | 100. 00%| Total deposits| 1,033,041 | 54. 40%| 1,127,806 | 54. 16%| 865,936 | 51. 11%| Long-term debt| 372,265 | 19. 60%| 256,775 | 22. 77%| 3,235,050 | 190. 94%| Leverage ratio| 8. 25 | ? | 11. 34 | ? | 9. 44 | ? | | | | | | | | In millions| Bank of America| % of total deposits| JP Morgan Chase| % of total deposits| Citi Group| % of total deposits| Deposits in U. S. offices| 957,042 | 92. 64%| 851,534 | 75. 0%| 343,288 | 39. 64%| Table 2 Selected Financial Data from Balance Sheets of Three Banks in 2011 In the event of a bank run, Bank of America will be in trouble due to its high leverage, similar to many banks. Bank of America has deposits of $1,033,041 million, among which liquid assets only have $314,425 million, including cash and cash equivalents of $120,102 million, time deposits and other short-term investments of $26,004 million and trading assets of $169,319 million. Even with the ability to liquidate those non-cash assets, it will still only be able to honor slightly more than 30% of its depositors.Income statement The primary line item on Bank of America’s income statement is net income of $1,446 million, which increased compared to a net loss of 2,238 in 2010. Interest income was $66 ,236 million, down from $75,497 million in 2010. Total interest expense was $21,620 million, which makes the net interest income become $44,616 million, down 13. 4% from the previous year. Lastly, total noninterest income was $48,838 million, decreased by 16. 8% from 2010. This is partly due to the big loss of mortgage banking income, decreasing from $2,734 million in 2010 to $(8,830) million in 2011.Chase and Citi had similar trends, both slightly increasing their bottom line while having net interest income decrease slightly. Regulatory capital ratios 2011| Bank of America| JP Morgan Chase| Citi Group| To be well capitalized| Leverage ratio| 7. 53%| 6. 80%| 7. 19%| 5%| Tier 1 risk-based capital ratio| 12. 40%| 12. 30%| 13. 55%| 6%| Total risk-based| 16. 75%| 15. 40%| 16. 99%| 10%| Table 3 Regulatory Capital Ratios of Three Banks in 2011 In 2011, Bank of America was considered well capitalized for all three regulatory ratios–Tier 1 capital, risk-based capital and leverage.Ba nk of America slightly increased all of its ratios from 2010 to 2011. Its tier 1 capital ratio was 12. 4% while 6% is considered well capitalized, its risk based capital ratio was 16. 75% while 10% is considered well capitalized, and its leverage ratio was 7. 53% while 5% is considered well capitalized. ( Table 4, Table 3) Chase and Citi had very similar ratios to Bank of America. Chase was slightly below Bank of America and Citi for all three ratios but still well above the floor to be well capitalized.Citi had a slightly lower leverage ratio and slightly higher tier 1 capital and risk based capital ratios. Regulatory ratios are fairly important; however there are some issues with them. The ratios are backwards looking, so there could be a large amount of change since in the numbers. There are also lots of adjustments made by the company to the different numbers that make up the ratio that might not even make sense such as ignoring AFS losses. The current risk weighting is also ve ry simplistic currently and might not reflect the actual risk of the assets.One important thing to note is that the newly released Basel III norms by Basel Committee on Banking Supervision (BCBS) would require a higher regulatory capital ratio on banks. It is recommended that Basel III be implemented by January 1, 2015. According to the new rules, the mandatory Tier 1 common capital ratio would be 7%. Banks should maintain conservation buffer of 2. 5% and reserves amounting to 8. 5% of assets. Therefore, in order for Bank of America to meet the future requirements and be well capitalized in face of potential financial meltdowns, it should hold more and better quality capital, carry more liquid ssets, and limit leverage. ( , ) Investment portfolio The net unrealized gains on HTM securities of $177 million = $181 million + ($4) million that have not been recognized in OCI as of the end of 2011 are attributable to HTM securities that have not been deemed other than temporarily (OTT) i mpaired, so that amortized cost is the carrying value. Amortized cost is a highly limited valuation basis for risky securities. There was very little mention of reclassification in Bank of America’s 10-K. There was a mention of a reclassification of $26. billion primarily due to noninterest earning equity securities being moved from trading account assets to other assets, but no mention of anything else. Impact of the FSP FAS 115-2 and FAS 124-2 on OTTI Bank of America According to FSP FAS 115-2 and FAS 124-2, banks are allowed to report non-credit related OTTI in Other Comprehensive Income (OCI). Only credit-related OTTI is recognized in net income. The Total OTTI losses (unrealized and realized) for 2011 is $360 million, and portion of other-than-temporary impairment losses recognized in other comprehensive income is about $61 millions.The net amount is $299 million which is recognized in earnings on AFS debt securities in 2011, compared to $970 million on AFS debt and mark etable equity securities in 2010. When we compute the regulatory Tier One Capital, the unrealized losses on AFS investments are (added back) excluded. Thus, the $61 million is added back to calculate the Tier One Capital. With adding back, Tier 1 risk-based capital ratio is 12. 40% as shown on 2011 Y9C. In absence of adding back, the ratio is (159,231,999-61,000)/ 1,284,466,933=12. 39%. JP Morgan Chase For JP Morgan Chase, the10K shows Total other-than-temporary impairment losses for are 27, 94, nd 946 million for year 2011, 2010 and 2009 respectively. ( ) However, it doesn’t divide these amounts into credit-related portion and non-credit related portion. Based on the other two banks examples, we can infer that the Tier One Capital for JP Morgan Chase will go up after adoption. Citi Group Citigroup also adopted the same rules above in first quarter of 2009. As a result of the FSP, Company’s Consolidated Statement of Income reflects the full impairment on debt securiti es that the Company intends to sell or would more-likely-than-not be required to sell before the expected recovery of the amortized cost basis.As a result of the adoption of the FSP, Citigroup’s income in the first quarter of 2009 was higher by $631 million on a pretax basis ($391 million on an after-tax basis) and AOCI was decreased by a corresponding amount. However, 2011 10K does not gives details about regarding the credit loss component of OTTI in 2011. When we compute the regulatory Tier One Capital for Citigroup, the unrealized losses from non-credit loss component on debt securities are (added back) excluded, which leads to an increase in Tier One Capital.Netting Financial Instruments | Â  | Bank of America| JP Morgan Chase| Citi Group| IFRS(Before netting)| Total assets| 2,130,796| 3,976,317| 2,749,470| | Total debt| 1,900,695| 3,792,742| 2,564,671| | Total equity| 230,101| 183,575| 184,799| | Leverage ratio| 8. 26| 20. 66| 13. 