Tanglewood Case Study Three: Recruiting Introduction

Tanglewood Case Study Three: Recruiting Introduction The following report is submitted to the Staffing Services Director on recruiting at Tanglewood. Task 1: Develop a recruitment guide using Exhibit 5. 3 in the textbook as the format. Recruitment Guide for Store Associate Position: Store Associate Reports to: Shift Leader Qualifications: — High school diploma or equivalent Prior retail experience is preferred Relevant Labor Market: Pacific Northwest Timeline: Continuous Activities to undertake to source well qualified candidates: Staff members involved: BudgetTask 2: Describe the best â€Å"targets† for your recruiting efforts by considering the job and organizational context. Evaluate the various methods of recruiting in terms of whether they seem more like â€Å"open† or â€Å"targeted† recruiting, using the information in the book to help you make this decision. If some methods seem more â€Å"targeted,† whom do you think they target? The store associate position is an entry-level position in the Tanglewood organization and is focused on retail sales, customer service, and inventory control as the key activities for an employee at this level is expected to concentrate on for day-to-day operations.Task 3: For each division use the data tables provided in Appendix B to estimate how each method fares in terms of yields and costs. Provide a one-page summary of the essential results of the various data tables you have been provided. Task 4: Northern Oregon has suggested that the other divisions of the company use a policy of using kiosks and staffing agencies rather than using the more â€Å"touchy-feely† method of relying on referrals. Does this division have a point? What would the effect of other regions increasing their use of external hiring be?I think Northern Oregon has a valid point about the methods Tanglewood uses Task 5: Tanglewood’s top management is highly committed to improving customer service quali ty, and proposes that simply finding the cheapest way to hire is not sufficient. Besides costs and retention, what other measures of employee performance would be good â€Å"bottom line† metrics for the quality of a recruiting method? How might the managerial focus groups’ concerns fit with these alternative considerations?I agree with Tanglewood’s management that â€Å"cheapest isn’t necessarily best† when considering how recruiting for new employees planned and executed. Task 6: The question of realism in the recruitment policy has been raised in focus groups. Write one paragraph proposals for targeted, realistic, and branded recruiting messages for Tanglewood’s customer store associate positions. What are the traditional arguments for and against using realistic recruiting policies?

Biblical Allusions Throughout of Mice and Men Essay

â€Å"He calls Of Mice and Men a parable that illustrates the biblical conflict between the brothers Cain and Abel† (Goldhurst 48). Therefore the people who have read the story Of Mice and Men can automatically see the resemblance between the two stories. Of Mice and Men is a novelette by John Steinbeck, it is about two men who are migratory workers that works on farms. Of Mice and Men contains many Biblical allusions including the Story of Cain and Abel, the longing for Eden, and facing temptation. In Of Mice and Men and the Old Testament the themes are similar. It is stated in the â€Å"A Parable Curse of Cain.† â€Å"Of Mice and Men is a story about the nature of man’s fate in a fallen world, with particular emphasis upon the question: is man destined to live alone, a solitary wanderer on the face of the earth, or is it the fate of man to care for man, to go his way in companionship with another? This is the same theme that occurs in The Old Testament† (Goldhurst 49). This proves that Of Mice and Men and The Old Testament have a similar theme. One reoccurring theme in Of Mice and Men and The Old Testament is loneliness will always follow man and innocence keeps ideas alive. The curse that the Lord placed upon Cain was that agricultural labor was going to be difficult, and he will be lonely while being a fugitive (Genesis 4:12). In Of Mice and Men George and Lennie are fugitives that are migratory workers but George at times feels lonely even though he has Lennie because he doesn’t have a romantic partner. This shows how these two stories are similar within their themes. Worked Cited Goldhurst, William. â€Å"A Parable of the Curse of Cain.† Readings on John Steinbeck- Of Mice and Men. Ed. Jill Karson, Bruno Leone, Brenda Salcup, and Brenda Szumski. San Diego, CA: Greenhaven Press, 1998. 48-58. Print The New Oxford Annotated Bible. Ed. Bruce M. Metzger, Roland E. Murphy, and Bernhard W. Anderson. New York: Oxford University Press, 1994. 2-7. Print. Owens, Luis. â€Å"Of Mice and Men: The Dream of Commitment.† Modern Critical View John Steinbeck. Ed. Harold Bloom. New York: Chelsea House, 1987. 145-149. Print.

Reflection 3 Essay Example | Topics and Well Written Essays - 1250 words

Reflection 3 - Essay Example There should be that feeling of respect for the old. Most of the older people in the community do not have specific needs which can be outlined but it appears that they are less likely to receive such care because of their age in the society. Many people including practicing nurses tend to ignore them when offering health and social care in the society just because of their inherent age. Nonetheless, my intention as a practicing nurse in this aspect of health and social care is to take care for the old people in the community who need a lot of care at their ages. They need to be encouraged, given mental counseling, advising them on how to undergo treatments, administering to them medicines among other ways ((Bayer, Tadd, & Krajcik 2005, p. 22) The advances to help the old people in the community have been made initially by other people, but as far as this model is concerned, a lot of reflection, further action and improvement is required. This work will help encourage nurses to develop and grow a positive attitude towards the old people in the society as well as help them embrace positive aspects of respect and help them to understand that old people are very important members of the society who can control their own lives. This will encourage nurses to value the old people, and to take care of them as well as promoting opportunities for well-being and psychological developments rather than promoting helplessness and deterioration (Williams & Irurita 2005. p 501). This idea of health and social care for the old people presents a challenge for us as nurses to change from a medical perspective and to focus more on health promotions as well as preventing ill health among the old people. This ensures that majority of these older people enjoy healthy and fulfilling lives just like the other members of the community and that they can make a positive contribution to the community (Bayer, Tadd, & Krajcik

HRD assignment Research Paper Example | Topics and Well Written Essays - 1500 words

HRD assignment - Research Paper Example Introduction There are a range of evaluation theories that can confuse new practitioners and learners who intend to grasp on ways of evaluating programs. Examples of these evaluation theories include; goal free, empowerment, utilization- focused, and developmental (Lisa, 2006). The different forms of evaluation sprout from the same base of social accountability, social inquiry, and fiscal control (Valerie, 2004). From this base, evaluation orientations further branches out into three main areas; use, methods, and valuing. It is from these branches, various evaluation perspectives from various thought leaders get obtained. These perspectives get to offer learners and researchers on the various evaluation methods, their application, and how to align themselves with the evaluation orientation that best matches their program context or values (Darlene, 2008). It is vital that evaluators get to understand the cross cutting evaluation theories and terminology that is available for the stak eholders. It is vital that new and skilled evaluators get to determine and understand what the various evaluation theories or methods are for. Purpose of evaluation theories and methods Evaluation theory serves various purposes. However, its vital function is to act as a guide to practice. It is incomprehensible to learn on the latest methodological advancement without understanding the relevant evaluation theory concerned (Eleanor, 2013). This situation creates a scenario where evaluators get to learn what to do without understanding why or when to do what they do. It is vital that a good evaluator gets to understand the evaluation theories so that they can choose and employ the appropriate methods. Evaluation theories assist the evaluators past simply making good judgments on what kind of methods to employ but rather under what situations, and towards what kinds of evaluation influence. First off, evaluation theories help to bring back prior experience and thus consolidate lessons learned. Evaluation theories can help evaluators to posses a sophisticated and deep understanding of how organizations carry out their decisions and get influenced by evaluation findings (Lisa, 2006). Knowledge of the theories assists evaluators to learn from other people or organizations experiences. Evaluators who fail to grasp the knowledge of evaluation theories risk repeating past mistakes, which also leave them vulnerable to failure to sustaining and building on past successes. Secondly, the comparison of evaluation theories assists those in the field in determining and understanding the vital areas that illicit debate within the field. Through comparison of the evaluation theories, one gets to determine the gaps present within the field and how they affect their field. This comparative look at the evaluation theories assists evaluators to garner on what issues remains unsettled and elusive in their field of practice (Sung, 2002). Undertaking a look at the different theories present in the field assists the practitioners to obtain different perspectives on what the purpose of evaluation is or how it should get employed. Thirdly, it is vital that evaluators get to embody the knowledge of evaluation theories such that it becomes a part of their identity. Evaluation theory in its embodiment is the basis and core of becoming an evaluator (Valerie, 2004). The knowledge of ev

Wrold history Assignment Example | Topics and Well Written Essays - 750 words

Wrold history - Assignment Example The three topics that will guide the discussion on philosophy around the world include China, Ancient Greece, and Africa (and African Sage Philosophy). In terms of development, Chinese philosophy emerged from what scholars have called the Hundred Schools of Thought. It is a framework of thought and ideas that was characterized by both cultural and intellectual changes in different spheres of Chinese life. Consequently, in order to assist in the ease of understanding, the Schools of Thought were subdivided into Daoism, Confucianism, Legalism, and Naturalists among others. Contrastingly, for the Ancient Greece through its subdivisions of Pre-Socratic, Socratic, and Post-Socratic phases; concern with aspects of mathematics, ontology, and cosmology remain dominant. It is a scenario almost similar to the development of philosophy in Africa particularly in the belief of gods and spirits as medium of communication with ordinary human beings (Wiredu 134). Therefore, the inclusion of the Afri can Sage connote the important of traditions as often seen West Africa to explain various cosmologies such as those of Dahomey, Dogon, and Akan. It means the development of the aforementioned philosophies have had significant impact upon their individual societies; effects still today. The Chinese philosophy, for instance, has doctrines such as Dao (the Way, or one’s doctrine), Qi (material force or vital energy), and Li (principle) among others. These doctrines are applicable in Chinese life to help in differentiating between masculine and feminine roles. Alternatively, there is also the idea of relating man and nature from the perspective of monotheistic deity. It is replicated in Ancient Greece philosophy in regards to influencing contemporary thought that helped in shaping disciplines namely Literature, Philosophy, and Psychology (Preus

