The Breakthrough of Graham and Amylin

Presentation Amylin is a San Diego-based organization that has been encountering issues throughout the previous 18 years, with little advancement. Be that as it may, the organization has been encountering evolving fortunes. The organization has as of late began managing in food and medications research looking to propel the accessible medications particularly those directed to people experiencing diabetes.Advertising We will compose a custom paper test on The Breakthrough of Graham and Amylin explicitly for you for just $16.05 $11/page Learn More Surprisingly, this has been the best undertaking the organization had ever done. It is the discovery of the previous 18 years. This has carried triumph to its picture and status under the initiative of Ginger Graham (Gareth Jennifer, 2008). Ginger Graham’s character Personality is the noticeable qualities in an individual that are reliable all through her/his life, it is intrinsic. The individual will consistently act in a steady way when placed in a similar circumstance again and again. For this situation we consider the character of Ginger Graham’s (Littauer, 2003). As indicated by how she deals with her duties after some time, she comes out as a dependable individual. Now and again, she can be believed to complete her obligation regardless of the stuff, for instance, she pricks herself consistently so as to demonstrate solidarity to individuals with diabetes. Through her interest in research, she has figured out how to think of an unrivaled medication called Byetta; this has improved the life of diabetics (Littauer, 2003). She can be depicted as a confident individual. This comes up in the article from the manner in which she is continually pricking herself every day. The greater part of the individuals can't figure out how to do it reliably. It very well may be found in the manner she controls and deals with the organization for more than five years. Despite the fact that things don’t turn upwa rd so useful for the organization initially she endures the circumstance until she was successful (Littauer, 2003). At the point when her organization is confronted with money related difficulties to almost shutting down, she shows a high feeling of unwaveringness by forcefully planning on its return. At the point when all the workers leave and abandon the organization because of money related difficulties, she despite everything has trust that the organization will experience everything with progress (Gareth Jennifer, 2008). Graham likewise comes out as an entertainer; from the article, she can lead the organization from insensibility to execution and triumph. She consolidates her persuasive and authoritative abilities to draw out the best of the firm.Advertising Looking for article on business financial matters? How about we check whether we can support you! Get your first paper with 15% OFF Learn More She stands apart as an engaged pioneer, who can plan and execute very much plan ned tasks. For instance she utilizes exploration to spare diabetics structure their issues and simultaneously spare her organization from falling (Gareth Jennifer, 2008). Incidentally, from the article, Graham is shown as somebody with entirely excellent individual qualities. (Littauer, 2003). She turns out as the symbol of good mentality, as she stands apart as the main individual who stays positive when everybody was crashed with their confidence on the organization. She despite everything waited on until she made it. Her prosperity came up as a type of her respectability and great work from her administration and the employees’ responsibility. By and by she has fabricated altruism for her name and that of the organization; this has raised her to the status of a good example (Dyckman, 2006). Her strength in managing difficulties was stunning. It is seen in the manner she utilizes exploration to turn her reality around, and how she faces her issues with good faith and certai nty. She additionally gives her clients trust, heading, care and fulfillment. This can be seen in the manner she takes care of them and how she drives them in eating the correct eating regimen for their condition (Littauer, 2003). As indicated by how Graham faces her issues and settles on decisions for her answers, she draws out the component of high passionate insight. For instance, she applies her feelings in improving the life of the individuals around her. This is found in the manner she every day pricks herself and exposes it as a demonstration of solidarity to the diabetics; they grasp her thought despite the fact that she herself isn't diabetic (Dyckman, 2006). Glancing back at Amylin, the organization she had so constantly worked for its prosperity, Graham had manufactured a solid culture. Her activities and commitment to the clients had constructed a culture of client care and great quality. Representatives appreciate the great workplace, just as the dedication in their wor k as she submits herself (Brickley Zimmerman, 2009). End Even however Amylin has an exceptionally solid culture, the way of life grew incidentally. When Amylin was very nearly falling, Graham went for the advancement of her items through pricking herself.Advertising We will compose a custom paper test on The Breakthrough of Graham and Amylin explicitly for you for just $16.05 $11/page Learn More The advancement improved on the deals of the organization and piece of the overall industry, aside from that it advanced the picture of the organization to extraordinary statures. As clients accepted on the nature of Graham’s products, this has been changed to expand on the picture of the organization (Brickley Zimmerman, 2009). References Brickley, J. Smith, C. Zimmerman, J. (2009). Administrative financial matters and hierarchical design. New York: McGraw Hill/Irwin. Dyckman T. (2006). Macroeconomics for MBAs and Masters. New York: Cambridge University Press. Gareth, R.J Jennifer, M .G. (2008). Contemporary Management. New York. McGRAW Hill International Edition. Littauer, M. (2003). Character: Using the Strengths of Your Personality to Deepen Your Relationships. New York: Penguin Publishers. This paper on The Breakthrough of Graham and Amylin was composed and put together by client Jessica Sherman to help you with your own examinations. You are allowed to utilize it for examination and reference purposes so as to compose your own paper; be that as it may, you should refer to it likewise. You can give your paper here.

