JpMorgan Case Essay

We trust banks to hold our money and to help make use get more in investment and other ways. One of the most trusted banks is J.P. Morgan Chase they are easily one of the most well-known banks that exist. J.P. Morgan Chase on May 10, 2012 disclosed that they had lost more than $2 billion by trading financial derivatives. The administrative agencies like the Securities and Exchange Commission (SEC) or the Commodities Futures Trading Commission (CFTC) take action in order to be effective in preventing high-risk gambles in securities and banking, a foundation of the economy. We have to understand the elements of a valid contract, and discuss how consumers and banks each have a duty of good faith and fair dealing in the banking relationship. Having to compare and contrast the differences between intentional and negligent tort actions. I’ll discuss the tort action of â€Å"Interference with Contractual Relations and Participating in a Breach of Fiduciary duty† and, if the bank I’ve chosen were to behave as JP Morgan did, would I be able to prevail in such a tort action. Lastly let’s discuss how banks have protected the software that allows for online transaction to occur through automation.7 The U.S. Securities and Exchange Commission (SEC) is a federal agency. It holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation’s stock and options exchanges, and other electronic securities markets in the United States. The SEC is divided into four divisions; The Division of Corporation Finance; the Division of Trading and Markets; the Division of Investment Management; and The Division of Enforcement. All the branches within the SEC carry similar  goals in terms of protecting individuals and ensuring financial fairness, each has their own specialty for instance, the Division of Corporate Finance is tasked with the assurance that all imperative disclosure of which represent a corporation are easily accessible by the general public. In addition, the Division of Trading and Markets ensure fairness, order and efficiency in market activities. Much like the design of the SEC, the Commodity Futures Trading Commis sion (CFTC) is also inherently designed to ensure the public, its consumers, and investors are protected from coercion, manipulation, fraud, and/or any other forms of dishonest dealings between manufacturer and consumers/investors. The CFTC is noted to be an independent federal agency established by the Commodity Futures Trading Commission Act of 1974. Again, similar to the design of the SEC, the CFTC is comprised of five different committees, each of which are responsible for a different area of trade and marketing; for example, agriculture, global markets, energy and environmental markets and technology all of which are equally as responsible as the next for ensuring full cooperation and adherence to laws set forth by the SEC. Though banking is the most common method in which most people handle and maintain their finances, there are also equally as many that take their money to invest in stocks, bonds, and the like which do not carry a sound guarantee that they will make a profit or even keep their initial investment monies. Consequently, past dealings with investor types result in unfair and fraudulent losses and even erroneous gains such as the ones reported by JP Morgan Chase, the purpose of the SEC and CFTC alike become abundantly clear. With the utilization of these two particular securities, investors, consumers, and even marketers are able to rest easier knowing that there are serious legal, unfair and blatantly dishonest dealings within the marketplace. In an effort to maintain honest correspondence and dealings with the capital market, both of these require that all earnings and losses should be reported; at which point, there can be a recognition and determination of any imbalanced and deceitful dealings having taken place. The following are the essential elements of a valid contract. Offer and Acceptance. In order to create a valid contract, there must be a ‘lawful offer’ by one party and lawful acceptance of the same by the other party  Intention to Create Legal Relationship. In case, there is no such intention on the part of parties, there is no contract. Agreements of social or domestic nature do not contemplate legal relations. Lawful Consideration has been defined in various ways. The parties to an agreement must be competent the contract. If either of the parties does not have the capacity to contract, the contract is not valid. Free Consent’ means the parties must have agreed upon the same thing in the same sense. In the banking context, this means among other things that a bank could call a loan, refuse to fund, refuse to roll over a loan, set off accounts, etc., no matter how drastic the consequences might be to the borrower. As long as the banks accept them expressly wit hin the granted rights under the controlling loan documents. That may no longer be the case. With the advent of mobile banking, discuss how