Causes Of Failure At Lehman Business Essay

Causes Of Failure At Lehman Business Essay The article examined and analysed for this coursework is entitled for Lehman, More Cuts and Anxiety by Jenny Anderson and Eric Dash. It was published in the New York Times in August 29th 2008. Lehman Brothers was formed in 1850 and is a much diversified globalised financial institution with its headquarters in the United States1. Lehman had a client portfolio of corporations, governments and various individuals across the globe meeting their financial needs. However, the once successful Lehman Brothers is facing a tough time. This is due to the sub prime mortgage crisis, an ongoing economic problem of contracted liquidity in the global market and banking system, in the United States. This adversely destroyed the operations of Lehman brothers significantly as their finances were seriously affected. Lehman undervalued risk in the subprime market together with false accounting leading to catapulting collapse of the organisation2. As a result of these problems, together with external for ces Lehman had to lay off 6000 of its workers. As quoted from main article by anderson3 Lehman has laid off more than 6000 workers since June 2007. Speaking in the same vain, this influences the morale on the remaining staffs expected round of cuts is stark reminder of basic truth on wall street, in good times you get rich, bad times you get fired3. The repercussions such as layoffs backfiring, dissatisfied workers and employment laws are some of the challenges that management at Lehman will be facing and therefore needs to apply various management theories and concepts to overcome it. These include analytical frameworks of Jackson and Schuler4 and Kochan and Barocci5 in relation to internal human resources management, together with the rights and responsibilities which can be exercised by Lehman Brothers. Causes of failure at Lehman: There was not a single variable which lead to the fall of Lehman brothers but rather a culmination of factors such as greedy Wall Street traders, debt load of American household, Rating Agencies and degregulations6. However, out of these factors the main one was the market of credit default swaps. Morin and Maux6 gave an explanation of the sub-prime market as follows inferior quality real estate loans whos higher risk of payment default is countered by the bank with higher rates. The mortgage loans granted at variable rates were granted to households with modest incomes. Moreover in a separate report and SWOT analysis done by Datamonitor7 gave an insight into how Lehman exposure to sub prime market caused a risk to the company and went further to criticise it. Investments in sub-prime mortgages and mortgage backed securities are at risk of being written off amid a crisis in US sub-prime mortgage market. Much of that prime dept was repackaged as collateralised debt obligations (CDOs) and mortgaged backed securities and was sold in the whole sale market7. Another factor which needs to be considered is known as Repo 105. This is a purchasing agreement used to manage cash flow by organisations. It normally involves an agreement in which the bank gives one of its counterparts highly liquid securities in exchange for cash. But in the case of Lehman they acted differently, according to Wilchins and Da silva8, Lehman Bought government bonds from another bank using its Lehman Brothers Special financing unit in the states. Before the end of quarter, the US unit transferred bonds to London affiliate called Lehman Brothers International. Afterwards, the London office gave assets to its counterparty and received cash and agreed to buy the assets back later at a much higher price, at least 105% of original price. The money that was received was used to cover and pay off a large amount of liabilities. Therefore the reduction in assets and liabilities showed a much better quarterly financial statements and corresponding ratios, appearing much bette r to regulators, investors and the general public. At the start of the next quarter Lehman borrowed more money using its falsely made up financial statements and then only to repurchase the securities from its affiliates in London and in so doing its financial statement will revert back to its preceding poorer position. Discussion With reference to the main article2 for the essay, after the mortgage crisis, management at Lehman had to re-structure their strategies for managing. Lehman executives are examining many options, among them is the sale of investment management division, which includes Neuberger Berman and could fetch $7-10 billion. Other options include the sale of about $40 billion of troubled commercial real estate, and the creation of separate unit that would be owned by Lehman shareholders and house a substantial portion of Lehmans commercial and residential mortgage assets, as well as making thousands of staff redundant2. According to Jackson and Schuler4, the implementation of a specific human resource management (HRM), practices, policies and philosophies and organisational performance are derived from an assortment of macro-level environmental influences. It was apparent