The Background Of 2007-2008 Financial Crisis - 4604 Words

Chapter 2. Background 2.1 Introduction This chapter is about the background of 2007-2008 financial crisis. The 2007-2008 financial crisis has a huge impact on US banking system and how the banks operate and how they are regulated after the financial turmoil. This financial crisis started with difficulty of rolling over asset backed commercial papers in the summer of 2007 due to uncertainty on the liquidity of mortgage backed securities and questions about the soundness of banks and non-bank financial institutes when interest rate continued to go up at a faster pace since 2004. In March 2008 the second wave of liquidity loss occurred after US government decided to bailout Bear Stearns and some commercial banks, then other financial institutions took it as a warning of financial difficulty of their peers. In the meantime banks started hoarding cash and reserve instead of lending out to fellow banks and corporations. The third wave of credit crunch which eventually brought down US financial system and spread over the globe w as Lehman Brother’s bankruptcy in August 2008. Many major commercial banks in US held structured products and commercial papers of Lehman Brother, as a result, they suffered a great loss as Lehman Brother went into insolvency. This panic of bank insolvency caused loss of liquidity in both commercial paper market and inter-bank market. Still banks were reluctant to turn to US government or Federal Reserve as this kind of action might indicate delicacy ofShow MoreRelatedReasons For The Year / 08 Deepened Financial Crisis Of The European Union ( Eu ) And Critically Assess1138 Words   |  5 PagesExplain the reasons for the 2007/08 deepened financial crisis in the European Union (EU) and critically assess its response to its crisis. Introduction As a whole, the regulation of banking institutions and financial markets are considered as a debatable issue. 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The Immigration Crisis Of The United States - 1039 Words

The immigration crisis Akash Patel Economics 3rd Period One of the biggest crises the United States fracases is illegal immigrant. Even though we know about the problem we don’t do anything that is effective. Because of illegal immigrant people born and raised in America are losing jobs. The current immigration crisis in the US is years of mishandling and gone bad. Many of the current immigrants here were originally here. This mentality has led to a huge increase in numbers of illegal immigrants. For example, it is believed that the current number of illegal immigrants is around 10 to 20 million if not more. Another problem is that the Obama administration has dropped the number of cases of deportation. Why isn’t Obama dropping the deportation cased. This means tons of money is spent on border security, but the immigrants who make it through are likely to stay here and use up resources such as money, in turn increasing the national deficit more than needs to be done. Another problem is when it comes to family. Pregnant women come to the US and have children. This leads their kids to be legal citizens of the United States. In 2010 about 4 million United States born children had one parent who was here illegally. By now there are probably more than 5 million. Many US citizens either frown upon agricultural work or see it as boring Mexican society, however, provides Mexicans with an agricultural work ethic and many wouldShow MoreRelatedImmigration Crisis And The United States1764 Words   |  8 PagesBeginning in 2011, the United States has witnessed a massive influx in the numbers of unattended alien children arriving at the country’s southern borders. As thousands of children continued to arrive at the U.S. Border Patrol facilities, resources were quickly depleted, culminating in an immigration crisis with the arrival of over 60,000 children in 2014 (Chen Gill, 2015). 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Global Financial Crisis and Return of Asian - MyAssignmenthelp.com

Question: Discuss about the Global Financial Crisis and Return of Asian. Answer: Introduction The Global Financial Crisis (GFC, 2008-2009) was considered to be the worst disaster with respect to economy after the economic depression that took place in 1929. The main factor for this crisis was due to the deregulation that happened in the financial industry, which also led to the increase in the level of unemployment and the decrease in the prices of houses. The rise of GFC started from 2007, as the liquidity crisis resulted in the confidence level to fall among the investors present in the United States in valuing the subprime mortgages. The financial crisis also led to the high level of volatility and the crash that happened in the stock market in 2008 September. It also influenced the decrease in the price of houses in the market and the flow of remittance was 6 percent on a global manner during the period of 2008-2009 (Ojo 2016). The International Monetary Fund (IMF) stated that the developed and the developing countries was under the financial crisis and the output level o n a global basis was at only 2.2 percent in 2009 (Attig et al. 2016). However, Nepal did not feel the impact of GFC in a direct way but had several indirect impacts on the economy of the country. Discussion Possible causes The possible causes that led to GFC are as follows: Global saving- The major reason for the increase in the price of assets was due to the deficit that was present in the current account and the manner of saving globally in the US market. The countries that have a current account in a better way and the deficits in trade before the financial crisis took place, were increasing their rate of savings, which led to the stop of foreign borrowings and did not become a lender to the United States. Most of the developing countries increased their capacity to save instead of purchasing in the capital market, which led to the reversal and increased the savings on a global manner. The capital market of the advanced countries was searching