Anaysis of the Impact of LGBT Market Dissertation

Anaysis of the Impact of LGBT Market - Dissertation Example Effect of LGBT Market 19 3.11. Pink Money and Valuation 22 Topic Page No. 4. Research Methodology 23 4.1. Assortment of Data 23 4.2. Impediments of the exploration 23 5. Finding and Analysis 24 5.1. Answer to the exploration question 1 38 5.2. Answer to the examination question: 2 39 5.3. Answer to the exploration question: 3 40 6. End 41 7. List of sources 42 8. Research Questioners 45 9. Reference section 48 1. Presentation: Decades after intangibility and arriving at minimum amount, an advancement was accomplished on July 1991 article in the traditionalist Wall Street Journal, when they named the lesbian and gay network a fantasy market.At present, the American market is foreseen to be esteemed at $835 billion out of 2011 - in view of on U.S. populace development and with a consistent 7% portrayal of gays and lesbians inside the general populace. (Comercialcloset; 1) In 2004, Commercial Closet detailed that around 36% of Fortune 100 organizations support their items and administra tions just as publicized straightforwardly to the lesbian and gay market. Today, American companies go through about $307 million every year in gay print media. As indicated by the report distributed in the Gay Press 2011 from Rivendell Marketing and Prime Access, which tracks 109 U.S. gay press distributions. Aside from that, it must be noticed considerably more is spent on sponsorships and internet publicizing. The sum spent in internet publicizing isn't determined while the report of Gay press is distributed. In the event that we think about that sum, at that point the general sum will increment many crease. (Comercialcloset) Approximately, another $27 million is spent in online gay media, an expected $20 million on Viacom-possessed LOGO gay system, and over $6 million increasingly spent every year on sponsorships in the gay network, according to 2006 and 2007 Commercial Closet reports. Not many quantities of promoters, for instance, organizations like IBM and American Express, h ave looked for the business-to-business advertise, focusing around 800,000 to 1.2 million gay and lesbian-possessed organizations. It is significant that one ought to recall that the purported gay network or gay market isn't solid - it is progressively similar to an association of people with personalities and nearness as differing as everybody of any nation. (Comercialcloset) Gay men may live in various nations, in various urban areas the whole way across the world, they might be voyaging truckers, own a home in suburbia with an accomplice and youngster, they might be in a retirement home, or they could be battling in a specific piece of the region or the general public. Lesbians may possess a vegan café in Northampton, they may run a significant media organization, own a home in suburbia with an accomplice and youngster, or they could be working at a rebate store. Yet, the primary concern is for any association they are likewise an intended interest group and the expanding number creation them increasingly more significant for the world business network to think upon and view. Like every other person, they face issues of race, class, ethnicity, sing consistently, be sure whom you need to address with your message, do great research, select your news sources with care, and go through enough cash to do your image equity. One needs to recall that brand unwaveringness is earned after some time, not overnight. In the event that this tremendous populace could have been tapped, at that point the capability of gaining a gigantic piece of the overall industry is completely clear for all the associations. (Comercialcloset) 2. Research Question: Our primary goal of this paper to discover how the expanding buying power

