Objective And Functions Of Asset Liability Management Committee Finance Essay - Free Essay Example

Introduction ALM means asset liability management. ALM is defined as, the process of decision making to control risks of existence, stability and growth of a system through the dynamic balances of its assets and liabilities. ALM is the process involving decision making about the composition of assets and liabilities including off balance sheet items of the bank / FI and conducting the risk assessment. ALM is an integral part of the financial management process of any bank. ALM is concerned with strategic balance sheet management involving risks caused by changes in the interest rates, exchange rates and the liquidity position of the bank. While managing these three risks forms the crux of ALM, credit risk and contingency risk also form a part of the ALM. ALM of the bank has 3 important pillars that are ALM information system ALM organization ALM process ALM information system ALM information systems job is to gather data and latest information and evaluate this information according to their needs. Computerize system ensure that all the require data is correct and in the fast way so that they can take the decision accordingly. ALM organization ALM organization means to identify the duties and structure of the members .Asset liability management committee (ALCO) is the policy and decision making component of the bank whose size depend upon the size of the bank. This is the very important department of the bank because they make the risk strategy and make sure the ALM implementation in the departments. Because ALCO is the very important and bone of the system so thats why they need to focus on the current news, information, laws, Government rules and market situation urgently so there meeting are arranged on short interval basis to determine the exact accurate and latest picture of the situation. By gathering this data they can make the strategy according to the situation which is very helpful for the bank. ALM process The ALM process consist of following categories Liquidity risk Management Management of risk market Funding and capital planning Profit planning and growth projection Trading risk management ALM objective Liquidity Risk Management. Interest Rate Risk Management. Currency Risks Management. Profit Planning and Growth Projection Liquidity risk Management Liquidity risk management means bank ability to meets its liabilities as they become due .Liquidity risk refers to the risk that the institution might not be able to generate sufficient cash flow to meet its financial obligations. So there duties are to make strategy these situations and make the policies to cover these risks and if these situations arise then how the bank will arrange funds, which suitable line will be used in particular situation. Liquidity risk management make sure this situation never happened because if it happen then it could be very harmful for the bank because if they fail to arrange money the whole system could collapse, reputation could be down and whole economic system can shake so that management is very important of an organization. Maturity Profile as given below used for measuring the future cash flows of banks in different time buckets. The time buckets given the Statutory Reserve cycle of 14 days may be distributed as under: i) 1 to 14 days ii) 15 to 28 days iii) 29 days and upto 3 months iv) Over 3 months and upto 6 months v) Over 6 months and upto 12 months vi) Over 1 year and upto 2 years vii) Over 2 years and upto 5 years viii) Over 5 years Interest Rate Risk It is the risk of having a negative impact on a banks future earnings and on the market value of its equity due to changes in interest rates Interest rate risk is the exposure of a banks financial condition to adverse movements in interest rates. Accepting this risk is a normal part of banking and can be an important source of profitability and shareholder value. However, excessive interest rate risk can pose a significant threat to a banks earnings and capital base. Changes in interest rates affect a banks earnings by changing its net interest income and the level of other interest-sensitive income and operating expenses. Changes in interest rates also affect the underlying value of the banks assets, liabilities and off-balance sh eet instruments because the resent value of future cash flows (and in some cases, the cash flows themselves) change when interest rates change. Accordingly, an effective risk management process that maintains interest rate risk within prudent levels is essential to the safety and soundness of banks. Forex Risk It is the risk of having losses in foreign exchange assets and liabilities due to exchanges in exchange rates among multi-currencies under consideration. Dealing is different currencies is profitable but risky as well. If the liabilities in one currency increase the level of the assets in the same currency is increase so you have to pay more so currency risk management peoples keep the eye on the market and economical activities to minimize this risk ALCO The Asset liability Committee (ALCO) consisting of bank senior management including the CEO for the decision of the business strategy of the bank on both asset and liability sides with the limit of the bank budget and design the best risk management objectives. The ALM desk staffs are responsible for preparing the reports and monitor the risk