for investments, which led to the increase in the price of the assets in the United States including the stock market and the housing properties. Price of houses- The decline in the price of houses substantially led to one of the primary shocks that triggered the rise of the financial crisis on a global manner. The period 1996-2006 saw an increase in the prices of housing properties, as the rate of interest was low that led to increased pressure in the current economy. Between the year 2006 and the mid of February in 2009, the price of the houses were decreasing and it was the highest after 1987 (Balakrishnan et al. 2016). This was due to the fact that the lending of mortgages was being directed towards the rich, as they did not feel the burdens of debts on these large mortgages. Figure 1: Decline in price of houses (Source: imf.org 2018) Increased interest rate and subprime lending- The price of the houses increased more due to the low rate of interest and the lax standards that was present in lending, which is associated with the savings on a global manner. Most of the borrowers who took the loans were mostly the subprime lenders and the standards were not being met due to the credit worthiness that was very poor. The increase in fed rate of interest helped in making the borrowings more costly (Dungey and Gajurel 2014). Moreover, the price of the houses faced a bad impact due to the rate of mortgages that were passing through a low to higher rates in the markets. Credit booms- The increase in the financial crisis happened due to the role of the expansion of credit. The access in the credit increased at a greater pace due to the boom that took place in the market related to real estate in the countries like the United Kingdom, Iceland and other European countries along with the countries like Ireland and Spain. There were large fluctuations in a cyclical manner in the economy due to increased growth of credit in the market. The indebtedness related to the housing properties increased suddenly after 2000 although the accelerated growth of credit was not that much that can reflect a slower growth in the rate of credit (Bauer and Thant 2015). The innovations related to financial activities, increased financing to the mortgages and the low rate of interest were some of the factors that contributed towards the factors of indebtedness related to housing properties. Possibility of repeating the financial crisis With respect to the theory of business cycle, there is a high chance of the global financial crisis to be repeated again in the market. It can be stated that the chance of financial crisis, which might lead to global financial system is lingering on the stage of expansion, which could lead the economy in to a further stage of depression. Figure 2: Possibility of Global Financial Crisis (Source: Created by Author) Impact of financial crisis in various economies and Nepal Effects on financial sector- The health of the financial sector along with the performances on a macroeconomic level and the exposure that is present with respect to the foreign markets is different in all the countries. The capital flow and the foreign direct investment had an adverse effect, which played an influential role in the economy of India. The deficit in the current and the fiscal account had an impact on Sri Lanka with respect to the low flow of capital on an external manner, which resulted in the rise of bonds within the country. In Nepal, the impact due to the financial crisis on a global manner was also felt, as the country was developing from a situation of low growth. The decrease in the prices of food and fuel and the increase in the level of inflation along with the financial indicators such as adequacy rate of low capital and the loans that were not performing have contributed heavily towards the financial sector that was present in Nepal (Albertazzi and Bottero 2 014). Remittance impact- The flow of remittance declined due to GFC by 6 percent in the year 2008-09 and some of the countries in the Asia Pacific region felt it at 2 percent in comparison with Latin America, Central Asia, Middle East, Caribbean and North Asia. Figure 3: Flow of remittance globally (Source: Vazques and Federico 2015) Figure 4: Flow of remittance in Nepal (Source: lib.icimod.org 2018) Nevertheless, with respect to Nepal, they did not have any experience with the remittance flow. The remittance flow in the country did not decline since 1998 to 2010 and was the fifth largest recipient of remittance on a global manner. Reserves on foreign exchange- The corporate sector in the emerging and developed economies have affected the financial crisis in a significant manner due to the increase in the problems of funding, which lead to the loss in the foreign exchange. The needs of the overall funding by the marketer have to be curtailed so that the funding in the foreign exchange activities can be done in the economies that are merging. The reserves in the foreign exchange within the banking system of Nepal had decreased due to the delay in the rate of interest income and the inflow through remittances. The foreign exchange reserves grew to 21.9 percent in the year 2008-09 as compared to 17.3 percent in the year 2007-08 (Abrahan and Rahan 2014). Impact on macroeconomic balances- The stocks of trade has led in the worsening of the balances with respect to macro economy in the South Asian countries. In the past few months at the time of the financial crisis, the prices of the commodities were decreasing, which led to the delay of the remittances and the earnings from exports within the current account (Vazquez and Federico 2015). The fall in these prices led to the decrease of the revenue earnings as well. Import- The decreasing trend in the price of commodity such as fuel and food was one of the main features with respect to import. The reduction in the prices of the commodities on a further basis was due to the recession that took place in the OECD countries and the other countries present in South Asia. Impact on housing industry The assets that were not performing in the