...group called the UAW banded up to help the cause and stop poor working conditions. During the Industrial Revolution, the Labor Union began to target major automobile industries for better wages, working conditions, and basic workers rights. The three Reuther brothers are arguably the most important men in the labor union at the time. The eldest of the three brothers, Walter became the president of the UAW and held that position for twenty four years until sadly he passed away in a plane crash on May 9, 1970 Brothers on the Line. The three brothers also helped boost the population of the UAW, which also helped defeat the major automobile companies Brothers on the Line. This is significant because they, nearly, singlehandedly stop poor...
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...Many have speculated that the Tale of the Three Brothers written into the Harry Potter series by J.K. Rowling is a loose interpretation of The Pardoner’s Tale in Geoffrey Chaucer’s Canterbury Tales. The main theme between both tales is the disappointment that arises when one sins and tries to cheat Death. The Tale of the Three Brothers is based on a legend of the three Peverell brothers and is found in the fictional book “The Tales of Beedle the Bard.” Three brothers of the wizarding world use magic to cross over a river. An entity of Death bitterly offers each one a gift for outsmarting him. The first one, being power-hungry, asks for a wand more powerful than any other in existence so he may win every duel he takes part in. The second brother, being arrogant, asked for the power to recall the dead in order to humiliate Death further. The third brother was wise and humble and did not trust death so he asked for a gift that would enable him to travel without being followed by Death....
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...1867 and 1871, formerly known Susan Koerner gave birth to two of the most influential people in the history of the airplane. Wilbur and Orville, known as the Wright brothers, grew up in Dayton, Ohio with their three other, less knowledgeable siblings. Neither of the famous Wright brothers received their high school diplomas, however, the lack of a college education did not disturb their aptitude for understanding current technological advancements. After learning about the newest invention of the bicycle, the Wright brothers opened their own bicycle repair and sales shop in 1892 and used the funding for their profound fascination in flight. In 1896, three salient aeronautical events occurred, intensifying Orville and Wilbur’s interest. Thus,...
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...The Wright Brothers Invent the Airplane About one hundred years ago the planet earth was a much smaller place. On December 17, 1903 the Wright brothers, Wilbur and Orville, made history when they took off in flight and invented the first airplane. This is how the planet earth began shrinking geographically making it easier and quicker to travel over long distances. Wilbur was the older of the two brothers by four years. Wilbur was born in 1867 on a farm near Millville, Indiana and Orville was born in 1871 near Dayton, Indiana. As youngsters, Wilbur and Orville looked to their mother for mechanical expertise and their father for intellectual challenge. Milton, their father, brought them various souvenirs and trinkets he found during his travels for the church. One such trinket, a toy helicopter-like top, sparked the boys' interest in flying. In school, Wilbur excelled, and would have graduated from high school if his family had not moved during his senior year. A skating accident and his mother's illness and subsequent death kept him from attending college. Orville was an average student, known for his mischievous behavior. He quit school before his senior year to start a printing business. The two brothers were very intellectual and smart, but both did not ever get their high school diplomas. It just goes to show that even two of the best minds in our history didn’t have to go to college or even finish high school to become these great minds. The first time Wilbur and...
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...Wright Brother’s Before and After THE Flight Christopher L. Teal AVIA210 LUO Abstract Most anyone that you talk to in the modern world can tell you who the famous brothers were that flew the first airplane, but many cannot tell you much else about them. Without question, the importance of that first powered flight has no equal in significance in the aviation world. However, the events that led up to their first flight and the ones after are an important part of their stories. From humble beginnings in Ohio to never ending amount of time devoted to stop the blatant infringement of their patents, their lives span from birth to death and do not just encompass one historic event on the sand dunes of Kitty Hawk North Carolina. Keywords: Aviation, Kitty Hawk, Beginning Wright Brother’s Before and After THE Flight Humble Beginnings The forefathers of modern aviation were not born into a famous or rich family. “The Wright brothers were a product of deep Midwestern roots” (Jakab, P 2001). They were born into a religious family whose Patriarch, Milton Wright, was an ordained minister and Bishop in the Church of the United Brethren in Christ. The Matriarch, Susan Wright was a bright shy woman who studied Literature at Hartsville College, though she left 3 months shy of obtaining her degree (Jakab, P 2011). She was already a member of the Church when they met. Wilbur and Orville were two of five surviving children that the couple birthed. There was a set of twins that...