banks have protected the software that allows for online transaction to occur through automation. The first area, financial accounting, is used mainly for ascertaining the results of any such business on a periodic basis. This should as a result; help the company determine the future course of action, in the long term. From an economic perspective, financial accounting treats money as a factor of production. Management and cost accounting are apparatus used to help management make decisions on a day to day basis. Management and cost accounting aren’t useful simply for their own sake. These two functions help management conduct themselves along with other vital factors involved in the running of a business. Other key factors could be supply, demand, competitors, availability of raw materials, logistics etc. The second area is cost accounting, its primary purpose is to attain the value of direct and indirect costs involved in production. The value acquired, management can make an informed decision on improvement in production performance. From an economic perspective, cost accounting is the measurement of economic performance. This information gives management a clearer indication of the performance of the product resources in the business. Costing also helps the sales manage in setting the correct price. But, because costing is solely a measurement of economic performance, it can’t be considered as an accurate basis for setting prices. Selling prices is more of an economic decision it would not be wrong to mention that pricing is basically determined by market  factors. Prices are influenced mainly on demand, supply and competition, less on costs. High demand plus lack of competition would result in the business charging higher prices for its product, well above the costs. The third area is management accounting, which is related closely to cost accounting. It has evolved from cost accounting; management accounting plays a much broader role in management decisions. It measures the performance, economically, of the whole business, the economic environment that the business operates in. This area of accounting, seeks to combine both financial and cost information into a much broader function. Compare and contrast the differences between intentional and negligent tort actions. Intentional torts and negligence towards both give rise to civil actions. However, there are some important differences to understand about negligence versus intentional torts. Negligence torts do not require intent. To determine if someone should be found liable for a negligence tort, a reasonable person standard is used. If the defendant’s behavior is found to be less careful than behavior a reasonable person would exhibit, that defendant can be found liable for damages. Intentional torts require intent. The person who committed to tort must have intended to cause harm. The harm, however, did not need to be the specific type of harm that was caused to you. The other major difference between intentional and negligence torts, aside from the standard of proof, is that in many cases, a person who is found liable for an intentional tort can be required to pay punitive damages in addition to actua l damages. Discuss the tort action of â€Å"Interference with Contractual Relations and Participating in a Breach of Fiduciary duty† and, if the bank you’ve chosen were to behave as JP Morgan did, would you be able to prevail in such a tort action. The tort of interference with contractual relations and participating protects the right to enjoy the benefits of legally binding agreements. I have chosen a bank like JP Morgan and they did what he I would not took it very well. I invested money and knowing that JP losses that money I would wind up probably suing them. But providing a remedy when the defendant intentionally induces another person to breach a contract with the plaintiff. The defendant must know of the existence of the contract between the plaintiff and the other person, or there must be a sufficient fact that a reasonable person would be led to believe that such  contract existed. Interference with the contractual relations requires an unacceptable purpose. If good grounds are set and exist for the interference then the defendant is not liable. But as for J.P. Morgan there were no good rounds so the defendant is liable. So if I were to go to court over this I would not win and neither would J.P we would just be both out of the loss money that was invested. In conclusion when you invest money in a bank Think to you self is it a good idea or is it not a good idea. We all make investments just need to make sure it in the right bank that you can trust. J.P Morgan had a down fall and loss a ton of money but in the end they had to deal with the fines and the investors. When in drought don’t invest your money unless you really have to. References: Bagley / Savage 2013 Custom Edition http://money.cnn.com/2012/05/10/news/companies/jp-morgan-losses/index.htm http://www.thedailybeast.com/