local banks and the delay in the funding from the foreign are the major risks that hindered the growth of the investment. This will result in making the profits low for the companies that specializes in exporting the products available in the market. The availability of the finances in the domestic market for the investment purpose was decreased, which led to the delay in the rate of investment in the domestic manner. The investment and the growth in the countries present in South Asia decreased due to the export earnings and foreign capital (Boychuk et al. 2012). Impact on share market The high level of volatility in the stock market and the transmission of it from one market to another may result in the severity of the trade stocks. The crisis that happened in the US in 2009 resulted due to the collapse of the subprime market in mortgage, which led to the crisis in liquidity. In the financial crisis, the volatility increased in New Zealand and Australian stock markets as well. This volatility in the market pushed up the cost of borrowing, which resulted in the loss of confidence level amongst the investors (Benetrix et al. 2015). The financial sector in Nepal is not related to the global financial system, as in the first instance they did not suffer from the adverse effect of financial crisis. The investment and the share market in the country did not have a link in the investment market present globally but felt the repercussions in the second and the third rounds, as they experienced decrease in tourism, which led to the burden of debt servicing and the loss in the foreign aid. The availability of the funds in banks of Nepal is more that the required amount and the vulnerability of the reserves had an indirect impact on the financial crisis, which weakened the spending of the consumers (Cayon et al. 2017). Reforms Capital planning and stress testing- The banks were planning their capital and stress testing by designing better methods for the analysis of capital, which would help in the assessment of the capacity to lend during the economic downturn with the lending to the companies. Stress testing was another regime, which helped the banks in making a framework for calculating the risks (Obstfeld 2015). This will help in increasing the level of transparency. High regulation of capital- The capital requirements that were based on risks heightened the equity with respect to the assets based on risks (Haas and Lelyveld 2014). The banks need to have a higher standard regarding the capital so that the risks can be calculated against the equity capital. Tool formation for reorganizing complex financial firms- The use of a single mode of entry, the capacity to absorb the losses and the authority to liquidate will help the banks in coping up with the losses that they may face with the financial crisis on a global manner. It would also ensure that it can be borne by the holders of long-term debts and not the taxable citizens. Conclusion This report concentrates on the cause and impact of the financial crisis on a global manner in various countries and in particular with Nepal. It can be stated that the country felt the repercussion in the second and third round with respect to the flow of remittance, reserves in foreign exchange and the prices of commodity. The country also had a negative impact due to the rate of growth in the country and the fall in the demand for manufacturing companies on a global manner. Reference List Abraham, V. and Rajan, S.I., 2014. Global Financial Crisis and Return of South Asian Gulf Migrants. India Migration Report 2012: Global Financial Crisis, Migration and Remittances, p.197. Albertazzi, U. and Bottero, M., 2014. Foreign bank lending: evidence from the global financial crisis. Journal of International Economics, 92, pp.S22-S35 Attig, N., Boubakri, N., El Ghoul, S. and Guedhami, O., 2016. The global financial crisis, family control, and dividend policy. Financial Management, 45(2), pp.291-313. Balakrishnan, K., Watts, R. and Zuo, L., 2016. The effect of accounting conservatism on corporate investment during the global financial crisis. Journal of Business Finance Accounting, 43(5-6), pp.513-542. Bauer, A. and Thant, M. eds., 2015. Poverty and sustainable development in Asia: Impacts and responses to the global economic crisis. Asian Development Bank. Bntrix, A., Lane, P.R. and Shambaugh, J.C., 2015. DP10325 International Currency Exposures, Valuation Effects and the Global Financial Crisis. Boychuk, G.W., Mahon, R. and McBride, S. eds., 2015. After'08: Social Policy and the Global Financial Crisis. UBC Press. Cayon, E., Thorp, S. and Wu, E., 2017. Immunity and infection: Emerging and developed market sovereign spreads over the Global Financial Crisis. Emerging Markets Review. Claessens, S. and Van Horen, N., 2015. The impact of the global financial crisis on banking globalization. IMF Economic Review, 63(4), pp.868-918. Dungey, M. and Gajurel, D., 2014. Equity market contagion during the global financial crisis: Evidence from the world's eight largest economies. Economic Systems, 38(2), pp.161-177. Haas, R. and Lelyveld, I., 2014. Multinational banks and the global financial crisis: Weathering the perfect storm?. Journal of Money, Credit and Banking, 46(s1), pp.333-364. IMF. (2016).IMFs Response to the Global Economic Crisis. [online]Availableat: https://www.imf.org/en/About/Factsheets/Sheets/2016/07/27/15/19/Response-to-the-Global-Economic-Crisis [Accessed 18 Jan. 2018]. Kemp, P.A., 2015. Private renting after the global financial crisis. Housing Studies, 30(4), pp.601-620. Lib.icimod.org. (2018). [online] Available at: https://lib.icimod.org/record/26979/files/c_attachment_767_6007.pdf [Accessed 18 Jan. 2018]. Obstfeld, M., 2015. after the Global Financial Crisis. POLICY CHALLENGES IN A DIVERGING GLOBAL ECONOMY, p.383 Ojo, A.O., 2016. Corporate governance and risk management in the financial industry: changes after the global financial crisis. Vazquez, F. and Federico, P., 2015. Bank funding structures and risk: Evidence from the global financial crisis. Journal of banking finance, 61, pp.1-14.