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...there education. They thought them to look for new things to do,to go out and discover and learn as much as they could . There two sons Wilber and Orville Wright are the first to built a successful airplane. Wilber was born August 16 1867and Orville was born August 19 1871.both brothers loved any thing mechanical ,loved to tear things done and built it back up . Wilber finished highs school but was never able to get his diploma ,he was going to attend Yale,because of an accident that happens wile playing ice hockey Wilber got hit in the face with a hockey stick,even though he wasn’t heart badly he lost he’s front to. And so because of the accident Wilber withdrew from going to Yale as planned,so he spent the next few years tacking care of his mother who was ill. And as for Orville Wright he want to high school but dropped out on his junior year, to open a printing shop in 1889.Wilber and Orville had always been close to each other. The brother’s often worked as a team,they have places they started together like The West Side News Paper,The Wright cycle company but that is not all the Wright brothers have discovered. They discovers the first in the world fling machine . It all began in 1896 when the brothers could not stop thinking about fling. For the next two years or so thought and thought about fling and how they could do it ,read booked about bards,fling machines rose two years were busy with lots of researching etc... To there delight they had a...
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...Lessons from Lehman Brothers: Will We Ever Learn? Steven Figueroa, Adrian Bland, Victoria Fabuluje, Amy Ramkey, Carmen M. Ortiz MGT/521 03/10/14 CHRISTINE GNIEDZIEJKA Lessons from Lehman Brothers: Will We Ever Learn? 2. What was the culture at Lehman Brothers like? How did this culture contribute to the company's downfall? Anyone knows that rewarding bad or illegal behavior can lead to the making of a person who is irresponsible and reckless. This is a general description of the type of employees involved in the Lehman Brothers company culture. The Lehman Brothers culture was out of control and a blind eye was turned to any high risk deals and or illegal modifications done to the company balance sheet. Many failed or wrong decisions made by management often went without consequence. In fact, individuals making any high risk or questionable deals were treated like superstars or moneymakers rather than irresponsible or uncalculated decision makers. This type of reward system can only draw the attention of the greedy and crooked minded. The type of culture created was a recipe of disaster for the Lehman Brothers company. There were some employees that did not agree with many of the choices made by upper management. But, when they attempted to voice their opinion or concerns they were ignored and overruled leaving them no choice but to follow suit. By ignoring any standards, ethics or controls to guide the Lehman Brothers culture the employees were left to express their...
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...Shortly after, Henry’s two brothers, Emmanuel and Mayer, joined the business. The three brothers established the business known as Lehman Brothers in 1850’s. The business transitioned from selling merchandise to commodities brokers, where they bought and sold cotton. Lehman Brothers grew rapidly due to the capitalization of high cotton prices. A partnership was formed with a cotton merchant that allowed Lehman Brothers to pursue other venues. Through strategic partnership the business survived the difficult times it experienced during the Civil War. Lehman Brothers opened a new office in New York which became the main campus for its operations. This office furthered their trading business and introduced them to the financial industry. In later years, Lehman became involved in the New York stock exchange where the underwriting business began. The firm grew rapidly and was very successful for years. After many years of hard work and success the company collapsed and filed for bankruptcy in 2008. Lehman had been unhealthy for a while and covered it up by secretly shuffling debt around to make its books look in order and deceive the real situation. Lehman used an aggressive accounting method to hide their losses and made it difficult for investors, executives and/or auditors to detect their actual financial status. This accounting method is known as REPO 105, which is repurchase agreement a bank uses to borrow cash short term. Lehman Brothers abused the accounting...