88| GAAP(After netting)| Total assets| 2,129,046| 2,265,792| 1,873,878| | Total debt| 1,898,945| 2,082,219| 1,694,305| | Total equity| 230,101| 183,573| 179,573| | Leverage ratio| 8. 25| 11. 34| 9. 44| Table 4 Netting Adjustments for Three Banks in 2011 Bank of AmericaAccording to Note 4—Derivatives, Bank of America had legally enforceable master netting agreement that would reduce both derivative assets and derivative liabilities by the same amount of 1,749. 9 million, respectively. Moreover, cash collateral was applied to net off derivative assets by 58. 9 million and derivative liabilities by 51. 9 million, respectively. However, the reduction caused by cash collateral wouldn’t affect total assets and total liabilities. If Band of America were to adopt IFRS, it would report higher gross derivative assets and liabilities by an increase of 1,749. million. However, the adjustment (1,749. 9 million) was insignificant compared to Bank of America’s total asset base (2,129,046 million, about 0. 08%). Th erefore, the leverage ratio would only increase slightly due to this change, from 8. 25 under GAAP to 8. 26 under IFRS. Comparable banks J. P. Morgan Chase’s gross derivative assets were offset by 1,710,525 million netting adjustments and gross derivative liabilities by 1,710,523. Such adjustments almost made up of 75% of Chase’s total asset base which is 2,265,792 million.Therefore, if to adopt IFRS, Chase would record a much higher assets and liabilities up to 3,976,317 million and 3,792,742 million, respectively. Leverage ratio, accordingly, would rise from 11. 34 to 20. 66, with an almost doubled increase. Citi Group’s netting adjustments of 875,592 million against derivative assets made up 46. 7% of total assets, and 870,366 million against derivative liabilities made up 33. 9% of total liabilities. When adopting IFRS, Citi would report a higher assets and liabilities, with its leveraging ratio growing from 9. 44 to 13. 88 due to the significant amount of t he netting adjustments. Analysis of the impactFrom the above table, we can see that Bank of America was merely affected by the presentation of netting financial instruments, while the other two banks were greatly affected in terms of leverage ratio. The main reason to such a distinguished difference is that Bank of America had the smallest investment in derivative instruments, compared to Chase and Citi. The gross approach would definitely give a more comprehensive picture of banks’ derivative instruments; however, it would overstate risk to some extent. Market risk of the derivative positions can be better evaluated using the gross presentation which is more detailed.Firstly, net figures are by far more relevant metrics than the gross amounts. Naturally, this comes about from looking to the way that derivatives are traded under an enforceable master netting agreement. The master netting agreement allows for the aggregation of all trades and the replacement by a single net am ount. Secondly, another metric to measure derivative portfolios is volatility which is driven by the risk of open market positions and the potential changes in net asset values and not the size of gross derivatives amounts.Therefore, gross balance sheet amounts are not particularly useful indicators of how much net derivative asset values would have to change before solvency is affected. Finally, as the third most important metric when evaluating the risks, collateral together with cash settlement procedures results in a liquidity profile that is more aligned with net presentation. Collateral amounts further reduce the risks and have to be taken into consideration for reporting derivatives Fair Value Accounting for Financial InstrumentsFair value accounting From table 5 and the three computation tables in Appendix, we can see that under Full Fair Value method, Bank of America’s net income would grow from 1,446 million to 2,750 million, an increase of 90. 2%. Similarly, Citi w ould experience an increase of 128. 2% in net income from 11,067 million to 25,257 million. However, full fair value method had insignificant impact on Chase, with a total adjustment of 1,773 million compared to its pre-adjustment net income of 18,976 million.In millions| Bank of America| JP Morgan Chase| Citi Group| Adjustments for assets and liabilities at HC on balance sheet| 6,127 | 1,140 | 12,000 | Adjustments for assets and liabilities at FV on balance sheet with gains and losses in OCI| -4,819 | 633 | 2,190 | Total adjustment| 1,308 | 1,773 | 14,190 | Net income as per financial statements| 1,446 | 18,976 | 11,215 | Full fair value income with information available| 2,754 | 20,749 | 25,405 | * Table 5 Summary of the Fair Value IncomeAnother thing to note is that BOA stands out as it had a significant unrealized loss of 4,819 million on AFS, while its comparable banks, Chase and Citi, had a positive gain of 633 million and 2,190 million, respectively. Based on our analysis, su ch difference was driven by the following factors. (1). According to its disclosure, Bank of America recognized $299 million of other-than-temporary impairment (OTTI) losses in earnings on AFS debt securities in 2011 compared to $970 million on AFS debt and marketable equity securities in 2010, which contributes greatly in such a large amount of unrealized loss on AFS.The recognition of OTTI losses on AFS debt and marketable equity securities is based on a variety of factors, including the length of time and extent to which the market value has been less than amortized cost, the financial condition of the issuer of the security including credit ratings and any specific events affecting the operations of the issuer, underlying assets that collateralize the debt security, other industry and macroeconomic conditions, and management’s intent and ability to hold the security to recovery. (2).According to its disclosure, Bank of America presents debt securities purchased for longer term investment purposes which are as part of asset and liability management (ALM) and other strategic activities, as available-for-sale (AFS) securities, and report these securities at fair value with net unrealized gains and losses included in accumulated OCI. In 2011, the fair value of net ALM contracts decreased $7. 9 billion to a gain of $4. 7 billion, compared to $12. 6 billion in 2010. The decrease was primarily attributable to changes in the value of U. S. dollar-denominated pay-fixed interest rate swaps of $9. billion, foreign exchange contracts of $1. 8 billion and foreign exchange basis swaps of $1. 4 billion. The decrease was partially offset by a gain from the changes in the value of U. S. dollar-denominated receive-fixed interest rate swaps of $6. 