Wiscon an Example by

Wiscon Introduction Divergent to myriad anticipations, the applicability of the death penalty in the United States has imperatively reduced with the turn over into the twenty first century. Whereas most Americans held the misconception of the increased capital punishment especially when the Bush administration took the whims of power and the subsequent rampant fear of terrorism, nonetheless, this has not was not pragmatic. Based on the research findings carried out in 2006, execution dropped exponentially in the US as many states wrestled with the anomalies associated to unlawful certainty and the toxic inoculation practice. The statistics of death sentences and the size of death row also went down, Amnesty International (2000); societal prop up for the death sentence has also noticeably abridged. New Jersey became the frontiers in endorsing a cessation on the death sentence by amending a legal framework. The death sentence structure was ratified by the help of an appointed commission that was inclined to the axiom of banning capital punishment. In Illinois, the suspension of the capital punishment continues for seven years consecutively. In New York law makers rejected the move to re-instate the capital punishment, which was suspended in 2004. Need essay sample on "Wiscon" topic? We will write a custom essay sample specifically for you Proceed North Carolina as well as California have until recently embarked on a comprehensive findings and review of their capital punishment system, although death penalty has not been stopped. Generally, the yearly number of culprits capital punishment has become low in three decades. In the early 90s the death penalty was at 300 per year, this fact and figures however, dropped towards the end of the 20th century to about 180 persons yearly. According to findings established by the bureau of justice death sentence in 2005 was at 128 in comparison with 138 cases that were recorded the previous year. Dicks, S. (2003). This paper is centered on the state of Wisconsin, one of the 12 states that scrapped off death penalty from her constitution for over one 150 years despite recorded horrific felonies committed by criminals for instance; the dreaded killer Jeffrey L. Dahmer. It is apparent that most capital punishment supporters are coming up in favor of the legal code that would enable the death sentence to see the light of the day. Wisconsin Capital Punishment Death sentence is retributive punishment that implicitly connotes the fact inclined on philosophy an eye for an eye; thus punishes the person that are convicted for homicide charges with the same measure. Last year, voters brought the capital punishment to reality for Wisconsin juries; however surveys have indicated that people still are not in favor of this kind of system. Capital Punishment as voted by the Jury. Based on the Wisconsin law, it is the obligation of the jury to impose capital punishment. To begin with the jury establishes the guilty defendant of the felony charged. The capital punishment must be a probable sentence for the committed crime. On the other hand the jury has no mandate to impose the capital punishment on persons found guilty of a particular felony for which the death sentence is not accessible as castigation. Dicks, S. (2003). Judges Discretion on the Capital Punishment Subsequent to the jurys strength of mind in determining if capital punishment has to be subjected, the jurys decision is granted upon the Wisconsin Circuit Court jury that presides upon the audition. This is the point where the judge can acknowledge the jurys verdict before enforcing the death consequence, and institute the jurys pronouncement out-of-the-way and compel capital punishment at his or her prudence. Research findings have shown that the former Chicago, Illinois criminal defense lawyer was on the fore front of defending persons on the death sentence list in the state for quite a long period of time. Dicks, S. (2003). Liberated Preliminary Session. Attorneys at Van Wagner promulgated their toll free lines for Victims that are still under killing scrutiny, or already charged with homicide, convicted but still believe their convictions or punishment was unlawful they could raise the Attorney locally in Madison on phone 608-284-1200 and explain their cases. Dicks, S. (2003). The Attorneys grant a clear-cut, honest, brief but professional free first-impression evaluation of the case against a suspect so that one has the audacity to make significant pronouncements about ones justification. According to New York (IPS) the Wisconsin society has not by any chance upheld the notion to endorse laws that would empower state authorities to execute persons. Nonetheless, citizens of the mid-western state seem to be shifting their position. Wisconsin senate voted by a constricted margin in may endorse Wisconsites to vote on the referendum in bid to reinstating the death penalty. The capital punishment Advocates have been indicating that the approach to enact death sentence is an opportunity for the citizens to make choices, although opponents of death sentence have argued that this is an instrument that conservative lawmakers have always wanted to employ for opinionated gains. Wisconsin is ruled by a democratic governor that in not for death sentence,, however its l egislatures are dominated by the Republicans, that are agitating for the repeal of the capital punishment. Alan Lasee a republican Senator that has been pushing for the restoration of capital punishment for 30 year is convinced that Wisconsin citizens are in favor of the death sentence. Lasee and his associates have cited that serial killings committed in recent times are concrete reasons that should lead to the re-institution of the death sentence, which is perceived strongly as a cardinal disincentive against grave felonies. Lasee inclines his support in respect to a survey conducted in April 2008, by the local public radio station in conjunction with St. Norbert College in De Pere, Wisconsin