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...Lessons from Lehman Brothers: Will We Ever Learn? MGT 521 September 9, 2013 Introduction Lehman Brothers financial services filed bankruptcy on September 15, 2008, in the New York Southern District U.S. Bankruptcy Court. Resulting in an immediate 500 point drop in the Dow Jones (Did Ernst & Young Really Assist Financial Fraud? 2011). This day became known as ‘‘Dark Monday’’ (Donaldson, 2012). This was to date, the largest bankruptcy filing in history unleashing a “crisis of confidence that threw financial markets worldwide into turmoil, sparking the worst crisis since the Great Depression.” However this financial icon’s fall is no surprise. The bankruptcy examiner released reports saying that the firm’s executives and auditor, “lambasted” for what they did to cause the collapse of the firm (Robbins & Coulter, 2010). The Lehman Brother culture was one of risk and reward. At the company, “Excessive risk taking by employees was openly lauded and rewarded handsomely. Employees knew they could give risky ideas and they would get rewards for them. Individuals making questionable deals were hailed and treated as ‘conquering heroes’.” (Robbins & Coulter, 2010, pp. 147-148). If anyone would question decisions made or speak out in disagreement, executives would not listen. In addition, the executives would overrule and go with the least desirable decision. Most companies would be wary of taking so many risks and only give reward after that...
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...organizational culture finds this as an acceptable practice. As in the case of Lehman Brothers, the top level executives demonstrated this type of unethical behavior and encouraged the employees to behave in the same way. Employees quickly realized there are no internal controls in place to prevent them from practicing unethical behavior and ultimately spilled over into their business dealings. Why? The reason is less risk of getting caught for this type of behavior. The company culture at Lehman Brothers was a reward-driven organization, which promoted employees to perform to the highest level and in exchange would be rewarded. One of the risks involved in this approach is that employees will do whatever it takes to continue to perform at that rate for the benefits of reaping the reward. The core values of these employees will eventually reveal themselves and the individual will arrive at a crossroad by either doing what is right or wrong. Moreover, top level management at Lehman Brothers misrepresented information to the stakeholders, such as lying about how much top level management was getting paid, and manipulating the data on reports to hide any wrongdoing of misappropriating funds. In the case of Lehman Brothers, the organization’s culture and value system ultimately led to their downfall. This company lacked the organizational values and ethics necessary to have success; this resulted in Lehman Brothers and affiliates claiming chapter 11 bankruptcy. All of which could have been...
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...history when they successfully launched the first motorized airplane; not only on our society as a whole but also the United States military and the way wars would be fought forever. Because of this one specific day in history the Wright brothers are accredited for the first of countless days in our history that we contribute what we know today as aviation. On that one day, the brothers sustained a total of four flights with only a small twelve horse power engine with the longest flight lasting a mere fifty-nine seconds at a distance of 852 feet. On the fourth flight of the day, Flyer 1 tumbled and crashed. Obviously not all was lost, history was made and inventions in the aviation industry began to grow. The historical first flight by Orville and Wilbert Wright did not make the front page news; it was very trivial headlines at the time. For instance, page ten of the Washington Times article dated 19 December 1903 in column four, High Gale No Bar to Flying Machine. The article described the flying machine and how the brothers got off the ground. The New York Tribune 19 December 1903 also had a small article but not until page five; Flying Machine Works Successful Trial by Ohio Men with Machine on Box Kite Plan. By 1909 The Wright brothers had set up an Airplane factory in Dayton Ohio, it was to be the first and the largest airship factory in the country. The plan was to produce four airplanes per month and employ eighty people. The target market was for personal use...
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...Lynch (now as Subsidiary of Bank of America), Lehman Brothers and Bear Steams (sold to JPMorgan Chase) were the world top five investment banks in United States. They were the key players in the financial markets and make significant contribution to the economics. But when they failed, the consequences would also be extremely fatal. The 158 years old Lehman Brothers Holdings Inc. filed for Chapter 11 bankruptcy on Sunday 1:45am, September 15, 2008 (“Wikipedia: Lehman Brothers”, July 15, 2013). With a total assets of $639 billion and $619 billion in debts, Lehman Brothers’ bankruptcy filing became the largest in history, It’s assets far surpassed those of previous bankrupt giants such as WorldCom and Enron (“IInvestopedia: Case Study", April 02, 2009). The collapse of the Lehman Brothers is contagious and even triggered the Global Financial Crisis. LEHMAN BROTHERS HISTORY Three brothers – Henry Lehman, Emanuel Lehman and Mayer Lehman in 1850, founded Lehman Brothers. Started as a normal dry-goods store, the brothers grew the business by buying and selling cotton to planters living in and around Montgomery, Alabama ("History of Lehman Brothers", n.d). Eventually the brothers built a cotton storage warehouse together with a cotton merchant John Wesley Durr in a brief partnership form. Thereafter in 1858, an office in New York was opened to fulfill the needs of the growing sales and trades. After Civic War, Lehman Brothers who already have a strong pressure in the cotton...