6 billion. Opinions about fair value accounting Fair Value Accounting has many advantages and disadvantages as listed below. FVA advantages include the following: FVA depicts a clearer picture of the company’s financi al situation, as it provides an accurate asset and liability valuation as the prices are reflected in the market price.Fair value accounting limits managers’ ability to manipulate the reported net income, as the gains and losses are reported in the period they occur, not when they are realized as the result of a transaction. For Level 1 & 2, the price for financial instruments, are available in a liquid market. While under amortized accounting method, firms can manage their income through the selective realization of cumulative unrealized gains and losses on positions, an activity referred to as gains trading.FVA provides investors with more accurate, timely, and comparable financial information versus other alternative accounting approaches, even during extreme market conditions. Gains & losses resulting from changes in fair value estimates indicate economic events that companies and investors may find worthy of additional disclosures. Under amortized accounting, income typi cally is persistent for as long as firms hold positions, but becomes transitory when positions mature or are disposed of and firms replace them with new positions at current market terms.Disadvantages of FVA include: The price for certain assets and liabilities may fluctuate often, resulting in higher volatility than other accounting methods. When the market is volatile, the price for financial instruments may change a lot, so companies may recognize gains/losses. This volatility of earnings would make it more difficult for users to predict future performance and make regulatory capital ratio vary dramatically across periods. A solution for this disadvantage is regulatory capital should be delinked from fair value and reported by using historic cost information.After the market stabilizes, the price may change back to the normal level. Not every asset or liability can be easily fair valued. For financial instruments in level 3, there is no fair value in the liquidity market. Manager s need model to estimate the value of financial instruments in level 3. Using fair value accounting may have adverse effect on a down market. Companies may sell some financial instruments whose value decreased because of the drop in the current market price. They may not realize the drop without the fair value accounting.The market may stabilize over time, and the price for the financial instruments will return to their normal level. Another issue with fair value accounting is that when the market for instruments freezes up and there’s no liquidity in the market, financial instruments would have to be valued by using mark-to-model which in many situations are not reliable and transparent to investors. A solution to this is that regulators provide more specific guidance on how to determine fair value for financial statements.Disclosure requirements would include disclosure of fair value of all financial instruments along with method adopted to determine fair values, any signif icant assumptions used in their estimation, some indications of the sensitivity of the estimated fair value to these assumptions, and discussion of risk exposure and issues associated with the estimation of fair value. In addition, fair value accounting has very significant feedback effects, especially during financial crisis.Fair value accounting would further contribute to the deterioration in the value of a company’s financial instruments or assets and make it more difficult for companies to recover from the crisis. Recommendation here is that in special situations, regulators would allow companies that face severe crisis to adopt other accounting methods temporarily and minimize the loss of these companies. In summary, fair value has both advantages and disadvantages under today’s economy. FVA provides better insight of the financial statements, in ddition to limiting the potential for manipulation. However, in my opinion, under today’s economy situation, it is hard to fully implement the fair value accounting. Every disadvantage has proposed solutions to resolve the issues identified. Overall, FVA is recommended for use. Interest Rate Risk and Net Interest Earnings Net interest margin The net interest yield on a FTE basis was 2. 48 percent for 2011 compared to 2. 78 percent for 2010. Net interest income on a FTE basis decreased $7. 1 billion in 2011 to $45. 6 billion. The decline was primarily due to: (1).There’s a noticeable decrease in the yield on consumer loans from 6. 04% in 2010 to 5. 37% in 2011, which reduces net interest income by about 4,244 million (633,507 million * 0. 57%). * Debt securities and residential mortgage mainly contributed to the decline. The yield rate for debt securities decreased from 3. 66% to 2. 85%, and the residential mortgage from 4. 78% to 4. 18%. (2). Noninterest income declined from the previous year due to lower mortgage banking income, reflecting$11. 6 billion in representations and warrant ies costs and decline of $3. billion income from trading account profits. Noninterest income being the major source of Bank of America's income drastically impacts the profitability of the company. (3). In 2011 Bank of America had a decreased investment security yields, including the acceleration of purchase premium amortization from an increase in modeled prepayment expectations, and increased hedge ineffectiveness. (4). Bank of America’s declining net interest margin was partially offset by ongoing reductions in its debt footprint and lower rates paid on deposits.The total U. S interest-bearing deposits had an average yield of 0. 36%, compared to 0. 55% in 2008. Such downward trend in net interest margin can be observed in other banks as well. The following table presents total interest-earning assets rate and total interest-bearing liabilities for all three banks over 2009 to 2011. As shown, all banks experienced a decline in interest-earning assets rate over three years: 1) BOA from 4. 31% in 2009 to 3. 65% in 2011, with an average decrease of 8% every year; 2) Chase from 4. 04% to 3. 1%, with an average decrease of 6. 8%; 3) Citi from 4. 78% to 4. 27%, with an average decrease of 5. 5%. The main reasons for the other two banks’ declining net interest margin were higher deposit balances with lower loan yields. | Bank of America| JP Morgan Chase| Citi Group| | 2011| 2010| 2009| 2011| 2010| 2009| 2011| 2010| 2009| Total interest-earning assets rate| 3. 65%| 4. 02%| 4. 31%| 3. 51%| 3. 83%| 4. 04%| 4. 27%| 4. 55%| 4. 78%| Total interest-bearing liabilities| 1. 39%| 1. 39%| 1. 77%| 0. 86%| 0. 84%| 1. 02%| 1. 63%| 1. 61%| 1. 3%| Table 6 Net Interest Margin of Three Banks Interest rate risk BOA’s net interest income decreased by $2,122 million in 2011 and $998 million in 2010 from a 1% downward parallel shift in interest rate. 1% downward change in interest rate results in a bigger decrease in net interest income in 2011 than in 2010. However , according Chase’s 10K, downward 100bps parallel shocks result in a Federal Funds target rate of zero and negative three- and six-month treasury rates. The earnings-at-risk results of such a low-probability scenario are not meaningful.For Citi, a 100 bps decrease in interest rates would imply negative rates for the yield curve, so not meaningful either. 