Massive Software: A Film Innovation

It has been noted that crowds are an important feature in everyday living. Collectively, people assemble together in order to observe, protest, or celebrate various happening.Since the 19th century, crowds have become one of the most important objects of scientific inquiry, as realistically speaking, they share a collective behavior within the environment where a certain event is taking place (Magnenat-Thalmann, 2001).Nonetheless, crowd formation has been an imperative factor in the film industry. It plays a significant role in providing realistic approach for building large scenes that require numerous people in order to carry out the objective of stimulating the emotions of the audiences to make them feel as if such events are actually taking place.Back then, in order to carry out large-scale production scenes such as battle sequences and stadium spectators, myriads of extras are commissioned. One of the many disadvantages of such commissioning is apparent in the amount of time and finances it consumes.Realistically, two or three days of the scheduled production are wasted just to move the extras around the locations. At times, given directions are not followed by the extras most especially in terms of behaviors and reactions required in the set.These are just some of the key issues faced by most of production teams. However, with the advent of a technology called â€Å"Multiple Agent Simulation System in Virtual Environment† or â€Å"Massive Software,† as it is popularly referred to, enhanced creativity as well as faster and efficient production can now be achieved.Massive software is the fruition of the five years work of software developer and crowd specialist Stephen Regelous. The said technology is identified as a high-end computer simulation and visualization system that serves as the solution for generating massive yet realistic crowds, capable of performing reactions and behaviors. Instead of developing animated characters that are neede d to be manipulated all throughout, Massive creates autonomous agents, which can be people, animals, or even non-human characters.The use of fuzzy logic by Massive enables the agents to respond to their environment, and their reactions can simulate emotive qualities ranging from bravery to fear. As each agent is designed in accordance to arranged set up, massive agents are more unique and less robotic compared to other animated characters. In addition to this, Massive’s dynamic features also include smart stunts and cloth simulation which add up to the realistic environment created by Massive itself (Massive Software, 2009).First used in the feature film â€Å"Lord of the Rings† trilogy, Massive is considered as an invaluable technology that helped in shaping the epic battle in the said movie. Compared to traditional movie casting, the Lord of the Rings trilogy managed to deviate away from the customary commissioning of hundreds of actors in order to give life to some of the most intense sequences in the story through the use of Massive (Bares, 2005).Additionally, Massive is not only a crowd tool but also a tool for choreography, allowing directors to have a qualitative edge on their films. On an actual shoot, directors continuously give instructions to actors together with the extras. With the vast number of people, the scene would not eventually work as is.However, such is not the case with Massive. Through the said software, directors can move the camera as needed and at the same time put the agents with sophisticated behavior without necessarily repeating the scenes all over again (Bares, 2005).Currently, Massive is being used in many productions, may it be feature films or commercials, due to its capability to produce photo-real crowd and intense cinematic quality scenes that were never possible before (Bares, 2005).Massive is also being introduced to non-entertainment markets, specifically in fields that require strong visual effects such a s engineering and architecture, as it is perceived as a transformative technology that could impact buildings and public space design, pedestrian planning, disaster prevention and recovery, consumer behavior research, environmental impacts, and other life sciences (Thomson Reuters, 2009).In general, the introduction of Massive Software in the film industry is a premiere solution to the issue of crowd-related visual effects in both film and television. The said innovative technology marks a great change in the entertainment history as a whole because it deviates from the traditional commissioning of extras which are usually unmanageable and costly. Similarly, not only is Massive a solution to crowd effects, but it is also perceived as a useful tool in various fields, as it helps to produce a much more efficient and flexible outputs.   

The Market Forces of supply and demand Essay Example | Topics and Well Written Essays - 1250 words - 1

The Market Forces of supply and demand - Essay Example These two inter-relates in a situation whereby the producer sells the same quantity of a goods and services that the consumer is willing and capable to purchase. Since a market is a combination of the producer (sellers) and consumer (buyers) of a specific goods and service, the force of demand and supply has been used in the economics to refer to the general behavior of the market participants (Caballero, Hoshi and Kashyap 1947). The main characteristics of a market are that all goods and services are the same and have got a large number of buyers and sellers to curb the effects brought by a single person over the market price. In the economy, a market exists as a competitive field in which a variety of companies and business entities produce identical goods and service and strive to sell to their prospects. The type of market in operation maintains its’ existence in the economy because of their structure namely; a monopoly; which is a market structure where the market is controlled by one firm. Monopolistic competition is market where a variety of companies have a certain percentage of market share but they all differentiate their goods and service from each other to make them unique. Perfect competition is a market structure that does not have a limited number of firms that have an entry. It is generally free entry for all interested buyers and sellers. Another market structure is the oligopoly that has its’ operations dominated by few firms and have total control over the majority in the market share. In cases where there two firms are dominating and has full control of the market share, it is referred to a duopoly. Unlike in a monopolistic market structure where we only have one provider, in a monophony market, there is only one person to purchase the products in the market (buyer). In addition, there is a market structure

