...As the owner of of Los Angeles Clippers, Donald Sterling has had allegations of racism from the past and at this percent time. Recently, the media had audio of Sterling expressing terrible things about black people. However, at this point it was brought to the media attention that Donald Sterling has a history of being disrespectful to African Americans. “A top team executive accused Sterling of running the Clippers the Clippers with a “plantation” mentality.” (Shoichet) In 2009, Sterling was accused of wrongful termination by Elgin Baylor. The lawsuit also accused Sterling of “ageism in which he harassed him by making demeaning comments about his age.” (Shoichet) Eventually, in 2011 the racial discrimination claim was dropped and as far as the ageism claim the jury sided with Sterling. In 2006, the Department of Justice brought housing discrimination charges against Sterling’s rental company in Los Angeles alleging that refused to lease to African Americans, Latinos, non-koreans in the Koreatown section in Los Angeles, and families with children. The case was eventually settled in 2009 for $2.725 million because the cost of litigation started exceeding the cost of the settlement. I believe the worst claim of them all was in 2004, when he denied surgery for the assistant coach Kim Hughes. Hughes had found out he was diagnosed with “prostate cancer on the eve of training camp”(Witz) and the surgery wasn’t covered under his health insurance and would cost $70,000. Fortunately...
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...Los Angeles Clippers owner Donald Sterling and the National Basketball Association (NBA). Mr. Sterling filed a civil suit against the NBA and the commissioner for breach of fiduciary duty claims after the commissioner banned him from the NBA and fined him $2.5 million dollars (Unger, 2014). Mr. Sterling is seeking damages of more than $1 billion. The author is writing the article to discuss in detail, the complaints brought forth by Mr. Sterling. Did the NBA and Mr. Silver in fact owe Mr. Sterling the fiduciary duties listed on the complaint because of a breach of contract (Unger, 2014)? Thesis of the article The thesis of the above article is that Mr. Sterling must prove there was an existence of a fiduciary relationship with the defendant, misconduct, and damages that were caused by the NBA fiduciary’s breach (Unger, 2013). Key Points/facts The key point evident in the article is the private conversation between Mr. Sterling and his then girlfriend Vivian Stiviano. Vivian Stiviano recorded the conversation between her and Mr. Sterling without his knowledge. Mr. Sterling argues the recording of the conversation was illegal due to California Invasion of privacy act. His argument is that Stiviano had no right to record his conversation without his knowledge. During the conversation, Mr. Sterling made racial remarks about African Americans. After the conversation was leaked by the media, the NBA conducted an investigation into Donald Sterling. The result of the...
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...Donald Sterling’s fall from the NBA Controversy has surrounded Donald Sterling for much of 2014. Donald was the owner of the Los Angeles Clippers for thirty three seasons until April 2014. He was banned for life after a recording of a conversation between himself and a female friend was released to the public. In the recording Sterling was irritated over a photo his female friend posted on Instagram, where she was with Basketball Hall of Fame player Magic Johnson. Sterling said to her: "It bothers me a lot that you want to broadcast that you're associating with black people, and you can sleep with black people. You can bring them in, you can do whatever you want. But the little I ask you is not to bring them to my games.” Donald Sterling’s comments impacted the National Basketball Association greatly. The comments caused an uproar in players across the league, upset affiliates of the Clippers and himself, and caused the commissioner to get involved. One of the first effects of Sterling's racial remarks was that players in the NBA were extremely upset by the comments made. These comments at the very least were inappropriate, especially in a league where 75% of the athletes are African American (Matthew Continetti, Polishing the silver, tarnishing the Sterling). On April 26, the day after his comments were released, the L.A. Clippers held a team meeting to discuss the incident. Both coaches and players were angered by the comments. They considered boycotting game four of their...
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...Angeles Clippers Donald Sterling made some racial comments that were recorded by an associate. These comments caught the National Basketball association by surprise and his ownership with the team could be in jeopardy. The day to day business operations have be handed over to the chief operating officer of the team. Donald Sterling was banned from the NBA for life and fined $2.5 million by Commissioner Adam Silver April 29 because of the comments made by the 81-year-old owner. The lifetime ban is the first handed down by the NBA for an infraction not related to drug abuse or gambling and prohibits Sterling, who has owned the Clippers since 1981, from playing any part in the running of the team or even accessing its facilities. In announcing the ban, Silver said that he would press NBA owners to force Sterling to sell the team, which can be accomplished by a vote of the other owners. The NBA expects Mr. Sterling to fight to keep his ownership of the team through legal action. In a statement regarding the lifetime ban Mr. Sterling said “I'm a good member who made a mistake," Sterling said. "Am I entitled to one mistake, am I after 35 years? I mean, I love my league, I love my partners. Am I entitled to one mistake? It's a terrible mistake, and I'll never do it again." This statement was made a week or so after the ban by sterling and he said he waited because he was “emotionally distraught.” In light of all this legal action Donna Sterling the wife of Donald would like to...
