...understood the sole purpose of its creation. Something so very common, yet, so misunderstood--identity. In Stevenson’s Dr. Jekyll and Mr. Hyde, we see that not only is an older man struggling with his identity, but that it was also decades ago when this story was written, suggesting that an identity crises is nothing new and that we all go through it at some point in life. “Most people are other people. Their thoughts are someone else's opinions, their lives a mimicry, their passions a quotation.” ― Oscar Wilde. I found this quote relevant to this particular story and that the two go hand...
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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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...Barclays Acquisition of Lehman Brothers Background Barclays PLC, one of the main saving banks in the United Kingdom, agreed Sept. 16, 2008, to purchase the volume of Lehman Brothers Inc. for $1.75 billion. It has acquired parts of Lehman's equities commerce in Europe and took on some Lehman workers in Asia. Lehman, the fourth major asset bank in the United States, was one of the victims of the subprime advance disaster that led to the administration stand security of Bear Stearns in March 2008 and the conquest of advance giants Fannie Mae and Freddie Mac by the U.S. Treasury in advance in September of 2007. Worth as much as $45 billion in early 2007, Lehman incurred almost $4 billion in losses in the third quarter has seen its stock worth fall down and was faced with disciplinary downgrades in its credit rating, which would have made it tremendously hard to raise much-needed capital. (Clark, 2008) Fuld who was the Head of Lehman sought Chapter 11 bankruptcy defense for Lehman on Sept. 15 2007 after U.S. Treasury Secretary Henry Paulson made it obvious that the administration would not spend any of taxpayers money to fund any of Lehman’s faulty asset. Under Chapter 11, which shields a corporation from creditors' lawsuits while it reorders its finances, Lehman became more attractive to Barclays; the British bank then bought Lehman's choicest bits devoid of assuming its more than US$600 billion in liabilities. Under the terms of the contract, which got approval from the insolvency...
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...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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...In 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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... 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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...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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...the totalitarianism government ran by the Inner Party and Big Brother. Orwell gave a dramatic utopian and dystopian fiction book that is also political and social science fiction because Orwell often wrote about going against totalitarianism. Utopia is defined as ‘an imagined place or state of things in which everything is perfect.’ which is exactly how George Orwell portrayed Oceania to be for a majority of the citizens or Party members. Oceania’s government or Big Brother can do no wrong, especially in the eyes...
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...The Wright Brothers and their Flying Machine (HBS 9-811-034) Question 1 What technological bottlenecks needed to be resolved for manned flight to become a realistic possibility? The possibility to fly with an object heavier than air had first to be proven. Scientists first try to understand how birds were flying, and many computations were done, mainly based on assumptions. In 1800’s, George Cayley designed an airplane with wings, and Otto Lilienthal realized that the wing shape was the key to maintain lift. The biggest technological problem was how to design this wing so that it could lift an object. The Wright Brothers in the end of the 19th century realized that the primary problem with past planes and gliders was that of balance. They developed the concept of “wing warping”, a way to present wings to the air at different angles of incidences and thus secure unequal lifts on the two sides. Finally, one of the last technological aspect to be resolved for developing a manned flight was to be able to understand and compute the lift of a wing. Lilienthal already began by creating table of results from his experiment, but the Wright Brothers couldn’t use it at first because they were not in the same conditions as him. Question 2 How would you characterize the process of technological discovery leading to the development of the Wright brothers’ flying machine? The process of technological discoveries relied a lot on exchange between scientists, engineers and inventors...
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...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 didn’t make it out of infancy. One would...
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...Brooks Brothers - the arbiters of all things preppy introduced a style of suit in the 1950s which was markedly different in cut from the English suits then being worn by East Coast establishment figures. The Brooks Brothers "Sack Suit," also known as the Ivy League look, was boxy, not fitted - straight up and down, not tailored at the waist. The shoulders were softer and narrower, not as stiffly padded as those in upright English models. The jacket was relatively short, particularly by today's standards, and had one centre vent. This comfortable if unsexy suit became the uniform of the American businessman, and it definitely influenced Italian designers, who also produce loose and less stiffly constructed suits. However, there are so many variations in suit design these days, across all national borders, that it is hard to identify one particular national style. Brooks Brothers probably still makes these square 1950s-style suits. I wouldn't know - ask your dad. Double-Breasted Suits These always seem dressier to me, and flashier, than other suits. They are often favoured by portly men, as their uniformly cylindrical silhouette camouflages the bulbous figure. But I think they look slick on slender men, too, particularly if they are fairly fitted. Here's the tricky thing to note about doublebreasted suits: the number of buttons varies. Again, the more modern the suit, the higher the buttons will go, and the less shirt-and-tie will be exposed. There ...
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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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...In the book Nineteen-Eighty Four by George Orwell he talks about how the government watches them. How they doesn’t have privacy to do anything they want. Winston is the main character of the book, then there is big brother he is like the government. Big brother is always watching everyone, they have something that's like a television, which is called a telescreen where they can see you, however you can't see them and you also can't turn it off only turn down the volume. The privacy of American citizens is being violated similar to the privacy violations in 1984 now that big brother is always watching everyone with the telescreen, they don’t freedom and they also have thought police. In Nineteen-Eighty Four Winston talks about how BIg Brother...
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...financial statements. Some of the recent examples of corporate and accounting scandals were that of Enron, Adelphia, Tyco International, World Com, and Peregrine Systems, among others (Levine, 2013). The objective of this paper is to focus on and analyze one of such scandals. In this paper, the Lehman Brothers’ issue with the SEC regarding their malicious use of the Repo 105 maneuver will be studied, focusing on the audit report that the external CPA firm issued, speculations on the company’s statements, analysis of the management and auditor’s responsibility in the falsified financial reporting, the sanctions under the SOX and key actions that the concerned regulatory boards should make. Repo 105 Securities and Exchange Commission Accounting Scandal with Lehman Brothers and Ernst and Young Analysis of the Audit Report When the great financial crisis of 2008 erupted, it left a lot of United States corporations, mostly financial firms, under the water. Some of them were offered bail by the United States government but the damage was so severe plus the government could only do so much that only a handful of the bankrupted companies were saved by the bail offer. Lehman Brothers was one of the unfortunate companies...
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...problems come from yesterday's “solutions”. The first law of the 5th discipline can surely indicate the method for the acquired riches of the trading companies. Companies like Goldman Sachs and Lehman Brothers, had used undrhanded methods in their operations that assured them of easy wealth by fooling customers into taking unnecessary risks knowing fully well that once it blows over they not only goes unscathed but also profit from it by the default credit swaps from AIG. While this method was ingenious in a business point of view. It is clearly unethical. Although it did its job at that time of solving their problems on how to earn a big profit. It became a huge problem now that it caused the global recession. The harder you push the harder the system pushes you. When stock markets plummeted. It was pretty obvious to the rest of the world that the US is in a financial crisis. Lehman Brothers Trading Company was on the brink of bunkrupty and it was to everyone's best interest that they will be able to stabilize to prevent the inevitable crisis. However, no matter how much time, money and effort both the private and public sectors had invested in the matter. Lehman Brothers declared bunkrupty. And because of that, the rest of the company heavily affiliated with the Lehman Brothers took a pretty big blow in their financials as well. Behavior grows better before it grows worse. Everyone was able to share in the benefits while it was good but the story was clear when it showed...
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