Saturday, May 23, 2020

Repo Transactions Securities - Free Essay Example

Sample details Pages: 5 Words: 1410 Downloads: 1 Date added: 2017/06/26 Category Business Essay Type Narrative essay Did you like this example? Makeup Case ESM-17 Q. During the ESM congressional hearings, the auditors of ESMs major customers were questioned regarding the confirmation procedures they used for their clients transactions with ESM. What would be the key objective or objectives of an auditors confirmation procedures when a client has engaged in (a) repo transactions with a government securities broker and (b) reverse repo transactions with a government securities broker? What types of procedures would be used in auditing repo and reverse repo transactions? A. As an introduction, I would first like to define the term â€Å"repo transaction†. A repurchase agreement, or repo, can be described as a contract between a financial institution and an investor in which securities are sold and promised to be repurchased on a later specified date for a specified price. The transaction may be for either investing or financing depending on which side of the transaction is participated in. A rep urchase agreement is made when a financial institution (the seller-borrower) that sells the securities to an investor (the buyer-lender) and subsequently agrees to repurchase the securities back at the later specified date at the specified price. A reverse repurchase agreement is exactly the same thing, except from the opposite point of view. A reverse repo would from the buyers viewpoint instead of the sellers. In the preceding example, the investor would be considered to have made a reverse repo agreement, agreeing to purchase and subsequently sell the securities back at the later specified date at the specified price. Most repo agreements involve federal government securities such as Treasury bills and bonds, but may also be corporate or municipal obligations as well. Repo agreements are similar in arrangement to secured loans in that the buyer receives the securities as collateral to protect the buyer from default by the seller. The difference between the selling price and th e repurchase price represents the financial institutions interest for the use of investors capital. Although legal title passes from the seller to the buyer, coupon payments are paid directly to the seller even though the ownership of the securities rests with the buyer. Most repo agreements are between other depository institutions, brokers/dealers of securities, governments and retail customers. Maturities of repo agreements range from one day (overnight), short-term (up to 270 days), long-term (two years) or can be open-ended (no maturity date). The securities involved in the repo agreement can be physically delivered, placed with a third-party custodian, or retained (held) by the seller. When planning an audit of a client involved in repo agreements, the auditor should obtain reasonable assurance that focuses on balance-related audit objectives. When the client enters into a repo agreement, selling the securities and promising to repurchase them, at a later date this creat es a liability. The dominant balance-related audit objective in this case would be to check for completeness. Completeness involves checking that all of the amounts that should be included have in fact been included. The point here is to be sure that the client has recorded (included) all the appropriate amounts for the liability. The incentive for the client is to leave the liability off of the books. If the client enters into a reverse repo agreement, purchasing the securities and agreeing to resell them at a later date, an asset is created. The dominant balance-related audit objective in this case would be to check for existence. Existence involves checking to see if the amounts should actually be included. Key to this objective would be to be sure the client actually possesses the securities to be resold in their inventory. The incentive of the client is to create an asset that does not exist. An example of completeness and existence related to repo agreements is to obtain reaso nable assurance that the repos and reverse repos are properly identified, described, and disclosed; include all agreements; and are stated at appropriate amounts. Another example of existence is the securities purchased under reverse repos exist and are either on hand or are held in custody for the institution. Accuracy should also be considered by the auditor. Accuracy involves making sure that all included amounts are arithmetically correct. An example involving repo agreements would be to obtain reasonable assurance that interest expense or income and related balance sheet accounts are properly measured and recorded. Another example of accuracy would be the values at which the securities are reported are appropriate. Another balance-related audit objective that the auditor must consider is classification. Classification involves determining whether the accounts contain the correct items so that they can be appropriately presented and disclosed. An example related to repo ag reements would be to obtain reasonable assurance that repos accounted for as secured borrowings meet the criteria for secured borrowings, including the condition that the assets to be repurchased are the same as sold. Rights and obligations should be considered by the auditor. Rights involve making sure that the assets are legally owned before they can be included. Obligations deal with liabilities and must belong to the institution. An example related to repo agreements would be to obtain reasonable assurance that the institution has legal title or other rights to ownership for all recorded securities. In addition to balance-related audit objectives, the auditor should also consider presentation and disclosure-related audit objectives. Occurrence and rights and obligations involves whether disclosed events have occurred and are the rights and obligations of the institution. Whether all required disclosures have been included deals with completeness. Accuracy and valuation ref ers to whether the financial information is fairly presented and at appropriate amounts. Whether the financial statements and footnotes contain amounts that are appropriately classified, and whether the balance descriptions and related disclosures are understandable involves classification and understandability. Examples of these presentation and disclosure-related audit objectives are that repo agreements have been executed and are obligations of the institution, assets pledged as collateral for repo agreements are properly disclosed in the financial statements, recorded amounts include assets owned by the institution and the financial statements include all transactions for the period, and securities involved in repo agreements are properly described and related footnote disclosures are accurate. In determining the auditing procedures to be used in auditing repo agreements, the auditor should accumulate the appropriate audit evidence. The auditor should examine any repo agreeme nt documentation. Documents should be reviewed and the respective recording of the liability should be agreed to. The securities put up as collateral should be tested to determine if they are adequately identified and properly disclosed, and the descriptions and amounts match those in the subsidiary ledger. The auditor should seek confirmations regarding the amount and terms of all repo agreements with the respective securities dealers, investors, and institutions. The confirmations serve to provide evidence on their occurrence, terms, and the treatment of the securities, whether delivered to the buyer, held by a custodian, or retained by the seller. It should be noted that it is often impractical to determine the existence or location of securities that are delivered to the buyer. This does not indicate that the buyer will not be able to complete the transaction and should not concern the auditor. The auditor should however consider using addition procedures to assess the abilit y of the buyer to complete the transaction by reviewing the audited financial statements of the buyer, considering any regulatory requirements, and obtaining a report from the independent accountant of the buyer. The auditor should also review related party transactions. The review should review transactions recorded as sales transactions to determine potential unrecorded transactions. The review may find that a transaction involving a sale and a repurchase was in fact a repo and should be accounted for as financing. The auditor should be aware of transactions that are improperly recorded. The auditor should assess collateral risk. The reputation, financial condition and market presence of the buyer should be considered. The current market value of the collateral should be reviewed to determine if the collateral is sufficient in relation to the agreement. The auditor should also assess whether the repo agreement fits the criteria for a financing or sales transaction. The au ditor should also test fair value disclosures. Quoted market prices or prevailing interest rates of the same or similar securities should be considered to evaluate if the estimates are reasonable. Some additional procedures an auditor could use are a review of the board of directors minutes, testing whether approved securities dealers were used, and recomputation of gains or losses on reverse repo agreements. Don’t waste time! Our writers will create an original "Repo Transactions Securities" essay for you Create order