in the case of Lehman Brothers that they should adopt the practice of organisational resizing in response to the economic and environmental conditions8. The degree to which their remaining employees respond and execute their duties will be deeply depended on how the human resource department handles the staff. In their model, the human resource management of Lehman needs to think about external factors such as culture, laws and regulations, politics and industry partners relevant to investment banking9. Moreover, the model shows the dependency between the processes of information interpretation, decision making and communication management in relation to the organisations technology, structure, size, strategy and life cycle stage. As a conglomerate company operating in different countries, the amalgamation of the globalisation strategy and sustainable technology would help Lehman Brothers. Henceforth, Lehman should apply the model and reduce its financial burden as well as job dissatisfaction. It was sensible for Lehman to lay off some of its staff as the article said but an alternative strategy could have been to keep its staff but give a pay cut. Although how feasible this option is unknown. In the same way, Kochan and Barocci5 provided an analytical framework demonstrating the informal linkage between the constantly evolving environmental conditions, HRM strategies and policies, and stakeholders goals and needs. It was significant for Lehman to understand the framework proposed by these management gurus as they have to make Human Resource decisions to convince both the organisation and its stakeholders including but not limited to maintaining profit, sustainable dividend payment to shareholders, provide a healthy and safe working environment, and customer service6,7. The management model proposed by Kochan and Barocci went further to advocate that organisational HR analysis should be able to recognise the need for HRM strategies and policies to adopt and response to both internal and external organisational changes9. As said earlier, Lehman brothers could have kept their staff on and reduce their wages or find them temporary jobs and in so doing their financial woes cou ld have been reduced and at the same time fulfil its responsibilities by providing short-term compensating jobs. However according to article used2, Lehman decided to permanently layoff 6000 workers which lead to backfiring by various stakeholders including some of the staff taking Lehman to court for unfair dismissal, retained workers felt job insecurity in a fearful environment, and loss of consumer confidence as reflected in the decline of mortgage financing applications in 2007. Lehmans stock has been rattled by persistent rumours about what the firms next move will be. Last week, the stock fell 12% and rose 16% on two separate days. The shares have lost 73% of their value this year, rankling employees and customers2. Therefore to prevent Lehman Brothers being in the news for similar reasons, it should layoff its staff in accordance with employment law. However, if the law does not sanction this act then a revised job package needs to be considered as discussed earlier. Although different Human resource management (HRM) strategies and practises exists such as human resource (HR) planning, staffing practices, performance and appraisal, workplace participants rights, responsibility and safety in the work place and etc. Not all of them are applicable in the article in the case of Lehman; the most relevant is HR planning and workplace participants rights and responsibilities. A tactical plan showing the elementary ideology and criteria fundamental to the success of such programmes is vital11. For the most part, strategically based organisations are now finding it beneficial to appraise the affectation of reduction measures in advance because an under-employment or over employment might obstruct accomplishments to change the organisations niche11. The conventional all plans fit in every situation i.e. uninterrupted layoff plans by Lehman brothers of staffs in unsteady conditions, cannot be used as forecast anchor in low growth, volatile business environm ent. An assortment of management gurus have given support to the human resource practice as it is important in deciding which jobs are critical, which jobs will be lost, and to establish whether terminations should be concurrent or implemented using a phase down approach12. Accordingly, this enables the justification and magnitude of importance for Lehman to conduct a Human resource planning by engaging themselves in an ongoing environmental scanning of both the internal and external labour market in line with an analysis of their organisational objectives, strategies and policies in order to determine the right quantity and quality of employees. Perhaps it can argue that because Lehman had to lay so many staffs off during their problems, there was a bit of Human Resources Policy failure i.e. the institution was overstaffed. The main other Human Resource practice which needs to be considered by Lehman is the workplace participants right and responsibilities. This is because the employment