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...Today NBA Commissioner Adam Silver historically announced in New York City his decision for Donald Sterling’s racist rant over the weekend. His decision comes three days after the initial audio leak from TMZ. Silver presented his punishment of banning Sterling for life extracting him from anything related to the Clippers organization, and the National Basketball Association as a whole. He also added a hefty maximum amount fine of 2.5 million dollars, which will be donated to organizations promoting anti-discrimination. The Commissioner expressed his personal outrage by stating, "The views by Sterling are deeply offensive and harmful. That they came from an NBA owner only heightens the damage and my personal outrage.” He also personally apologized to former and present NBA players, the Clippers organization, and the fans. Silver addressed in the press conference that he urges all NBA owners to stand by him in forcing Donald Sterling to sale the Clippers franchise. In order for Silver’s wishes to happen he would have to cast a vote amongst NBA owners and 75 percent of the owners have to agree with forcing the sale. Silver stated he was optimistic that he’ll get the support he needs to move forward. Unfortunately as a result of Sterling’s racist rant sponsors have quickly dis associated themselves from Clippers organization. In rapid succession, the mass exodus included used car seller CarMax, State Farm Insurance, Kia Motors America, airline Virgin America, P. Diddy's water...
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...EXORBITANT PRIVILEGE EXORBITANT PRIVILEGE The Rise and Fall of the Dollar and the Future of the International Monetary System Barry Eichengreen Oxford University Press, Inc., publishes works that further Oxford University’s objective of excellence in research, scholarship, and education. Oxford New York Auckland Cape Town Dar es Salaam Hong Kong Karachi Kuala Lumpur Madrid Melbourne Mexico City Nairobi New Delhi Shanghai Taipei Toronto With offices in Argentina Austria Brazil Chile Czech Republic France Greece Guatemala Hungary Italy Japan Poland Portugal Singapore South Korea Switzerland Thailand Turkey Ukraine Vietnam Copyright © 2011 by Barry Eichengreen Published by Oxford University Press, Inc. 198 Madison Avenue, New York, NY 10016 www.oup.com Oxford is a registered trademark of Oxford University Press All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior permission of Oxford University Press. Library of Congress Cataloging-in-Publication Data Eichengreen, Barry J. Exorbitant privilege : The Rise and Fall of the Dollar and the Future of the International Monetary System / Barry Eichengreen. p. cm. Includes bibliographical references and index. ISBN 978-0-19-975378-9 1. Money—United States—History—20th century. 2. Devaluation of currency—United States—History—21st century. 3. United States—Economic...
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...Article I. ------------------------------------------------- Marfa, Texas From Wikipedia, the free encyclopedia Marfa, Texas | City | Presidio County courthouse in Marfa | Location of Marfa in Presidio County, Texas | Marfa, TexasLocation in the United States of America | Coordinates: 30°18′43″N 104°1′29″WCoordinates: 30°18′43″N 104°1′29″W | Country | United States | State | Texas | County | Presidio | Government | • Mayor | Dan Dunlap | Area | • Total | 1.6 sq mi (4.1 km2) | • Land | 1.6 sq mi (4.1 km2) | • Water | 0.0 sq mi (0.0 km2) | Elevation | 4,685 ft (1,428 m) | Population (2010) | • Total | 1,981 | • Density | 1,354.6/sq mi (523.0/km2) | Time zone | Central (CST) (UTC-6) | • Summer (DST) | CDT (UTC-5) | ZIP code | 79843 | Area code | 432 | FIPS code | 48-46620[1] | GNIS feature ID | 1340942[2] | Website | marfacc.com | Marfa is a city in the high desert of the Trans-Pecos in far West Texas, located between the Davis Mountains and Big Bend National Park. It is the county seat of Presidio County, and its population as of the 2010 United States Census was 1,981. The city was founded in the early 1880s as a waterstop; the population increased during World War II, but the growth stalled and reversed somewhat during the late 20th century. Today, Marfa is a tourist destination and a major center for Minimalist art. Attractions include Building 98, the Chinati Foundation, artisan shops, historical architecture...