Emily Jane Brontë :: Biography Biographies Essays

Emily Jane Brontã « Â Â â â â â â Emily Jane Brontã «'s life, however short and sad, had a mind-boggling effect on her work. Set apart by vicious enthusiastic changes, her youth on the Yorkshire moors gave the society foundation common in Wuthering Heights. She was brought into the world the fifth of six youngsters on July 30, 1818, at Thornton, close to Bradford, Yorkshire. In April, 1820, the Brontã « family, comprising of Reverend Patrick Brontã «, his significant other Maria, child Branwell, and girls Maria, Elizabeth, Charlotte, Emily, and Anne, moved to the parsonage at Haworth. Emily never knew her mom, for Mrs. Brontã « contracted inward malignancy at the age of thirty-eight and kicked the bucket in September of 1821, when Emily was only three years of age. Patrick Brontã « never remarried. In 1824, Maria, Elizabeth, Charlotte, and Emily were selected at the Clergy Daughters' School at Cowan Bridge, found under twenty miles from Haworth. In 1825, Maria and Elizabeth became sick from ut ilization and come back to Haworth, where they soon kicked the bucket. Charlotte and Emily left Cowan Bridge and came back to Haworth. Â Â â â In the harvest time of 1825, Tabitha Aykroyd was utilized as cook and servant at Haworth. Her impact on the Brontã « kids, especially on Emily, was stupendous. Dark-striped cat, as she was known, was a local of Haworth and brought to the kids the fables of the Yorkshire moors: Â Â She recounted pixies that moved by the bed-sides in the evening glow, and of the individuals who had seen them. At the point when the peat sparkled red on the kitchen hearth and shadows extended over the stone floor, Tabby caused the warm air to appear to be buzzing with animals of the plant and heather. (Simpson, 27) Â Â â â The minds of the Brontã « youngsters, terminated by Tabby's interesting folktales, experienced the entryway, in 1826, to facilitate advancement when the Reverend Mr. Brontã « introduced twelve wooden warriors to Branwell. The four kin made characters and islands around these toys and built up an oral writing that would later be changed into verse, comprising the notable Gondal adventure that Emily and Anne proceeded with long after Branwell and Charlotte lost intrigue. Of extraordinary note is Emily's selection of names for her uncommon saints: Sir Walter Scott and the Lockharts. The scholarly reference appears to show an associate with writing, a thought fortified by Charlotte's History of the Year 1829: Â Â Â We take two and see three papers per week.

The Immortal Artist :: essays research papers

The godlike Artist Since the commencement of the world people have been fascinated by a condition alluded to as everlasting status. Everlasting status is the state where one challenges passing, consequently overcoming the domain of being a human. Researchers have looked for approaches to make this marvel. With there over idea out and complex thoughts they had figured out how to ignore the self-evident. Individuals had been accomplishing everlasting status for a considerable length of time. The key isn't in physical exesistance yet in your activities, manifestations, and notoriety which will live on long after you bite the dust. T.L. Lange, a legitimate craftsman from Atlanta Georgia, once said "Music and workmanship assume the prevailing jobs throughout everyday life. In the freedom from oneself, the waves which are left to be recollected. It is at this time we accomplish everlasting status and envision what works out in a good way for corn flakes†¦." The visual Arts understudies at The North Carolina School of the Arts have used this information in such a manner thus, that their class has stayed undying. As a class, the class of 1986, the understudies made a painting. Dr. Chaplin made the painting and gave every understudy a portrayal. He figured out how to re-make a picture of every understudy through recovering their picture from a photo. The canvas is isolated into eighteen individual and unmistakable segments. Each area is given to one understudy picture or figure, and their state of mind or sentiments in which they needed to depict. The creator, Chaplin, gave the work a feeling of solidarity by utilizing all unadulterated shade hues and geometric development with illustrative natural shapes to make the understudies. The utilization of redundancy in shading and general shapes gives the piece a close since of solidarity that additionally arranges the understudies from an allegorical perspective.      The work is living in the understudy house. The house is planned as a spot for understudies to feast, unwind and visit with their companions. Therefor this is a proper spot for the work of art since it makes the inclination that they are unwinding with the understudies of today. The work isn't at all emphasized by structural lighting or by any casing, and isn't worshiped to be watched.