profile to the ALCO. They also analysie the market condition related to balance sheet and recommend the action needed to take by the bank within the budget ALCO decision making unit responsible for Balance Sheet planning from risk-return perspective which includes management of liquidity, interest rate and forex risks Pricing of deposits and advances, desired maturity profile etc. Monitoring the risk levels of the bank Review of the results and progress of implementation of decisions made in previous meeting Future business strategies based on banks current view on interest rates To decide on source and mix of liabilities or sale of assets To develop future direction of interest rate movements To decide on funding mix between fixed and floating rate funds, wholesale vs. retails deposits, short term vs. long term deposits etc. The ALCO board of directors has established both short and long-term capitalization goals to assure the ALMs solvency and to offer members competitive deposit and loan rates. The ALCO is responsible for regularly monitoring the capitalization objectives and to report significant deviations to the board. ALM will maintain a minimum equity capital to asset ratio of 8% to return on average net assets after regular dividends, operating expenses, net loan charge-offs, and realized investment gains/losses but before bonus dividends and incentive program payments. ALM may complete borrowing activities in order to leverage the equity capital and increase net interest income and related net income. Borrowing activity will be carefully orchestrated to match assets and liabi lities in transactions where loans or investments are purchased primarily with borrowed funds. MANAGEMENT OF RATE RISK The ALCO will determine the appropriate method for measuring interest rate risk within the ALM. In most cases, income simulation will be used for the analysis. The purpose of income simulation will be to test the integrity of the income stream against the normal and volatile movement of interest rates over time. ALMs balance sheet will be modeled and tested with the goal of identifying and reducing interest rate risk. The analysis for the normal movements of interest rates will be done at least quarterly. The analysis for the volatile movements of interest rates will be done semi-annually. The ALCO may choose to contract with an outside source to perform this analysis. The banks asset liability management is monitored through ALCO. ALCO attends the following issues while managing Balance Sheet Risks: (i) Review of actions taken in previous ALCO. (ii) Economic and Market Status and Outlook. (iii) Liquidity Risk related to the Balance Sheet. (iv) Review of the price / interest rate structure. (v) Actions to be taken. The ALCO Process An ALCO paper is produced every month (usually by the Finance Department) which covers various issues related to Balance Sheet risk management. The ALCO paper is prepared before the ALCO meeting as the committee reviews the ALCO paper to set strategies. The ALCO process or the ALCO meeting reviews the ALCO paper along with the prescribed agendas. The Chairman of the committee, that is the Treasurer or the CEO, raises issues related to the balance sheet. Treasurer suggests whether the interest rates need to be reprised, whether the bank needs deposits or advance growth, whether growth of deposits and advances should be on short or longer term, what would be the transfer price of funds among the divisions, what kind of interbank dependency the bank should have etc. In short, all issues related to liquidity and market risk are covered. Based on the analysis and views of the Treasurer, the committee takes decisions to reduce balance sheet risk while maximising profits. Action Points The ALCO takes decisions for implementation of any/all of the following issues:  ·Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚  Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚  Need for appropriate Deposit mobilisation or Asset growth in right buckets to optimise asset-liability mismatch.  ·Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚  Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚  Cash flow (long/short) plan based on market interest rates and liquidity.  ·Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚  Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚  Need for change in Fund Transfer Pricing (FTP) /or customer rates in line with strategy adapted.  ·Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚  Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚  Address to the limits that are in breach (if any) or are in line of breach and provide detailed plan to bring all limits under control.  ·Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚  Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚  Address to all regulatory issues that are under threat to non-compliance. Special ALCO Meeting Apart from the regular monthly meeting, ALCO meeting is also called as and when any contingent situations arise. A very good example may be, during the any special festival. At those times, market liquidity dries out and overnight rates shoot up. Banks who are net borrowers from the market may be exposed to huge interest expense the high rates in the market. This is an ideal time for a special ALCO meeting, where the committee may take critical decisions for deposit mobilisation on an urgent basis for reducing dependency from the market.