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...Currency Conversion Test Procedure Display Menu Declare as Boolean Set = true While = true Display = International Currency Conversion Program Display = Make a Selection Display = International Currency Types Display = Canadian Dollars Display = Mexican Pesos Display = English Pounds Display = Japanese Yen Display = French Francs Display = Quit Display = Enter a Selection Input Currency Type If Currency Type >= 5 and Currency Type <=25 then Set = false Else if currency Type = 26 Display = Quitting Currency Conversion Display = Error 4 Invalid Menu Selection End Display Menu Display Menu Test Produce As the user is deciding which they would like to select an international currency type. When the user enters a number between 5 and 26 corresponding with a currency type, then the program is set to false. If 26 is selected the program displays “Quitting Currency Conversion.” But if the user does not enter a number between 5 and 26 the program displays “Error 4: Invalid Menu Selection” and the set it true. Test Case 1 Input: user enters 5 for Canadian Dollars Set = false Test Case 2 Input: user enters 6 for Mexican Pesos Set = false Test Case 3 Input: user enters 7 for English Pounds Set = false Test Case 4 Input: use enters 8 for Japanese Yen Set = false Test Case 5 Input: user enters 9 for French Francs Set = false Test Case 6 Input: user enter 10 for Quit Set = false Test Case 7 Input: user enters 11 Output: display “Error 4:...
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...Global Financing and Exchange Rate Mechanisms of Hard and Soft Currencies Renita McBath MGT/448 University of Phoenix December 1, 2011 Professor David Grier Global Financing and Exchange Rate Mechanisms of Hard and Soft Currencies Trading, bartering, buying, and selling are known as the act doing business. The action of doing business has been a way of life for human beings for Centuries. At some point in our history the difficulty of doing business equally became a challenge. For instance, one person would like to trade a jar of jelly to another person that owns cows. The trade is off balance because of the value of each item. The difficulty arose when trying to access a credit. At this point, currency was born. In the beginning, currency was established by villagers in the form of stones, paper, linen, and other countable items. Nowadays humans have evolved currency into unique metal and paper items that have unique values. Currently these uniquely valuable currencies are referred to as hard and soft. Further research will reveal an analysis of the use of the currencies in global financing operations as well as describing the importance of managing risks that may arise. Hard Currency Hard currency is a status associated with the material, paper, and coins that are circulated within a country and globally in an effort to buy and sell goods. Currently, hard currency is the most traded currency. Countries...
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...m | HW Assignment #5Directions: Answer all Questions. ANSWER BOX: Please record answers here for Questions 1 through 12. Thanks.Name:- Shawn M. Smalls 1. | 2. | 3. | 4. | 5. | 6. | 7. | 8. | 9. | 10.Ans = | B | E | D | A | E | A | A | B | C | D | 1.Compute the GDP using the data in the table Government Purchases | 15 | | Consumption | 90 | | Gross Investment | 20 | | Consumption of Fixed Capital | 5 | | Exports | 8 | | Imports | 12 | | | | | | | | a.$129 | | b.$121.c.$150d.$125e. $120 | | | | Use the IS curve below for Question 2: 2.At what point (1,2,3,4 or 5) will the economy be located if aggregate output is below the level of planned spending and, if aggregate output is below the equilibrium level of output. a. Point 1 b. Point 2 c. Point 3 d. Point 4 e. Point 5 3. From the IS curve below, At what point (1,2,3,4 or 5) will the economy be located if aggregate output is below the level of planned spending, and there is an unplanned decline in inventories?. a. Point 1 b. Point 2 c. Point 3 d. Point 4 e. Point 5 4. From the LM curve below, At what point (1,2,3,4 or 5) will the economy be located if people are holding more money than they desire? a. Point 1 b. Point 2 c. Point 3 d. Point 4 e. Point 5 5. From the LM curve below, At what point (1,2,3,4 or 5) will the economy be located if the interest...
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...Trading Strategy Our team was assigned to be in the position of a corporation. Our primary objective was to raise fund. We needed to raise 19.7billion of Japanese Yens and 425million of British Pounds with 790million of Euros. Our secondary objective was to speculate and make a profit for the corporation. As being a price taker, we needed to take whatever quotes given by banks or, if we called up corporations, and corporations. So we had to no control over the spreads of any currency. As far as our primary objective was concerned, we tried to take advantage of the volatility of the market to obtain, we hoped, the most favourable deals in order to use the minimum amount of Euros to obtain the maximum amount of Japanese Yens and British Pounds. Our market view was closely linked with our speculative strategy. We anticipated that British Pound would be depreciating against the US Dollar as well as other currencies concerned in the dealing section in the short term because investors were expecting considerable rates cut would likely to be implemented by the Bank of England and the European crisis seemed to be being dealt with and investors were trying to take advantage of positive news about the crisis. Due to the aforementioned points, we chose to use Euro or US Dollar to speculate. Since we were given Euro as our starting currency, we did not need to implement any transaction, we could just keep Euro and observe the movement of this currency so as to make adjustments. We also...