where more than 60 percent of the votes were in favor of the capital punishment referendum. Dicks, S. (2003). Nevertheless, the critics were not opposed to the findings; they were however concern with the ulterior motives harbored by Republicans to return death sentence. According to Christopher Watson of Amnesty Internationals Wisconsin the pronouncement is one sided one since its politically provoked. In the face of the heightened sponsored public opinion in favor of capital punishment, most Democrats are in opposed to the projected appraise. Civil society awareness lobby groups like the American Civil Liberties Union (ACLU) are by now combating the referendum, Amnesty International (2000). The members affiliated to the ACLU and all the opponents of capital punishment will be balloting in November to maintain the state sanctioned killing from being re-introduced. Capital punishment was abolished in Wisconsin 1853, five years after it become a member of ACLU in 1948 as a rejoinder to the citizen revulsion over a public execution of a man that had drowned his wife in Kenosha town. Amnesty International (2000); It is now over a century and a half ever since an individual was executed in Wisconsin state, and so its not imperative according to its opponents who are mostly Democrats. Leading faith-based groups like the Jewish Conference and the Catholic Conference are among the civil communal lobby faction that is in opposition to the re-introduction of the capital punishment. Ackerson, K (2002). The capital punishment opponents have cited in defiance to their counterparts Republicans that no research proves the illusion that death sentence curtails felonies. According to research, Southern states have both the highest homicide cases and also capital punishment. In contrast, the statistics indicate that homicide is low in the northeast demographical backdrops with a percentage of 1% of the collective death sentence. Dicks, S. (2003). To date out of the 5.3 million persons living in Wisconsin are of the European decency, whereas, minorities are African-Americans. According to critics the endorsement of the capital punishment would squarely punish the African Americans and the poor minorities since the poor lack the resources to secure themselves. Dicks, S. (2003). Conclusion In conclusion, the reduction in the applicability of capital punishment in the U.S. is an indication of the international patterns that are shifting away from death sentence. The jagged diminution on capital punishment in the U.S and the rationale for the dramatic shift should affect those that want to challenge capital punishment in the future. The societal reflective skepticism in regard to the capital punishment is centered on pragmatic concerns. Not even the proponents of the capital sentence would want to see the innocent blood being executed. Dicks, S. (2003). More American states are doing away with capital punishment. The motion over the significance of international law at the Supreme Court level has been intense, although the majority of the Court seems to be willing to consider parallel developments in other countries when determining the cases. Ackerson, K (2002). The emergency of the new voices has been a powerful pattern that has been challenging death penalty. With cap ital punishment emanating from diverse regions; the ACLU, Supreme Court Justices like Justice Sandra Day OConnor, and associates, Former Attorney General, prominent personalities, sports figure and those entire legislature that voted for death penalty have vehemently criticized the punishment in respect to its glaring injustices. Ackerson, K (2002). References: Ackerson, K (2002). An exploration of legal and clinical factors in the evaluation of the competence of death sentence. University of Minnesota. Page; 120-128 Amnesty International (2000); United States of America: Letter to the President on Capital punishment. NY: AI; Page; 100-110 Dicks, S. (2003). Lobby groups condemning Capital Punishment. Buffalo, N.Y.: Prometheus Books; Page 78-98

White Supremacy essays

White Supremacy essays Dr Frances Cress Welsing is a child psychiatrist that was born on March 18,1955 in the Chicago area of Illinois. She is a third generation Physician in her Family she followed the footprints of her father Dr Henry Noah Cress and her grandfather Dr. henry Clay Cress by becoming a Physician. She had to go through several years of study to become will know. She first attends Antioch College in yellow Spring, Ohio which she graduated from in 1957 with a B.S. degree. A year later after graduation she entered the College of Medicine at Howard University in Washington D.C. She then graduated from Howard University in 1962 with a M.D. degree. After Graduation Dr Welsing interned at the Cook County Hospital, in Chicago, Illinois between the years of 1962 through 1963 while there she received a chance to take a residency in General Psychiatry at St. Elizabeths Hospital, in Washington D.C. In 1966 to 1968 she held a fellowship in child Psychiatry at Childrens hospital. From the Dr Welsing was employed as an assistant Professor of Pediatrics in the department of Pediatrics at Howard University College of Medicine. Dr Frances Cress Welsing is best known for her controversial theories on Race. She is the Author of two books The Cress Theory of Color Confrontation and Racism (white supremacy) and Also the Isis Papers. She is also the founder of Counter-racist Psychiatry and also affiliated with Actor Paul Roberson School for Growth and Development, North Community Mental Health Center, in Washington, D.C. from 1976-1990. In 1970 Dr. Frances Cress Welsing wrote The Cress Theory of Color-Confrontation and Racism (White Supremacy). In this theory she explains the origin of racism. Why is whiteness is a color deficiency. Why white people feel threaten by non- White people and the psychological cause. Welsing based her theory off of the Textbook for Victims of White Supremacy by Neeley Fuller written in 1969. Fuller suggested tha...