Monday, May 11, 2020

An Organizational Profile Of The United States Army

Running head: ORG PROFILE 1 2 2 ORG PROFILE An Organizational Profile of the United States Army: Katherine Bingley University of Louisville Dr. Bradley Carpenter ELFH 490 May 27, 2015 An Organizational Profile of the United States Army I have chosen to write about the United States Army for my Organizational profile. Not only was it extremely interesting to look at the organization that I love and how it functions, but it is the one business that I feel most comfortable with. The Army employs approximately 530,000 Active Duty Soldiers and 330,000 civilians, making it one of the largest, most powerful corporations in the world. Founded in 1775, it is one of the oldest businesses in the United States and is rich with history, symbolism, and structure (citation, year). The Army is so interesting to me because it has so many different lines of effort. Of course you have to train Soldiers to fight and win, but you also have to take care of the families, run a town, manage factories and hospitals, and provide education for the children. What other organization does this on such a large level? Even the other branches of the Armed Forces can?t compare to what the Arm y accomplishes on a daily basis. Structural Features Bolman and Deal (1997) stated that structural frames are goal oriented. The Army?s goal is simple, clear, concise and achievable; to win America?s wars. Every function that goes on within our Organization supports this goal in some shape or fashion.Show MoreRelatedEssay Organizational Profile: the Salvation Army1277 Words   |  6 PagesRunning head: ORGANIZATIONAL PROFILE: THE SALVATION ARMY 1 Organizational Profile: The Salvation Army ETH/316 ORGANIZATIONAL PROFILE: THE SALVATION ARMY The Salvation Army’s ethical and moral responsibility to the community stems back in history from its framework to the organization. â€Å"William Booth embarked on his ministerial profession in 1852, desiring to win the disoriented multitudes of England to Christ. He walked 2 the streets of London to advocate the gospel of Jesus ChristRead MoreAssessment Of An Organizational Leader1261 Words   |  6 PagesAssessment of an Organizational Leader It is not uncommon for individuals in a private corporation or in a state public sector organization to associate leadership concepts with the top brass in today’s military. 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Wednesday, May 6, 2020