liaison between Lehman and other respective parties are determined by signed contracts. Henceforth, the employment law in all countries around the globe sets the minimum standards and conditions for employment in a given region13. As the employment options are diverse and multifaceted, it is imperative for Lehman Brothers to have up to date and precise understanding of employment laws both in the home and host country. In referring back to the situation in which Lehman laid off staff launched a court claim for unmerited dismissal, it seems Lehman was oblivious to the employment law. Whilst at the same time, it was apparent that how to reduce the financial loss was what was dominating the irrational managerial executives. The Human relation practitioners at Lehman should have known better in the sense that you cant just dismiss a member of staff without cause and the member wont refer to the Director General of Industrial Relations Act 6713. Lehman in principle needed to endow with their offer of contract in agreement with what the content said. And Lehman has the duty to pay remuneration if employers are prepared to work. Conclusions In the current global economy, various organisations will face many uncertain external environment pressures, which will significantly influence the Human Resource Aspect of the organisation16. In the case of Lehman Brothers, due to the sub-prime mortgage crisis it lead to a range of negative outcomes such as laid off staff taking Lehman to court for unfair dismissal, retained staff had lots of job insecurity in an apprehensive environment, and finally the loss of customers assurance as seen in the decline of mortgage financing applications. Therefore with reference to the main article, two pertinent strategic human relations management theories were used to explain how Lehman could improve its organisational circumstances. The analytical frameworks of Jackson and Schuler3 and Kochan and Barocci5 were discussed. In the application of the former framework to Lehman it was suggested that they should adopt the practise of rightsizing i.e. temporary layoffs of staffs and pay-cuts. It was also analysed that extend to which the staff kept behind would react and perform was seen to be greatly determined by the ability of the human relations department to control the situation15. Moreover the framework also recognized the need for Lehman to adopt HRM strategies with response to the changes in the external environment i.e. temporary layoff plan and job repackaging. Speaking in the same vein, two internal HRM practices were suggested to help Lehman out of its situation namely HRP and workplace participants rights and responsibilities. With respect to the HRP proposal, Lehmans one fit alls application was damned and instead, the significance for Lehman to conduct a HRP taking into consideration continuous environmental scanning were emphasised as their past HRP was a disaster- permanently laying off surplus labour leading to wastage of resources and excessive payrolls. References New York Stock Exchange (2008) Lehman Brothers Holdings Inc. Retrieved 20th Oct 2012. Weng Marc Lim. Organisational Strategic Human Resource Management. The case of Lehman Brothers. Journal of Management Research (2012) 4: 20-24. Anderson J Dash E. For Lehman, More cuts and Anxiety. The New York Times. August 2008. (Last accessed on October 30th 2012). Jackson S Schuler R. Understanding Human Resource management in the context of organisation and their environments. Annual Review of Psychology 46: 237-264. Kochan TA Barocci TA. Human Resource Management and Industrial Relations (1985) 15: 21-28. Le Maux J Monin D. Black and White and Red all over: Lehman Brothers inevitable bankruptcy splashed across its financial statements (2011). International Journal of Business Social Science 2:39-65. Lehman Brothers Holdings, Inc. SWOT Analysis (2008). Lehman Brothers holding SWOT Analysis 1: 1-10. Wilchins Dan Da Silva Silvio. Graphic How Repo 105 worked. Blogs.reuters.com/reutersdealzone/2010/03/12/graphic-how repo 105 worked. Hartel C.E.J, Fujimoto Y, Strybosch VE Fitzpatrick K. Human Resource Management: Transforming Theory into Innovative Practice. Malaysia: Pearson Education Australia 2007. Luoma M. The Essence of HRD orientation: evidence from Finnish Metals Industry (1999). Journal of European Industrial Training 23(3): 113-120. Zeffane R Mayo G. Rightsizing: The strategic Human Resource Management Challenge of the 1990s. (1994). Management Decision 32(9): 5-9. Khandekar A Sharma A. Managing Human Resource Capabilities for Sustainable competitive advantage (2005). An empirical analysis from Indian global organisation. Education Training 47: 628-639. Norman RN Fowler MP. Recent Changes in UK employment Law (1989). International Journal of Manpower 10(4): 28-30. Gee G Kleiner BH. How to downsize legally (1996). Managerial Law, 38(9): 22-31. Jimenez DJ Valle R. Innovation and Human Resource Management Fit: an empirical study (2005). International Journal of Manpower 26 (4): 364-381. Weng Lim. Organisational Strategic Human Resource Management. The case of Lehman Brothers (2012). Journal of Management Research. 4(2): 1-8.