Sustainable Fashion Essay - 1880 Words

One of the most heavily discussed topics, in this last decade, is the environmental decay of our planet. Diverse concepts have materialized in order to find solutions for the problem. Ecology and sustainable growth have been confirmed to be the main solutions currently. Innovations for sustainable growth include: creation of hybrid cars, recycling and minor discharge of carbon dioxide in factories among others (Christ 23). Environmental awareness was also introduced to the world of fashion, unfortunately, it wasn’t very successful; lately there has been a change of situation and that is what we are going to attempt to understand. For almost twenty years now, people have been relying on fast fashion, a fairly new notion, which†¦show more content†¦The fact that it is possible to treat the clothes for them to simply not be able to receive dirt is eco friendly on long term because that means we wouldn’t need to wash the clothes as much but then those s ame clothes cannot be recycled and that is not eco friendly––Is it better to keep clothes as they are and waste more energy or to treat them but not recycle them after use? It is a dilemma. Finding an exact definition for the terms â€Å"sustainable fashion†. â€Å"Green†, â€Å"Eco fashion† to a name a few, is close to impossible. We all have the impression everyone understands it the same way but it is false, it has different meanings for all of us. The word sustainability itself implies some sort of length, in the sense that something can last long, it also. Here are some of the definitions people have of sustainable fashion: â€Å"Quality items that stand the test of time – it is this concept of sustainability, symbolized by a timeless handbag that you wear again and again, and can pass on, that I am always thinking of when I design.† Says Frida Gianni Accessories are a very important part of fashion and should be considered so a good example for this definition of sustainable would be the Hermes’ Birkin bag. The Birkin bag is a highly exclusive handmade bag from France; it is very expensive because of its exclusivity but also because of how it is constructed and the materialsShow MoreRelatedSustainable Fashion1324 Words   |  6 Pagesï » ¿ Sustainable Fashion: A Growing Need For Eco-Friendly Clothing Abstract Every consumer is probably aware that the products they purchase have some kind of effect on the environment. However, the average person does not know that the textile and clothing manufacturing industry has one of the greatest. Sustainable fashion is part of a growing design philosophy which some brands and designers are taking into consideration. The goal of thisRead MoreSustainable Fashion5274 Words   |  22 Pagesessay – comparison and contrast ââ€"   The language of comparison and contrast ââ€"   Incorporating quotations ââ€"   Planning and writing your essay ââ€"   Peer evaluation 7 Sustainable ­fashion ­ 7a Material diversity 7b Sustainable fashion 7c The future of ecofashion: A designdriven approach The fashion industry poses a serious threat to the environment. A higher level of sustainability in materials production is the key solution. Discuss. Compare and contrast the role of Innovators and Early Adopters withRead MoreA Socio-Economic Model for Sustainable Fashion1832 Words   |  8 Pagescorporations but also the lay man, sustainable fashion is a much less understood term as sustainability alongside fashion† are two seemingly contradictory concepts as fashion is all about change and sustainability is all about preservation. Sustainable fashion, in its purest form generates new ideas on how to produce fashion with a sense of ethics, organic or renewable resources, and socially responsible manufacturing techniques. Simply put, the term â€Å"eco-fashion† refers to stylized clothing thatRead MoreSustainable Style : How Sustainable Practices Can Benefit Everyone1611 Words   |  7 PagesSustainable Style: How Sustainable Practices Can Benefit Everyone Fashion tends to work in cycles, much like the technology industry: every designated cycle, a new innovation on a previous product or new reinvention is revealed to overshadow past generations. In fashion, rather than being met with a new smartphone every year, one is met with new collections twice a year: one for the fall and winter, and another for the spring and summer (i.e.