The Tell-Tale Heart and A Rose for Emily, gothic but with a twist Essay

The Tell-Tale Heart and A Rose for Emily, gothic but with a twist - Essay Example in the backdrop of 19th century England, but as we progress through the story, we find certain unmistakable Gothic elements that are present in every layer. It is not merely the dark, brooding, rather claustrophobic atmosphere of the backdrop itself, there is something of the Gothic darkness in the characters too. Like his successor Austen who so successfully interwove the setting with the mindset of the characters, Faulkner uses the house in which Mrs. Emily Grierson lived to portray the working of her mind. On the other hand, â€Å"The Tale Tell Heart† by Edgar Allan Poe is the usual uncanny supernatural fare that Poe is known and loved for. Yet, what strikes as similar in those two vastly different stories is the treatment of the backdrops. In both the stories, we find that the setting in which they are portrayed does not exactly affect, but rather reflect the demeanor and lifestyle of the protagonists. It is rather difficult to establish the Gothic-ness of the backdrop of Faulkners story. True, the house of Miss Emily Grierson is palatial and reminiscent of lost splendor, derelict and almost haunted by the lone resident, but the real darkness and epic grandeur that befits a truly Gothic tale is missing. The same can be said about Poe â€Å"The Tell-Tale Heart† too: it certainly lacks the grandeur that is expected in the setting of an epic tale, the story having unfolded in a common dwelling house in London. However, what the stories lack in the way of a backdrop, they make up in the narrative and characterization. The characters are authentically Gothic, with all the madness and darkness and the rest of the Gothic paraphernalia. A perusal of both the stories give the impression that the settings are

Mythology Essay Example | Topics and Well Written Essays - 250 words

Mythology - Essay Example The Mayans associated creation with magic and divination, and regarded their gods and heroes as divine (â€Å"Mayan Mythology†). In addition, they believed that the present world was a recent creation, but would eventually be destroyed as it is on doomsday. The Mayans also believed in a universe that comprised of heavens and underworlds and the human world sandwiched between them (PaganSpace.net). In relation to the above, there are numerous descendants of the Mayan culture in the modern society mainly of the Hispanic descent. As such, I would expect the individuals to be highly superstitious and dedicated to their course. This is owing to the traditions held by their ancestors and culture that has been taught to them. However, with the expiry of the Mayan calendar it is expected that the culture will suffer a setback as their prediction of doomsday failed to pass. To the same effect, many may opt for alternative beliefs and cultures in an effort to substitute for their

Policies Related To Child Health Assignment Example | Topics and Well Written Essays - 1000 words - 1

Policies Related To Child Health - Assignment Example It may seem like most aspects of a child's care is little less of a straightforward informed consent of the parent and the family, but this is not always the case. This calls for the law to take control to ensure that children's health is secure and available in an affordable way. The government policies create avenues that facilitate these goals. According to Patel and Rushefsky (2014, p. 75) over the past few decades, the state has taken the lead role in ensuring that health policy reforms. The government has played a key role in legislation, regulation and also innovative competitive strategies as efforts to cut down the healthcare cost. Five years ago, the US government enacted the Affordable Care Act. The policy is designed to provide affordable health coverage options, stop private insurance companies from discriminating against patients with pre-existing conditions, strengthen consumer’s protection, improve the quality of care and also boost the bargaining power of families as well as small enterprises by allowing health insurance exchange. According to Price and Saltzman (2013, p. 12), the Affordable Care Act will help American save allot of money that is spend majorly on health-related cases. The expansion of Medicaid and creation of a new insurance exchange system will play a major role. The Affordable Care Act also extends its funding to the Children's Health Insurance Program (CHIP) mainly through FY 2015. The program also ensures that children who have been having precious and pre-existing conditions are not secluded from health insurance from the insurance companies. In addition to that, the act also comes with a pediatric benefit for children and this is inclusive of oral and vision coverage. All children are supposed to get the basic pediatric services and this will be achieved by an increase in the workforce.

Opinion on Philosophical Theories Essay Example | Topics and Well Written Essays - 500 words

Opinion on Philosophical Theories - Essay Example As the discussion stresses free will helps people to achieve desires by controlling their target environment at any given time. The people must be aware of the realties that exist in that environment in order for them to exercise free will and control. The responsibility that comes after exercise free will is used to measure the amount of control that has been achieved. It dictates the extent a person has exercised control. Responsibility and control define free will and determinism, but they are done with consciousness featured in existentialism as proposed by Jean Paul Sartre.From the study it is clear that  majority of people in the society do not interfere with private actions of certain people because of their positions in the government in fear confrontation by the rule of the law. The will of an individual should not be ignored in favor of general will, but it should not be a determinant factor for implementing particular actions. The will of a person to keep his or her priv ate affairs from the public domain does not subdue them to any rule of the law. Liberalism is meant to protect any person from tyrannical requirement based on provisions of the constitution as long as the affairs do not interfere with the interests of the public. A person is free to pursue their private affairs according to Classical Laissez Faire and limit the government or the power of the majority from any forced imposition.

Kodak Strategy Essay Example for Free

Kodak Strategy Essay The first Kodak camera led to the creation of their first slogan: â€Å"You press the button – we do the rest†. He named the brand of camera Kodak because it was short, it would not be mispronounced, and the name was unique in the business. (Gartrell, n. d. ) By the late 19th century and early 1900’s, advertising played a major role in Kodak’s marketing and promotion strategy. As a result, Kodak became a household word. Today, the Kodak name has become entrenched in home town America. It is known for being very American since its photo spots can be seen at iconic patriotic hot spots like Disneyland. In addition â€Å"Kodak Moments† help make it a household name for photography and imaging. (Wikinvest, 2007) Kodak has always dominated the â€Å"holy trinity of film†; film, paper and chemicals. (Upbin, 2000, para #8) Kodak’s big concern is to remain competitive in the market place. The Eastman Kodak company had to take on some strong competition, such as Polaroid, who is famous for instant photography. Kodak began to sell their version of the instant camera in June 1976 to expand its market. The camera was called the Pronto which spit out a picture card which formed into a picture before the photographers eyes. The idea was successful and although Kodak’s ten picture pack of film was more expensive than Polaroid’s, several Japanese companies made cameras that used the new Kodak Film. (Time Magazine, 1976) Soon after, the disposable camera became popular. According to statistics, U. S. sales of disposable cameras grew 30% a year. Kodak sells more than anyone else, allowing Kodak to have sufficient cash flow to invest in a digital future. In the mid 1990’s Kodak’s innovators began to dabble with digital photography. In fact, they invented the first digital camera and realized that digital technology would transform their business. By the year 2000, Kodak had sunk more than $5 billion into digital investments during the 1990s, but received only $20 million in digital earnings in 1999 to show for it. Daniel Carp, the latest Chief Executive at Eastman Kodak stated that â€Å"digital can generate half of revenue and quarter of profits by 2005†. (Upbin, 2000, para. #3) So why wasn’t Kodak getting a return on their investment? One of the main issues that plagued the Eastman Kodak Company was not their innovation, but their timing in their marketing strategy and their assessment of the adaptability of its consumers. Kodak missed out on several holiday seasons where digital camera growth was high and failed to get a leg up on the competition back in 1996. The company was unable to â€Å"wean itself† from traditional film business. They have three major customer bases. The first is the Photofinishing Group which makes up almost 1/3 of sales. This group is made up of Kodak’s traditional film products and services that the average customer uses, plus products used by the film industry to reproduce and distribute motion pictures. The second group, not formed until 2003, is the Graphic Communications Group (GCG). It’s Kodak’s largest division which includes document imaging and digital printing services for businesses. The third group relates to healthcare services and is called the Health Group. This group specializes in healthcare imaging products such as x-ray devices and specialized films. To catch up to their competition, Kodak created a fourth group, the Consumer Digital Group, to change their main product line from traditional film to digital products. They turned their focus to digital cameras and printers, photo kiosks (like at CVS and Wal-Mart) and online photo sharing. Wikinvest, 2007) The problem was they did not react to the market until almost 2 years after their fierce competitors, such as Hewlett Packard, Canon, and Sony began to overtake the business. The irony is that although Kodak created many digital products that were ahead of their time, such as the Photo CD and high-end digital cameras, Kodak continued to focus their marketing strategy on the investor rat her than the customer. It is unfortunate because many of the digital imaging products that Kodak introduced, and that we still use today, did not get the commitment they deserved from their creators. Because of their own corporate reluctance to replace their main base of income (traditional film), many investors questioned whether it was too late for Kodak to join the digital age. (Nikondigital. org, 2007, para. #2) Timing was not the only problem. Kodak had digital competition from the evolution of the internet, the Sony Corporation, Hewlett Packard, and Canon, to name a few. Despite the invention of the digital camera, Kodak fell behind in efficiency profit margins and sheer sales. The company failed to market other media devices leaving Hewlett Packard and Lexmark to dominate the printer industry. Kodak is now trying to catch up in that area. Kodak needed to make several adjustments in their marketing strategy, develop their product line, promote their product, rethink their distribution efforts and develop a pricing strategy to steal market shares from industry leaders. With a new management philosophy and marketing strategy, Kodak realized the need to adjust its consumables. Most of Kodak’s traditional photography was based on their services, their paper and ink. With the addition of digital imagery, that had to change. Chemicals, to produce the photos were no longer needed for digital photography. How could Kodak compensate for the changing technology? Putting their innovators to the test, Kodak came up with the EasyShare family of cameras. It became one of Kodak’s biggest successes. Even today, it is still the â€Å"simplest way to get started in digital† photography. (Nikondigital. org, 2007, para. #7) Kodak developed this type of camera by studying how camera users take and print pictures and how it fits into their daily lives. Their research paid off. Kodak focused on low-priced, easy-to-use cameras that would appeal to women, who take the majority of snapshots. In 2004 the competition with Sony, the largest digital camera maker, paid off with a rise from a 5% market share in 2000 to a 19% share in 2004. (Hansell, 2004) In addition to the EasyShare system, category expansion has increased Kodak’s consumer base. One of the ways they accomplished this is by developing effective partnerships. To compete with some of the industry leaders, Kodak developed the â€Å"Kodak Gallery† an online photo sharing site which allows consumers to upload their photos and share them with friends and family. This competes with sites like Shutterfly and Photobucket. It recently partnered with Martha Stewart, Apple, Microsoft, and Amazon. com. (Wikinvest, 2007) Kodak has also planned investment in Lucky Film, Co. Ltd which will strengthen its position in Asia, and has increased its interest in medical markets. They have acquired PracticeWorks, a leader in digital dental imaging, and have improved their economic performance with Kodak Directview PACS System 5 for radiologists. (Eastman Kodak Company, 2004) To promote their products, Kodak has used the traditional advertising as well as some creative promotion techniques. Kodak wants to develop the customers of traditional cameras into future consumers of digital products. One of the ways they are doing this is donating 5,000 traditional cameras to those provinces in China that are not familiar with photography. As China’s rural areas become more economically independent, Kodak hopes to capture the market. This allows Kodak to continue its traditional (bread and butter) line of products to third world nations while focusing the digital sales to the United States, Canada and some European countries. (China Daily, 2004) One way to focus those sales in the U. S. is Kodak’s distribution to direct marketers who want to customize their flyers or retail changes that need variable posters. Digital technology makes it possible to economically print custom copies of anything and at almost any volume. They want to â€Å"elevate print and other visual communications for creativity and commerce†. (Sherburne, 2007, para. #3) Kodak is introducing the MarketMover Network, designed to focus on small business in a similar fashion that the Kodak Creative Network does, where the consumers create the photo books, calendars and flyers. Finally, Kodak’s pricing strategies had to be dramatic. One of the best things we hear about Kodak is the â€Å"quality of their service†. The problem is the competition is rapidly meeting Kodak’s quality standards. In 2007, Kodak developed KOS, the Kodak Operating System to streamline the production system and incorporate that into all aspects of Kodak’s operations. It changed their management philosophy. This had some effect on not only their marketing strategies, but their pricing strategies. In the past, companies were willing to sacrifice profits on the â€Å"durable† portion of their product – the printer, to make money on the â€Å"consumable† portion – printer cartridges. In February of that year, Kodak announced a new pricing strategy. It was a long term competitive dynamic disruption strategy. The strategy was aimed at reducing the cost of printing photos for the average consumer. Consumers will have to change their behavior to focus on printing costs instead of hardware costs. (Neff, 2007) In addition, the new printers will not have as many features as Hewlett-Packard printers currently have. This could corner an aging market that has not wanted to purchase â€Å"fancy† printers due to the challenge of technology. However, there is a growing share of private label recycled ink cartridges. Kodak will need to maintain their focus not only on the pricing of their ink cartridges, but they should reinforce the â€Å"quality† aspect of their product. During the past two decades, the Eastman Kodak has struggled with the advent of digital photography. What sets Kodak apart? Kodak is not a computer company, nor is Kodak a company which dabbles in several industries. They are focused on print products and photography.