The Clean Water Act Of 1977 :: The Clean Water Act

As swans drift with the current on a secluded lake in upper Canada they think not of the water they are in but of dreams of the past and wants for the future. On the other hand, seals off the coast of Northern California fear for their lives every day of humans exploiting their natural habitat. Many things can endanger water born animals, and most all of these come directly from humans. The pollutants of water come from many sources both close and far away from the water body itself. Wastes of humans are the major cause of pollution in the water, such materials include sewage, chemicals among other notable items. First, the composition water: water is odorless, tasteless and a transparent liquid. Though in large quantities water appears to have a bluish tint, it maintains the transparent tendency when observed in smaller quantities. Water covers approximately seventy percent of the Earth's surface in the solid and liquid form. Pollutants can be carried over a great distance by combin ing with evaporating moisture, forming clouds and then the wind taking the clouds to the larger body of water. This process is called acid rain and it is a major source of water pollution. Acid rain has been a problem since the Industrial Revolution, and has kept growing ever since. With acid rain moving over to a fresh water body, the plants and animals could experience pollution that they never had to deal with before and they could possibly die for the sudden change without them having time to adapt, if this is possible. Clean water involves seclusion of lakes and hoping the acid rain does not reach these pure water supplies. Another major source of contaminating clean water are oil spills and how destructively they blanket the shoreline they come in contact with. Although offshore drilling expeditions contribute some to the devastating outcome, oil tankers are the superior enemies toward the water. One estimate is that for every one million tons of petroleum shipped one ton is s pilled. The largest super tanker spill was in 1979 when 3.3 million barrels was spilled off the coast of France. The largest in the United States was the Exxon Valdez in the gulf of Alaska. On the night of March 24, 1989 the 987 foot Exxon Valdez ran aground in the gulf of Alaska spilling 260,000 barrels of oil. With the help of the forceful winds, the slick soon covered about 1,100 miles of shoreline, including many islands in the sound.

Example of Perfect Competition in the Philippines

MARKET STRUCTURES IN THE PHILIPPINES â€Å"A term paper submitted as a partial fulfillment of the requirements in Microeconomics† Submitted by : Jake Kevin P Borja BSBM – IIB Submitted to: Ms. Azelle Agdon Date of submision : October 10, 2012 I. Introduction Any study of economics has to begin with an understanding of the basic market structure of the country. An economy is made up of producers of goods and services, of traders who make these goods and services available in the market, of consumers who buy the goods and services and so on. Philippine is an industrialized country wherein there is a lot of establishments and firms inside it. A of lot competitions here like retail trade, including restaurants, clothing stores, convenience stores, gasoline stations and etc. We all have the freedom to enter a new business firm, we just need the extensive knowledge of prices and technology. The real world is widely populated by competitors whereas half of the economy’s total production comes from competitive firms. A market structure is characterized by a large number of small firms but not identical products sold by all firms. These are the four basic market structure in the Philippines, Pure competition, monopoly, oligopoly and cartel. Competitors have typically small firms, absolute and relative and capital requirements are low. Competitive industries is relatively easy but we have to know the market structure where we will establish our own business because if not  nothing prevents an competitor from holding a going out of business sale and shutting down. II. Pure Competition The market consists of buyers and sellers trading in a uniform commodity such as wheat, copper or financial securities. No single buyer or seller has much effect on the going market price. A seller cannot change more than the going price, because buyer can obtain as much as they need at the going price. In a purely competitive market, marketing research, product development, pricing, advertising and sales promotion play little or no role. Thus, sellers in these markets do not spend much time on marketing strategy. A market said to be purely competitive if :1. There is a large number of buyers and sellers of the commodity each too small affect the prices of the commodity.2. The output of all firms in the market are homogenous. Example: The product of any seller is considered as exactly alike in all respects to the product of any other seller and :3. There is perfect mobility of resources. Example: There is freedom of entry into and exit in the industry. Perfect competition : To the far left of the market structure continuum is perfect competition, characterized by a large number of relatively small competitors, each with no market control. Perfect competition is an idealized market structure that provides a