Low-risk 3 Essay Example | Topics and Well Written Essays - 250 words

Low-risk 3 - Essay Example Their rights were even taken off their own property. If married, men would have the right to take the decision about the divorce any time. They were not even provided with proper standard of living, no matter which status they belonged to, they were always treated cruelly with no luxuries of life, and in some cases, not even complete necessities of life until in 1848, a number of 30 men and more than 150 women gathered at Seneca Falls, New York, in order to protest for the rights of women. It was after that, that the women were given their rights. Seneca Falls declaration proposed that all such laws should be abolished which are against the rights of the women. These laws included the laws of happiness of women, it said at first, that any such law that is stated against the comfort, pleasure, luxuries and happiness of women shall not exist. Further, no authority shall force women to against her will or conscience. Women are equal to men, as this message is of the Creator of all human beings. Therefore, any woman should not, in any case, be treated wickedly and forced to declare that she is happy and contented with her life. Moreover, women shall be provided with all the necessities of life, including freedom to proper education and anything else that she wishes to do. Women shall be treated delicately and shall not be made fun of. Finally, women are equal to men in every sense, bearing same responsibilities and same capabilities; therefore it is the right of every wom an to promote any noble cause for the welfare of the society. (Martin

Current threats to UK Security Essay Example | Topics and Well Written Essays - 2000 words

Current threats to UK Security - Essay Example (Chalk & Rosenau, 2004) On the British mainland, the police were responsible for all intelligence operations against Irish Republican terrorism work through the Special Branch (SB) of the Metropolitan Police Service. However, a series of high-profile terrorist incidents in London in the early 1990s, including a mortar attack on Number 10 Downing Street, prompted the British government in 1992 to take appropriate actions against terror by giving the Security Service lead responsibility for all intelligence gathering related to Irish extremism. Britain was then followed by significant terror attacks from 1988, when the country suffered with the bombing of Pan Am flight 103 over Lockerbie. The terrorists found to be two Libyan agents. When British counter-terrorism efforts were busy concentrating on the IRA's bombing campaign, Britain was again confronted to the terror attacks, which resulted in the outcome of the 1998 Good Friday Agreement. At last it was clear to the UK's intelligence agencies and military police that London is being continuously used as the grounds for terrorism attacks for individuals that promote, organise and fund terrorism. It was found that such individuals belonged from Middle East and related nations. Britain at that time was either over confident of the national security or may be it did not consider the terror attacks and International terrorism due to which it made a mistake of ignoring threats from Al-Qaeda. Even the 9/11 attacks remain unable to gain attention of the British intelligence community. But the suicide terror attacks after 9/11 in London, made the forces realise to take appropriate considerations against terrorism. Today Al-Qaeda is considered to be the most dangerous form of terrorist threat not only in Britain but also to the whole International system. Among the most traditional terrorist groups formed, Al-Qaeda is the most modernized form of terror as its aim is to promote mass killing through every possible means. It is considered to be the most perilous of all the groups because it plans and implements those plans beyond killing. 'Brainwashing' is its most significant characteristic, which leads to suicide bombing. It plays with the morals of the young generation thereby convincing and brainwashing them with the advantages of suicide bombings. The UK is confronted towards the risky situation of threat due to some reasons. First it is the closest ally of the United States, which is the most precarious enemy of Al-Qaeda. It has deployed armed forces in the military campaigns to bring down the Taliban regime in Afghanistan and Iraq, and has played a leading role in the cooperation against Al-Qaeda. (Gregory Frank & Wilkinson Paul). Al-Qaeda has not stopped sending threatening messages to the UK, which are to some extent still ignored by the military forces. The extremists have succeeded in taking advantage of the current circumstances where they assume UK to be an easy meal for them as they are very well aware that their deployment within the UK territory is not a big deal and in particular circumstances where there is a new threat of 'suicide bombers', it is a lot more easier for them to harass