1% downward shift| 2011| 2010| BOA| ($2,122)| ($998)| JP Morgan Chase| NM| NM| Citi Group| NM| NM| Table 7 The Impact of 1% downward shift on Net Interest Income BOA’s net interest income would increase by $1,505 million in 2011 and $601 million in 2010 from a 1% upward parallel shift in interest rate. The same as downward change, 1% upward change in interest rate also would result in a bigger increase in the net interest income in 2011 than in 2010.Compared with BOA, 1% upward shift in interest rate has a bigger impact for Chase and smaller impact for Citi. 1% upward shift| 2011| 2010| Bank of America| $1,505 | $601 | JP Morgan Chase| $2,326 | $1,483 | Citi Group| $97 | ($105)| Table 8 The Impact of 1% Upward Shift on Net Interest Income Credit Risk and Losses Main loss reserve adequacy ratios Policy to designate past due loans as non-performing Adequacy of the bank’s allowance for loan losses Disclosure policies relating to loans Appendix BOAIn $ millions| 2011| 2011| 2010| 2010| 2011| 2010| 2011| ? | Carrying Value| Fair Value| Carrying Value| Fair Value| CURG| CURG| URG| Adjustments for assets and liabilities at HC on balance sheet| Assets:| ? | ? | ? | ? | ? | ? | ? | Held-to maturity debt securities| 35,265 | 35,442 | 427 | 427 | 177 | – | 177 | Loans| 870,520 | 843,392 | 876,739 | 861,695 | (27,128)| (15,044)| (12,084)| Total assets| 905,785 | 878,834 | 877,166 | 862,122 | (26,951)| (15,044)| (11,907)| Liabilities:| ? ? | ? | ? | ? | ? | ? | Deposits| 1,033,041 | 1,033,248 | 1,010,430 | 1,010,460 | 207 | 30 | 177 | Long-term debt| 372,265 | 343,211 | 448,431 | 441,672 | (29,0 54)| (6,759)| (22,295)| Total liabilities| 1,405,306 | 1,376,459 | 1,458,861 | 1,452,132 | (28,847)| (6,729)| (22,118)| Pretax adjustments before AFS securities and CFH derivatives| ? | ? | ? | ? | 1,896 | (8,315)| 10,211 | Aftertax adjustments before AFS securities and CFH derivatives| ? | ? | ? | ? | ? ? | 6,127 | Adjustments for assets and liabilities at FV on balance sheet with gains and losses in OCI? | Aftertax adjustment for AFS securities| ? | ? | ? | ? | ? | ? | (4,270)| Aftertax adjustment for CFH derivatives| ? | ? | ? | ? | ? | ? | (549)| Total adjustment to net income| ? | ? | ? | ? | ? | ? | 1,308 | Net income as per financial statements| ? | ? | ? | ? | ? | ? | 1,446 | Full fair value income with information available| ? | ? | ? | ? | ? | ? | 2,754 | JP Morgan ChaseIn $ millions| 2011| 2011| 2010| 2010| 2011| 2010| 2011| ? | Carrying Value| Fair Value| Carrying Value| Fair Value| CURG| CURG| URG| Adjustments for assets and liabilities at HC on balance sheet| Assets:| ? | ? | ? | ? | ? | ? | ? | Loans| 696,100 | 695,800 | 660,700 | 663,500 | (300)| 2,800 | (3,100)| Other| 66,300 | 66,800 | 64,900 | 65,000 | 500 | 100 | 400 | Total assets| 762,400 | 762,600 | 725,600 | 728,500 | 200 | 2,900 | (2,700)| Liabilities:| ? | ? | ? | ? | ? | ? | ? |Deposits| 1,127,800 | 1,128,300 | 930,400 | 931,500 | 500 | 1,100 | (600)| Accounts payable and other liabilities| 167,000 | 166,900 | 138,200 | 138,200 | (100)| – | (100)| Beneficial interests issued by consolidated VIEs| 66,000 | 66,200 | 77,600 | 77,900 | 200 | 300 | (100)| Long-term debt and junior subordinated deferrable interest debentures| 256,800 | 254,200 | 270,700 | 271,900 | (2,600)| 1,200 | (3,800)| Total liabilities| 1,617,600 | 1,615,600 | 1,416,900 | 1,419,500 | (2,000)| 2,600 | (4,600)| Pretax adjustments before AFS securities and CFH derivatives| ? | ? ? | ? | 2,200 | 300 | 1,900 | Aftertax adjustments before AFS securities and CFH derivatives| ? | ? | ? | ? | ? | ? | 1,140 | Adjustment s for assets and liabilities at FV on balance sheet with gains and losses in OCI| Aftertax adjustment for AFS securities| ? | ? | ? | ? | ? | ? | 1,067 | Aftertax adjustment for CFH derivatives| ? | ? | ? | ? | ? | ? | (279)| Cash flow hedge| ? | ? | ? | ? | ? | ? | (155)| Total adjustment to net income| ? | ? | ? | ? | ? | ? | 1,773 | Net income as per financial statements| ? | ? | ? | ? | ? | ? | 18,976 | Full fair value income with information available| ? ? | ? | ? | ? | ? | 20,749 | Citi Group In $ millions| 2011| 2011| 2010| 2010| 2011| 2010| 2011| ? | Carrying Value| Fair Value| Carrying Value| Fair Value| CURG| CURG| URG| Adjustments for assets and liabilities at HC on balance sheet? | Assets:| ? | ? | ? | ? | ? | ? | ? | Investment| 293,400 | 292,400 | 318,200 | 319,000 | (1,000)| 800 | (1,800)| Loans| 614,600 | 603,900 | 605,500 | 584,300 | (10,700)| (21,200)| 10,500 | Total assets| 908,000 | 896,300 | 923,700 | 903,300 | (11,700)| (20,400)| 8,700 | Liabilities:| ? ? | ? | ? | ? | ? | ? | Deposits| 865,900 | 865,800 | 845,000 | 843,200 | (100)| (1,800)| 1,700 | Long-term debt| 323,500 | 313,800 | 381,200 | 384,500 | (9,700)| 3,300 | (13,000)| Total liabilities| 1,189,400 | 1,179,600 | 1,226,200 | 1,227,700 | (9,800)| 1,500 | (11,300)| Pretax adjustments before AFS securities and CFH derivatives| ? | ? | ? | ? | (1,900)| (21,900)| 20,000 | Aftertax adjustments before AFS securities and CFH derivatives| ? ? | ? | ? | ? | ? | 12,000 | Adjustments for assets and liabilities at FV on balance sheet with gains and losses in OCI| Aftertax adjustment for AFS securities| ? | ? | ? | ? | ? | ? | 2,360 | Cash flow hedge| ? | ? | ? | ? | ? | ? | (170)| Total adjustment to net income| ? | ? | ? | ? | ? | ? | 14,190 | Net income as per financial statements| ? | ? | ? | ? | ? | ? | 11,215 | Full fair value income with information available| ? | ? | ? | ? | ? | ? | 25,405 | Financial Analysis of Bank of America Financial Statement Analysis of Bank of America Group 1 Chen, Yelin Dong, Xiaoxu Gransbach, Jennifer Shuai, Wang Weiss, Charles 1Financial Statements of Bank of America1 1. 1Balance sheet1 1. 2Income statement2 1. 3Regulatory capital ratios2 1. 4Investment portfolio2 1. 5Impact of the FSP FAS 115-2 and FAS 124-2 on OTTI3 1. 5. 1Bank of America3 1. 5. 2JP Morgan Chase3 1. 5. 3Citi Group3 1. 6Netting Financial Instruments3 1. 6. 1Bank of America4 1. 6. 2Comparable banks4 1. 6. 3Analysis of the impact4 2Fair Value Accounting for Financial Instruments4 2. Fair value accounting4 Table 6 Summary of the Fair Value Income5 2. 2Opinions about fair value accounting5 3Interest Rate Risk and Net Interest Earnings6 3. 1Net interest margin6 3. 2Interest rate risk7 4Credit Risk and Losses7 4. 1Main loss reserve adequacy ratios8 4. 2Policy to designate past due loans as non-performing8 4. 3Adequacy of the bank’s allowance for loan losses8 4. 4Disclosure policies relating to loans8 5Appendix9 * Part 1 Financial Statements of Bank of America . 1. 1 Balance sheetBank of America’s balance sheet has total assets of $2,129,046 million in 2011, which is less than last year’s $2,264,909 million, a fairly significant decline. There are a few primary assets on the balance sheet. The largest asset is loans and leases which makes up 41. 92% of the total assets. The next largest asset was Available-For-Sale securities making up 12. 97% of total assets. Total liabilities on the balance sheet were $1,898,945 million, with the primary liability being deposits in U. S. offices both interest bearing and noninterest bearing, at 50. 4% of total liabilities. The next largest liability was long-term debt at 19. % of total liabilities. In millions| 2011| % of total assets| 2010| % of total assets| % chg from 2010-2011| Total asset| 2,029,046 | 100. 