Orange County Essay Example for Free

Orange County Essay After California passed a proposition limiting revenue generated from local property taxes, pressure was put on local governments to raise enough money to fund services. Orange County, like many others in the US, attempted to raise revenue without increasing taxes. Their treasurer, Robert L. Citron, decided to get involved with a high risk high reward product. He chose to invest in derivatives and gamble with public money. Because interest rates were low at the time, Citrons portfolio was returning at an average rate of 8. 52%. This was 5% higher than what the state of California was earning. Orange County was enjoying the benefits of their treasures investments. In 1994, 35% of the countys revenue was from the portfolios returns. The county continued to increase earnings and therefore no one looked into Citrons practices. He did inform the Board of Supervisors that the value of the county’s portfolio depended on interest rates remaining stable or decreasing. So when interest rates rose, the value of the portfolio diminished, eventually leading to bankruptcy. In December 1994, Orange County announced a loss of $1. 6 billion, the most significant loss recorded by a local government investment pool. This also displayed the negative side of the high risk investments made by Citron who was gambling with a $7. 5 billion portfolio made up of players such as cities, school, water works, and regional transportation. [1] There were many factors that led to the bankruptcy of Orange County. A Board of Supervisors member stated that there was a lack of oversight (not an accountable system) and failure of disclosure to investors. Citron also never met with the investment oversight committee that did exist, and as treasurer he had control over Orange County and their trust. Many have questioned if Citron was ever qualified to hold his position in office. Some even blame the state government. Originally they used to fund local governments, but when they started taking back they were taking $6. 5 million more than they were giving them. Before the county declared bankruptcy, an investor; First Boston, was selling its collateral because they saw that the countys portfolio was declining. This was a hint that problems were around the corner because soon many investors would realize this and pull out. In response, bankruptcy was declared so that the funds would freeze and banks would not be able to liquidate the collateral. Another responsible party was Merrill Lynch, the countys financial advisor. The purpose they serve is to protect the interests of the county. They did warn Citron about the volatility of the investments however they still bought him the same funds and underwrote a bond issue for $600 million. The warning was only sent to Citron and not to the Board of Supervisors. A lawsuit was filed in 1995 against Merrill Lynch by Orange County. [2] Besides the power he held over the county, another reason for the bankruptcy was Citrons use of leveraging. As a leveraged fund, it could borrow money to increase its securities portfolio. Citron was able to leverage $7. 57 billion into $20. 5 billion. In essence, when the investment produces a high return rate, the stockholders will have a very high rate of return. On the other hand, if the investment produces a low return rate, the stockholders will have a very low return. They also used longer term maturities which makes it more sensitive to changing interest rates. So there is a high leverage risk as well as interest rate risk. [3] Duration is interest rate sensitivity and because Citrons portfolio depended on interest rates it is a good measure. Because the portfolio used median term maturities over short term maturities to increase their return, the duration increased. In December 1994 the duration was 2. 74 years. With the leverage ratio at 2. 73, the actual portfolio duration was 7. 4 (2. 74*2. 73). When the interest rates rose in 1994, the estimated loss using duration was $1. 85 million, a little more than the actual amount. interest rates went up about 3. 5 and 5 year bond yield was 5%) VaR could also have been used to find some risks of the portfolio. VaR is a statistical technique used to measure and quantify the level of financial risk within a firm or investment portfolio over a specific time frame. Value at risk is used by risk managers in order to measure and control the level of risk which the firm undertakes. The risk managers job is to ensure that risks are not taken beyond the level at which the firm can absorb the losses of a probable worst outcome. investopedia definition) The portfolio was sensitive to interest rates so a change in the rate can be used in 3 simulation methods and the only impactive factor. Using a historical simulation approach, the VaR equals $1. 24 billion. This is lower then the actual value but it is also using past prices to determine the future. In the delta normal method VaR is calculated as $1. 21 billion. This is a little less accurate then the historical method. The best way in theory to calculate Var would be using the Monte Carlo Simulation. However in this situation it treats the portfolio as one asset and equals about $1 billion. Because none of these prove to be reliable enough, a exponentially weighted moving average can be used to improve the accuracy of VaR. What it does it give more weight to recent data then older data. [4] As a result of the bankruptcy many unfortunate consequences arose. Of course there was the $1. 6 billion in debt that needed to be re-payed to investors. Additionally the lawsuit against Merrill Lynch was draining funds from the community with no promising chance of recovery. The once perfect rating that Orange County held was now downgraded to a default rating by Standard Poor. There were also many political consequences regarding the county and county officials. If the risk of the portfolio was taken into consideration by the appropriate parties, the entire situation could have been avoided. Unfortunately the power to stop Citron was in the hands of Merrill Lynch who did not take the appropriate action. The County also failed to monitor and assess the deal which puts several more people at blame for the bankruptcy.