Writing a Law School Essay - Making Sure That Your Essay Structure is Accurate

Writing a Law School Essay - Making Sure That Your Essay Structure is AccurateWhen you are writing a law school essay, there are many different elements that will play a role in helping you create a concise and clear essay. This will help you to be successful and to reach the grade required by your instructor.The first thing you need to do when writing a law school essay is to ensure that you know how to correctly use the correct language in your essay. This can often make the difference between an essay that is well written and one that is not. As you will find out, grammar is an extremely important element when writing a law school essay.To get good grades at law school, you will need to have an impressive vocabulary and to use the correct spelling and grammar. Therefore, it is essential that you learn how to use these tools properly. If you do not have a great vocabulary when you are writing a law school essay, you may want to consider using a pen and paper to write out your notes .Writing a law school essay is not difficult to do, but it does require work on your part. As such, you will need to ensure that you organize yourself and that you follow some simple steps before you begin. Following these steps will make it easier for you to write a law school essay with clarity and accuracy.For instance, if you are trying to decide what format to use when writing a law school essay, you will want to make sure that you have completed the necessary research in order to determine which format is best for you. As such, if you are going to be writing an essay about a case, you will want to consider using a legal journal format. If you are writing a research paper, you may want to choose between a dissertation or thesis format.A legal journal essay is excellent for beginning law students, as this format makes it very easy to work with the proper format for your law school essay. Legal journal essays often do not have any pictures or images included in them. This is a gr eat way to ensure that you get the information across without being bogged down by extraneous details.Dilemmas that arise during law school can often be very confusing and if you are going to be writing a law school essay, you will want to be sure that you have plenty of time to complete it. By choosing to write an essay rather than an exam, you will be able to complete the assignment much faster. Before you begin writing a law school essay, it is a good idea to sit down and make a list of all of the items that you will need to include and then write them all down.Finally, make sure that you follow a plan when you are writing a law school essay. You should always come up with a structure for your essay that will help you ensure that it is organized properly. Using a law school essay outline can help you be more organized and you can be sure that you will have a better chance of writing a law school essay that will meet the needs of your instructor.

Short Essay on Temperament Essay - 550 Words

Short Essay on Temperament (Essay Sample) Content: Parenting to Children with Different TemperamentsIntroductionFor anyone who has actually undergone parenting with more than a single child they can actually testify that not all children are alike. Surprisingly, many parents are not aware that they need to tailor their styles of parenting based on the temperaments and individual needs of each child. This study will therefore provide a lot of parenting advice to many parents out there. Parents therefore need to be friendly and allow your children their freedom and independence.Easy children are the kids who usually have friendly approaches to new situations with positive approaches and thus adapt quite easily to change. They are therefore predictable in their behaviors such as eating habits, elimination patterns and their sleeping moods. However, their easy adaptability to new environments may also lead to new behavioral problems. It is therefore important to encourage coping strategies and self-awareness in easy child ren. Thus using reflection to help children to recognize the best option rather than sticking to anything because they can easily adapt to it.Secondly, the difficult children are usually characterized by negative moods. Thus in many occasions, they are often withdrawing from things that look new to them and this makes them non-adaptive and slow to change. In this case, the parents need to handle this problem from the word go. They have to cope with the childà ¢Ã¢â€š ¬s irregularities and the slow ways in which they adapt to situations so that they can adapt to the rules of living within the family (Culpepper, 2008 p.1). A very important thing that parents must do in this situation is to prepare for an unusually hardship in parenting. This is because the tactics that usually work with the easy children do not usually work with the difficult child. Such children should therefore be brought in a way they can get along easily for them to learn the appropriate behavior.Finally is the s low to warm up children who react mildly though negatively to different situation s. like the difficult children they also tend to withdraw from the new situations. For this category of children, it is important to allow them to adapt to a new situation at the pace they are used t... Short Essay on Temperament Essay - 550 Words Short Essay on Temperament (Essay Sample) Content: Parenting to Children with Different TemperamentsIntroductionFor anyone who has actually undergone parenting with more than a single child they can actually testify that not all children are alike. Surprisingly, many parents are not aware that they need to tailor their styles of parenting based on the temperaments and individual needs of each child. This study will therefore provide a lot of parenting advice to many parents out there. Parents therefore need to be friendly and allow your children their freedom and independence.Easy children are the kids who usually have friendly approaches to new situations with positive approaches and thus adapt quite easily to change. They are therefore predictable in their behaviors such as eating habits, elimination patterns and their sleeping moods. However, their easy adaptability to new environments may also lead to new behavioral problems. It is therefore important to encourage coping strategies and self-awareness in easy child ren. Thus using reflection to help children to recognize the best option rather than sticking to anything because they can easily adapt to it.Secondly, the difficult children are usually characterized by negative moods. Thus in many occasions, they are often withdrawing from things that look new to them and this makes them non-adaptive and slow to change. In this case, the parents need to handle this problem from the word go. They have to cope with the childà ¢Ã¢â€š ¬s irregularities and the slow ways in which they adapt to situations so that they can adapt to the rules of living within the family (Culpepper, 2008 p.1). A very important thing that parents must do in this situation is to prepare for an unusually hardship in parenting. This is because the tactics that usually work with the easy children do not usually work with the difficult child. Such children should therefore be brought in a way they can get along easily for them to learn the appropriate behavior.Finally is the s low to warm up children who react mildly though negatively to different situation s. like the difficult children they also tend to withdraw from the new situations. For this category of children, it is important to allow them to adapt to a new situation at the pace they are used t...