Validity of Main Intelligence Tests

Validity of Main Intelligence Tests Nowadays, it is getting more and more people comparing self to others in order to define their standards among the other. Besides of comparing achievements and richness, intelligence is one of the most popular items to be compared. Based on the intelligence scores, people get to prejudge and define others; this may cause people with low intelligence scores withdraw from socializing and other psychological problems. Intelligence is the ability to solve problems, or to create products, that are valued within one or more cultural settings (Gardner, 1993, p. 33). The purpose of this paper is to study whether the main intelligence tests are valid measures of peoples ability to perform intelligently. According to the past researches, it is found that the main intelligence tests such as Ravens Standard Progressive Matrices, Standard-Binet Intelligence Scale, and Wechslers tests are valid to predict peoples academic achievements (Freberg, Vandiver, Watkins, Canivez, 2008; Hale, Fiorello, Ka vanagh, Hoeppner, Gaither, 2001; Pind, Gunnarsdottir, Johannesson, 2003; Rushton, Skuy, Bons, 2004; Smith, Martin, Lyon, 1989). One of the studies which found that Wechslers tests are valid measures in predicting peoples academic achievements was done by Freberg et al. (2008). The aim of the study was to examine the validity of Wechsler Intelligence Scale for Children Third Edition Full Scale IQ scores in measuring future academic achievement based on the significant difference among the WISC-III four factor scores: Freedom from Distractibility, Perceptual Organization, Verbal Comprehension, and Processing Speed (Freberg et al., 2008, p. 135). The study was participated by 202 students who were assessed twice over three years for special education qualifications. Participants age ranged from 6 to 13 years. Participants were divided into two groups according to the absence or presence of a significant variability between the WISC III four factor scores, and then the WISC III four factor scores were matched across groups on Full Scale IQ scores, sex, age, ethnicity and disability such as specific learning di sability, serious emotional disturbance, and mental retardation. In the study done by Freberg et al. (2008), the results were analysed by using hierarchical multiple regression showed that the WISC III Full Scale IQ was a valid measure of reading achievement (r = .65) and math achievement (r = .75) in the occurrence of significant factor score discrepancy. The results of this study support present argument because Freberg et al. (2008) found that WISC III Full Scale IQ could be a powerful and valid predictor of future academic achievement, where the higher the IQ score, the better it is in reading achievement and math achievement. However, the sample size in this study was too small to generalize the result to every aspect, so it is recommended that future research should be done with larger sample sizes. Besides, this study focused solely on the WISC III, which could be replaced by WISC IV, due to this limitation, it is suggested that this study should be replicate by using WISC IV or different kind of cognitive ability test to examine the g eneralizability of this study. Besides of the study done by Freberg et al. (2008), there is another study done by Hale et al. (2001) also found that Wechsler Intelligence Scale for Children Third Edition is a valid measure to predict childrens academic achievement. There were 174 children who age ranged from 6 to 16 years participated in this study. In order to be involved in this study, they needed to complete the 12 subtests to analyse factor scores and WISC III Full Scale IQ. Other than that, they needed to have Full Scale IQ between 80 and 120, and to have a significant discrepancy between logical or rational functioning and no less than one academic achievement area. Children were not included if they had a record of epilepsy, brain injury or any other medical condition that would affect psychological functioning. Archival data of 6-year period were collected to examine the presence and absence of medical histories. According to the results in the study done by Hale et al. (2001), it showed that Full Scale IQ was positively correlated with all the academic achievements Verbal Comprehension (r = .68), Reading Comprehension (r = .33), Reading Decoding (r = .33), Spelling (r = .39), Written Language (r = .33), and Math Computation (r = .44). The results of this study support present argument Hale et al. (2001) also found Wechsler Intelligence Scale for Children Third Edition as a valid measure to predict academic achievements such as verbal comprehension, reading comprehension, and math computation. It means when the children score higher in Wechsler Intelligence Scale for Children Third Edition, it is predicted that the children can also score higher in academic achievements as mentioned above. This study used a clinic-referred sample of children with learning disabilities, so the results in this study may not be generalized to school-based samples of children with learning disabilities or norm al children. Thus, future studies could look at whether the same performance patterns present for different group of populations. Apart from Wechsler Intelligence Scale, Ravens Standard Progressive Matrices is also one of the main intelligence tests. A study done by Pind et al. (2003) found that Ravens Standard Progressive Matrices is a valid measure to predict childrens academic achievement. In the study, participants that were actually assessed were 665 children who age ranged 6 to 16 years, but it ended up only 550 children were chosen to the actual standardised sample. The tests were run as group tests in a group of 10 children. Administrator was in the classroom to describe and to guide the children throughout the tests. To make sure coding of the answers accurately, every test form was keyed into computer twice. According to the results, Ravens Standard Progressive Matrices had higher positive correlation with mathematics as compared with the positive correlation of Ravens Standard Progressive Matrices and language subjects. Besides, Ravens Standard Progressive Matrices also had remarkable positive correl ations with the Icelandic National Examinations in fourth grade (r = .38), seventh grade (r = .64), and tenth grade (r = .53). The results of this study support my argument because it testified the usefulness of Ravens Standard Progressive Matrices to measure intelligence and to predict students academic achievements in Icelandic National Examinations, where the higher score the students got in Ravens Standard Progressive Matrices, the higher they could score in Icelandic National Examinations. Not only Ravens Standard Progressive Matrices is a valid measure to predict academic achievement, Rushton et al. (2004) found that Ravens Advanced Progressive Matrices is also a valid measure in predicting academic achievement. There were actually 392 students from University of the Witwatersrand took the Ravens Advanced Progressive Matrices, but it was cut down to 306 students by not including those without biographical data, high-school grades, or examination scores, or those who listed their age that over 23, or those who were in a small sample sizes. One hundred and seventy seven of them were Africans while another 129 were non-Africans, their age ranged from 17 to 23 years. Ravens Advanced Progressive Matrices and other academic tests were administered by authors and his colleagues during regular class period. Students received 50 rand each as reward when they passed up the answer sheets. Based on the results in the study done by Rushton et al. (2004), for the Africans, results indicated that Ravens Advanced Progressive Matrices correlated positively with English Test (r = .29), Similarities Test (r = .14), and High-school Grade Point Average (r = .22). While for the non-Africans, Ravens Advanced Progressive Matrices also correlated positively with English Test (r = .25), Similarities Test (r = .26), and High-school Grade Point Average (r = .16). Contrary to expectation, Ravens Advanced Progressive Matrices was not correlated with University Grades either for Africans or non-Africans. The results of this study support present argument because Rushton et al. (2004) examined the validity of Ravens Advanced Progressive Matrices which indicated that it is a valid measure to predict academic achievement although it failed to predict University Grades. It was mentioned that Africans were not Smith et al. (1989) did a Stanford-Binet Intelligence Scale Fourth Edition validation study on predicting academic performance. This study compared and assessed the performance of students with learning disabilities on the Kaufman Assessment Battery for Children and the Stanford-Binet Intelligence Scale Fourth Edition. The sample included 18 students with learning disabilities who ranged in age from 8 to 11 years. Every student was diagnosed before as having learning disability by taking intelligence test individually. Every student was arranged to take the Kaufman Assessment Battery for Children test and Stanford-Binet Intelligence Scale Fourth Edition test in counterbalance sequence by psychologists in school. The time spent between tests was 5 to 22 days, with an average of 12 days. Results in the study done by Smith et al. (1989) showed that the Kaufman Assessment Battery for Childrens Mental Processing Composite was positively correlated with Sequential Processing (r = .77), Simultaneous Processing (r = .92), and Achievement (r = .48), while Stanford-Binet Intelligence Scale Fourth Editions Test Composite was also positively correlated with Verbal Reasoning (r = .96), Abstract or Visual Reasoning (r = .89), and Quantitative Reasoning (r = .78). These results indicated that Kaufman Assessment Battery for Children and Stanford-Binet Intelligence Scale Fourth Edition are valid measures of students with learning disability to perform intelligently. The results of this study support present argument because Kaufman Assessment Battery for Children and Stanford-Binet Intelligence Scale Fourth Edition also found to be valid to predict academic achievement positively. The limitation of this study was the sample of participants. As relationship between intelligence s cales and academic achievements were examined in this study, participants were needed to do certain solving problems, reading, spelling, or writing questions, thus, students with learning disabilities might not be able to solve or answer some of the questions which would affect the results. Therefore, future researches are needed to examine the generalizability of the results for different samples of students with learning disabilities. As a conclusion, main intelligence tests such as Ravens Standard Progressive Matrices, Standard-Binet Intelligence Scale, and Wechslers tests are found to be valid to predict peoples academic achievements (Freberg et al., 2008; Hale et al., 2001; Pind et al., 2003; Rushton et al., 2004; Smith et al., 1989). According to the scores from intelligence scales, academic achievement might be able to be predicted; however, it does not mean people can get the good result without paying certain amount of efforts on getting impressive results. Therefore, intelligence scales can be good measures or tool to predict how well is the people able to achievement, but it cannot assure the prediction if the person does not pay any effort.