- FW and SS). However, this cyclical behavior tends toRead MoreThe Models Of Fast Fashion945 Words   |  4 Pages who often forgets that the previous stages of the life cycle of a product have an environmental and social impact that is many times greater to use thereof, clothes and accessories are no exceptions (Fernando 2015). The concept of fast fashion fast fashion or refers to a phenomenon of mass production and consumption that increases at the same rate at which trends are undergoing modifications. In the consumer model clothing collections that mimic current trends at low cost are purchased, so brandsRead MoreGlobalization In The Fashion Industry Essay1558 Words   |  7 Pagesthe connection between consumers and producers. The globalization of the fashion industry is mainly driven by international retailers (Gereffi, Humphrey Sturgeon, 2005: 79) and extends to every part of the world, leaving the Global South to suffer for the needs of the people of the North. These companies ignite globalization and majorly contribute to the increase in manufacturing jobs from the West. As pioneers of fast fashion, many major companies have a variety of ways in which they source acrossRead MoreSustainable Fashion Supply Chain: Lessons from HM6439 Words   |  26 Pagescom/journal/sustainability Article Sustainable Fashion Supply Chain: Lessons from HM Bin Shen Glorious Sun School of Business and Management, Donghua University, Shanghai 200051, China; E-Mail: binshen@dhu.edu.cn; Tel./Fax: +86-216-237-3621 Received: 15 July 2014; in revised form: 15 August 2014 / Accepted: 19 August 2014 / Published: 11 September 2014 Abstract: Sustainability is significantly important for fashion business due to consumers’ increasing awareness of environment. When a fashion company aims toRead MoreEco Friendly, Green, Earth, Dirt, Recycle, Reuse1715 Words   |  7 Pagesyou think about the word sustainable, what comes to mind? Eco friendly, green, Earth, dirt, recycle, reuse, reduce. It is a word that is being thrown out there a lot. But, what is it really? The real dictionary definition of sustainability is: capable of being sustained, of, relating to, or being a method of harvesting or using a resource so that the resource is not depleted or permanently damaged. In other words, and ones you will actually understand, to be sustainable means that you take out ofRead MoreArt Students On Business Skills And Entrepreneurship1695 Words   |  7 Pagesunderstand and analyse the demands of the art students on business skills and entrepreneurship. London, as the world s fashion capital, is the best place to learn the arts and has many top art colleges (Fashion.telegraph.co.uk, 2015). This contributed to th e fashion industry having a large number of graduates and new resources each year. However, the high tuition fees are not making the fashion industry easily accessible to all of the students. Among them, some of the art students who want to venture intoRead MoreThe Technological Side Of Fashion2188 Words   |  9 Pagesimpacted on the way that people lived their lives. Until this very day aspects of society are continuously changing especially in the world of fashion. The fashion industry is constantly evolving especially both technological and economical aspects. The technological side of fashion has emerged greatly with technology like 3D printers becoming common for fashion brands to use when creating new garments. For example during the winter of 2015 the high street brand Topshop collaborated with Wonderluk, a

Discrimination And Discrimination Of The United States Essay

For a long time, equality in the United States was just a figment of some hopeful people’s imaginations, and an impractical idea from their reality. There was separation in schools, restaurants, and even workplaces. Along with separation there was racism and discrimination everywhere. Discrimination is â€Å"the act of denying rights, benefits, justice, equitable treatment, or access to facilities available to all others, to an individual or group of people because of their race, age, gender, handicap or other defining characteristic.†(Your Dictionary). President John F. Kennedy issued Executive Order 10925 on March 6, 1961, which was the first reference to a term known as â€Å"affirmative action†. This order led to the creation of the Committee on Equal Employment Opportunity, which requires that any projects that are federally funded must â€Å"take affirmative action† to ensure that their workplaces are free of racial bias in the practices of employme nt and hiring. The Equal Employment Opportunity Commission, or EEOC, is a branch of federal government that followed the Civil Rights Act of 1964, and its main purpose was to construe and impose federal laws that deal with preventing discrimination. â€Å"To achieve these goals, the EEOC holds hearings, administers equal employment opportunity laws for employees of the federal government, issues regulations interpreting the law, and litigates discrimination cases, among other things. The EEOC also accepts charges of discrimination fromShow MoreRelatedDiscrimination In The United States1451 Words   |  6 Pagesâ€Å"Current Events: Discrimination in the United States† â€Å"Walmart to ban woman who told customer to go back to Mexico, called another the N-word†(O’Sullivan 1). This is unfortunately the headline of a recent hateful event that happened in Arkansas, United States. A video was posted on Facebook by Eva Hicks. The video showed a white woman (not yet identified) yelling racial slurs at Eva like â€Å"go back to Mexico† and â€Å"we don’t want you here.