benchmark efficiency.Example of Pure Competition : Wheat Farm – There are great number of similar farms; the product is standardized; there is no control over price; there is no nonprice competition. However, entry is difficult because of the cost of acquiring land and from present proprietor. Ofcourse, government programs to assist agriculture complicate the purity of this example. III. Monopoly A market with a sole supplier of good and services or resources for which there is no close subtitute. In addition, there is barriers to entry of new firms. In economics, an industry with a single firm that produce a product, for which there are no close substitutes and in which significant barriers to entry prevent other firms from entering the industry to compete for profit is called Pure Monopoly. One firm ; unique product ; with no close substitutes ; much control over price ; price maker ; entry is blocked ; mostly public relation advertising. * There is Market Power * Single Seller * One product ( Limited or no group substitutes ) * Barriers to entry The Meralco Electric Company is a perfect example of Monopoly in the Philippines. The only supplier of electricity in our country Birth of Meralco in 1903. Meralco started its electric service to Manila by taking over operation of La Electricista's system. However, Meralco built its own steam generating plant on Isla Provisora near the Ayala Bridge which powered the streetcar system and eventually also the electric service. Getting Started, 1903-1905 On April 10, 1905, Meralco's street railway system was formally inaugurated. By year-end, the completed system consisted of about 40 miles (63 km.) of track crossing the business section of Manila and beyond. It passed the busy streets of Binondo, Escolta, San Nicolas, Tondo, Caloocan, Malabon, Quiapo, Sampaloc, Santa Mesa, San Miguel, and other strategic parts of Manila. Constituting for a long time the largest single investment of private capital of any nationality in the Philippines, it reflected a pioneering act of faith in the future of the country Over the years, Meralco's transportation service grew and improved. Bigger and better streetcars with double wheel-trucks and closed sides were added. The Electric Service Within less than a decade from 1905, the annual earnings of Meralco's Electric Department began to surpass those of Transportation. When war broke out in 1941, Meralco's earnings were roughly 80% electric, 10% autobuses and 10% railway. There are two types of Monopoly:Regulated MonopolyNon – regulated MonopolyRegulated Monopoly : The government permits the company to set rates that will yield a â€Å"fair return†. Non – regulated Monopoly : Company is free to price at what market will bear IV. Oligopoly One characterized by small number of firms where quantity sold by any one firm is influenced by its choice in respect of strategic variables ( such as prices, product, design, research and development, advertising and sales location ) and these choices are strongly influenced by other firms in the industry. In economics, the market consist of few sellers who are highly sensitive to each other’s pricing and marketing strategies. There are few sellers because it is difficult for new seller to enter the market. Each seller is alert to competitor’s strategies and move. Few firms ; standardized or differentiated products ; some control over price in a narrow range ; relatively easy entry ; much nonprice competition ; advertising ; trademarks ; brand names. In the middle of the market structure, residing closer to monopoly, is oligopoly, characterized by a small number of relatively large competitors. Each with substantial market control. A substantial number of real world markets fits the characteristics of oligopoly. * Small number of firms * Product differentiation may or may not exist * Barriers to entry Examples : 1. Hometown Supermarkets – Supermarkets are few in number in any one area ; their size makes new entry very difficult, there is non – price competition. However, there is much price competition as they compete for market share and there seems to be no collusion. In this regard, the supermarket acts more like a monopolistic competitor. This may vary by area. 2. Steel Industry – within the domestic production market. Firms are few in number, their products are standardized to some extent ; their size makes new entry very difficult ; there is much nonprice competition ; there is little if any, price competition ; while there may be no collusion, there does seem to be much price leadership. V. Cartel A  cartel  is a group of companies, countries or other entities that agree to work together to influence market  prices by controlling the production and sale of a particular product. Cartels  tend to spring from oligopolistic industries, where a few companies or countries generate the entire supply of a product. This small production base means that each producer must evaluate its rivals' potential reactions to certain business decisions. When oligopolies compete on price, for example, they tend to drive the product's price throughout the entire industry down to the cost of production, thereby lowering profits for all producers in the  oligopoly. These circumstances give oligopolies strong incentive to collude in order to maximize their joint  profit. Members of a