00%| 2,264,909 | 100. 00%| -10. 41%| Loans and leases| 892,417 | 43. 98%| 898,555 | 39. 67%| -0. 68%| Available-for-sale| 276,151 | 13. 61%| 337,627 | 14. 91%| -18. 21%| Total liabilities| 1,898,945 | 93. 59%| 2,036,661 | 89. 92%| -6. 76%| Total deposits| 1,033,041 | 50. 91%| 1,010,430 | 44. 61%| 2. 24%| Deposits in U. S. offices| 957,042 | 47. 17%| 930,913 | 41. 10%| 2. 81%| Long-term debt| 372,265 | 18. 35%| 448,431 | 19. 80%| -16. 98%| Leverage ratio| 14. 0 | ? | 8. 92 | ? | 63. 58%| Table 1 Selected Financial Data from Balance Sheet of Bank of America Chase and Citi are fairly similar in size and distribution of their balance sheets. Chase and Citi have total assets of 2,265,792 and 1,873,878( ) respectively, both with slightly lower loans as a percentage of total assets at slightly over 30%, while AFS securities are around 16% of total assets for each. Liabilities are also very similar, with Chase having total liabilities of $2,082,219 million and Citi $1,694,305 million. The primary line items are also very similar once again with Chase’s total deposits 54. 6% and long-term debt 22. 77% of total lia bilities, while Citi has deposits 51. 11% and long-term debt of 19. 09%. According to the deposits in U. S. offices, BOA focus more in U. S market and Citi focus more on market outside U. S. In millions| Bank of America| % of total assets| JP Morgan Chase| % of total assets| Citi Group| % of total assets| Total asset| 2,129,046 | 100. 00%| 2,265,792 | 100. 00%| 1,873,878 | 100. 00%| Loans and leases| 892,417 | 41. 92%| 696,111 | 30. 72%| 617,127 | 32. 93%| Available-for-sale| 276,151 | 12. 97%| 364,793 | 16. 10%| 293,413 | 15. 66%| ? | ? | ? | ? | ? | ? | ? |In millions| Bank of America| % of total liabilities| JP Morgan Chase| % of total liabilities| Citi Group| % of total liabilities| Total liabilities| 1,898,945 | 100. 00%| 2,082,219 | 100. 00%| 1,694,305 | 100. 00%| Total deposits| 1,033,041 | 54. 40%| 1,127,806 | 54. 16%| 865,936 | 51. 11%| Long-term debt| 372,265 | 19. 60%| 256,775 | 22. 77%| 3,235,050 | 190. 94%| Leverage ratio| 8. 25 | ? | 11. 34 | ? | 9. 44 | ? | | | | | | | | In millions| Bank of America| % of total deposits| JP Morgan Chase| % of total deposits| Citi Group| % of total deposits| Deposits in U. S. offices| 957,042 | 92. 64%| 851,534 | 75. 0%| 343,288 | 39. 64%| Table 2 Selected Financial Data from Balance Sheets of Three Banks in 2011 In the event of a bank run, Bank of America will be in trouble due to its high leverage, similar to many banks. Bank of America has deposits of $1,033,041 million, among which liquid assets only have $314,425 million, including cash and cash equivalents of $120,102 million, time deposits and other short-term investments of $26,004 million and trading assets of $169,319 million. Even with the ability to liquidate those non-cash assets, it will still only be able to honor slightly more than 30% of its depositors.Income statement The primary line item on Bank of America’s income statement is net income of $1,446 million, which increased compared to a net loss of 2,238 in 2010. Interest income was $66 ,236 million, down from $75,497 million in 2010. Total interest expense was $21,620 million, which makes the net interest income become $44,616 million, down 13. 4% from the previous year. Lastly, total noninterest income was $48,838 million, decreased by 16. 8% from 2010. This is partly due to the big loss of mortgage banking income, decreasing from $2,734 million in 2010 to $(8,830) million in 2011.Chase and Citi had similar trends, both slightly increasing their bottom line while having net interest income decrease slightly. Regulatory capital ratios 2011| Bank of America| JP Morgan Chase| Citi Group| To be well capitalized| Leverage ratio| 7. 53%| 6. 80%| 7. 19%| 5%| Tier 1 risk-based capital ratio| 12. 40%| 12. 30%| 13. 55%| 6%| Total risk-based| 16. 75%| 15. 40%| 16. 99%| 10%| Table 3 Regulatory Capital Ratios of Three Banks in 2011 In 2011, Bank of America was considered well capitalized for all three regulatory ratios–Tier 1 capital, risk-based capital and leverage.Ba nk of America slightly increased all of its ratios from 2010 to 2011. Its tier 1 capital ratio was 12. 4% while 6% is considered well capitalized, its risk based capital ratio was 16. 75% while 10% is considered well capitalized, and its leverage ratio was 7. 53% while 5% is considered well capitalized. ( Table 4, Table 3) Chase and Citi had very similar ratios to Bank of America. Chase was slightly below Bank of America and Citi for all three ratios but still well above the floor to be well capitalized.Citi had a slightly lower leverage ratio and slightly higher tier 1 capital and risk based capital ratios. Regulatory ratios are fairly important; however there are some issues with them. The ratios are backwards looking, so there could be a large amount of change since in the numbers. There are also lots of adjustments made by the company to the different numbers that make up the ratio that might not even make sense such as ignoring AFS losses. The current risk weighting is also ve ry simplistic currently and might not reflect the actual risk of the assets.One important thing to note is that the newly released Basel III norms by Basel Committee on Banking Supervision (BCBS) would require a higher regulatory capital ratio on banks. It is recommended that Basel III be implemented by January 1, 2015. According to the new rules, the mandatory Tier 1 common capital ratio would be 7%. Banks should maintain conservation buffer of 2. 5% and reserves amounting to 8. 5% of assets. Therefore, in order for Bank of America to meet the future requirements and be well capitalized in face of potential financial meltdowns, it should hold more and better quality capital, carry more liquid ssets, and limit leverage. ( , ) Investment portfolio The net unrealized gains on HTM securities of $177 million = $181 million + ($4) million that have not been recognized in OCI as of the end of 2011 are attributable to HTM securities that have not been deemed other than temporarily (OTT) i mpaired, so that amortized cost is the carrying value. Amortized cost is a highly limited valuation basis for risky securities. There was very little mention of reclassification in Bank of America’s 10-K. There was a mention of a reclassification of $26. billion primarily due to noninterest earning equity securities being moved from trading account assets to other assets, but no mention of anything else. Impact of the FSP FAS 115-2 and FAS 124-2 on OTTI Bank of America According to FSP FAS 115-2 and FAS 124-2, banks are allowed to report non-credit related OTTI in Other Comprehensive Income (OCI). Only credit-related OTTI is recognized in net income. The Total OTTI losses (unrealized and realized) for 2011 is $360 million, and portion of other-than-temporary impairment losses recognized in other comprehensive income is about $61 millions.The net amount is $299 million which is recognized in earnings on AFS debt securities in 2011, compared to $970 million on AFS debt and mark etable equity securities in 2010. When we compute the regulatory Tier One Capital, the unrealized losses on AFS investments are (added back) excluded. Thus, the $61 million is added back to calculate the Tier One Capital. With adding back, Tier 1 risk-based capital ratio is 12. 