† Eva was shopping in the medicine aisle at WalmartRead MoreThe Discrimination Of The United States950 Words   |  4 PagesThe example is always black. A statement that pretty much summed up what s wrong with America today. Every time you turn on the news, you see something negative about minorities. The white population commits the same crimes and the minorities, but the minorities are I totally agree with Marc Lamont Hill s views on the racism that still exists in the world. Minorities are unfairly targeted on a regular basis. Whether they are unfairly treated in the workplace,school systems, or by the police departmentRead MoreAppearance Discrimination in the United States875 Words   |  4 PagesDiscrimination based on appearance is a severe inequity and its impact is oft en more invidious than we can presume. Although it is not the most severe form of bias, the costs and disadvantages associated with appearance may necessitate some legal remedy or other societal response. Unfortunately, current legal frameworks are limited in prohibiting appearance discrimination and those established are so often ineffective. Government therefore does not have the means to mandate a change to this injusticeRead MoreRacial Discrimination : The United States1510 Words   |  7 PagesWe have issues: more specifically , the United States has issues, continuous and all-encompassing issues of racial inequality.The United States is experiencing a outburst of racism, as can be seen from the 2014 killings of two unarmed African-American men, to the brutality of white supremacy in Charleston and the string of arsons in black churches across the South. Of course, it’s nothing new for a nation with a long history of extreme racist violence—the most recent lynchi ng-related death occurredRead MoreDiscrimination: Race and United States1987 Words   |  8 Pagesbecause the people living in a nation affect how the nation is influenced and builds its character. Discrimination has been around for too long and needs to be dealt with. This act is not right, God is the only one who should be judging anyone. A different skin tone or race should mean nothing, everyone should be treated equal. African Americans still to this day, receive employment discrimination. More companies prefer to hire White Americans then Black Americans. There are laws against this, butRead MoreRacial Discrimination Of The United States1233 Words   |  5 PagesIntroduction Racial discrimination is defined as â€Å"when a person is treated less favorably than another person in a similar situation because of their race, color, descent, national or ethnic origin or immigrant status† (Thomas). Racial discrimination in the workplace is a real problem in our world today. Not only is it against the Constitution, but it is morally and ethically wrong. Throughout history, many people have fought for equality among races, and the fact that racism is still an issue inRead MoreImmigrant Discrimination : The United States2286 Words   |  10 PagesImmigrant discrimination is simply put the discrimination by natives against immigrants from other countries. In this article I am also going to go into some depth on discrimination on transplants from other areas (people who have relocated to another area of the country.) 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Racial tensions between blacks and whites goes far back to when slavery was still legal. African men, women, and children arrived to the free lands only to work their way out of slavery early on. Until the slave system became more strict

Essay about Kurdistans Choice of Independence - 925 Words

For more than a century, the demand or desire for a Kurdish state somehow divided the Kurdish people and their neighbors in terms of their opinion toward an independent Kurdish state. Kurds are possibly on of the largest ethnic groups in the world that do not own a country of their own. They are the largest minorities in Iraq, Iran, Turkey, and Syria (Murray p.31). It has been a challenge due to the radical ideologies of the neighboring countries toward an independent Kurdish state since they always translated that step as a threat to the repeating of the scenario to the Kurds in their own country. It is usually hard to express your self as a Kurd when people ask you about your place of origin. A Turk, Egyptian, or American can almost†¦show more content†¦Their assumption is that these countries will not support the declaration of an independent Kurdish state. However, these claims are mostly assumptions. According to â€Å"The Investment Fact Sheet† of the investment board of the KRG, the 2012 public budget is $12.5Bn . This is a relatively large budget to sustain a country. When it comes to geography, the fear of a total sanction from all sides is possibly overrated. Countries like turkey will mostly not oppose this step due to their large scale trading with the Iraqi Kurdistan region. According to figures by â€Å"Kurdistan Ministry of Trade Industry†, 60% of the companies that work in the KRG are Turkish companies . Another argument raised is the factor of politics. People who counter the idea debate that most of countries in the world won’t be accepting the idea of an independent Kurdish state in north of Iraq. However, Falah Mustafa, the head of the Department of Foreign Relations stated, â€Å"The KRG values its strong relations with foreign governments and international firms. Ensuring that we continue to develop and strengthen friendships is an important priority†. This indicates the willingness of the KRG to coope rate with countries and establish diplomatic relations to ensure a better communication. On the other hand, some state that the Kurdistan region of Iraq is going through a