English Not The Official Language Of Usa English Language Essay

English Not The Official Language Of Usa English Language Essay English is an official language of at least 50 countries. In this list the United States of America is excluded. English might be viewed as the national language due to its popularity in America but that is not the case. The U.S. has never had an official language since its foundation. At the foundation of the United States of America in 1780, there was some proposal by some individuals like Adam john and others who held similar opinion to start a government English academy that would teach English with the aim of making it the national language. This early attempt was rejected by the government congress on the base that they were a threat to the liberty of individual American citizens. The conservative founding fathers were of the viewed their ancestral languages as their rights and opposed any measure to have a single national language Since then, there has been conflict of interest between the whites, the natives and the immigrant, every time there is an economic downturn and job prospects reduces, this brings an anti-immigrant backlash. Many white, English-speaking Americans are of the opinion that the immigrant should just go home and leave the jobs to them. The backlash fuels the need to create a push to make English the nation language which the whites should identify themselves with and in the process excluding people who primarily speak other languages, whether they are U.S. citizens, legal residents, or illegal residents. There have been several movements coming up in the recent past, but the only English based movement to support English as a national language was an email making rounds in the internet. This email regards the senators who were against the amendment of a bill that would make English as the official language as un-American and does not spend the spirit of national hood and traitorous. The United States English says that official English promotes unity, empowers immigrants, and creates common-sense government policies. I am of a different opinion that English should not be made a national language. Official English: Promoting Unity The idea with those that support this debate is that if everyone speaks the same language, it facilitates melting-of different culture to create a common culture. This assimilation through making all the documents to be in the English language will then encourage and make people to put more incentive to learn English to promote a common culture. This will in turn eliminate the diversity that America enjoys making other language and culture appear inferior or second to English culture. This is where I have a problem, expecting everyone to assimilate into one culture. Cultural backgrounds are part of what America is today. Why should we not promote and celebrate them even to the point of forming enclaves? As long as people are willing to respect the laws of the land, I dont see a problem with this. And I dont know of any language-based racial and ethnic conflicts that have taken place in the U.S. Official English: Empowering Immigrants Promoting English to be the national language helps to empower the immigrant by incorporating them to the American system of education and making them to develop the American ideology to fit in America society well. I have to say America may have been founded by people who spoke many different langues but those coming to America or those that existed before English became a dominant language need to learn English to survive. Affluence in the English language makes it easy to get a good job and become more productive members of the society. I have to respectfully disagree with this school of thoughts. Regardless of whether they need to survive is different from throwing someone who doesnt know the language into a situation where they have no way of learning it. In time they adapt to new cultures. The immigrant instead should not be subjected to learning a language that they do not understand or served with documents in language they do not understand into a completely new culture espe cially one with the American dream Official English: to cut down government expenditure This is the money argument geared towards or viewed to reduce the government expenditures by making several copies of each government document in the multiple languages being spoken or understood by different group in the country and that if we eliminate this, well save money, which can be used for teaching English. This seems too many like a noble ideal but this argument is the baseless and considers insignificant revenue compared to expenses to be incurred by non English speaking citizens seeking for translation. The government do not have the goodwill to make this legislation work. Teaching English will not eliminate the needs for other languages. Even native English speakers can have trouble understanding government forms its got to be even more difficult for people who speak English as a second language. Providing forms in other languages would help ensure that people fill out important forms correctly. Official English: Abridging Peoples Rights The laws promises people equal protection. By making English as the official language the government would be depriving some citizen their rights to defend themselves in court and denying them the right to freedom of association with other members of the society and interaction with the governments services. The law is very clearly stated and. I quote Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances. Making English a national language would be against the law. Thats unfair and it also makes me wonder whether the point is not to make people learn to speak English, but to make the non-English-speaking people go away and make their language look inferior and can only be used in t their homeland where it originated but have no place in the us. Official English: Perpetuating Stereotypes The debate and the movements for English as the national has brought up a divide between the citizens by exposing the difference the t exists between them which never existed or was originally minimal. English-only legislation does not explicitly promote stereotypes, but the movement does have the effect of making people look down on people who speak languages other than English. Many people who hold this opinion will assume that all non English speakers are illegal immigrants who shouldnt be in America, for instance, and the push for English-only just reinforces attitudes like that, by implying that speaking another language is a negative trait. Making English the official language would send an unequivocal message of unwelcome to the non-English parts of the world, completely counter to the melting pot ideal which makes the U.S. so great. AN OFFICIAL LANGUAGE WOULD ACCOMPLISH NOTHING Its not like making English the official language would magically make everyone in the U.S. speak English. Making English the official language wouldnt even stop other languages from making appearances here. It wouldnt remove that Para Espanola, marquee echoes ascent from this country. Those differences arent there because of some sinister plot by archliberals to destroy the U.S. with political correctness. Theyre there because their presence brings an American way of life that makes it and sells it around the world and make everyone to enjoy this dream. Leave them people alone, 99% cant even speak English right leave any other language out, there is no point of bulling this people, infant they speak the other languages amongst themselves are. Most people against others speaking any other language amongst them are in most cases with very low education and understanding. Let people use the languages they best understand amongst themselves leave them alone. LEAVE IT UP TO THE STATES One consequence of making English the official language of the U.S. is that this would rule out any individual states having any say in the matter. Since the U.S. was founded, theres been a gradual erosion of power for the states. Originally, it was like there were four nodes in the famous and oft-cited system of checks and balances of the U.S. government: the executive branch, the legislative branch, the judicial branch, and the states. Some U.S. states have enshrined English as the official language, and some have not. In one such example a large number of people in the New Mexico state are Spanish speakers. It would make no sense for the federal government to order a state like this to make English the official language. WONT SOMEONE THINK OF THE NATIVE AMERICANS? Some of the people arguing for English as an official language pose it that; its already the de-facto official language, for all practical intents and purposes. But, by that logic, the official language shouldve originally been a mishmash of Native American tongues. Its very clear that many USA citizens dont know their own history and the sacrifice that their own country went through. The Dominicans are the founder of the Americas. America is no English name and most of the states in the union are from the Spanish. Most of the American is so insecure of their true identity Early immigrants and colonists from Europe learned the language that was dominant in North America at that time, not of Britain! English is a third language according to America history and giving it greater priority over the original native language would be discriminating the native population. The United States was colonized by immigrants from different countries .people should understand that the Spaniards were the 1st to arrive to America even before the English men from Britain. Since America was made on immigrants, it is every immigrants RIGHT to keep and use his native language.