The Failure Behind American International Group Finance Essay - Free Essay Example

Sample details Pages: 10 Words: 2882 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? What happened and Why it happened? AIG and its subsequent failure are one of, if not the most well-known company failures in financial history. Of the more recent bankruptcies filed for companies like Enron and Worldcom, the effects and unforeseeable consequences of the failure of a company like AIG would be much more widespread and felt by many more Americans at the lay person level. AIG is primarily an insurance company that sells Property casualty, life, and travel insurance to customers the world over. Don’t waste time! Our writers will create an original "The Failure Behind American International Group Finance Essay" essay for you Create order However, there was another arm to the company known as AIG FP or American International Group Financial Products division. This division dealt in the financial markets as more than an intermediary, but actually as a trader. The most publicized and understood version of what happened at AIG is that the federal government bailed them out. The term bailout has come to be understood as a final resort transaction with no official means of repayment or penalty. However, this simply is not what happened. The truth of the matter is that AIG deviated from its core business of insurance and the profit margins that come with the premium to risk spread. A great majority of the equity that had existed in AIG came from the sale of credit default swap contracts through the financial products division. These contracts had implicit assumptions of quality and of financial stability. These stipulations in the contracts warranted that if the credit rating of AIG fell, the risk of the counterparties w ent up significantly and that there must be compensation for this. The basic product underlying all of these contracts was the ever popularized Asset Backed Security, or, to be more specific, the ABS CDO or collateralized debt obligation. As almost any American would be able to tell you, at this time in 2008, these asset backed securities were based on defaulting mortgages. Credit default swaps can be lucrative when defaults are low, however, the agreements can quickly cost a company billions if defaults increase sharply. Some of the most interesting information of the entire financial crisis comes from AIG and more specifically from the Financial Products Division. This division was an almost infinitesimal piece of AIG in terms of real estate occupied and employees present. However, it was out of this small setting that Joseph Cassano and his employees issued credit default swaps on over $441 billion in securities that were originally rated AAA. This refers to the tranches that were created for the asset backed securities and more specifically the senior tranche, or least risky. The problem here is that when the company reorganized its tranches to be able to sell more of the repackaged security, they simply upgraded the Mezzanine tranche to Senior, so as to increase the credit worthiness of the security that they were selling. Of the $441 billion of securities traded by the financial products division, over $57.8 billion were based in subprime loans (Pittman). In 2008, this is exactly what happened to AIG and their Financial Products division. In 2007, AIG FP lost more than $10 billion and by the end of the second quarter of 2008 they had lost an even more impressive $17 billion in that division alone. This investment portfolio was significantly more risk seeking than any of the other investment portfolios of AIG, however, these were the most toxic at the time. Due to the overwhelming losses to AIGs capital reserves, they began to be the subjects of inc reased scrutiny by the SEC as well as credit rating agencies such as Moodys and Standard Poors. The rating agencies quickly downgraded the company and its Credit Rating (SP), causing AIG to have to fulfill the requirements of their Credit Default Swap contracts and costing the company over $13 billion dollars of its capital reserves. After the requirement to pay, the company was seen as almost being insolvent. The limits of their liquidity crisis were fast approaching bankruptcy. This is where the story begins for most people, and where the term Government Bailout comes into play. After the downgrading of their credit and the falling of AIG stock price from a 12 month average of approximately $70/share to $1.25 on September 14, 2008, the federal government attempted to get a private loan for AIG to stay liquid and above water during the financial crisis at one of its worst moments. JP Morgan Chase and