Death and Suicide - The Death of a Friend Essay -- Personal Narrative

The Death of a Friend I hid my face as I sat desperately alone in the back of the crowded church and stared through blurry eyes at the stained glass windows. Tears of fear and anguish soaked my red cheeks. Attempting to listen to the hollow words spoken with heartfelt emotion, I glanced at his picture, and my eyes became fixed on his beloved dog. Sudden flashes of sacred memories overcame me. Memories of soccer, his unforgettable smile, and our frequent exchange of playful insults, set my mind spinning. I longed only to hear his delighted voice once more. I sat for what seemed like hours in that lonely yet overcrowded church; my tears still flowed, and I still remembered. October 2, 2001 started like a normal Tuesday morning at Hotchkiss High School. As I lazily wandered past Mr. Schelle into his advisory class, I noticed that he seemed quite upset about something. I dared not ask what had happened, for it was really none of my business. Soon after the bell rang, Mr. Schelle, whose eyes were welling up with tears, struggled to compose himself enough to say, "Guys, I've got some bad news for you." I sensed a bit of hesitation as he proceeded to read a letter as clearly as possible. The letter explained that Derek Grillos, a sophomore at our school and a good friend of mine, had died the night before. At first, my mind failed to register his name. I sat wondering who Derek Grillos was. As everyone questioned Mr. Schelle to find out who Derek was, I sat quiet. Finally, the fact that Derek, my "soccer buddy", had died hit me and hit me hard. I could feel my eyes darting back and forth in confusion and my heart pounding so hard I could feel it in my toes. I stared aimlessly at everything yet nothing. I su... ...te anxiety. Only good memories came from there, memories of me and Derek. I opened my eyes, and my thoughts were shattered by sobbing people and brilliantly colored flowers. My face burned, while my body shivered. As I returned to reality, I realized the pastor had asked for anyone who wanted to share memories of Derek to do so. Listening to the memories being shared, I shyly hopped to my feet. I quickly made my speech about what Derek meant to me and sank back into my seat. After the funeral service ended, I made my way to my car and drove home in complete silence. Even after everything that has happened, the kids' comments both good and bad, the funeral, and the loneliness, my admirable thoughts of Derek still remain. All I have left of him are all the cherished memories that remain in my heart. Even now, my tears still flow and I still remember. Â  

Essay --

Ethiopia’s current leader, Mulatu Teshome Wirtu, elected as their president since October 7, 2013. Ethiopia’s current government is Federal republic and Parliamentary republic, and their national language is Amharic Language. The Masked Dictator Meles Zenawi, the former leader of Ethiopia, was a very confusing man with a mixed legacy. To the rest of the world, Zenawi seemed like peaceful leader that was pushing Ethiopia forward economically and as a country. He was a man of many faces that had done many things good and many things bad. The bad was hidden by the extreme suppression and total control of outside information and personal expression of the population. Power, money, and total control was the game and the people of Ethiopia were getting played. The threat of physical force and death loomed over the Ethiopian people if they dared to make a move for justice and equality. Zenawi, who died in 2012, was Ethiopia’s dictator and ruled his country by jailing and killing thousands, rigging elections, and spreading government propaganda. Ethiopia’s government controlled everything, whether it was jailing journalists, exiling critics, or abusing human rights. â€Å"Zenawi’s critics were jailed, killed or chased out of the country: in fact, more journalists were exiled from Ethiopia in the last decade than any other country on earth. Let’s restate that: Zenawi kicked out more journalists than any other tyrant on the planet, thereby monopolizing control over information† (Halvorssen, pars. 6). Ethiopia only seemed like a peaceful, progressional place because people out of the country were shielded from the truth. â€Å"Keeping Ethiopia together† had it costs that dictator, Meles Zenawi was fine with taking. It was very ignorant for Bil... ...that may be violated in the process. He created dissonance amongst a people that prior to his rule had a â€Å"long standing unity and nationalism that made Ethiopia unique† (Dula, pars. 4).As he worked with the U.S. to capture terrorists, many thought he was trying to bring justice to his country and around the world but many people did not know that in return, that his government was receiving about a billion dollars a year in American Aid. He gave a rosy picture of his country’s growthh and sucess and charmed Western leaders with his Zenawi would have anyone killed or exiled if he thought they were threatening his reputation or position in office. Meles Zenawi’s death shouldn't be devastating amongst the Ethiopian people in fact it may come as a sigh of relief. However most are likely holding their breath as to the replacement if the legacy of his extremism continues.

What is the role of dreams in John Steinbeck’s novella :: English Literature

What is the role of dreams in John Steinbeck’s novella ‘Of Mice and Men’ In John Steinbeck’s novella, ‘Of Mice and Men,’ the role of dreams plays a very important part. The book was written during the ‘Great Depression,’ which occurred just after the well known ‘Wall Street Crash.’ The book Of Mice and Men was set in the depression of the 1930’s in California in a place called Soledad. Men travelled around looking for any work they could find, they had to leave families and their homes just to make money. Even firms and companies went bankrupt; these were depressing and desperate times, with no hope and definitely no future. The Great depression caused long-term unemployment, migration, poverty and many young men had to travel across the nation to find a job in places such as California. As a consequence to the Great Depression, almost all of the citizens of the United States lived lives that were filled with unfulfilled dreams. Without dreams, no one would have a reason to keep going. In this essay, I will look at several of the main characters, whose desire and vision of their dreams draws them together in the only way that it will counteract the loneliness of their existence. The thought of achieving a personal dream seems to be the driving force behind the American society during the era of the ‘Depression.’ This was a time when many dreams were created; dreams of being successful, owning a land and looking after animals or growing crops. The people who had these dreams were mostly ranch workers, or migrants, people who never stay in one place long enough to form ever-lasting relationships, hence the dreams of many of the ranch workers in this beautiful novel. The American Dream Everyone has a dream to strive for. The poor ranch hands wish to be their own bosses, and actually have stability. George and Lennie have a dream, even before they arrive at their new job on the ranch, to make enough money to live â€Å"off the fatta the land† and be their own bosses. Lennie will then be permitted to tend the rabbits. Candy, upon hearing about the dream, wants to join them so that he will not be left alone, especially after they killed his dog. From the 17th Century, when the first settlers arrived, immigrants dreamed of a better life in America. People went there to escape from persecution or poverty, and to make a new life for themselves. They dreamed of making their fortunes in the goldfields. For many the dream became a nightmare. The horrors of slavery, of the American Civil War, What is the role of dreams in John Steinbeck’s novella :: English Literature What is the role of dreams in John Steinbeck’s novella ‘Of Mice and Men’ In John Steinbeck’s novella, ‘Of Mice and Men,’ the role of dreams plays a very important part. The book was written during the ‘Great Depression,’ which occurred just after the well known ‘Wall Street Crash.’ The book Of Mice and Men was set in the depression of the 1930’s in California in a place called Soledad. Men travelled around looking for any work they could find, they had to leave families and their homes just to make money. Even firms and companies went bankrupt; these were depressing and desperate times, with no hope and definitely no future. The Great depression caused long-term unemployment, migration, poverty and many young men had to travel across the nation to find a job in places such as California. As a consequence to the Great Depression, almost all of the citizens of the United States lived lives that were filled with unfulfilled dreams. Without dreams, no one would have a reason to keep going. In this essay, I will look at several of the main characters, whose desire and vision of their dreams draws them together in the only way that it will counteract the loneliness of their existence. The thought of achieving a personal dream seems to be the driving force behind the American society during the era of the ‘Depression.’ This was a time when many dreams were created; dreams of being successful, owning a land and looking after animals or growing crops. The people who had these dreams were mostly ranch workers, or migrants, people who never stay in one place long enough to form ever-lasting relationships, hence the dreams of many of the ranch workers in this beautiful novel. The American Dream Everyone has a dream to strive for. The poor ranch hands wish to be their own bosses, and actually have stability. George and Lennie have a dream, even before they arrive at their new job on the ranch, to make enough money to live â€Å"off the fatta the land† and be their own bosses. Lennie will then be permitted to tend the rabbits. Candy, upon hearing about the dream, wants to join them so that he will not be left alone, especially after they killed his dog. From the 17th Century, when the first settlers arrived, immigrants dreamed of a better life in America. People went there to escape from persecution or poverty, and to make a new life for themselves. They dreamed of making their fortunes in the goldfields. For many the dream became a nightmare. The horrors of slavery, of the American Civil War,