40% as shown on 2011 Y9C. In absence of adding back, the ratio is (159,231,999-61,000)/ 1,284,466,933=12. 39%. JP Morgan Chase For JP Morgan Chase, the10K shows Total other-than-temporary impairment losses for are 27, 94, nd 946 million for year 2011, 2010 and 2009 respectively. ( ) However, it doesn’t divide these amounts into credit-related portion and non-credit related portion. Based on the other two banks examples, we can infer that the Tier One Capital for JP Morgan Chase will go up after adoption. Citi Group Citigroup also adopted the same rules above in first quarter of 2009. As a result of the FSP, Company’s Consolidated Statement of Income reflects the full impairment on debt securiti es that the Company intends to sell or would more-likely-than-not be required to sell before the expected recovery of the amortized cost basis.As a result of the adoption of the FSP, Citigroup’s income in the first quarter of 2009 was higher by $631 million on a pretax basis ($391 million on an after-tax basis) and AOCI was decreased by a corresponding amount. However, 2011 10K does not gives details about regarding the credit loss component of OTTI in 2011. When we compute the regulatory Tier One Capital for Citigroup, the unrealized losses from non-credit loss component on debt securities are (added back) excluded, which leads to an increase in Tier One Capital.Netting Financial Instruments | Â  | Bank of America| JP Morgan Chase| Citi Group| IFRS(Before netting)| Total assets| 2,130,796| 3,976,317| 2,749,470| | Total debt| 1,900,695| 3,792,742| 2,564,671| | Total equity| 230,101| 183,575| 184,799| | Leverage ratio| 8. 26| 20. 66| 13. 88| GAAP(After netting)| Total assets| 2,129,046| 2,265,792| 1,873,878| | Total debt| 1,898,945| 2,082,219| 1,694,305| | Total equity| 230,101| 183,573| 179,573| | Leverage ratio| 8. 25| 11. 34| 9. 44| Table 4 Netting Adjustments for Three Banks in 2011 Bank of AmericaAccording to Note 4—Derivatives, Bank of America had legally enforceable master netting agreement that would reduce both derivative assets and derivative liabilities by the same amount of 1,749. 9 million, respectively. Moreover, cash collateral was applied to net off derivative assets by 58. 9 million and derivative liabilities by 51. 9 million, respectively. However, the reduction caused by cash collateral wouldn’t affect total assets and total liabilities. If Band of America were to adopt IFRS, it would report higher gross derivative assets and liabilities by an increase of 1,749. million. However, the adjustment (1,749. 9 million) was insignificant compared to Bank of America’s total asset base (2,129,046 million, about 0. 08%). Th erefore, the leverage ratio would only increase slightly due to this change, from 8. 25 under GAAP to 8. 26 under IFRS. Comparable banks J. P. Morgan Chase’s gross derivative assets were offset by 1,710,525 million netting adjustments and gross derivative liabilities by 1,710,523. Such adjustments almost made up of 75% of Chase’s total asset base which is 2,265,792 million.Therefore, if to adopt IFRS, Chase would record a much higher assets and liabilities up to 3,976,317 million and 3,792,742 million, respectively. Leverage ratio, accordingly, would rise from 11. 34 to 20. 66, with an almost doubled increase. Citi Group’s netting adjustments of 875,592 million against derivative assets made up 46. 7% of total assets, and 870,366 million against derivative liabilities made up 33. 9% of total liabilities. When adopting IFRS, Citi would report a higher assets and liabilities, with its leveraging ratio growing from 9. 44 to 13. 88 due to the significant amount of t he netting adjustments. Analysis of the impactFrom the above table, we can see that Bank of America was merely affected by the presentation of netting financial instruments, while the other two banks were greatly affected in terms of leverage ratio. The main reason to such a distinguished difference is that Bank of America had the smallest investment in derivative instruments, compared to Chase and Citi. The gross approach would definitely give a more comprehensive picture of banks’ derivative instruments; however, it would overstate risk to some extent. Market risk of the derivative positions can be better evaluated using the gross presentation which is more detailed.Firstly, net figures are by far more relevant metrics than the gross amounts. Naturally, this comes about from looking to the way that derivatives are traded under an enforceable master netting agreement. The master netting agreement allows for the aggregation of all trades and the replacement by a single net am ount. Secondly, another metric to measure derivative portfolios is volatility which is driven by the risk of open market positions and the potential changes in net asset values and not the size of gross derivatives amounts.Therefore, gross balance sheet amounts are not particularly useful indicators of how much net derivative asset values would have to change before solvency is affected. Finally, as the third most important metric when evaluating the risks, collateral together with cash settlement procedures results in a liquidity profile that is more aligned with net presentation. Collateral amounts further reduce the risks and have to be taken into consideration for reporting derivatives Fair Value Accounting for Financial InstrumentsFair value accounting From table 5 and the three computation tables in Appendix, we can see that under Full Fair Value method, Bank of America’s net income would grow from 1,446 million to 2,750 million, an increase of 90. 2%. Similarly, Citi w ould experience an increase of 128. 2% in net income from 11,067 million to 25,257 million. However, full fair value method had insignificant impact on Chase, with a total adjustment of 1,773 million compared to its pre-adjustment net income of 18,976 million.In millions| Bank of America| JP Morgan Chase| Citi Group| Adjustments for assets and liabilities at HC on balance sheet| 6,127 | 1,140 | 12,000 | Adjustments for assets and liabilities at FV on balance sheet with gains and losses in OCI| -4,819 | 633 | 2,190 | Total adjustment| 1,308 | 1,773 | 14,190 | Net income as per financial statements| 1,446 | 18,976 | 11,215 | Full fair value income with information available| 2,754 | 20,749 | 25,405 | * Table 5 Summary of the Fair Value IncomeAnother thing to note is that BOA stands out as it had a significant unrealized loss of 4,819 million on AFS, while its comparable banks, Chase and Citi, had a positive gain of 633 million and 2,190 million, respectively. Based on our analysis, su ch difference was driven by the following factors. (1). According to its disclosure, Bank of America recognized $299 million of other-than-temporary impairment (OTTI) losses in earnings on AFS debt securities in 2011 compared to $970 million on AFS debt and marketable equity securities in 2010, which contributes greatly in such a large amount of unrealized loss on AFS.The recognition of OTTI losses on AFS debt and marketable equity securities is based on a variety of factors, including the length of time and extent to which the market value has been less than amortized cost, the financial condition of the issuer of the security including credit ratings and any specific events affecting the operations of the issuer, underlying assets that collateralize the debt security, other industry and macroeconomic conditions, and management’s intent and ability to hold the security to recovery. (2).According to its disclosure, Bank of America presents debt securities purchased for longer term investment purposes which are as part of asset and liability management (ALM) and other strategic activities, as available-for-sale (AFS) securities, and report these securities at fair value with net unrealized gains and losses included in accumulated OCI. In 2011, the fair value of net ALM contracts decreased $7. 