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... Lehman Brothers is no more. Merrill Lynch has gone down the Bank of America maw. AIG too could go belly up. With a doubt, these developments in America are the most shocking events to have hit global financial markets. So where did it all begin? And what does it mean for the Indian stock markets? Find out. . . What is (or was) Lehman Brothers? America's fourth-largest investment bank Lehman Brothers Holdings Inc has filed the biggest bankruptcy petition known to mankind. The 158-year-old firm was founded by brothers Henry, Emanuel and Mayer Lehman, Jewish immigrants to the US from Germany, in 1850. Henry set up a general store in Alabama in 1844 and was later joined by his brothers. In 1850 they set up the merchant bank in New York after having made money in railway bonds. So what went wrong? Compiled by Rediff Business Desk Lehman Bros, which till June 2008 had not reported a quarterly loss even once, had earlier survived many an economic crises, like railroad bankruptcies of the 1800s, the Great Depression in the 1930s, and the collapse of Long-Term Capital Management in the 1990s. Thus the collapse of the giant investment bank came as a major shock for the entire world markets that plunged after Lehman filed a Chapter 11 petition with US Bankruptcy Court in Manhattan. The $613 billion (some estimates put the size at $639 billion) bankruptcy thus throws up the question: why did the Wall Street giant go bust? Here's why. . . Why did Lehman Brothers go bankrupt...
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...------------------------------------------------- Lehman Brothers Collapse ------------------------------------------------- Lehman Brothers Collapse Executive Summary The following report discusses and analyzes the events leading up to the failure of Lehman Brothers as well as outcomes and repercussions of one of the largest bankruptcy cases to date. The first part of this paper describes the primary factors that contributed to the ultimate demise of Lehman Brothers. The main factors that lead to the crisis include, but are not limited to; the misrepresentation of financial statements, a complete lack of internal control, accounting as well as management collusion, managerial fraud, increased moral hazard, and the overpayment of executives within the firm. Misrepresentation of the financial statements and the misuse of accounting practices was the main reason for the Collapse of Lehman Brothers. It was said that upper management violated the Sarbanes-Oxley Act through the use of questionable and unethical accounting practices, more specifically through the use of Repo 105 transactions. The second part of this paper addresses the underlying causes and issues relative to the study of financial ethics. This paper also addresses those who were involved as well as affected by the events that took place in the Lehman Brothers scandal. After evaluating the reasons for Lehman Brothers failure, the report discusses possible courses of action to take in order...
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...those who were developing the technology. No matter what the role each of these played, we have to appreciate everyone. We would not be where we are today in aviation if it weren’t for these pioneers. Pioneers of Aviation Introduction From the very first flight of the balloon to the flight of the powered airplane, our early pioneers always looked to make changes for the better. Many of these ideas simply built upon ideas of individuals of the past. These great pioneers were from every part of the world, United States, England, France, Germany, and so many other places. They did not look at aviation as a reason to disagree but rather found that flight would help everyone equally. Balloons Joseph and Jacques Montgolfier are the brothers who invented and flew the first hot air balloon. Born in Annonay, France, they had a passion and drive in science. In 1782 they constructed a balloon that was filled by burning paper to heat the air and lift the balloon off the ground (Montgolfier, 2011). This first flight wasn’t until 1783 when Pilatre de Rozier and Marquis d’Arlandes went 7.5 miles in less than a half hour at a height of 3,000 feet (Montgolfier, 2011). This marked the first balloon flight as well...
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