Genetically modified organism Essay

Introduction Definition: Genetically engineered (GE) food refers to any product containing or derived from GMOs. Most recently, biotech companies have inserted herbicide-resistance genes into wheat, fish genes into strawberries, human genes into fish and pharmaceuticals like birth control into corn. Genetically modified food refers to the origin of food from genetically modified organisms, produced by genetic engineer. History: Scientists first discovered that DNA can transfer between organisms in 1946. The first genetically modified plant was produced in 1983, using an antibiotic-resistant tobacco plant. In 1994, the transgenic Flavr Savr tomato was approved by the FDA for marketing in the US – the modification allowed the tomato to delay ripening afterScientist experimenting food picking. In the early 1990s, recombinant chymosin was approved for use in several countries, replacing rennet in cheese-making. In the US in 1995, the following transgenic crops received marketing approval: canola with modified oil composition (Calgene), Bacillus thuringiensis (Bt) corn/maize (Ciba-Geigy), cotton resistant to the herbicide bromoxynil (Calgene), Bt cotton (Monsanto), Bt potatoes (Monsanto), soybeans resistant to the herbicide glyphosate (Monsanto), virus-resistant squash (Monsanto-Asgrow), and additional delayed ripening tomatoes (DNAP, Zeneca/Peto, and Monsanto). In 2000, with the creation of golden rice, scientists genetically modified food to increase its nutrient value for the first time. Advantages of Genetically Modified Food Figure – Naturally grown food Genetic modification can produce larger, hardier, tastier, and more nutritious foods. For example, Strawberries are sweeter, less acidic flavor; Soybeans have higher protein content, making them more nutritious for livestock and humans. Better production in lesser time, thereby providing food for more people. Have an increased resistance to spoilage with a better shelf life thus can be transported long distances better shelf life. They are potentially non-allergenic. Provides medicine and vitamin deficiency. For instance, scientists have discovered Golden rice containing to support deficiency of vitamin A causing blindness for half of the world population who live on rice. Naturally grown food consumed by a kid Provide more resistance to diseases. Nowadays, plants can be genetically modified to be better able to survive abiotic extremes, such as frosty temperatures, heat waves, droughts, and poor soil chemistries. Provides an increased production of eggs, milk and meat. More economical to the farmer in terms of production of food. Provides improved health of the population and thereby reduces the economic burden. GE Saves the wild animals. Disadvantages of Genetically Modified Food Environmental activists, religious organizations, public interest groups, professional associations and other scientists and government officials have all raised concerns about GM foods most concerns about GM foods fall into three categories: environmental hazards, human health risks, and economic concerns. Environmental hazards: According to the World Health Organization (WHO), there is a very real risk of out-crossing, which refers to the transfer of engineered genes (transgenes) from genetically modified crops to conventional, cultivated plants or to related crop species in the wild. This may happen by means of wind, insect pollination, or other transfer. The foreign genes can cross with and contaminate these other species, resulting in a hybridization of the genetically modified crop plant with a non-GMO plant. This could radically alter entire ecosystems if the hybrid plants thrived. Out-crossing can also have an indirect effect on food safety and security, as the contaminated species make their way into the food chain. Human health risks: Perhaps the number one health concern over GM technology is its capacity to create new allergens in our food supply. Allergic reactions typically are brought on by proteins. Nearly every transfer of genetic material from one host into a new one results in the creation of novel proteins. Genetic engineering can increase the levels of a naturally occurring allergen already present in a food or insert allergenic properties into a food that did not previously contain them. Foreign genetic material in a host can cause other genetic material in that host to behave erratically. One consequence of over expression, for example, can be cancer. Nutritional problems can also result from the transfer.. GM crops have been linked to health problems as diverse as reproductive damage, cancer, Alzheimer’s disease and diabetes. GMO is not supported by many institutions Economic concerns: Bringing a GM food to market is a lengthy and costly process, and of course agro-biotech companies wish to ensure a profitable return on their investment. Many new plant genetic engineering technologies and GM plants have been patented, and patent infringement is a big concern of agribusiness. Yet consumer advocates are worried that patenting these new plant varieties will raise the price of seeds so high that small farmers and third world countries will not be able to afford seeds for GM crops, thus widening the gap between the wealthy and the poor. Conclusion Genetically modified food (GMF) will play an important factor in coming years for full filling the demand of increasing population of worlds as the food productions are not increasing as much as the population. In addition to that, GMF foods are more economical and full of nutrients covering the daily need of an individual which cannot be provide by naturally produced food Though, GMFs have faced some crisis by different institution. Though, we cannot deny it’s important as it can prove to be a life saving option for countries in Africa, which natives are facing malnutrition and protein deficiency. Therefore, GMOs should be seen as an alternative food rather than primary food category unless more research and development in this field is conducted. Bibliography 1. http://www. care2. com/greenliving/health-risks-of-eating-gmo-foods. html#ixzz2c2VlMEok 2. http://www. naturalnews. com/029869_GMOs_dangers. html#ixzz2c2TE1wcs 3. http://www. naturalnews. com/029869_GMOs_dangers. html#ixzz2c2Ss2Bp7 4. http://en. wikipedia. org/wiki/Genetically_modified_food_controversies 5. http://en. wikipedia. org/wiki/Genetically_modified_food.

A Good Citizen

A good citizen needs to imbibe many qualities. That he has some duties and responsibilities to bear is true, but at same time, he enjoys some rights and privileges as a citizen of a free state. While he has every right to participate in the judicial, legal politics, religious and social affairs of the nation, he has also some responsibilities i. e. not to injure the sentiments of others and to protect the weak against the strong. To stand by the state, under all conditions, is his first and foremost duty. A good citizen must be ready to sacrifice his everything for the sake of his motherland.He is also required to be a patriot and nationalist. He should have firm and deep faith in the welfare of his motherland. He has to obey law and order. But he has also to keep in his heart the betterment of the country, the good of society and the interest of the nation. A good citizen must respect the cultural heritage of his country, i. e. he will have to respect the heroes, ‘the prophet, the sages and saints of his country. He must respect the race which has given birth to him. He must always keep in mind the future of his country. He must attempt to raise the standard of living of his country by working honestly.At an event of aggression or foreign attack, he must be ready to shed his blood for the sake of his motherland. Thus, defense of the country is the supreme duty of a good citizen. Unity of the nations should be his topmost priority. He should work for the unity of the country. A Goodwill for other races, protection to the weak, help to the victims, sympathetic and kind consideration to his fellow citizens are things that are needed in good citizen. A good citizen should have a spirit of cooperation, friendliness, humanity, dedication, devotion for his fellow citizens.He must respect other faiths. He must not do anything which brings disgrace to his society or to his country. Greatest good of greatest number should be his principle. All these good and great qualities, if possessed, make one a good citizen. We are all citizens of one country or the other. We acquire citizenship of our country generally by virtue of our birth. But to be a good citizen requires a lot of training and understanding. As the subject of a country, every citizen has some duties and he enjoys at the same time certain rights.All of us have a right to take part in the legislative as well as judicial activities of this country and can give free expression to our views and opinions from the platform and through the press. A good citizen, therefore, is one who is always broad minded. He must, if living in India, consider himself an Indian first and anything else afterwards. He is ready even to shed his blood for the honour and glory of his country. A good citizen has the good of his country at heart. To raise his country to a higher level of civilization must be his aim.He must not forget that the future, no less than the present, is always lined with the past. A go od citizen must keep the welfare of his town or city or village foremost in his mind at the time of elections. He should understand the existing educational and other institutions of his country and make efforts to bring about desirable improvements. He must love his neighbours. He must be sympathetic, broad-minded and generous. â€Å"In this way, a good citizen should always be ready to forget and forgive. In a word, he should be a perfect gentleman. †