Physics of the Lathe :: physics lathe wood

"How much wood could a woodchuck chuck if a wood chuck could chuck wood?" An age old tongue twister that has never been answered. In this rhyme, the common assumption is that the woodchuck is a small furry groundhog like creature, but there is another kind of wood chuck that is not as common but could chuck wood. Here we will explore this path of answering this age old riddle. In the production of many wood products a common manufacturing tool known as a lathe is used, and to hold the wood in the lathe a chuck is used. In order to calculate the amount of wood a wood chuck can chuck we must first define how the wood will be chucked. When wood chucking the chuck will be spinning around the spindle and an attachment will be used that will act as a catcher that will be on the outer radius of the chuck. We will also be able to calculate the velocity of the wood leaving the chuck and the kinetic energy. Lathes & Chucks A LATHE is "a machine tool designed primarily to do turning, facing, and boring. Their versatility permits multiple operations to be done with a single setup of the workpiece. Consequently, the lathe is the most common machine tool." The lathe used to theoretically calculate the amount of wood that can be chucked is the TECHNO CNC WOOD LATHE. This lathe has a spindle speed rate from 500 to 2000 RPM, which will be used to calculate the amount of wood chucked. The Chuck is an attachment that is the most commonly used way to hold a workpiece on the lathe. It attaches to the spindle on the lathe and is spun by it at speeds up to 4000 RPM depending on the lathe. The chuck that will be used for our calculations will have an approximate mass of 4 kilograms and a diameter of 6 inches. Wood Chucking To calculate the amount of wood that is chucked, and the other properties of wood chucking, using the TECHNO CNC WOOD LATHE the following values and assumptions will be used: * The spindle speed of the lathe has a range of 500-2000 RPM * The diameter of the chuck is 6 in. approximately 15 cm. * A one kilogram block of wood made out of American Spruce with a density of .