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...* Application-Level Requirements List 1. The program shall present a series of user screens that prompts the user for specified input. 2. The main user screen shall have an application title. 3. The main user screen shall have a short description telling the user how to use the program. 4. The calculation of the currency shall be executed only after all the valid input values are provided. 5. The program shall allow the user to clear all input fields and recomplete the calculation 6. Display the MENU for currency conversion 7. Allow user to select from MENU containing list of foreign currencies to be converted into US dollars. 8. Convert the currency amount entered into an equivalent amount of US dollars. 9. Calculate currency conversion using user supplied input values. 10. Display the currency amount entered by the user along with its US dollars equivalent. Input | Process | Output | Menu optionsName:Type:Range: | Display Menu | Menu OptionsName: Currency TypeType: IntegerRange: 1-6 | Menu choice currencyName: International ValueType: RealRange: 0-1,000,000 | Get Foreign Value | Menu choice currencyName: International ValueType: RealRange: 0-1,000,000 | Currency conversion Name: International ValueType: RealRange: 0-1,000,000Name: Currency TypeType: IntegerRange-1-6 | Convert currency | Equivalent US dollarName: Us ValueType: RealRange: > 0 | Name: Currency TypeType: IntegerRange: 1-6Name: International...
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...an investor, philanthropist, chairman of Soros Fund Management and Open Society Institute. What inspire me most about him are his remarkable history when he did an excellent job on currency speculation in 1992, and also his own way of thinking. According to one of The Telegraph articles, Britain had its fell on European Exchange Rate Mechanism in 1992, and George Soros thought the pound sterling should have been devalued since it had been struggling with the ERM too high at a rate. At that time, he also knew that the Bundesbank would agree to devaluate both pound sterling and the Italian lira since the terrible impact that British high interest rates had on asset prices. George Soros then thought of the way that he could get a profit from the devaluation situation. He borrowed pound sterling in a massive amount, approximately £6.5 billion according to the report. Next, he converted them into a combination of Deutschmarks and French francs. Then on 16 September 1992 or also known as Black Wednesday, his bet paid off. The British Conservative government was forced to withdraw the pound sterling from the European Exchange Rate Mechanism because it surpassed its lower limit. George Soros made over US $1 billion profit by paying back his original borrowings. This is a compelling case for me because even though shorting stocks is common out there, he did his betting incredibly well. I personally...
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...CONVERSION: Main Module Declare selection as integer Declare currency type as integer Declare international value as real Declare US value as real Do while user wants to continue Call display Menu Call get international value Call convert currency Call display results End while Print exit message End main module Display Menu Declare continue as Boolean Set continue = true While continue = true Display "Welcome to the international currency conversion program" Display "Please make a selection" Display "International Currency Types:" Display "1: Canadian Dollars" Display "2: Mexican Pesos" Display "3: English Pounds" Display "4: Japanese Yen" Display "5: French Francs" Display "6: Quit" Display "Enter a selection: "; Input currency type If currency type >= 1 and currency type <= 5 then Set continue = false else if currency type = 6 Display “Quitting Currency Conversion” continue = false else Display "Error 4: Invalid menu selection." continue = true end if end While End Display Menu Get International Value Declare value as integer Declare continue as Boolean Set continue = true While continue = true Display "Enter a currency value (positive number):" Input international value if international value > 0 and international value <=(NNN) NNN-NNNNthen continue = false else Display "Error 1: Invalid input--Negative Number" continue = true end if end while End Get International Value ...
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...Solution to Case: Fred’s Furniture, Ltd. PROBLEM: Fred Fox needs to come up with a method of protecting his firm against exchange rate risk, or else he may end up reducing his profits or even losing money on his foreign-currency transactions. He specifically needs immediate hedges for an account receivable in French francs and for an account payable in German marks. Note that Fred is British and he works in British pounds, not dollars. METHODOLOGY: Fred can compare various financial market instruments that are available for hedging the exchange rate risk in the two transactions. In addition, he can consider broader methods for dealing with exchange rate risk. ANALYSIS: Let us examine each transaction separately. The sale of furniture to Jean Marnier will result in a cash inflow of 2 million French francs in 6 months. Given the financial information quoted by Barclays Bank, Fred can use a money market hedge, a forward contract, or an option hedge to assure a maximum return on the sale. The forward market hedge involves contracting with Barclays Bank to sell francs and buy pounds in 6 months. If Fred does this today (August 1996), he will receive: FF 2 million x (1 pound/FF 8.76) = 228,311 pounds in 6 months. The present value of these funds can be calculated by discounting the value at Fred’s cost of borrowing in pounds: 228,311 pounds / (1.04625) 218,218 pounds today The discount factor is 1 plus Fred’s cost of borrowing for 6 months, i.e., 0.0925/2 =...
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