A Case of Convicted Rapists Free Essays

I read in this journal that research mainly by interviews with convicted sexual offenders and contrast groups is important in order to understand why and how sexual violence against women occurred (1). Because masculinity has been assumed to be superior, and knowledge reflects on male dominated universe reflecting the views of patriarchal beliefs, feminists need to study and understand the reality of sexually violent men (2, 3). I noted that there are numerous hindrances in determining number and characteristics of rapists because only the ‘classic’ and violent cases are reported. We will write a custom essay sample on A Case of Convicted Rapists or any similar topic only for you Order Now To counter this, research would require interviews with the group of unreported rapists but this would again place the researcher as an accomplice because of protecting the rapist’s identity (6, 7). Information acquired in therapy is unreliable due to prisoner’s mistrust of prison officials as they feel it might be used against them in a parole hearing (10-11). Traditional masculinity behaviour suggested the men would respond positively to a female interviewer and despite security risks, professional self took priority before the personal self in order to collect relevant data (12, 13). I understood that to get good data, a good working relationship, the use of non-threatening background information and long interviews was crucial (15). Rapport was necessary in creating trust, confidentiality and mutual respect and this appealed to even the hardcore felons who were ready to talk to a non-judgmental outsider if just to break prison monotony. While neutrality should not be portrayed as approval, disagreements can result in destruction of rapport and jeopardize future interviews. Opinion should be put forth candidly but carefully to leave the participant feeling positive about the interview (16-18). I learned that many prisoners present unique problems in regard to obtaining voluntary informed consent and mentioning that they were rapists would cause the men shame and embarrassment (19-21). Explanations on risks, safeguards and the prisoners’ rights were given as well as permission to confirm the validity of the interview data (23-25). Research showed that prisoners are prone to lying, fabrication and manipulation in order to better their chances of parole because their approval depends on staff researchers’ assessment. While some rapists admitted to raping, they played down their use of force, others did not believe their actions constituted rape and the rest completely denied any sexual contact with the victims and pleaded mistaken identity (27-28). I also noted that while cooperation from the State Department of Corrections and the prison staff was excellent, riots and lockups, scheduling mishaps, inmate transfers and absenteeism, electricity blackouts and the occasional lack of an interview room were some of the obstacles encountered while at times unfavourable weather and lack of air conditioning made the longer interviews almost unbearable (29-30). References Diana, s. (1990). A glimpse inside. Understanding sexual harassment: a study of convicted rapists. Rout ledge, New York. Â   How to cite A Case of Convicted Rapists, Papers

Thursday, April 30, 2020

William Shakespeares play, Hamlet, was full of de Essay Example For Students

William Shakespeares play, Hamlet, was full of de Essay ceit, and subterfuge. It is as if it were a Chess game brought to life in on a stage. As Chess there are two Kings, Prince Hamlet and King Claudius, who control the moves of the other pieces. The others, being the pawns that they are, are maneuvered around, to spin an intracit web of lies and subterfuge. In this web people played people against one another. Each using the other to gain something, whether it is to get revenge, political advancement, or just to keep something wrongfully gained. In Hamlet, there are few people who can be called totally innocent of try to gain anything. Two such people are Queen Gertrude and Ophelia. We will write a custom essay on William Shakespeares play, Hamlet, was full of de specifically for you for only $16.38 $13.9/page Order now Gertrude, if guilty of trying to gain anything, it would be only being guilty of trying to please everyone. She thrived on other peoples happiness. She was the first person used in this play. Claudius, first killed her husband, King Hamlet, and then made her fall in love with him. He did this to gain the throne. She believes that this is the cause of Hamlets madness. Gertrude loves her son with a passion boarding on obsession. She seems to need him to live. One of the reasons the king does not just kill Hamlet is because, The Queen his mother lives almost by his looks. (224, line 11) She is also used by the King to spy on Hamlet, to see what made him insane, and if he knows that the King killed his father. The Queen also really loves the King, and does not want to see him hurt by Hamlet. However, this love of the king kills her in the end of the play. Ophelia also loves Hamlet, but she is persuaded by her father not to act on his tenders(42, line 104). She believes that she is the cause of Hamlets madness, because she did not show him she loved him. She is pushed around by everyone. She is obedient to her father and brother. She is used by her father and the king to spy on Hamlet, but all that does she pushes her towards the brink of insanity. She is confused by Hamlets crude speech around her. Ophelia finally goes insane when Hamlet kills her father. She becomes loud and crude, and then in the end, drowns. The only things that linked Ophelia and Gertrude together were their share love for Hamlet, and the ease at which they were used. I believe that Ophelia was Gertrudes foil, because she was almost like her. Ophelia just handled thing differently then Gertrude.