Fraud Case

THE NATION’S NEWSPAPER BS2003-01b Collegiate Case Study Adelphia founder, 2 sons, 2 others arrested in fraud By David Lieberman and Greg Farrell www. usatodaycollege. com Accounting fraud Part II: The results â€Å"Creative accounting† is not a new technique, but it can certainly be a costly one. Businesses feel the pressure to appear profitable in order to attract investors and resources, but deceptive or fraudulent accounting practices often lead to drastic consequences. Are these so-called creative practices always illegal or can they ever be justified? This case study will present examples of companies who have used inappropriate accounting practices, the results of their deceptions and the government's plan to avoid future incidents. WorldCom scandal brings subpoenas, condmnation By Andrew Backover and Thor Vladmanis Andersen’s partners chart firm’s future today By Greg Farrell Client-starved Arthur Andersen cuts 7,000 jobs By Greg Farrell Dominoes hit WorldCom partners, clients By Michelle Kessler Adelphia plans to file Chapter 11 Cable firm expected to seek bankruptcy protection today NEW YORK — The waiting should be over today. Adelphia Communications plans to file for bankruptcy protection, nearly three months after the onceproud No. 6 cable operator first disclosed dealings with the family of founder John Rigas that turned it into a symbol of corporate scandal. The company is expected to announce that it has raised as much as $1. 5 billion from banks led by J. P. Morgan Chase and Citigroup to keep operating while a bankruptcy judge decides how creditors will be paid. A Chapter 11 filing — the biggest in cable history — could help efforts to find a buyer for some, or all, of Adelphia's systems, which serve 5. 7 million subscribers. The court can protect an acquirer from unexpected liabilities, including those stemming from several shareholder lawsuits and investigations into Adelphia's finances by two grand juries and the Securities and Exchange Commission. The company could pay off its estimated $19 billion in debt if it can sell systems for $3,500 per subscriber, roughly the industr y norm. But stockholders could lose their entire investments. Adelphia shares closed Friday at 15 cents in over-the-counter trading. Case Study Expert: John D. Martin, Ph. D. Professor of Finance, Baylor University USA TODAY Snapshots ® Politicians role in monitoring business Opinion leaders1 say government should be more involved in oversight and regulation of private enterprise2: 52% 45% Agree Disagree Source: Edelman Public Relations Worldwide/ StrategyOne Research survey of 400 respondents. 1 – College educated 35- to 64-year-olds with household incomes of more than $100,000 2 – Does not add up to 100% due to rounding By Darryl Haralson Marcy E. E. Mullins, USA TODAY By Darryl Haralson andand Marcy Mullins, USA TODAY Reprinted with permission. All rights reser ved. AS SEEN IN USA TODAY MONEY SECTION, MONDAY, JUNE 24, 2002 And a sale may devastate Coudersport, Pa. , where Adelphia is headquartered. It's by far the largest employer in the rural, mountain town of 3,000. Meanwhile, Adelphia will tr y to reassure its subscribers. â€Å"Adelphia is committed to reversing its admittedly difficult present financial situation,† it wrote last week to 3,500 franchise officials. â€Å"Most importantly, there should be no change in service to Adelphia customers as a result of these developments. † Adelphia's downfall began on March 27, when it disclosed that a Rigas family partnership had borrowed $2. billion using company assets as collateral. The amount has since been raised to $3. 1 billion. That stunned analysts, who believed that the operator was already too deeply in debt. Barraged with questions, Adelphia put off release of its 2001 annual report. More questions were raised when it was confirmed that the SEC was investigating. As the stock plummeted, Nasdaq weighed delisting Adelphia shares. T hat took effect on June 3. After acknowledging that it would have to restate its earnings, Adelphia put several cable systems on the block. The company defaulted on bank loans and failed to make interest payments on bonds. And Rigas and sons Timothy, Michael and James were forced to relinquish their jobs and board seats. Then new interim CEO Erland Kailbourne stunned company watchers by disclosing a series of cases where the Rigas family allegedly used Adelphia for private gain. Among other things, the company paid for their apartments in New York, built a golf course on Rigas-owned land, helped the purchase of the Buffalo Sabres hockey team, created a Rigas-run investment firm and subsidized a documentary film. Cover story Adelphia founder, 2 sons, 2 others arrested in fraud Investigators say company was ‘personal piggy bank' By David Lieberman and Greg Farrell USA TODAY NEW YORK — For 50 years, John Rigas lived the American Dream. Half a century ago, the son of Greek immigrants left a job making TV picture tubes at Sylvania. The World War II veteran bought a small movie house and a newfangled business — a cable TV company — in the remote town of Coudersport, Pa. , and was on his way to making a fortune. But his oversized ambitions led him this week into an American Nightmare. Wednesday, Manhattan U. S. Attorney James Comey accused 77-year-old Rigas and two sons — Timothy and Michael — with â€Å"one of the largest and most egregious frauds ever perpetrated on investors and creditors. † Rigas attorneys were unavailable for comment. With TV cameras capturing the humiliating moment, the founder of Adelphia Communications, the No. 6 U. S. cable company, was led away in handcuffs here. He became the first CEO arrested in the latest wave of corporate accounting scandals and the most vivid symbol of whitecollar crime since Michael Milken and Ivan Boesky in the 1980s. Two other former Adelphia executives, James Brown and Michael Mulcahey, were picked up in Coudersport. Later in the day, Adelphia itself — which filed for bankruptcy-court protection last month — charged Rigas and his family with violating the Racketeer Influenced and Corrupt Organizations (RICO) Act, in a filing in Federal Reprinted with permission. All rights reser ved. Page 2 AS SEEN IN USA TODAY MONEY SECTION, THURSDAY, JULY 25, 2002 Bankruptcy Court in New York. The Rigases could be forced to pay three times any damages the court finds. The lawsuit alleges about $1 billion in damages. Behind their â€Å"small-town facade,† the Adelphia lawsuit says, the Rigases â€Å"used their domination and control of Adelphia, and their isolation from the scrutiny of the outside world, to engage in one of the largest schemes of selfdealing and financial wrongdoing in American corporate history. † The Justice Department and the U. S. Postal Inspection Service charged the five executives with securities, wire and bank fraud, saying they â€Å"looted Adelphia on a massive scale† and used it as a â€Å"personal piggy bank. Rigas private funds sloshed with Adelphia's in the same cashmanagement system. A U. S. judge set bail for the Rigases at $10 million apiece, secured by cash and property. Allegations against the Rigases range from big schemes to hide financial problems at the cable company to relatively small-scale thievery. For example, Timothy was accused of using a company jet for an African safari vacation in 2000. Adelphia's lawsuit adds that John's daughter, Ellen, used company planes to bring guests to her wedding to Peter Venetis, who became an Adelphia board member. The couple's cozy position enabled them to save $150,000 since 1998: They lived rent-free in two Adelphia-owned apartments on Manhattan's swank Upper East Side, the lawsuit says. In less than four years, the Rigases â€Å"stole hundreds of millions of dollars, and through their fraud (and) caused losses to investors of more than $60 billion,† Deputy Attorney General Larry Thompson says. The defendants could face jail time in the criminal case. By filing a complaint instead of a full-fledged indictment, the grand juries weighing evidence in the case can remain empaneled to approve charges against others. They have 10 days to indict those arrested, and 20 days to charge others. Also Wednesday, the Securities and Exchange Commission filed a civil lawsuit in U. S. District Court that's similar to the criminal complaint, and includes a third Rigas son, James. The SEC would bar the defendants from serving any publicly owned company. It also wants them and Adelphia to pay restitution and fines. Adelphia said in a statement that the claim against it would â€Å"only have the effect of further penalizing the company's stakeholders who were the victims of the Rigas' improper conduct. The Adelphia cases are low-hanging fruit for prosecutors eager to show that they're getting tough on white-collar criminals. â€Å"This is an old fashioned hand-in-the-till case that's easier to prosecute than an esoteric fraud like Enron,† says Jack Coffee, who teaches securities law at Columbia University. â€Å"To prosecute Enron, you're going to have to teach the jury an intermediate college course i n accounting. † Jacob Frenkel of Smith Gambrell and Russell agrees. â€Å"This could be sexiest of all the cases,† he says. â€Å"Here, you're talking about corporate looting. Every guilty disposition arising out of this indictment should become a show-andtell in all business schools as the antithesis of public company management and stewardship. † Talking tough, getting tough The arrests came as House and Senate negotiators agreed on tough measures, including jail time, for executives convicted of fraud. And Wall Street was impressed after weeks of growing fearfulness about a possible tsunami of corporate scandals. The Dow Jones industrial average soared 489 points Wednesday. That's the second biggest one-day point gain ever. That contrasts with the 179-point drop on July 9, when President Bush called for a new era of corporate responsibility. The arrests aren't â€Å"about Democrats and Republicans,† says Lynn Turner, former chief accountant of the SEC under President Clinton. â€Å"This is about investors, and they like what they're seeing now. † Even people who aren't obsessed with stocks seem to like the idea of big shots getting a comeuppance. â€Å"We are angry, and we have every right to be angry,† says futurist and consumer expert Marian Salzman of Euro RSCG Worldwide. There's a feeling that we need to kick out the evil-doers in the industry. † But some might recoil at the image of a dignified old man being led before the cameras in handcuffs. â€Å"They're actually going to look sympathetic,† says Robin Cohn, author of The PR Crisis Bible. â€Å"Why would you Reprinted with permission. All rights reser ved. Page 3 AS SEEN IN USA TODAY MONEY SECTION, THURSDAY, JU LY 25, 2002 handcuff an old man? He's not a murderer and a rapist. That's not to say they aren't crooks. But I think the public would rather see somebody they know in handcuffs — like (former Enron CEO) Ken Lay. And the incident could make the government look somewhat silly, she says. â€Å"I can't imagine Saturday Night Live not doing anything with this. † Corporate crime is in the spotlight these days. Last month, federal prosecutors arrested former ImClone CEO Sam Waksal on charges of illegal trading on inside information and obstruction of justice. Their investigation has expanded to include friends and family of Waksal, who also might have illegally traded on inside information about ImClone last December. Investigators are trying to determine whether any inside information was passed to Waksal's friend Martha Stewart, who sold her ImClone stock just before a Food and Drug Administration announcement, denying an application to market a cancer-fighting drug, drove the stock price down. In coming months, the Justice Department is expected to charge top executives of Enron and WorldCom with fraud. The department's Enron Task Force won one court battle last month when a Houston jury found auditor Arthur Andersen criminally guilty of obstruction of justice. It appears, though, that officials wanted to start off with a bang as they arrested the Rigases. â€Å"What's unusual here is the level of detail included in the criminal complaint, and the number of defendants arrested simultaneously,† says former prosecutor Robert Mintz, now at McCarter & English. â€Å"Usually, the government builds a case slowly, with eventual defections among defendants. Here, it has leveled a wide range of allegations against upper management. That suggests that the government believes it has strong case and that they expect a rush to the prosecutor's door by defendants who will vie to strike deals. The cases build on information that began to come out in late March. Adelphia disclosed then that the Rigases had used assets of the already debt-heavy company to secure loans to private, family-run partnerships. That borrowing is now put at $3. 1 billion. Independent directors forced the Rigases out of their executive positions and board seats, installing f ormer banker Erland Kailbourne as interim CEO. When they investigated the company's condition, they found and disclosed case after case in which the Rigases made no distinction between their personal funds and businesses and Adelphia's. Bad news gets worse But Adelphia was already in a tailspin. Investors lost confidence. Auditors refused to certify the company's financial reports. And lenders cut it off, leading the company to miss interest and dividend payments. Among the charges leading to the Rigases' arrest: u That the family began using Adelphia as collateral for private loans in 1996, even though the company â€Å"was one of the largest junk bond issuers in the United States. † Investors weren't told. u That the Rigases secretly inflated Adelphia's cable TV subscription numbers to make investors think it was still growing at a healthy pace. In 2000 they began to count subscribers from systems in Brazil and Venezuela, where Adelphia owns a minority stake. In 2001, Adelphia began adding customers who just ordered high-speed Internet services from the Rigases' non-Adelphia systems. And earlier this year, they folded in people who ordered home security services from Adelphia. u That they used accounting legerdemain to disguise Adelphia's actual expenses for digital decoder boxes. In 2001 the company claimed that it sold 525,000 boxes for $101 million to an unaudited Rigas-owned company that has no cable systems. That, starting in 2000, Adelphia spent $13 million to build a golf club on land mostly owned by John Rigas. u That in 1999, they told analysts that Adelphia could provide two-way communications to 50% of its customers. The real number was 35%. u And that the Rigases took more than $252 million from Adelphia to pay for margin calls on their purchases as the company's stock price fell. Contributing: Michael McCarthy R eprinted with permission. All rights reser ved. Page 4 AS SEEN IN USA TODAY NEWS SECTION, FRIDAY, JUNE 28, 2002 WorldCom scandal brings subpoenas, condemnation Accounting rumors rattle Wall Street By Andrew Backover and Thor Valdmanis USA TODAY The accounting scandal that enveloped WorldCom reverberated through Wall Street and Washington on Thursday. u Congress subpoenaed top WorldCom executives. u President Bush and Treasury Secretary Paul O'Neill separately railed at corporate wrongdoers. u Unfounded rumors of accounting problems hit stocks of other companies. WorldCom on Tuesday revealed what could be one of the biggest accounting frauds ever. Company officials said $3. billion in expenses had been hidden in financial statements, inflating profits in 2001 and the first quarter of 2002. The Securities and Exchange Commission has since charged WorldCom with fraud. Bush, at an economic summit in Canada, said he is concerned about the economic impact from â€Å"some corporate leaders who have not upheld their responsibility. † O'Neill, a former chief executive of Alcoa, said in an interv iew on ABC's Good Morning America that the people responsible should be prosecuted to the full extent of the law. WorldCom has raised fears and rumors about more business accounting scandals. Trading was halted for General Motors stock Thursday afternoon because of rumors of accounting irregularities. GM said they were untrue. Broadcast giant Clear Channel Communications denied it is under an SEC investigation, yet its stock fell almost 13%. The House Financial Services Committee set a July 8 hearing into the WorldCom case. Subpoenas went to: u Current WorldCom CEO John Sidgmore. u Former chief financial officer Scott Sullivan, who was fired this week. * Former WorldCom chief executive Bernie Ebbers, who was ousted in April and who owes WorldCom $408 million for personal loans. Salomon Smith Barney telecom analyst Jack Grubman. Once one of WorldCom's most bullish supporters on Wall Street, he has been criticized for possible conflicts of interest. His firm collected millions of dollars in fees as a WorldCom financial adviser. WorldCom spokesman Brad Burns declined comment on whether Sidgmore would invoke his Fifth Amendment right not to testify. Ebbers and Sullivan couldn 't be reached. Salomon says Grubman â€Å"will fully cooperate. † And there could be more investigations. The House Energy and Commerce Committee told WorldCom to turn over financial records by July 11. WorldCom, strained by $30 billion in debt, will cut 17,000 jobs, or 21% of its workers, starting today. Workers will get severance pay, Burns says. Reprinted with permission. All rights reser ved. Page 5 AS SEEN IN USA TODAY MONEY SECTION, THURSDAY, MARCH 28, 2002 Andersen's partners chart firm's future today By Greg Farrell USA TODAY NEW YORK — Arthur Andersen's U. S. partners will huddle in a nationwide teleconference today to determine the firm's immediate future. At issue: who should lead the firm's U. S. operations on an interim basis, and what steps Andersen should take to remain in business. According to senior partners briefed on the meeting's agenda, Andersen's 1,700 U. S. par tners will decide whether to ask Paul Volcker to assume control of Andersen's domestic operations. In February, Andersen CEO Joseph Berardino asked the