Goldman Sachs were called upon to try to finance the deal. This was unsuccessf ul, but the government wanted to find out if there would be widespread effects to the failure of a corporate giant such as AIG. Morgan Stanley was hired to assess the systematic risks associated with failure of such a large company. Not only did AIG effect the lives of more common Americans than companies such as Goldman Sachs, but the counterparties involved in their Credit Default Swap contracts stood to lose upwards of $180 billion dollars if the company was to go under. Below is the highly sought after schedule A, or list of derivative contracts. Schedule A (Derivative and off balance sheet instruments) After all was said and done, the company entered into a 24 month secured credit facility that AIG could access up to $85 billion from. The loan was secured by AIGs assets including the non-regulated Financial Products division. It came at a cost of LIBOR +8.5% to AIG (Gretchen Morgensen). The federal government received stock warrants for 79.9% of the company as a result of this deal and later increased its ownership stake to approximately 91.2% after purchasing a second round of $40 billion with the Troubled Asset Relief Program. This is seen as the government bailout. In the most simplistic sense, the government took action that it had to to keep the financial system from suffering massive losses to AIG and its counterparties in their Credit Default Swaps as well as the millions of other Americans that are affected by AIG and its subsidiaries on a daily basis. This is why AIG was given the attention and capital that it so desperately required and companies such as Goldman Sach s were allowed to fail. Was it Preventable and How? The AIG liquidity crisis and the numerous U.S. market failures can be attributed to the lack of affective government Regulation. Over the past few years regulation of Financial Institutions has been highlighted by the media and congressional action. This highly debated issue has been a major concern for decades as the financial industry continues to change and new financial products become created. The most recent market failure is mostly due to the expanding derivatives market and its role in the failure of numerous financial institutions including AIG. Past regulation legislation has clearly failed in properly regulating the new derivatives market and preventing firms from harming the overall U.S. market. New regulation is now in the process of being created to update the current Regulatory institutions so that they are able to accommodate the new financial products and protect the U.S. market / economy. The financial industry has drastically changed over the past few decades. With the creation of computer trading, complex models and derivatives the job of regulating financial institutions has become far more complex. One of the first government actions to control these institutions from potentially harming the overall economy was the creation of the Glass-Steagall Act of 1932. This legislation was aimed at protecting depositors money and limiting the ways in which banks could invest their deposits. By eliminating full service Universal banking the government believed that it could prevent another financial catastrophe after the great depression. Glass-Steagall however was repealed in 1999 and was followed by many de-regulatory actions. This era of de-regulation is what many think allowed the growth of reckless trading and speculative betting since government agencies were powerless to stop such actions. The failure of AIG is what really brought light towards the problems of government regulatory agencies. After the bailout people began to search for who was to blame for the companies collapse and the adverse affects it had on the economy. Since AIG is such a large corporation it was not clear initially who or what department was responsible for the extreme losses. The sub division called AIG Financial Products was found to be the main culprit for the collapse. This department was engaging in credit default swaps and risky derivatives trading. Since the company operated similar to a thrift the Federal Office of Thrift Supervision was viewed as the primary regulating agency. This agency was also responsible for regulating other failures such as Indymac and Washington Mutual. Once AIG began to fail extreme amount of pressure were put towards reforming the regulation system, Ben Bernake said, AIG exploited a huge gap in the regulatory system. Since the bailout the President and Congress have passed some legislation in hopes of preventing similar failures in the future. The Dodd-Frank act of 2010 is the main piece of regulatory legistation