Crimes and Trials of Lyle and Erik Menendez

Crimes and Trials of Lyle and Erik Menendez In 1989, brothers Lyle and Erik Menendez used a 12-gauge shotgun to murder their parents, Jose and Kitty Menendez. The trial received national attention because it had all the elements of a Hollywood movie - wealth, incest, parricide, infidelity, and murder. Jose Menendez Jose Enrique Menendez was 15 years old when his parents sent him to the US from Cuba after Castro took over. Influenced by his parents, who were both champion athletes in Cuba, Jose also developed into a good athlete and later attended Southern Illinois University on a swimming scholarship. At the age of 19, he met and married Mary Kitty Anderson and the couple moved to New York. There he earned an accounting degree from Queens College in Flushing, New York. Once out of college his career soared. He proved to be a highly focused, competitive, success-driven employee. His climb up the ladder eventually led to a lucrative position in the entertainment industry with RCA as an executive vice president and chief operating officer. During this time Jose and Kitty had two boys, Joseph Lyle, born January 10, 1968, and Erik Galen, born November 27, 1970. The family moved to a prestigious home in Princeton, New Jersey, where they enjoyed comfortable country-club living. In 1986, Jose left RCA and transferred to Los Angeles where he accepted the position of President of Live Entertainment, a division of Carolco Pictures. Jose earned a reputation as being a heartless, tough numbers cruncher, which turned an unprofitable division into a moneymaker within a year. Although his success brought him a certain level of respect, there were also many people who worked for him that completely despised him. Kitty Menendez For Kitty, the West Coast move was disappointing. She loved her life in New Jersey and struggled to fit into her new world in Los Angeles. Originally from Chicago, Kitty grew up in a broken middle-class home. Her father was physically abusive to his wife and children. They divorced after he left to be with another woman. Her mother never seemed to get over the failed marriage. She suffered from depression and deep resentments. Throughout high school, Kitty was sullen and withdrawn. It was not until she attended Southern Illinois University that she seemed to grow and develop self-esteem. In 1962, she won a beauty pageant, which also seemed to bolster her confidence. In her senior year of college, she met Jose and fell in love. She was three years older than he was, and a different race, which at that time was frowned upon. When Jose and Kitty decided to marry, both their families were against it. Kittys parents felt the racial issue would lead to unhappiness and Joses parents thought that he was only 19 and too young to marry. They also did not like that Kittys parents were divorced. So the two eloped and soon afterward headed to New York. Kitty turned away from her future goals and went to work as a schoolteacher while Jose finished college. It seemed to pay off in some ways after his career took off, but in other ways, Kitty lost herself and became completely dependent on her husband. She spent much of her time tending to the boys and waiting on Jose when he was home. When she discovered that Jose had a mistress and that the relationship had lasted over six years, she was devastated. He later admitted to cheating on her with several women throughout their marriage. Like her mother, Kitty never seemed to get over Joses infidelities. She too became bitter, depressed and even more dependent. Now, having moved across the  country, she had lost the network of friends that she had in the northeast and felt isolated. After having children Kitty gained weight and she lacked style in her clothing and general appearance. Her taste in decorating was poor and she was a bad housekeeper. All of this made acceptance in the affluent Los Angeles circles a challenge. On the outside, the family looked close-knit, like a perfect family, but there were internal struggles that took its toll on Kitty. She no longer trusted Jose and then there was the trouble with the boys. Calabasas The San Fernando Valley suburb called Calabasas is an upper-middle-class area and where the Menendez moved to after leaving New Jersey. Lyle had been accepted into Princeton University and did not move with the family until months later. During Lyles first semester at Princeton, he was caught plagiarizing an assignment and was suspended for one year. His father attempted to sway Princetons president, but without success. At this point, Jose and Kitty were both aware that the boys were incredibly spoiled. They got most everything that they wanted - great cars, designer clothing, money to blow and in exchange, and all they had to do was live under the strict controls of their father. Since Lyle was thrown out of Princeton, Jose decided it was time for him to learn some life lessons and he put him to work at LIVE. Lyle was not interested. He wanted to go to UCLA and play tennis, not go to work. However, Jose would not allow it and Lyle became a LIVE employee. Lyles work ethic was similar to how he acted towards most things - lazy, disinterested, and leaned on daddy to get him through it. He was constantly late for work and ignored assignments or would just take off to go play tennis. When Jose found out, he fired him. July 1988 With two months to kill before returning to Princeton, Lyle, 20 and Erik now 17, began burglarizing their friends parents homes. The amount of money and jewelry that they stole amounted to around $100,000. After they were caught, Jose saw that Lyles chances to return to Princeton would be over if he was convicted, so with the help of a lawyer, he manipulated it so that Erik would take the fall. In exchange, the brothers would have to go for counseling and Erik was required to do community service. Jose also forked out $11,000 to the victims. Kittys psychologist, Les Summerfield, recommended psychologist Dr. Jerome Oziel as a  good choice for Erik to see for counseling. As far as the Calabasas community went, not very many people wanted anything more to do with the Menendez family. In response, the family headed to Beverly Hills. 