Should Marijuana be Legalized? Essay -- The Debate Over Marijuana

Weed, bud, ganja, chronic, dro, herbs, grass, trees, pot, reefer; these are all names of the one drug that causes so much dispute, marijuana. Loved by so many, and hated by the law. It’s a two sided argument which everyone has their own opinion on. Is there any specific reason why weed should be illegal, or is the government just making money from catching people with it? Is there any real medical purpose for marijuana, or is it just a gateway drug for kids? These are the questions everyone should know the answers to. Whose side are you on? First, when trying to decide what you think about the legalization of marijuana, you need to stop to listen, and actually understand where each side of the argument is coming from. Some or even half of the U.S. argues, â€Å"The drug marijuana, is equally or less as dangerous as alcohol and tobacco products. Telling the people they can or can’t smoke or do what they want to their bodies, is an invasion the people’s right to freedom. If marijuana is legal, then it would be sold at a cheaper price, so the users of marijuana would not have to steal as much and it would lower the theft rate. There are all sorts of medical purposes, and it treats cancer patients and other people who need a treatment, but cannot take any other medications. Less people would be getting hurt and murdered in the streets over marijuana related drug disputes. The government could put tax on it and make more money and maybe get us out of the economies horrible recession. The cops could sto p wasting their time on little problems like marijuana, and start focusing on more serious crimes. The courts and jails could make more time for more serious offenses as well. Other drug dealers would lose a lot of ... ...history.html Science Blog. Study says marijuana is no gateway drug (December 4, 2006). Retrieved on August 11th from http://scienceblog.com/12116/study-says-marijuana-no-gateway-drug/ Kimberly Back. EduBook. Why Marijuana should be illegal (6-11-2009) retrieved on August 11th from http://www.edubook.com/why-marijuana-should-be-illegal/7039/ James Vaughn. Why Marijuana should not be legalized (November 3, 2005) retrieved on August 11th from http://www.associatedcontent.com/article/13115/why_marijuana_should_not_be_legalized.html High Times. AlterNet. The top ten reasons marijuana should be legal (September 1st, 2007) retrieved on August 11th from http://www.alternet.org/drugs/60959/ Drug War Facts. Retrieved on August 11th from http://drugwarfacts.org/cms/?q=node/53 Drug War Clock. Retrieved on August 11th from http://www.drugsense.org/wodclock.htm