Saturday, March 21, 2020

Evaluate The Different Approaches To Management Used Within Siemens

Evaluate The Different Approaches To Management Used Within Siemens Evaluate The Different Approaches To Management Used Within Siemens And A Different Organization – Case Study Example Management within Siemens Management within Siemens Mobile phone companies have been in the rise over the past couple of decades. One of the most common companies in Siemens and the company has been on the rise in a manner that it has threatened other companies in the industry. The management strategy incorporated by the company has had competing effectively against other companies such as Motorola. As opposed to Motorola, Siemens has incorporated all four processes of management. One of the models incorporated by the company is introducing the human relations model. This model involves the company looking out for both the human resource and the customers. The company does this by the creation of forums where it offers the human resource with advice on how to improve their careers (Samuels, 2013). A company such as Motorola does not have such a forum and thus the reason why it does not succeed as well as Siemens. The rational model is another strategy introduced by the company. Throu gh this model, the company has held important meetings where it identifies its weaknesses and then proceeds to go through the planning process in order to eliminate the problem. This is done communally and is different when compared to the manner in which Motorola handles its problems where it is the C.E.O who has the responsibility of resolving the problems.Open systems involve Siemens relating effectively with the outside environment, commonly the customers where it associates and seeks to understand their views on the company’s gadgets (Samuels, 2013). This is effective for the company gets to understand the needs of the customers that is different from Motorola that does not bother understanding needs of the customers as much. The internal systems of the company are other factors to review where there is an effective communication process between different levels of management within Siemens organization. However, Motorola does not have an elaborate communication system w here it thus becomes difficult for important information to reach the target departments. BibliographySamuels, D. (2013). Creating a high performance culture: a Siemens Case Study. Web http://businesscasestudies.co.uk/siemens/creating-a-high-performance- culture/introduction.html#axzz395AVFeqT

Thursday, March 5, 2020

Obamas Health Care Reform Speech (Full Text)