A Comparison of Two Newspaper Articles - 780 Words

A Comparison of Two Newspaper Articles In this coursework B I would be comparing two news articles from two different sources. This coursework will be divided into three parts. The background and context, the view of both articles i.e. use of languages, headlines, quotes used e.t.c the last part will be my opinion and the conclusion. The main idea is to compare two news articles about a prison called Guantanomo bay in Cubaand how the prisoners are being treated, if the prisoners require a fair trial, if torture is going on and so on. These two articles are gotten from the internet the websites are www.dailymail.co.uk and www.bbc.co.uk. These two sources have different ways of reporting†¦show more content†¦The prisoners in guantanomo bay are about 450 from at least 43 different countries. The main reason behind the arrest is to find out if any one or groups of the suspected prisoners had anything to do with the September 11 attack. The Guantanamo bay is outside the US and it has a major difference between all the prisons in US. The difference is that the prison doesnt obey the UN declaration of human rights which is: right for free trial before being sentenced to prison, the right for everyone to be allowed any form of defence.g lawyers during the trial. This two newspaper articles were derived from their websites dailymail.co.uk and bbc.co.uk are giving information on if the prisoners are being tortured. According to the BBC article prisoners do not have any contact with their families, they where just arrested without trial and they are facing interrogations with torture. On the other hand the article from the dailymail says that president bush denies having anything to do with the torture of the prisoners as he claims he didnt other anything of that order. But further in the article some secret white house documents showed us politician Donald rumsfeld in dec.2002 approved harsh interrogation techniques for Taliban and al qaeda prisoners at the us naval base in Guantanamo. VIEW OF BOTH ARTICLES. (COMPARISM) In the daily mail the topic isShow MoreRelatedComparison of Two Newspaper Articles1280 Words   |  6 PagesComparison of Two Newspaper Articles These two articles are about asylum seekers. Both articles agree that there are too many asylum seekers, but are presented in a very different way to each other. Article one is a shorter more aggressive tract, not intended to make the reader think about the article but just to instantly agree with it. Article two however stands back and looks at the problem, why it has arisen and suggests ways that there can be resolutions. 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The guardian newspaper is twice the size of a tabloid newspaper e.g. The Sun. and therefore has twice as much information, than a tabloid. A Tabloid newspaper focuses on the images, and has less information

JFK His Life And Legacy (1967 words) Essay Example For Students

JFK: His Life And Legacy (1967 words) Essay JFK: His Life and LegacyOn November 22, 1963, while being driven through the streets of Dallas, Texas,in his open car, President John F. Kennedy was shot dead, apparently by thelone gunman, Lee Harvey Oswald. The world had not only lost a common man, but agreat leader of men. From his heroic actions in World War II to his presidency, making the decisionsto avert possible nuclear conflict with world superpowers, greatness can beseen. Kennedy also found the time to author several best-selling novels fromhis experiences . His symbolic figure represented all the charm, vigor andoptimism of youth as he led a nation into a new era of prosperity. From his birth into the powerful and influential Kennedy clan, much was to beexpected of him. Kennedy was born on May 29,1917 in Brookline, Massachusetts. His father, Joe, Sr., was a successful businessman with many politicalconnections. Appointed by President Roosevelt, Joe, Sr., was given the chair ofthe Securities and Exchange Commission and later the prestigious position ofUnited States ambassador to Great Britain(Anderson 98). His mother, Rose, was aloving housewife and took young John on frequent trips around historic Bostonlearning about American revolutionary history. Both parents impressed on theirchildren that their country had been good to the Kennedys. Whatever benefitsthe family received from the country they were told, must be returned byperforming some service for the country(Anderson 12). The Kennedy clan includedJoe, Jr., Bobby, Ted and their sisters, Eunice, Jean, Patricia, Rosemary, andKathleen. Joe, Jr., was a significant figure in young Johns life as he was thefigure for most of Johns admiration. His older brother was much bigger andstronger than John and took it upon himself to be Johns coach and protector. Johns childhood was