9 billion to a gain of $4. 7 billion, compared to $12. 6 billion in 2010. The decrease was primarily attributable to changes in the value of U. S. dollar-denominated pay-fixed interest rate swaps of $9. billion, foreign exchange contracts of $1. 8 billion and foreign exchange basis swaps of $1. 4 billion. The decrease was partially offset by a gain from the changes in the value of U. S. dollar-denominated receive-fixed interest rate swaps of $6. 6 billion. Opinions about fair value accounting Fair Value Accounting has many advantages and disadvantages as listed below. FVA advantages include the following: FVA depicts a clearer picture of the company’s financi al situation, as it provides an accurate asset and liability valuation as the prices are reflected in the market price.Fair value accounting limits managers’ ability to manipulate the reported net income, as the gains and losses are reported in the period they occur, not when they are realized as the result of a transaction. For Level 1 & 2, the price for financial instruments, are available in a liquid market. While under amortized accounting method, firms can manage their income through the selective realization of cumulative unrealized gains and losses on positions, an activity referred to as gains trading.FVA provides investors with more accurate, timely, and comparable financial information versus other alternative accounting approaches, even during extreme market conditions. Gains & losses resulting from changes in fair value estimates indicate economic events that companies and investors may find worthy of additional disclosures. Under amortized accounting, income typi cally is persistent for as long as firms hold positions, but becomes transitory when positions mature or are disposed of and firms replace them with new positions at current market terms.Disadvantages of FVA include: The price for certain assets and liabilities may fluctuate often, resulting in higher volatility than other accounting methods. When the market is volatile, the price for financial instruments may change a lot, so companies may recognize gains/losses. This volatility of earnings would make it more difficult for users to predict future performance and make regulatory capital ratio vary dramatically across periods. A solution for this disadvantage is regulatory capital should be delinked from fair value and reported by using historic cost information.After the market stabilizes, the price may change back to the normal level. Not every asset or liability can be easily fair valued. For financial instruments in level 3, there is no fair value in the liquidity market. Manager s need model to estimate the value of financial instruments in level 3. Using fair value accounting may have adverse effect on a down market. Companies may sell some financial instruments whose value decreased because of the drop in the current market price. They may not realize the drop without the fair value accounting.The market may stabilize over time, and the price for the financial instruments will return to their normal level. Another issue with fair value accounting is that when the market for instruments freezes up and there’s no liquidity in the market, financial instruments would have to be valued by using mark-to-model which in many situations are not reliable and transparent to investors. A solution to this is that regulators provide more specific guidance on how to determine fair value for financial statements.Disclosure requirements would include disclosure of fair value of all financial instruments along with method adopted to determine fair values, any signif icant assumptions used in their estimation, some indications of the sensitivity of the estimated fair value to these assumptions, and discussion of risk exposure and issues associated with the estimation of fair value. In addition, fair value accounting has very significant feedback effects, especially during financial crisis.Fair value accounting would further contribute to the deterioration in the value of a company’s financial instruments or assets and make it more difficult for companies to recover from the crisis. Recommendation here is that in special situations, regulators would allow companies that face severe crisis to adopt other accounting methods temporarily and minimize the loss of these companies. In summary, fair value has both advantages and disadvantages under today’s economy. FVA provides better insight of the financial statements, in ddition to limiting the potential for manipulation. However, in my opinion, under today’s economy situation, it is hard to fully implement the fair value accounting. Every disadvantage has proposed solutions to resolve the issues identified. Overall, FVA is recommended for use. Interest Rate Risk and Net Interest Earnings Net interest margin The net interest yield on a FTE basis was 2. 48 percent for 2011 compared to 2. 78 percent for 2010. Net interest income on a FTE basis decreased $7. 1 billion in 2011 to $45. 6 billion. The decline was primarily due to: (1).There’s a noticeable decrease in the yield on consumer loans from 6. 04% in 2010 to 5. 37% in 2011, which reduces net interest income by about 4,244 million (633,507 million * 0. 57%). * Debt securities and residential mortgage mainly contributed to the decline. The yield rate for debt securities decreased from 3. 66% to 2. 85%, and the residential mortgage from 4. 78% to 4. 18%. (2). Noninterest income declined from the previous year due to lower mortgage banking income, reflecting$11. 6 billion in representations and warrant ies costs and decline of $3. billion income from trading account profits. Noninterest income being the major source of Bank of America's income drastically impacts the profitability of the company. (3). In 2011 Bank of America had a decreased investment security yields, including the acceleration of purchase premium amortization from an increase in modeled prepayment expectations, and increased hedge ineffectiveness. (4). Bank of America’s declining net interest margin was partially offset by ongoing reductions in its debt footprint and lower rates paid on deposits.The total U. S interest-bearing deposits had an average yield of 0. 