Obamas Health Care Reform Speech (Full Text) Madame Speaker, Vice President Biden, Members of Congress, and the American people:When I spoke here last winter, this nation was facing the worst economic crisis since the Great Depression. We were losing an average of 700,000 jobs per month. Credit was frozen. And our financial system was on the verge of collapse.As any American who is still looking for work or a way to pay their bills will tell you, we are by no means out of the woods. A full and vibrant recovery is many months away. And I will not let up until those Americans who seek jobs can find them; until those businesses that seek capital and credit can thrive; until all responsible homeowners can stay in their homes.That is our ultimate goal. But thanks to the bold and decisive action we have taken since January, I can stand here with confidence and say that we have pulled this economy back from the brink.I want to thank the members of this body for your efforts and your support in these last several months, and especially those who have taken the difficult votes that have put us on a path to recovery. I also want to thank the American people for their patience and resolve during this trying time for our nation.But we did not come here just to clean up crises. We came to build a future. So tonight, I return to speak to all of you about an issue that is central to that future and that is the issue of healthcare.I am not the first President to take up this cause, but I am determined to be the last. It has now been nearly a century since Theodore Roosevelt first called for healthcare reform. And ever since, nearly every president and Congress, whether Democrat or Republican, has attempted to meet this challenge in some way. A bill for comprehensive health reform was first introduced by John Dingell Sr. in 1943. Sixty-five years later, his son continues to introduce that same bill at the beginning of each session.Our collective failure to meet this challenge – year after year, decade after decade – has led us to a breaking point. Everyone understands the extraordinary hardships that are placed on the uninsured, who live every day just one accident or illness away from bankruptcy. These are not primarily people on welfare. These are middle-class Americans. Some can’t get insurance on the job.Others are self-employed, and can’t afford it, since buying insurance on your own costs you three times as much as the coverage you get from your employer. Many other Americans who are willing and able to pay are still denied insurance due to previous illnesses or conditions that insurance companies decide are too risky or expensive to cover.We are the only advanced democracy on Earth – the only wealthy nation – that allows such hardships for millions of its people. There are now more than 30 million American citizens who cannot get coverage. In just a two-year period, one in every three Americans goes without healthcare coverage at some point. And ever y day, 14,000 Americans lose their coverage. In other words, it can happen to anyone.But the problem that plagues the healthcare system is not just a problem of the uninsured. Those who do have insurance have never had less security and stability than they do today. More and more Americans worry that if you move, lose your job, or change your job, you’ll lose your health insurance too. More and more Americans pay their premiums, only to discover that their insurance company has dropped their coverage when they get sick, or won’t pay the full cost of care. It happens every day.One man from Illinois lost his coverage in the middle of chemotherapy because his insurer found that he hadn’t reported gallstones that he didn’t even know about. They delayed his treatment, and he died because of it. Another woman from Texas was about to get a double mastectomy when her insurance company canceled her policy because she forgot to declare a case of acne.By the time sh e had her insurance reinstated, her breast cancer more than doubled in size. That is heart-breaking, it is wrong, and no one should be treated that way in the United States of America.Then there’s the problem of rising costs. We spend one-and-a-half times more per person on healthcare than any other country, but we aren’t any healthier for it. This is one of the reasons that insurance premiums have gone up three times faster than wages. It’s why so many employers   especially small businesses are forcing their employees to pay more for insurance, or are dropping their coverage entirely.It’s why so many aspiring entrepreneurs cannot afford to open a business in the first place, and why American businesses that compete internationally   like our automakers are at a huge disadvantage. And it’s why those of us with health insurance are also paying a hidden and growing tax for those without it about $1000 per year that pays for somebody else†™s emergency room and charitable care.Finally, our healthcare system is placing an unsustainable burden on taxpayers. When healthcare costs grow at the rate they have, it puts greater pressure on programs like Medicare and Medicaid. If we do nothing to slow these skyrocketing costs, we will eventually be spending more on Medicare and Medicaid  than every other government program combined. Put simply, our healthcare problem is our deficit problem. Nothing else even comes close.These are the facts. Nobody disputes them. We know we must reform this system. The question is how.There are those on the left who believe that the only way to fix the system is through a single-payer system like Canada’s, where we would severely restrict the private insurance market and have the government provide coverage for everyone.On the right, there are those who argue that we should end the employer-based system and leave individuals to buy health insurance on their own.I have to say that the re are arguments to be made for both approaches. But either one would represent a radical shift that would disrupt the healthcare most people currently have.Since healthcare represents one-sixth of our economy, I believe it makes more sense to build on what works and fix what doesn’t, rather than try to build an entirely new system from scratch.And that is precisely what those of you in Congress have tried to do over the past several months.During that time, we have seen Washington at its best and its worst. We have seen many in this chamber work tirelessly for the better part of this year to offer thoughtful ideas about how to achieve reform. Of the five committees asked to develop bills, four have completed their work, and the Senate Finance Committee announced today that it will move forward next week. That has never happened before.Our overall efforts have been supported by an unprecedented coalition of doctors and nurses; hospitals, seniors’ groups and even drug c ompanies   many of whom opposed reform in the  past. And there is agreement in this chamber on about 80% of what needs to be done, putting us closer to the goal of reform than we have ever been.But what we have also seen in these last months is the same partisan spectacle that only hardens the disdain many Americans have toward their own government.Instead of honest debate, we have seen scare tactics. Some have dug into unyielding ideological camps that offer no hope of compromise. Too many have used this as an opportunity to score short-term political points, even if it robs the country of our opportunity to solve a long-term challenge. And out of this blizzard of charges and countercharges, confusion has reigned.Well the time for bickering is over. The time for games has passed. Now is the season for action. Now is when we must bring the best ideas of both parties together, and show the American people that we can still do what we were sent here to do. Now is the time to deliv er on healthcare.The plan I’m announcing tonight would meet three basic goals: It will provide more security and stability to those who have health insurance. It will provide insurance to those who don’t. And it will slow the growth of health care costs for our families, our businesses, and our government.It’s a plan that asks everyone to take responsibility