full of sports, fun and activity. This all ended when Johngrew old enough to leave for school. At the age of thirteen, John left home to attend an away school for the firsttime. Canterbury School, a boarding school in New Milford, Connecticut andChoate Preparatory in Wallingford, Connecticut completed his elementaryeducation(JFK 98). John graduated in 1934 and was promised a trip to Londonas a graduation gift. Soon after, John became ill with jaundice andwould have to go to the hospital. He spent the rest of the summer trying torecover. He was not entirely well when he started Princeton, several weekslater in the fall of 1935. Around Christmas the jaundice returned and John hadto drop out of school. Before the next school year began, he told his father hewanted to go to Harvard(JFK 98). On campus, young people took interest inpolitics, social changes, and events in Europe. The United States was pullingout of the Great Depression. HitlersNazi Germany followed aggressive territorial expansion in Europe. It was atthis time that John first became aware of the vast social and econo micdifferences in the United States. In June 1940, John graduated cum laude(withpraise or distinction) from Harvard. His thesis earned a magna cum laude(greatpraise)( JFK 98). After graduation, John began to send his paper topublishers, and it was accepted on his second try. Wilfrid Funk published itunder the title Why England Slept. It became a bestseller. John, attwenty-five, became a literary sensation. In the spring of 1941, both John and Joe, Jr., decided to enroll in the armedservices. Joe was accepted as a naval air cadet but John was turned down byboth the army and navy because of his back trouble and history of illness(JFK98). After months of training and conditioning, John reapplied and on September19, John was accepted into the navy as a desk clerk in Washington. He wasdisgusted and applied for a transfer. In June 1941, Kennedy was sent to NavalOfficers Training School at Northwestern University in Evanston, Illinois andthen for additional training at the Motor Torpedo Boat Center at Melville,Rhode Island. In late April 1943, Lieutenant John F. Kennedy was put in commandof a PT 109, a fast, light, attack craft in the Solomon Islands in the SouthPacific. Kennedy saw action in the form of night patrols and participated inenemy bombings. On August 1, 1943, during a routine night patrol, a Japanesedestroyer collided in the darkness with Kennedys craft and the PT 109 wassunk. Thr ough superhuman effort, the injured Kennedy heroically swam back andforth rescuing his wounded crew. Two were killed in the crash. The injury hadonce again aggravated his back. Still, Kennedy pushed on swimming from islandto island in the South Pacific hoping for a patrol to come by. The lieutenanthad no idea he had been in the water for eight hours. Finally, an island wasspotted that could provided cover from Japanese planes. With no edible plantsor water, Kennedy realized that he and the crew must move on. A Recipe For Murder EssayDue to his enormous success in Congress, the Democratic party nominated him forthe presidential ticket in 1960.Lyndon Johnson was chosen as the running matewith Kennedy tosecure and build upon the democratic bases in the southernstates while the Kennedys sought out the younger voters, the factory workers,and the liberals(Gadney 61). During the Kennedy Administration, a great deal of events were going on. Jackiehad given birth to JFK, Jr., while all over the south, the civil rightsmovement was going in full force with incidents breaking out. Specificattention gathered around a black air force veteran, James Meredith, appliedfor admission to the University of Mississippi. In Cuba both the Bay of Pigsoccurred, in which U.S. supported rebels revolted in a poorly laid out plan ofevents that fell out beneath them, and the Cuban Missile Crisis in which theSoviet Republic were building missile silos in Cuba, 100 miles away fromFlorida. The Space Race was in full force with both Russia and the U.S. incompetition to reach the moon. U.S. involvement in Vietnam was in the latterstages with plans to withdraw after the 1964 election. On a trip to Dallas to stir up support for the reelection, the Presidents autowere coming down elm street when three shots rang out. The first projectileentered at the base of Kennedys neck and exited through the back of his head. The second bullet hit Texas Governor John Connally. Seconds later there wasanother shot and the back of the presidents head was torn away. The assassin-Lee Harvey Oswald with a mail-order rifle fired from the Texas School BookDepository(Warren 5). Oswald had recently applied for a passport to CommunistRussia which led to a series of private meetings between Oswald and the RussianGovernment(Warren 614). Oswald protested his innocence. President Johnson set up what quickly became known as the Warren Commissionheaded by Chief Justice Warren to find the motive behind the assassination, TheCommission finds the lone, depressed, mentally unstable, anti-social nut killsan American president(Theories 1). Other theories have evolved over timesuch