Mexican Immigration Before and After World War II Essay -- Mexicans Al

Mexican Immigration Before and After World War II Coming from a life of poverty and despair would cause anyone to search for a better life; a life in which there is the belief that all of your dreams can come true. This is the belief that many Mexican immigrants had about â€Å"El Norte,† they believed that the north would provide them with the opportunity that their life in Mexico had not. Many Immigrants believed that the United States was â€Å"the land of opportunity,† a place to find a successful job and live out the life that one only dreamt about living. The North was an open paradise for the immigrants. They were told by the people who had already ventured to the north that the United States was a â€Å"simple life, in which one could live like a king or queen, but in reality immigrants were treated like slaves in the new country that promised them their dreams.   Ã‚  Ã‚  Ã‚  Ã‚  Most Immigrants who enter the United States are searching for work and the opportunity to live a better life. They are from small towns deep within Mexico that do not offer much opportunity for the people of the town to live a prosperous life and to provide for their family. In the small town of Sierra Mixteco, men women and children arrived in town at various times of the day bent over loads of fire wood gathered from the mountains to sell in the town market. For those who did not sell fire wood, they spent their time making straw hats to sell in the markets of larger towns, both of these jobs only provided pennies a day for the families to survive on. So the stories that the men brought back from the North gave the people of the small towns the hope that a better life did exist.   Ã‚  Ã‚  Ã‚  Ã‚  It was typical for the men to travel to the north first in order to find a job and set up the life for his family. In the town of San Geronimo, 85% of all men over the age of 15 had left the village in search of work in other parts of Mexico and in the United States. The men would make the trip alone and would send the money that they had made to their wives and children back in the village. The trip to the North was long and very dangerous. For the men who entered the country illegally, the trip could even be deadly. For the men who did have some money, they would hire a â€Å"coyote,† a man who would help them cross the border for a price. Sometimes coyotes were legitimate people who sought to help others, while... ... wish come true by finally making it to the North, all of their dreams did not come true. As seen through the decades, there was not an abundance of jobs available to immigrants and those that were available were low paying. Many immigrants simply worked until they had made enough money and then went back home to Mexico. In the fall for example, after the harvest in the valley, families of Mexican and American children would load up and head back to Mexico for weeks and months. School teachers would say, â€Å"What a shame it was that Mexicans did that to their children† (taking them out of school to travel back to Mexico). The life of immigrants was not all that they had expected, many were homesick for their native land, but yet they did not want to convey to their families how depressing life was in the United States; they only shared the good news. The immigrants at first certainly did not have the opportunities they were promised but they did contribute greatly to our national image and wealth. They also filled a large void after the war started and were given skilled jobs in return for stepping up. All information taken from: The American Identity CD www.Wikipedia.org

Descriptive Essay Beach

Miranda Poole 2/3/13 English 101 Descriptive Essay The Beach: A Relaxing Wonderland It is spring break, in the middle of March, my junior year. As I cross the state line into Florida, I picture the ocean as being a place of peace and serenity. It’s my first time visiting the ocean, and all I can think about is hoping it is as beautiful as the pictures I have seen of it. As I arrive to the beach with all my friends, the eagerness of seeing this peaceful place is rising. I can’t wait to smell the fresh salty air, feel the soft sand between my toes, walk along the breezy shoreline.As we approach the beach, the first thing I notice is the sky. As I look into the cloudless, cerulean blue sky and see the flawlessness of life; in the distance, rolling clear-blue waves crash into each other with such force as that of football players. The sky is breathtaking along with the sounds of the waves and the tide washing onto the shore. The water reminds me of crystals shimmering in th e water with the sun reflecting off of it. As the sun sets, the sky turns into a pink hue with a bright orange sun going down into the horizon.We stroll on the beach, and my feet sink into the soft sand. I stroll along, and the grainy, slick, brown sugar sand pulls my bare feet under and leaves a perfect imprint. I pick up a handful and sift it from my palm slowly, feeling the grittiness of sand with each finger. The view down the beach of the white, but slightly brown sand was enough to make my knees go weak. The sand is such a sensational feeling between my toes and a beautiful view against the crystal blue water. The beach is a beautiful scene of peace and tranquility. Every moment is a different scene.As I sit in my chair I can see all the sights of summer; children building sand castles along the ocean's edge, to my right I observe an elderly couple enjoying a good book. The waves crash into one another, the breeze blowing from the tide, the smell of salty ocean, and the sticky air clinging onto my skin. Charging into the ocean with vigorous splendor and utter excitement, I insert my bare feet into the sea and am taken aback by the shocking coolness of the water. Bringing myself to a halt at mid-calf, I then trudge through the soft currents that splash upon my legs. An abundance of symbiotic, vibrantly olored, and variously sized fish swarm around my feet. Their bodies brush my leg with negligence as they strive to get from one place to another. I wish to stay here forever and realize, at this point, this is where I need to come for serenity and harmony, where all things seem perfect and care free. There is nowhere in the world quite like this, so peaceful and calm. The beach is a wonderland for all ages. Whether you want to have fun in the sun, or relax while reading a good book, the beach is the place to go. The beach is an unforgettable experience that one must witness in their lifetime.