for meeting this challenge   not just government and insurance companies, but employers and individuals. And it’s a plan that incorporates ideas from senators and Congressmen; from Democrats and Republicans and yes, from some of my opponents in both the primary and general election.Here are the details that every American needs to know about this plan: First, if you are among the hundreds of millions of Americans who already have health insurance through your job, Medicare, Medicaid, or the VA, nothing in this plan will require you or your employer to change the coverage or the doctor you have. Let me repeat this: Nothing in our plan requires you to change what you have.What this plan will do is to make the insurance you have work better for you. Under this plan, it will be against the law for insurance companies to deny you coverage because of a preexisting condition. As soon as I sign this bill, it will be against the law for insurance companies to drop your coverage when you get sick or water it down when you need it most.They will no longer be able to place some arbitrary cap on the amount of coverage you can receive in a given year or a lifetime. We will place a limit on how much you can be charged for out-of-pocket expenses, because in the United States of America, no one should go broke because they get sick.And insurance companies will be required to cover, with no extra charge, routine checkups and preventive care, like mammograms and colonoscopies   because there’s no reason we shouldn’t be catching diseases like breast cancer and colon cancer before they get worse.That makes sense, it saves money, and it saves lives. That’s what Americans who have health insurance can expect from this plan   more security and stability.Now, if you’re one of the tens of millions of Americans who don’t currently have health insurance, the second part of this plan will finally offer you quality, affordable choices. If you lose your job or change your job, you will be able to get coverage. If you strike out on your own and start a small business, you will be able to get coverage. We will do this by creating a new insurance exchange   a marketplace where individuals and small businesses will be able to shop for health insurance at competitive prices.Insurance companies will have an incentive to participate in this exchange because it lets them compete for millions of new customers. As one big group, these customers will have greater leverage to bargain with the insurance companies for better prices and quality coverage. Thi s is how large companies and government employees get affordable insurance. It’s how everyone in this Congress gets affordable insurance. And it’s time to give every American the same opportunity that we’ve given ourselves.For those individuals and small businesses who still cannot afford the lower-priced insurance available in the exchange, we will provide tax credits, the size of which will be based on your need. And all insurance companies that want access to this new marketplace will have to abide by the consumer protections I already mentioned.This exchange will take effect in four years, which will give us time to do it right. In the meantime, for those Americans who can’t get insurance today because they have preexisting medical conditions, we will immediately offer low-cost coverage that will protect you against financial ruin if you become seriously ill. This was a good idea when Senator John McCain proposed it in the campaign, it’s a good idea now, and we should embrace it.Now, even if we provide these affordable options, there may be those   particularly the young and healthy who still want to take the risk and go without coverage. There may still be companies that refuse to do right by their workers.The problem is, such irresponsible behavior costs all the rest of us money. If there are affordable options and people still don’t sign up for health insurance, it means we pay for those people’s expensive emergency room visits.If some businesses don’t provide workers health care, it forces the rest of us to pick up the tab when their workers get sick, and gives those businesses an unfair advantage over their.And unless everybody does their part, many of the insurance reforms we seek   especially requiring insurance companies to cover preexisting conditions just can’t be achieved.That’s why under my plan, individuals will be required to carry basic health insurance just as most states require you to carry auto insurance.Likewise, businesses will be required to either offer their workers healthcare, or chip in to help cover the cost of their workers. There will be a hardship waiver for those individuals who still cannot afford coverage, and 95% of all small businesses, because of their size and narrow profit margin, would be exempt from these requirements.But we cannot have large businesses and individuals who can afford coverage game the system by avoiding responsibility to themselves or their employees. Improving our healthcare system only works if everybody does their part.While there remain some significant details to be ironed out, I believe a broad consensus exists for the aspects of the plan I just outlined:consumer protections for those with insurance,an exchange that allows individuals and small businesses to purchase affordable coverage, anda requirement that people who can afford insurance get insurance.And I have no doubt that these reforms wou ld greatly benefit Americans from all walks of life, as well as the economy as a whole.Still, given all the misinformation that’s been spread over the past few months, I realize that many Americans have grown nervous about reform. So tonight I’d like to address some of the key controversies that are still out there.Some of people’s concerns have grown out of bogus claims spread by those whose only agenda is to kill reform at any cost. The best example is the claim, made not just by radio and cable talk show hosts, but politicians, that we plan to set up panels of bureaucrats with the power to kill off senior citizens. Such a charge would be laughable if it weren’t so cynical and irresponsible. It is a lie, plain and simple.To my progressive friends, I would remind you that for decades, the driving idea behind reform has been to end insurance company abuses and make coverage affordable for those without it. The public option is only a means to that end   and we should remain open to other ideas that accomplish our ultimate goal.And to my Republican friends, I say that rather than making wild claims about a government takeover of healthcare, we should work together to address any legitimate concerns you may have. There are also those who claim that our reform effort will insure illegal immigrants. This, too, is false   the reforms I’m proposing would not apply to those who are here illegally. And one more misunderstanding I want to clear up under our plan, no federal dollars will be used to fund abortions, and federal conscience laws will remain in place.My healthcare proposal has also been attacked by some who oppose reform as a â€Å"government takeover† of the entire healthcare system. As proof, critics point to a provision in our plan that allows the uninsured and small businesses to choose a publicly-sponsored insurance option, administered by the government just like Medicaid or Medicare.So let me set the reco rd straight. My guiding principle is, and always has been, that consumers do better when there is choice and competition. Unfortunately, in 34 states, 75% of the insurance market is controlled by five or fewer companies. In Alabama, almost 90% is controlled by just one company. Without competition, the price of insurance goes up and the quality goes down.And it makes it easier for insurance companies to treat their customers badly – by cherry-picking the healthiest individuals and trying to drop the sickest; by overcharging small businesses who have no leverage; and by jacking up rates.Insurance executives don’t do this because they are bad people. They do it because it’s profitable. As one former insurance executive testified before Congress, insurance companies are not only encouraged to find reasons to