as the Grassy Knoll theory. Witnesses say that a man in black was presentand fired simultaneously with Oswald and doubled the actual shotsfired(Theories 1) Another theory is that the fired CIA director Allen Dullesused his considerable connections and plotted revenge(Theories 2). On Nov. 24, 1963 as Oswald was being escorted from the city jail, Jack Rubyshot Oswald with a single shot from a Colt .38 revolver(Warren 350). Ruby wasarrested and stood trial in Dallas. He was found guilty and was sentenced tohang. He died in jail of cancer, on January 3,1967. Kennedy was the first President to be born in the twentieth century and wasvery much a man of his time. He was restless, seeking, with a thirst ofknowledge, and he had a feeling of deep commitment, not only to the people ofthe United States, but to the peoples of the world. Many of the causes hefought for exist today because of what he did for the rights of minorities, thepoor, the very old and the very young. He never took anything for granted andworked for everything he owned. Perhaps Kennedy summed up his life best in hisown inaugural speech: Ask not what your country can do for you, but ask what

The Forms and Functions of Tort Law

Questions: 1. Assume that you are a legal adviser and Tom has described the events leading to the damage to his property, would you advise him to take a civil or criminal action against James? Explain why you have chosen this type of action.2. What cause of action would you advise Tom to take against James? State the name of the case that this cause of action originated from and provide its reference.3. List the elements of the cause of action that Tom would need to prove in order to succeed. Apply the elements of this cause of action to the facts.4. What is the likely outcome for Tom of a successful action against James? Answers: 1. In the given circumstances, Tom can take civil legal actions against his neighbor James on the ground of Tort of Negligence. Under the English common law and the Australian legal regulations, negligence is an act of failure to exercise reasonable care under given circumstances. The Tort law can be applied in cases where the acts of carelessness by the individual have caused monetary of physical damage to the claimant. Tom in this context can file a suit against the defendant James on the grounds of Intentional damage to economic interests, which is a part of the Tort Law of Australia (Goldberg, Sebok Zipursky, 2012). 2. On providing sufficient proves of the above three elements, Tom can claim both civil claims as well as criminal claims. Under the Tort of negligence Tom can claim for penalty and compensation for the damages caused to his car. Under the criminal claims however the defendant may also secure a prison sentence as a penalty. However since Tom has no suffered from any actual physical harm as per the Common Tort Law, hence he can only claim for civil actions against the defendant (Bermingham Brennan, 2012). The case of Donoghue v Stevenson [1932] AC 562 illustrates the law of negligence. The case focused on the negligence of duty on the part of a caf owner bought in by the claimant Mrs. Donoghue. The claimant found a part of a snail immersed within the beer that she had ordered in a caf. She filed a suit against the caf owner claiming breach of duty of care. This case gave rise to the modern law of negligence stating that every individual should love their neighbor and must not injure the neighbor intentionally or unintentionally. 3.The major elements that Tom needs to prove in order to avail the tort of negligence are namely Duty of care, breach of duty and damages. In the context of the case the elements are found as follows: Duty: The defendant (James) owed a duty of care regarding the possibility of the accident to the claimant (Tom). Breach of Duty: James has broken the duty of care intentionally. In this case, the claimant can also file a suit against him on the grounds of Intentional tort. Damages: The plaintiff must show the prove of the damage which has been caused by the breach of the duty of care. The damage caused i.e. the damage to the expensive car of tom, by the intentional negligence of the defendant (Stewart Stuhmcke, 2012). 4. Keeping the case details in mind, it can be suggested that Tom will be successful in his claims against James because he can successfully prove all the three essential elements of the Tort of negligence. Thus, Tom can take civil actions against James and claim for monetary compensation from James. Moreover judging the magnitude of the risk that could have been caused by the hanging branches of the tree, Tom can also file for a criminal action against James for intentional negligence of the facts. (Abraham, 2012) Reference list Abraham, K. (2012).The forms and functions of tort law. New York, N.Y.: Foundation Press Thomson/West. Bermingham, V., Brennan, C. (2012).Tort law. Oxford: Oxford University Press. Goldberg, J., Sebok, A., Zipursky, B. (2012).Tort law. New York: Wolters Kluwer Law Business. Stewart, P., Stuhmcke, A. (2012).Australian principles of tort law. Annandale, NSW: The Federation Press.