722 North Elm Drive After being humiliated out of Calabasas by his sons, Jose purchased a spectacular $4 million mansion in Beverly Hills. The house had marble floors, six bedrooms, tennis courts, a swimming pool, and a guesthouse. Previous occupants included Prince, Elton John, and a Saudi prince. Erik changed schools and began attending Beverly Hills High and Lyle returned to Princeton. The switch was probably difficult for Erik, who had managed to develop some friendships at Calabasas high school. Being the younger brother, Erik seemed to idolize Lyle. They had a deep bond that excluded others and as children, they often played exclusively together. Academically, the boys were average and even that level was hard for them to maintain without the direct help from their mother. Teacher evaluations often included the suggestion that the boys homework was above the capability that they showed in class. In other words, someone was doing their homework for them. And they were right. Throughout Eriks entire time in school, Kitty would do his homework. About the only thing Erik was good at was tennis, and at that, he excelled. He was the number one ranked player on the schools team. In high school, with Lyle no longer involved in his day-to-day life, Erik had his own friends. One good friend was the captain of the tennis team, Craig Cignarelli. Craig and Erik spent a lot of time together. They wrote a screenplay called Friends about a teen that saw his fathers will and went and killed him so he would inherit the money. No one at the time knew the implications of the plot. Spoiled Rotten By July 1989, things for the Menendez family continued to spiral downward. Lyle was on academic and disciplinary probation from Princeton after destroying property. He also tore up the golf course at the country club that the family belonged to, costing their membership to be suspended and thousands in repair cost that Jose paid. Erik spent his energy with failed attempts to make a name for himself in tennis. Jose and Kitty felt that they no longer could control the boys. In an attempt to get them to grow up and face some responsibility for their lives and their futures Jose and Kitty decided to use their will like a dangling carrot. Jose threatened to remove his sons from the will if they did not change the way they were living. Something Was Amiss Based on outside appearances, the remainder of the summer seemed to go better for the family. They were doing things together again as a family. But Kitty, for unknown reasons, did not feel safe around the boys. She spoke to her therapist about feeling fearful of her sons. She thought they were narcissistic sociopaths. At night she kept her doors locked and two rifles nearby. The Murders On August 20, 1989, at around midnight, the Beverly Hills police received a 9-1-1 call from Lyle Menendez. Erik and Lyle had just returned home after going to the movies and found their parents dead in the family room of their home. Both parents had been shot with 12-gauge shotguns. According to autopsy reports, Jose suffered explosive decapitation with evisceration of the brain and both his and Kittys faces were blown apart. Investigation The rumored theory about who murdered the Menendez was that it as a Mob hit, based partially on information from Erik and Lyle. However, if it was a mob hit, it was a definite case of overkill and the police were not buying it. Also, there were no shotgun casings at the murder site. Mobsters do not bother to clean up shell casings. What created more concern among the detectives was the tremendous amount of money the Menendez brothers were spending which began immediately after their parents were murdered. The list was long, too. Expensive cars, Rolex watches, restaurants, personal tennis coaches - the boys were on a spending roll. Prosecutors estimated that the brothers spent around a million dollars in six months. Big Break On March 5, 1990, seven months into the investigation, Judalon Smyth contacted the Beverly Hills police and informed them that Dr. Jerome Oziel had audio tapes of Lyle and Erik Menendez confessing to the murder of their parents. She also provided them information on where the shotguns were purchased and that the Menendez brothers had threatened to kill Oziel if he went to the police. At the time, Smyth was trying to end an alleged relationship with Oziel, when he asked her to pretend to be a patient at the office so that she could eavesdrop on a meeting he was having with the Menendez brothers. Oziel was afraid of the boys and wanted Smyth there to call police in case something happened. Because there was a threat on Oziels life, the patient-therapist confidentiality rule did not apply. Armed with a search warrant the police located the tapes in a safety deposit box and the information Smyth provided was confirmed. On March 8, Lyle Menendez was arrested near the family home, followed by the arrest of Erik who returned from a tennis match in Israel and turned himself into the police. The brothers were remanded without bail. They each hired their own lawyers. Leslie Abramson was Eriks lawyer and Gerald Chaleff was Lyles. The Arraignment The Menendez brothers had full support from most