drop the seriously ill; they are rewarded for it. All of this is in service of meeting what this former executive called Wall Street’s relentless profit expectations.Now, I have no interest in putting insurance companies out of business. They provide a legitimate service, and employ a lot of our friends and neighbors. I just want to hold them accountable. The insurance reforms that I’ve already mentioned would do just that.But an additional step we can take to keep insurance companies honest is by making a not-for-profit public option available in the exchange.Let me be clear   it would only be an option for those who don’t have insurance. No one would be forced to choose it, and it would not impact those of you who already have insurance. In fact, based on Congressional Budget Office estimates, we believe that less than 5% of Americans would sign up.Despite all this, the insurance companies and their allies don’t like this idea. They argue that these private companies can’t fairly compete with the government. And they’d be right if taxpayers were subsidizing this public insurance option. But th ey won’t be. I have insisted that like any private insurance company, the public insurance option would have to be self-sufficient and rely on the premiums it collects.But by avoiding some of the overhead that gets eaten up at private companies by profits, administrative costs and executive salaries, it could provide a good deal for consumers. It would also keep pressure on private insurers to keep their policies affordable and treat their customers better, the same way public colleges and universities provide choice and competition to students without in any way inhibiting a vibrant system of private colleges and universities.It’s worth noting that a strong majority of Americans still favor a public insurance option of the sort I’ve proposed tonight. But its impact shouldn’t be exaggerated   by the left, the right, or the media. It is only one part of my plan, and should not be used as a handy excuse for the usual Washington ideological battle.This is the plan I’m proposing. It’s a plan that incorporates ideas from many of the people in this room tonight   Democrats and Republicans. And I will continue to seek common ground in the weeks ahead. If you come to me with a serious set of proposals, I will be there to listen. My door is always open.But know this: I will not waste time with those who have made the calculation that it’s better politics to kill this plan than improve it. I will not stand by while the special interests use the same old tactics to keep things exactly the way they are.If you misrepresent what’s in the plan, we will call you out. And I will not accept the status quo as a solution. Not this time. Not now.Everyone in this room knows what will happen if we do nothing. Our deficit will grow. More families will go bankrupt. More businesses will close. More Americans will lose their coverage when they are sick and need it most. And more will die as a result. We know these things to be true.That is why we cannot fail. Because there are too many Americans counting on us to succeed   the ones who suffer silently, and the ones who shared their stories with us at town hall meetings, in emails, and in letters.I received one of those letters a few days ago. It was from our beloved friend and colleague, Ted Kennedy. He had written it back in May, shortly after he was told that his illness was terminal. He asked that it be delivered upon his death.In it, he spoke about what a happy time his last months were, thanks to the love and support of family and friends, his wife, Vicki, and his children, who are here tonight. And he expressed confidence that this would be the year that healthcare reform   Ã¢â‚¬Å"that great unfinished business of our society,† he called it would finally pass.He repeated the truth that health care is decisive for our future prosperity, but he also reminded me that  Ã¢â‚¬Å"it concerns more than material things.† â€Å"What we face ,† he wrote, â€Å"is above all a moral issue; at stake are not just the details of policy, but fundamental principles of social justice and the character of our country.†I’ve thought about that phrase quite a bit in recent days   the character of our country. One of the unique and wonderful things about America has always been our self-reliance, our rugged individualism, our fierce defense of freedom and our healthy skepticism of government. And figuring out the appropriate size and role of government has always been a source of rigorous and sometimes angry debate.For some of Ted Kennedy’s critics, his brand of liberalism represented an affront to American liberty. In their mind, his passion for universal health care was nothing more than a passion for big government.But those of us who knew Teddy and worked with him here people of both parties   know that what drove him was something more. His friend, Orrin Hatch, knows that. They worked together to provide children with health insurance. His friend John McCain knows that. hey worked together on a Patient’s Bill of Rights. His friend Chuck Grassley knows that. They worked together to provide healthcare to children with disabilities.On issues like these, Ted Kennedy’s passion was born not of some rigid ideology, but of his own experience. It was the experience of having two children stricken with cancer. He never forgot the sheer terror and helplessness that any parent feels when a child is badly sick; and he was able to imagine what it must be like for those without insurance; what it would be like to have to say to a wife or a child or an aging parent   there is something that could make you better, but I just can’t afford it.That large-heartedness   that concern and regard for the plight of others is not a partisan feeling. It is not a Republican or a Democratic feeling. It, too, is part of the American character. Our ability to stand in other peopl e’s shoes. A recognition that we are all in this together; that when fortune turns against one of us, others are there to lend a helping hand.A belief that in this country, hard work and responsibility should be rewarded by some measure of security and fair play; and an acknowledgement that sometimes government has to step in to help deliver on that promise. This has always been the history of our progress.In 1933, when over half of our seniors could not support themselves and millions had seen their savings wiped away, there were those who argued that Social Security would lead to socialism. But the men and women of Congress stood fast, and we are all the better for it.In 1965, when some argued that Medicare represented a government takeover of healthcare, members of Congress, Democrats and Republicans, did not back down. They joined together so that all of us could enter our golden years with some basic peace of mind. You see, our predecessors understood that government cou ld not, and should not, solve every problem. They understood that there are instances when the gains in security from government action are not worth the added constraints on our freedom.But they also understood that the danger of too much government is matched by the perils of too little; that without the leavening hand of wise policy, markets can crash, monopolies can stifle competition, and the vulnerable can be exploited.What was true then remains true today. I understand how difficult this healthcare debate has been. I know that many in this country are deeply skeptical that government is looking out for them.I understand that the politically safe move would be to kick the can further down the road   to defer reform one more year, or one more election, or one more term. But that’s not what the moment calls for. That’s not what we came here to do. We did not come to fear the future. We came here to shape it. I still believe we can act even when it’s hard. I still believe we can replace acrimony with civility, and gridlock with progress.I still believe we can do great things, and that here and now we will meet history’s test. Because that is who we are. That is our calling. That is our character. Thank you, God Bless You, and may God Bless the United States of America.