Cement Industry of Ethiopia

Contact Us Mr Abdissa Adugna – Secretary General Tel: +251-11-5156144, 5506043 – Fax +251-11-5508935 P. O. Box: 12898 Addis Ababa, Ethiopia E-mail: [email  protected] org. et [email  protected] org. et [email  protected] org. et [email  protected] org. et The Ethiopian Leather Industries Association (ELIA) is organizing the All-African Leather Fair (AALF) 2008 which will take place in Addis Ababa from February 20-22, 2013.It will bring together tanners, footwear and other leather goods manufacturers, equipment and technology suppliers, chemical and inputs suppliers, manpower training institutions, trade promotion organizations, etc from all over the world. African companies and organizations are expected to constitute the largest attendance. The Fair is a specialized one designed to promote the African leather industry and to enable it create an interface with its partners within the continent and around the world.It will also offer the opportunity for business persons in the industry to meet and to talk face to face and to get immediate feedback on their prospective businesses. It will enhance their access to new markets and it will also provide a comprehensive forum for increased business in leather, leather products and the allied industries notably chemicals, machinery, components and accessories. Ethiopia has a successful track record in organizing specialized leather fairs.The Meet in Africa 2004 Leather Fair was one of such Fairs which was able to draw the participation of more than 270 Ethiopian and international exhibitors and more than 3000 international visitors. Organizing of specialized leather trade fairs similar to the All-African Leather Fair (AALF) 2013 will serve as a vehicle to promote the wealth that Africa has in the sector by making a platform available where the industry can showcase its exportable items to the world market. About Us Background and Organizational HistoryEthiopian Leather Industries Association (ELIA) is a nonprofit trade association of the leather industries businesses. ELIA works to enhance and improve the leather industries business climate by promoting export of leather, shoes and leather goods and garment, protecting the rights of members, and assisting businesses to improve. ELIA was first founded in 1994 as the Ethiopian Tanners Association. In the year 2004 the name was changed to the Ethiopian Tanners, Footwear and Leather Products Manufacturing Association to allow footwear and leather garments and articles full participation in the Association.The name was again changed, as of January 2007 to the Ethiopian Leather Industries Association (ELIA). ELIA Incorporates Footwear, Leather Garments & Goods and Tanners operating in the country. Vision To be the premier association spearheading the emergence of the Ethiopian leather industry as a key global player representative of its members who are producing and exporting first choice leather and leather products. MissionThe E thiopian Leather Industries Association (ELIA) is a trade association of leather industries interested companies. ELIA works to enhance and improve the leather industries business climate. It is a recognized and respected representative and proponent of the leather industries in Ethiopia. Principal Objectives Promote and foster the interests of the leather industry Promote cooperation among its members and establish good working relations with other stakeholders in the value chain Represent its members in ational, regional and international forums Maintaining close working relationship with the government and help in creating and sustaining enabling environment for the industry Reflect the common interests of its members in negotiations with any institutions or individuals that work support the development of the leather industry Enhance the development of high standards in industrial ethics and quality of products Coordinate industry endeavors in environmental care and protection C oordinate the industry’s participation in enhancing social activities such as welfare, control of HIV/AIDS, alleviating gender related problems, youth unemployment, etc. Services Advocacy with regard to the industry’s views in administrative matters Coordinate capacity building activities through training programs, panel discussions, pilot project development, etc. Provides market information to its members Coordinates international trade fair participation of members Organizes All African Leather Fair (AALF) Coordinates industry’s role in sector problems Represents the industry in partnerships with donors, counter part organizations, etc. supporting similar initiatives Values and Principles The following values and guiding principles of ELIA have been adapted:Members-centered (empowerment, solidarity, participatory, need-based, culture, etc. ) Fairness and Equality, Moral ðical integrity Transparency & Accountability Good governance, independence Communicati on & Collaboration, Gender equality Environmental consciousness Sustainability, Impact Member Profiles MEMBERS The 37 members of the Ethiopian Leather Industries Association produce a wide range of goods for buyers throughout the world, from top of the line semi-processed and finished leather, to beautiful apparel, shoes and accessories. Please contact the following companies directly for more information concerning the many leather goods and accessories available from Ethiopia. Please download the profiles here.