all of their relatives and during their arraignment, the atmosphere lacked the appropriate seriousness for what was taking place. The brothers strutted in like movie stars, smiled, and waved to their family and friends and snickered when the judge began to speak. Apparently, they found the serious tone of her voice humorous. You have been charged with multiple murder for financial gain, while lying in wait, with a loaded firearm, for which, if convicted, you could receive the death penalty. How do you plead? They both plead not guilty. It would take three years before their cases went to trial. The admissibility of the tapes became the big hold up. The California Supreme Court finally decided that some, but not all of the tapes were admissible. Unfortunately for the prosecution, the tape of Erik describing the murders was not allowed. The Trials The trial began on July 20, 1993, in the Van Nuys Superior Court. Judge Stanley M. Weisberg was presiding. He decided that the brothers would be tried together, but that they would have separate juries. Pamela Bozanich, the chief prosecutor, wanted the Menendez brothers to be found guilty and to get the death penalty. Leslie Abramson was representing Erik and Jill Lansing was Lyles lawyer. As flamboyant a lawyer as Abramson was, Lansing and her team were equally quiet and sharply focused. Court TV was also present in the room, filming the trial for its viewers. Both defense lawyers admitted that their clients did kill their parents. They then went about methodically trying to destroy the reputations of Jose and Kitty Menendez. They tried to prove that Menendez brothers had been sexually abused by their sadistic father throughout their lifetime and that their mother, when not participating in her own form of perverse abuse, turned her back on what Jose was doing to the boys. They said that the brothers murdered their parents out of fear that the parents were going to murder them. The prosecution simplified the reasons behind the murder stating that it was done out of greed. The Menendez brothers feared that they were going to get cut out of their parents will and lose out on millions of dollars. The murder was not a spur of the moment attack done out of fear, but rather one that was thought out and planned days and weeks before the fatal night. Both juries were unable to decide which story to believe and they came back deadlocked. The Los Angeles DAs office said they wanted a second trial immediately. They were not going to give up. The Second Trial The second trial was not as flamboyant as the first trial. There were no television cameras and the public had moved on to other cases. This time David Conn was the chief prosecutor and Charles Gessler represented Lyle. Abramson continued to represent Erik. Much of what the defense had to say had already been said and although the whole sexual abuse, incest  direction was disturbing to hear, the shock of hearing it was over. However, the prosecution dealt with the sexual abuse allegations and battered persons syndrome differently than how it was dealt with during the first trial. Bozanich did not address it at all, believing that the jury would not fall for it. Conn attacked it straight on and got Judge Weisberg to block the defense from saying that the brothers suffered from battered persons syndrome. This time the jury found both the Menendez brothers guilty of two counts of first-degree murder and conspiracy to commit murder. Shocking Moment During the penalty phase of the Menendez trial, Dr. William Vicary, who was Eriks psychiatrist since his arrest, admitted that Leslie Abramson asked him to rewrite portions of his notes that were being reviewed because it could be harmful to Erik. He said she called the information prejudicial and out of bounds. One section that was removed pertained to Eriks saying that his fathers homosexual lover told Erik and Lyle that their parents were planning to kill them. Erik told Vicary that the whole thing was a lie. The fact that Abramson had asked the doctor to remove incriminating comments could have cost her her career, but it also could have caused a mistrial. The judge did not allow that to happen and the sentencing phase continued. Sentencing On July 2, 1996, Judge Weisberg sentenced Lyle and Erik Menendez to life in prison without the possibility of parole. The brothers were later sent to separate prisons. Lyle was sent to North Kern State Prison and Erik was sent to the California State Prison.

Analyze & compare works of are -what you are proud of Essay

Analyze & compare works of are -what you are proud of - Essay Example The striking characteristic of this painting is that it is a symbol of elegance, characterized by its high ability to capture and reflect lights. The colour schemes of the painting are also wholesomely expressive, bringing the image in the front and shaping the background more dull, to ensure every single detail of the painting is observable. What I am proud of from the activity is the fact that I have been able to differentiate the aspects of the two; Venice and Florence Renaissance artistic representations. From the activity, I learnt that; despite the use of the same material in painting, for example the use of oil canvas in both the above paintings, the nature of the visibility of the pieces of artwork can be different. Distinguishing the elements that makes the two paintings appear visibly different was the main challenge, but what I clearly understood is that the application of the colouring scheme and the foreshortening aspect makes the visibility aspect of the paintings different. The visibility concept is important to understand, because it is the essence of differentiating one art work from the