former Federal Reserve chairman to head an oversight board dedicated to fixing the firm. A month later, a federal grand jur y indicted Andersen on a charge of obstruction of justice for its role in shredding Enron documents last October. Friday, in a last-ditch effort to stanch client depar tures and restore confidence in Andersen, Volcker offered to lead Andersen if its top par tners asked him. On Tuesday, Berardino resigned. Managing partner C. E. Andrews will meet with Volcker today to discuss his takeover plan. While many obser vers think Volcker's arrival could persuade the J ustice Depar tment to drop the indictment, some Andersen partners are wary of being the subject of an idealistic experiment in transforming the accounting industry. The partners will also discuss, and probably adopt, a â€Å"Renaissance† program aimed at returning Andersen to its roots as a highly regarded auditing firm. This proposal, supported by Andrews, has gained support among older partners who want to stay and rebuild the firm. In other developments: u At federal cour t in Houston, Contributing: Thor Valdmanis J ustice Depar tment lawyers will respond to Andersen's motion to halt further grand jury testimony prior to a May 6 trial. If Judge Melinda Harmon sides with Andersen, it will make the government's obstruction of justice case against Andersen more difficult to win. u Andersen's top global partners will meet Tuesday in London to pick an interim CEO. Andersen's global operations continue to fragment. Its Japanese affiliate, Asahi & Co. , announced plans to merge this fall with rival KPMG. Andersen has also discussed selling affiliates to Deloitte Touche Tohmatsu. Wednesday night, Deloitte spokesman Matthew Batters suggested the firm was only interested in hiring individual Andersen partners and picking up clients leaving the firm. Reprinted with permission. All rights reser ved. Page 6 AS SEEN IN USA TODAY MONEY SECTION, TUESDAY, APRIL 9, 2002 Client-starved Arthur Andersen cuts 7,000 jobs Long expected, layoffs offer first tangible sign of firm's distress By Greg Farrell USA TODAY WorldCom has engaged in what could be one of the bArthur Andersen fired one partner in January for his role in shredding Enron documents. On Monday, the auditing firm announced it will lay off 7,000 of its 26,000 U. S. employees because of the consequences of that shredding. The job cuts at Andersen have been expected for weeks, ever since the Justice Department unsealed an indictment against the firm for its role in destroying its paperwork just as a Securities and Exchange Commission inquiry into Enron was about to begin. Since the indictment, unsealed on March 14, scores of clients have deserted Andersen. As Andersen partners leave the firm for opportunities at other Big Five rivals, more clients are expected to migrate. So far, Andersen has weathered the crisis without filing for bankruptcy protection. But the layoffs, announced Monday, are the first tangible sign of financial distress at the firm. Of the 7,000 employees being let go, the vast majority are auditing staffers and managers, as well as administrative personnel. A small number of Andersen's 1,700 U. S. partners are also being let go. According to managing partner Grover Wray, most partners are still needed to serve Andersen's remaining clients. Rather than hand out severance checks to laid-off employees, Wray says Andersen is implementing a program called â€Å"salary continuation. † nder this plan, laid-off workers will continue to be paid for a certain number of weeks, depending on how long they've been with the firm. During that period, these employees will keep their benefits and be free to use their office space to search for new jobs. We are trying to treat our people with a level of dignity,† Wray says. In addition to client defections, Andersen also faces major liabilities for the role it played in Enron's collapse into bankruptcy last fall. Plaintiffs lawyer Bill Lerach filed an expanded complaint Monday against Andersen and former Enron managers in federal court in Houston. But the expanded lawsuit, on behalf of a major Enron shareholder — the Unive rsity of California system — adds nine Wall Street investment banks and two law firms to the list of defendants. Representatives from the banks — JP Morgan Chase, Citigroup, CS First Boston, Canadian Imperial Bank of Commerce, Bank of America, Merrill Lynch, Deutsche Bank, Barclays and Lehman Bros. — either declined comment on Monday or denied the complaint's allegations of complicity in Enron's collapse. Notably, Lerach's complaint leaves out two key players in Enron's demise — Michael Kopper, who headed some of the special purpose entities that kept Enron liabilities off the company's balance sheet, and Ben Glisan, the former Enron treasurer accused of facilitating some of Enron's dubious accounting practices. Glisan is now believed to be cooperating with the Justice Department probe of Enron's activities. Lerach would not comment on whether the pair supplied his investigators with information. But Larry Finder, a former U. S. Attorney now in private practice in Houston, doubts either is helping Lerach. Finder says that if either of them is providing information, it would be to the Justice Department first, where they face criminal liability. And the Justice Department wouldn't necessarily welcome a decision by a witness to cooperate in civil litigation. Reprinted with permission. All rights reser ved. Page 7 AS SEEN IN USA TODAY MONEY SECTION, TUESDAY, JULY 9, 2002 Dominoes hit WorldCom partners, clients Unpleasant ripple effect also spreads to vendors, charities, sponsored events By Michelle Kessler USA TODAY The WB television network, PGA Tour and Texas Parks and Wildlife service aren't in telecom, but they've already been hurt by the WorldCom scandal. That's because they all did business with WorldCom, as did thousands of other companies. Now they're all trying to figure out where they stand with the struggling giant — and coming up with backup plans. This is not going to be pleasant for a lot of companies,† says Kerry Adler, CEO of WorldCom customer Webhelp. Among those affected: u V e n d o r s . WorldCom repor ted that its capital expenditures dropped 42% to about $1. 3 billion in the first quarter from a year ago, yet it remained a big customer for many telecom equipment makers. While it's unclear how accurate WorldCom's numbers are becaus e of the accounting scandal, what is clear is that its spending has slowed. The hardest hit is Juniper Networks, says Banc of America Securities analyst Christopher Crespi. WorldCom provided about 10% of Juniper's annual revenue, including â€Å"less than $7 million† this quarter, Juniper says. If WorldCom stops buying, that could dampen Juniper's forecast for the year. â€Å"It could easily subtract $50 million or $60 million off their top line,† says Soundview Technology analyst Ryan Molloy. Customers Cisco Systems, Nortel Networks and Redback Networks could also get stung, but WorldCom accounts for just a small percentage of total sales, says U. S. Bancorp Piper Jaffray analyst Edward Jackson. All telecom equipment makers could be affected in coming months, even if they didn't do business directly with WorldCom, analysts say. WorldCom was known for buying the latest, most high-tech equipment, forcing competitors to do the same if they wanted to keep up. With WorldCom out of the picture, spending could lag. u Contractors. In 1999, when consulting firm EDS signed an 11-year, $6. 4 billion contract to provide technology services to WorldCom, telecom was a growing industry. EDS is stuck with the deal and a related pledge to buy $6 billion worth of telecom services during that period. Now, EDS says it no longer wants to spend that much with WorldCom. It's in talks to work out a deal. RMH Teleservices has a five-year contract to provide customer service for WorldCom's MCI division. That accounted for 19. 5% of RMH's revenue from October to March. â€Å"While we cannot predict the future . . . we expect to continue to provide these services for MCI,† RMH leader John Fellows said in a statement. u Business partners. Last year, WorldCom pledged to buy millions of dollars in advertising from AOL Time Warner over several years. The exact terms were not disclosed. Now, that deal could be off, meaning fewer ads for Time magazine, cable's TBS and the WB television network. WorldCom also provides service to the company's AOL Internet division. AOL says it has backup providers in case WorldCom service is disrupted. Satellite cable provider DirecTV is holding meetings to determine how to handle its 4-month-old partnership with WorldCom. WorldCom was to provide the underlying network for part of DirecTV's high-speed Internet access service. Similar questions are being asked at Internet Security Systems, a software company that agreed in May to provide security services to WorldCom customers. The value of the two deals was not disclosed. * Sponsored events. Last week's Fourth of July fireworks Reprinted with permission. All rights reser ved. Page 8 AS SEEN IN USA TODAY MONEY SECTION, TUESDAY, JULY 9, 2002 celebration on the Mall in Washington was supposed to be paid for by WorldCom, which has sponsored part of the festivities for five years. But the company pulled out. The National Parks Foundation scrambled to find new funding from AT. Also in Washington, the MCI Center arena might soon be looking for a new sponsor and name. The WorldCom Classic, an annual PGA Tour stop in Hilton Head, S. C. , is in the same situation. u Charities. Each month, about 10,000 teachers receive free training in math, science and the arts from the MarcoPolo project, which is sponsored by WorldCom's charity arm. Now, program administrators and partners — including the National Geographic Society, American Association for the Advancement of Science and The Kennedy Center — are tr ying to make the proj ect independent of the struggling company. Last week, they pulled WorldCom's logos from the MarcoPolo Web site. They're applying to make it a â€Å"public charity,† says Caleb Schutz, president of WorldCom Foundation. There's a lot to lose if the company . . . pulled the plug. † For now, WorldCom still funds MarcoPolo. u Customers. The Texas Parks and Wildlife department spent last week printing temporary fishing and hunting licenses as a quick contingency plan. The department relies on a WorldCom computer network to transmit license information to 2,500 vendors. †Å"We certainly have to consider what might happen to our contract,† says Suzy Whittenton, a wildlife director. Webhelp, which outsources customer service for companies such as Microsoft, uses WorldCom to connect its overseas technology specialists with help-seekers in the USA. Because of a contract, Webhelp can't switch providers but was forced to get a backup provider in case WorldCom fails. That means twice the bills. â€Å"It's expensive, and at the end of the day, our clients pay for that,† says CEO Adler. Reprinted with permission. All rights reser ved. Page 9 Behind the Story: A Reporter’s Notebook The collapse of Enron and WorldCom, precipitated by revelations that both companies had misrepresented how profitable they were, threatens the health of the the nation’s stock markets. If investors can’t believe earnings numbers issued by the biggest companies in the USA, they won’t put their money into the market. And when investors take their money out of the market, as they’ve been doing for more than two years, businesses suffer. They can’t invest, they can’t grow as quickly and they can’t afford to hire more people. Greg Farrell Money reporter USA TODAY As the Enron and WorldCom examples demonstrate, there’s no room in a public marketplace for â€Å"creative accounting. † Once a few cheaters are revealed, the integrity of the entire marketplace is open to question. Greg Farrell is a reporter in USA TODAY’s Money section. He writes about fraud and white collar crime. In the past year, he has been reporting on Enron, Arthur Andersen, Martha Stewart and the Securities and Exchange Commission. Page 10 For discussion ADELPHIA PLANS TO FILE CHAPTER 11; ADELPHIA FOUNDER, 2 SONS, 2 OTHERS ARRESTED IN FRAUD (LIEBERMAN AND FARRELL) 1. Adelphia Corporation was the sixth largest cable company at the time of its collapse. The company was accused of a number of fraudulent activities including the manipulation of its financial reports. Specifically, the firm was accused of misreporting its cable subscription numbers in order to give the impression that the firm was growing faster than it was. For example, they counted subscribers from systems in Brazil and Venezuela where the company owns a minority stake in the company’s total subscribers. They also counted customers who ordered high-speed Internet services from companies owned by the Rigas family and clients that ordered home security services from Adelphia. Why would Adelphia’s management engage in what appears to be blatant misrepresentation of their number of subscribers? 2. When CEO John Regas of Adelphia was led away in handcuffs on racketeering charges, some complained that the justice department was making too public a display of its tough stance on white-collar crime. This type of treatment is normally associated with murderers and rapists. How do you feel about the importance of making a public spectacle of white-collar criminals? 3. The Adelphia lawsuit stated that the Rigases â€Å"used their domination and control of Adelphia, and their isolation from the scrutiny of the outside world, to engage in one of the largest schemes of self-dealing and financial wrong doing in American corporate history. Financial economists refer to this type of behavior as an agency cost since corporate executives are the agents of the firm’s owners or principals. How can stockholders protect themselves from the potential for self-dealing by corporate executives? ANDERSEN’S PARTNERS CHART FIRM’S FUTURE TODAY (FARRELL) 1. Arthur Andersen was once the premier public accounting firm but a string of high profile financial reporting disasters that culminated with the failure of Enron caused the demise of the once proud firm. Andersen’s failure highlights the fact that the principal asset of a public accounting firm is the firm’s reputation. Once the firm’s â€Å"credibility† is challenged its clients are no longer willing to pay for its auditing services. What is it that a public accounting firm does that requires it to have a sterling reputation for honesty? 2. Anderson’s initial lay off was 7,000 of its 26,000 employees before the firm completely collapsed and all employees lost their jobs. However, all of Andersen’s clients still needed auditing services so in many instances the employees continued to audit the same firms they had audited for Andersen, just for another auditing firm. If the employees just moved from one firm to another, was there really a layoff? Did Andersen employees really suffer from the demise of Arthur Andersen? Isn’t this also true of the Adelphia, Enron, and WorldCom employees? For more information, log on to http://www. usatodaycollege. com Page 11 Future implications WORLDCOM SCANDAL BRINGS SUBPOENAS, CONDEMNATION (BACKOVER AND VALDMANIS); DOMINOS HIT WORLDCOM PARTNERS, CLIENTS (KESSLER) The financial press coverage of the failures of Adelphia, Enron, and WorldCom have focused principally on stockholders who have lost everything they invested and creditors who stand to lose a portion of what they have loaned the company. However, other important consequences of these high profile failures are often overlooked including: (1) the financial and emotional losses suffered by employees who lose their jobs and face the prospect of a lengthy period of unemployment and possibly the dislocation costs of moving to another community to find work, (2) the local community public services and school systems who lose valuable tax revenues, and (3) the budget crises created for local charities and the arts that depend on corporate contributions for their continued survival. Bankruptcy courts focus on the contractual obligations of the firm to creditors and suppliers. It has been argued that the corporation is a â€Å"guest† of the society and as such has obligations to the entire web of stakeholders that have a financial stake in the firm’s survival. Should the claims of these â€Å"silent stakeholders† also be considered when a firm fails? About The Expert John D. Martin,Ph. D. Professor of Finance Carr P. Collins Chair Hankamer School of Business Baylor University From 1980 until 1998 John Martin taught at the University of Texas at Austin where he was the Margaret and Eugene McDermott Centennial Professor of Finance. Currently holding the Carr P. Collins Chair in Finance at Baylor University in Waco, Dr. Martin teaches corporate finance and financial modeling. His research interests are in corporate governance, the evaluation of firm performance, and the design of incentive compensation programs. Dr. Martin publishes widely in both academic and professional journals. Included among his academic publications are papers in the Journal of Financial Economics, Journal of Finance, Journal of Monetary Economics, Journal of Financial and Quantitative Analysis, Financial Management, and Management Science. Professional publications include papers in Directors and Boards, Financial Analysts' Journal, Journal of Portfolio Management, and Bank of America Journal of Applied Corporate Finance. u Dr. Martin co-authors several books including the following: u Financial Management, 9th edition (Prentice Hall Publishing Company) u Foundations of Finance, 4th Edition (Prentice Hall Publishing Company) u Financial Analysis (McGraw Hill Publishing Company) u The Theory of Finance (Dryden Press) Dr. Martin consults with a number of firms including Citgo, Hewlett Packard, Shell Chemical, Shell E, Texas Instruments and The Associates. Additional resources Working Paper Series — Financial Engineering, Corporate Governance, and the Collapse of Enron http://www. be. udel. edu/ccg/research_files/CCGWP2002-1. pdf For more information, log on to http://www. usatodaycollege. com Page 12