cartel generally agree to avoid various competitive practices, especially price reductions. Members also often agree on production quotas to keep supply levels down and prices up. These agreements may be formal or they may consist of simple recognition that competitive behavior would be harmful to the industry. A cartel is formed when a group of independently owned businesses agrees not to compete with each other in areas such as prices, territories, and production. A cartel agreement is considered a collusive agreement in that the different parties agree not to allow market forces to determine their pricing, production, and other business practices. Rather, the members of the cartel agree on such matters as what price to charge, how much to produce, and which markets to serve. * Rice in the Philippines is cartelized. There are seven rice cartels here in the Philippines, all controlled by Filipino-Chinese traders. Cartels use legitimate rice traders cooperatives or farmers cooperatives to get rice importation permits. These permits are then used to procure rice from abroad. What traders do is put aside the whole milled rice with that of the broken. Normally, when we buy a kilo of rice. A kilo of rice differs in prices depending on the composition of whole and broken rice. Normally, its 70-30, meaning 70% whole grains with 30% broken ones. The percentage of broken rice decreases if the trader wants to increase price. So price really depends on how small or how little the percentage of broken rice you have in a kilo. If you buy a kilo of whole grain, that is higher than that of all broken rice. VI . Summary We have seen that there are four basic market structure in the Philippines. Producers are led by the profit motive to produce those goods and services which the consumers want. They try to do this at the minimum possible cost in order to maximize their profits. Moreover, there is a competition among a number of producers, they will each try to keep the price of their product low in order to attract the consumers. The goods produced are made available in the market by traders. They also act in their own self interest. VII. Analysis The Philippines economy is the world’s 43rd largest in the world as of 2012. The Philippines has undergone a transformation from being an agricultural based country to a industrialized country. The economy is now vastly dependent on the services and manufacturing sector. The country has a total labor force of around 38. 1 million. Labour and capital intensive industries can be distinguished in terms of their employment generating potential. A labour intensive industry or method of production, can be considered to be one which generates more employment per unit of investment. VIII. Conclusion Therefore I conclude that the operation of market forces brings out the best results when there is Pure Competition in the economy. Pure competition is a situation where there are a very large number of firms producing the same product, and size of no firms is so large that can exercise dominating influence over market. Under these conditions, the competition between the firms is such that they tend to manufacture their products at a very competitive price and a high level of efficiency and productivity prevails in the market. IX. Recommendation I therefore recommend that the monopoly company in the Philippines to lessen their price cost for the consumer because as we all know that they are only supplier of the electricity in the country. All of the people over the country pay for their business and if they will do that the whole country will benefit on it and it will not affect their firm even if they got 1 peso per consumer because every Filipino purchased their product (Electricity) and one of the most important thing in a business is electricity. And for cartels to be fair in doing their products, arrangements and mergers that limit  competition. Traditionally, when we fail in fixing the economy, and fail to anticipate the rise of this basic staple, sure enough, expect a potential crisis in the streets. And if we do not balance the competition between one another there will be no effect in the growth of the economy of our country. X. References http://www. scribd. com/ http://www. britannica. com. ph/ http://www. investinganswers. com/ http://www. enotes. com/ http://www. newphilrevolution. com/ Economics for managers

Corruption Is A Big Cause Of Corruption - 856 Words

The topic I chose for my research paper is corruption in Africa. Corruption is one of the most deadly, wicked and immoral evil that endures in the society. Corruption is a toxic which has been meal in the mind of erroneous people in the society. We can see corruption in almost most parts of the world, but I would like to focus more on Africa and how the people there suffer because of these mal practices practiced by the people who have power and authority. If the people who have the power and authority to govern the people rather, than serving them starts asking them for a bribe for they service they need to give them, the society will never flourish. Corruption is a big cause of disparities in the civilization and community. It affects the evolution and progress of the country in all features like socially, economically and politically. 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