Monday, February 17, 2020

Safety management assignment Example | Topics and Well Written Essays - 1250 words

Safety management - Assignment Example In this case, ladder inspection checklist must be done; ladder is the safety tool used. Things that must be checked and counter checked include: the surface, level, structure, ground, working area, scaffolding, edges, hand grip, movement of equipment, manual handling, lighting, weather condition, footwear, and experience of the individual. The chance of likelihood of a falling and injury occurring must be considered. This method aids in determining which hazards must be dealt with first in the case of an injury. This is done by looking at the task ahead, the number of individuals, and the machinery to be used. Control measures must be implemented so as to increase safety and eliminate injury probability. The most effective method of controlling risk is by elimination, design substitution, redesign, and administration. The control measures must be carefully evaluated so as to avoid any potential harm (Roughton, James, and Crutchfield, 298). In every workplace, communication is an essential factor. Another essential factor is the credibility of staff as well as following of the OSHA and workplace guidelines. Safety functions management is essential in promoting the health and well being of individuals who work in risky environments. Under the first function of management, which is planning; a good manager must make valid plans. This means that the needs of the hazard workers must be considered, as well as the mission of the organization. Financial as well as the well being of the workers must be considered. This ensures that the needs of the department are met; funds are available, and time set aside to implement a specific plan all for the upholding of the organization goals. Under planning, safety rules and measures must be written down so as to enable better and safe working environment. Better management of safety comprises of organization function. The company must have a hierarchy of organization, where the CEO is active,