Mkt 402 Exam

Question 1 6 out of 6 points Proactive pricing suggests that _____. Answer Selected Answer: a company develops strategies to maintain profitability in anticipation of a changing market Correct Answer: a company develops strategies to maintain profitability in anticipation of a changing market Question 2 6 out of 6 points Which of the following is the simplest price structure? Answer Selected Answer: price per unit Correct Answer: price per unit Question 3 6 out of 6 points ____ allows a company to vary its prices outside the scope of value and cost according to explicit or cultural rules or protocols. Answer Selected Answer: Pricing policy Correct Answer: Pricing policy Question 4 6 out of 6 points Pricing that reflects market conditions is _____. Answer Selected Answer: customer-driven pricing Correct Answer: customer-driven pricing Question 5 6 out of 6 points Price-cutting is one strategy of share-driven pricing to achieve sales objectives but _____. Answer Selected Answer: it doesn't sustain a long term market advantage unless competitors cannot match the price cut Correct Answer: it doesn't sustain a long term market advantage unless competitors cannot match the price cut Question 6 6 out of 6 points Cost-plus pricing is effectively opposite of a prudent pricing strategy because _____. Answer Selected Answer: it leads to overpricing in weak markets and underpricing in strong markets Correct Answer: it leads to overpricing in weak markets and underpricing in strong markets Question 7 6 out of 6 points _____ pricing suggests that prices should reflect the value a customer receives from a product or service. Answer Selected Answer: Value-based Correct Answer: Value-based Question 8 0 out of 6 points Marketing research is the key to creating good value because _____. Answer Selected Answer: it compares willingness-to-pay against the cost of producing the product Correct Answer: it analyzes how much value different combinations of benefits could represent to cutomers Question 9 6 out of 6 points A company that is willing to be a smaller company in order to be profitable is employing the _____ principle of strategic pricing. Answer Selected Answer: profit-driven Correct Answer: profit-driven Question 10 6 out of 6 points A _____ company focuses pricing to increase revenue relative to other investments rather than as a comparison to competitors earnings. Answer Selected Answer: profit-driven Correct Answer: profit-driven