Tax Year End Procedure Essay Example | Topics and Well Written Essays - 2000 words

Tax Year End Procedure - Essay Example Inland Revenue and HM Revenue and Customs legislation. The company payroll is one of the largest expenses a company may have and as such it is important that accurate and complete records should be kept on a daily basis to ensure that the year-end procedures can be carried out with the minimum of stress or inconvenience to payroll staff. This report addresses five different areas where payroll procedures need to be explained so that during the end of year cut-off and rollover procedures there is a minimum of adjustment that might need to be made to existing daily records. The five areas contained in this report include the reconciliation process, the clear-down process, submission requirements and deadlines, a general checklist and a review of procedures. The most helpful source of information on day-to-day payroll procedures is an Employer's Help Book (E13, 2005) that is published by the Inland Revenue Department. This booklet explains how to work out and record PAYE and NIC's (form P11); The procedures necessary when a new person is employed; what procedures should take place when an employee leaves the company; the correct procedure for changing an employee's tax code within a tax year as well as information on other different changes that might occur within a tax year such as changes in employees circumstances (reaching the age of 16, pension schemes, what to do if an employee dies and changes to insurance schemes) as well as comprehensive information on how to apply the Working Tax Credit to wages and how a company can take out Student Loan Deductions from an employee's weekly wage entitlement. One of the most important payroll procedures is the allocation of a new employees tax code, as this code will determine how much tax this person should be paying in accordance with his or her personal circumstances. There are a variety of codes that can be used which are generally noted with a letter (L, P, T, or Y) and one or more numbers. The Inland Revenue Department has more detailed information on how these codes should be allocated and they advise that a tax code for an employee should never be changed within a financial year without approval from the department. There are a number of different wage figures that have to be accumulated throughout any financial year. These include individual PAYE and gross earning figures for each employee, plus the amount of money that has been added to or deducted from individual pay entitlements for insurance and pension schemes, clothing allowances, travel allowances, working tax credit and other benefits and allowances. It is the company's responsibility to ensure that the calculations of weekly pay amounts and the recording of accumulative pay figures throughout the year are accurate especially in terms of PAYE as it is this amount that the company will need to pay to the Inland Revenue department at the end of the financial year. Most payrolls are now completed using a payroll software program. These programs have inbuilt processes in them that ensure that the necessary total figures are accumulated on a monthly and yearly basis. Supervisory checks at this stage of payroll processing should include checking weekly wage totals on a weekly basis before payments are made to employees, reconciling the weekly pay figure totals with those

Product concepts Assignment Example | Topics and Well Written Essays - 250 words

Product concepts - Assignment Example h the highest sales were from women apparel at $110,826 million, followed by that of men at $54,932 and children and infants at $34,235 (The Statistics Portal). Women are great shoppers and their tastes change with the trending fashion and style, which also aligned with the technological transformations that were taking place in the industry, such as online marketing and selling (Spencer Para 2). I believed I had a role to play in growing my parent’s business, which also enable me to advance my skills in operating my own business, which I believe I will have following my graduation. Therefore, I started marketing the products that my parents designed using my social media platform, Facebook, which was listed as the social media channel with the highest number of users across the globe (Niciporuc 1). The idea was that since I have a passion for technology I can also bring the two business ideas together and ensure that they complement each other. In other words, I would use the social media to connect and interact with my friends while at the same time I will be marketing the clothing designs and other products that I had made. Through this the customer based for my apparel retail business would grow, especially the target market; that is women. Niciporuc, Tudor. "Comparative analysis of the engagement rate on Facebook and Google Plus social networks." Proceedings of International Academic Conferences. No. 0902287. International Institute of Social and Economic Sciences,