36%, compared to 0. 55% in 2008. Such downward trend in net interest margin can be observed in other banks as well. The following table presents total interest-earning assets rate and total interest-bearing liabilities for all three banks over 2009 to 2011. As shown, all banks experienced a decline in interest-earning assets rate over three years: 1) BOA from 4. 31% in 2009 to 3. 65% in 2011, with an average decrease of 8% every year; 2) Chase from 4. 04% to 3. 1%, with an average decrease of 6. 8%; 3) Citi from 4. 78% to 4. 27%, with an average decrease of 5. 5%. The main reasons for the other two banks’ declining net interest margin were higher deposit balances with lower loan yields. | Bank of America| JP Morgan Chase| Citi Group| | 2011| 2010| 2009| 2011| 2010| 2009| 2011| 2010| 2009| Total interest-earning assets rate| 3. 65%| 4. 02%| 4. 31%| 3. 51%| 3. 83%| 4. 04%| 4. 27%| 4. 55%| 4. 78%| Total interest-bearing liabilities| 1. 39%| 1. 39%| 1. 77%| 0. 86%| 0. 84%| 1. 02%| 1. 63%| 1. 61%| 1. 3%| Table 6 Net Interest Margin of Three Banks Interest rate risk BOA’s net interest income decreased by $2,122 million in 2011 and $998 million in 2010 from a 1% downward parallel shift in interest rate. 1% downward change in interest rate results in a bigger decrease in net interest income in 2011 than in 2010. However , according Chase’s 10K, downward 100bps parallel shocks result in a Federal Funds target rate of zero and negative three- and six-month treasury rates. The earnings-at-risk results of such a low-probability scenario are not meaningful.For Citi, a 100 bps decrease in interest rates would imply negative rates for the yield curve, so not meaningful either. 1% downward shift| 2011| 2010| BOA| ($2,122)| ($998)| JP Morgan Chase| NM| NM| Citi Group| NM| NM| Table 7 The Impact of 1% downward shift on Net Interest Income BOA’s net interest income would increase by $1,505 million in 2011 and $601 million in 2010 from a 1% upward parallel shift in interest rate. The same as downward change, 1% upward change in interest rate also would result in a bigger increase in the net interest income in 2011 than in 2010.Compared with BOA, 1% upward shift in interest rate has a bigger impact for Chase and smaller impact for Citi. 1% upward shift| 2011| 2010| Bank of America| $1,505 | $601 | JP Morgan Chase| $2,326 | $1,483 | Citi Group| $97 | ($105)| Table 8 The Impact of 1% Upward Shift on Net Interest Income Credit Risk and Losses Main loss reserve adequacy ratios Policy to designate past due loans as non-performing Adequacy of the bank’s allowance for loan losses Disclosure policies relating to loans Appendix BOAIn $ millions| 2011| 2011| 2010| 2010| 2011| 2010| 2011| ? | Carrying Value| Fair Value| Carrying Value| Fair Value| CURG| CURG| URG| Adjustments for assets and liabilities at HC on balance sheet| Assets:| ? | ? | ? | ? | ? | ? | ? | Held-to maturity debt securities| 35,265 | 35,442 | 427 | 427 | 177 | – | 177 | Loans| 870,520 | 843,392 | 876,739 | 861,695 | (27,128)| (15,044)| (12,084)| Total assets| 905,785 | 878,834 | 877,166 | 862,122 | (26,951)| (15,044)| (11,907)| Liabilities:| ? ? | ? | ? | ? | ? | ? | Deposits| 1,033,041 | 1,033,248 | 1,010,430 | 1,010,460 | 207 | 30 | 177 | Long-term debt| 372,265 | 343,211 | 448,431 | 441,672 | (29,0 54)| (6,759)| (22,295)| Total liabilities| 1,405,306 | 1,376,459 | 1,458,861 | 1,452,132 | (28,847)| (6,729)| (22,118)| Pretax adjustments before AFS securities and CFH derivatives| ? | ? | ? | ? | 1,896 | (8,315)| 10,211 | Aftertax adjustments before AFS securities and CFH derivatives| ? | ? | ? | ? | ? ? | 6,127 | Adjustments for assets and liabilities at FV on balance sheet with gains and losses in OCI? | Aftertax adjustment for AFS securities| ? | ? | ? | ? | ? | ? | (4,270)| Aftertax adjustment for CFH derivatives| ? | ? | ? | ? | ? | ? | (549)| Total adjustment to net income| ? | ? | ? | ? | ? | ? | 1,308 | Net income as per financial statements| ? | ? | ? | ? | ? | ? | 1,446 | Full fair value income with information available| ? | ? | ? | ? | ? | ? | 2,754 | JP Morgan ChaseIn $ millions| 2011| 2011| 2010| 2010| 2011| 2010| 2011| ? | Carrying Value| Fair Value| Carrying Value| Fair Value| CURG| CURG| URG| Adjustments for assets and liabilities at HC on balance sheet| Assets:| ? | ? | ? | ? | ? | ? | ? | Loans| 696,100 | 695,800 | 660,700 | 663,500 | (300)| 2,800 | (3,100)| Other| 66,300 | 66,800 | 64,900 | 65,000 | 500 | 100 | 400 | Total assets| 762,400 | 762,600 | 725,600 | 728,500 | 200 | 2,900 | (2,700)| Liabilities:| ? | ? | ? | ? | ? | ? | ? |Deposits| 1,127,800 | 1,128,300 | 930,400 | 931,500 | 500 | 1,100 | (600)| Accounts payable and other liabilities| 167,000 | 166,900 | 138,200 | 138,200 | (100)| – | (100)| Beneficial interests issued by consolidated VIEs| 66,000 | 66,200 | 77,600 | 77,900 | 200 | 300 | (100)| Long-term debt and junior subordinated deferrable interest debentures| 256,800 | 254,200 | 270,700 | 271,900 | (2,600)| 1,200 | (3,800)| Total liabilities| 1,617,600 | 1,615,600 | 1,416,900 | 1,419,500 | (2,000)| 2,600 | (4,600)| Pretax adjustments before AFS securities and CFH derivatives| ? | ? ? | ? | 2,200 | 300 | 1,900 | Aftertax adjustments before AFS securities and CFH derivatives| ? | ? | ? | ? | ? | ? | 1,140 | Adjustment s for assets and liabilities at FV on balance sheet with gains and losses in OCI| Aftertax adjustment for AFS securities| ? | ? | ? | ? | ? | ? | 1,067 | Aftertax adjustment for CFH derivatives| ? | ? | ? | ? | ? | ? | (279)| Cash flow hedge| ? | ? | ? | ? | ? | ? | (155)| Total adjustment to net income| ? | ? | ? | ? | ? | ? | 1,773 | Net income as per financial statements| ? | ? | ? | ? | ? | ? | 18,976 | Full fair value income with information available| ? ? | ? | ? | ? | ? | 20,749 | Citi Group In $ millions| 2011| 2011| 2010| 2010| 2011| 2010| 2011| ? | Carrying Value| Fair Value| Carrying Value| Fair Value| CURG| CURG| URG| Adjustments for assets and liabilities at HC on balance sheet? | Assets:| ? | ? | ? | ? | ? | ? | ? | Investment| 293,400 | 292,400 | 318,200 | 319,000 | (1,000)| 800 | (1,800)| Loans| 614,600 | 603,900 | 605,500 | 584,300 | (10,700)| (21,200)| 10,500 | Total assets| 908,000 | 896,300 | 923,700 | 903,300 | (11,700)| (20,400)| 8,700 | Liabilities:| ? ? | ? | ? | ? | ? | ? | Deposits| 865,900 | 865,800 | 845,000 | 843,200 | (100)| (1,800)| 1,700 | Long-term debt| 323,500 | 313,800 | 381,200 | 384,500 | (9,700)| 3,300 | (13,000)| Total liabilities| 1,189,400 | 1,179,600 | 1,226,200 | 1,227,700 | (9,800)| 1,500 | (11,300)| Pretax adjustments before AFS securities and CFH derivatives| ? | ? | ? | ? | (1,900)| (21,900)| 20,000 | Aftertax adjustments before AFS securities and CFH derivatives| ? ? | ? | ? | ? | ? | 12,000 | Adjustments for assets and liabilities at FV on balance sheet with gains and losses in OCI| Aftertax adjustment for AFS securities| ? | ? | ? | ? | ? | ? | 2,360 | Cash flow hedge| ? | ? | ? | ? | ? | ? | (170)| Total adjustment to net income| ? | ? | ? | ? | ? | ? | 14,190 | Net income as per financial statements| ? | ? | ? | ? | ? | ? | 11,215 | Full fair value income with information available| ? | ? | ? | ? | ? | ? | 25,405 |