reform that has been passed since the financial collapse. In this act past laws including ones from the Glass-Steagall act are reinstated and combined with new reform in order to better regulate modern day financial companies. Included in Dodd-Frank is a section eliminating the Federal Office of Thrift Supervision, which was powerless to control and monitor large corporations like AIG. Many people compare AIG to their regulators as A super heavyweight boxer against a 13 year old boy. In order to give regulators more power the Dodd-Frank act created two more agencies, The Financial Stability Oversight Council and the Office of Financial Research. These 2 agencies were given the responsibilities from the previous office of thrift supervision along with other failed regulatory offices. The main change in regulation power came from the new ability for the regulators to monitor ANY risks to the U.S. financial system and the power to consult State regulatory offices overseein g insurance companies. Many other proposed laws have been discussed to further the financial security of the U.S. economy. One such rule is called the Volcker Rule which proposes that depository institutions should be prohibited from proprietary trading, much like in Glass-Steagall. As the economy continues to stabilize and grow regulatory legislation such as the Dodd-Frank act will become extremely important in order to prevent another great failure like AIG. The struggle between the free market economy and government regulation will continue to be a major source of debate for many years to come. Risk Management Errors We dont live in a world where conventional risk management textbooks prepare us. Not one firm forecast the true impact of the economic crisis and its consequences. These consequences continue to take business academics and tenured economist by surprise. The banks have multiplied the crisis because of the so-called risk management models, which increased their exposure to risk instead of limiting it and rendered the global economic system more unstable than ever. In the late 2000s many firms learned that instead of trying to anticipate low-probability, high-impact events, they should reduce their vulnerability to them. In August 2007 during a conference call with investors, many high-ranking AIG officials stressed the near zero risk probability of credit-default swaps. This was the first in many risk management errors. AIGs chief risk officer was quoted as saying the risk actually taken is very modest and remote. A credit default swap is a bilateral contract between the buyer and seller of protection. The CDS refers to a reference entity or reference obligor, usually a corporation or government. The reference entity is not a party to the contract. The protection buyer makes quarterly premium payments, the spread, to the protection seller. AIG did not understand the risk involved in these credit default swaps and that misunderstanding was largely in part to CEO Martin Sullivan. He was quoted as saying It is hard for us with, and without being flippant, to even see a scenario within any kind of realm of reason that would see us losing $1 in any of those transactionsÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦. We see no issues at all emerging. We see no dollar of loss associated with any of that business. The lack of knowledge and the massive amount of confidence lead AIG down the path to destruction. In November of 2007, AIG reported a $352 million unrealized loss from its credit-default swap portfolio, but to keep investors happy AIG was quoted as saying its highly unlikely that they would lose any money one the deals. Moving on to December AIG disclosed 1.10 billion in further unrealized losses to its swap portfolio, bring the grad total to 1.5 billion in loses. Throughout a conference call with investors, CEO Martin Sullivan explains that the probability that AIGs credit-default swap portfolio will sustain an economic loss is close to zero. AIGs thought its risk-modeling system had proven very reliable, Sullivan said, and since the transactions were so conservatively structured, AIG had a very high level of comfort with its risk models. Moving on to February, AIG set its 2007 total realized loses to 11.5 billion. AIG also disclosed that I had posed 5.3 billion in collateral as well. This was the first time the company had disclosed the amount of money in collateral. In the late months of 2008, the government pledged 115 billion to AIG in bailout funds to try to hedge the crisis. The US board of Governors and Treasury announced the restruc turing of the governments financial support to AIG. This restructuring included a treasury purchase of AIG preferred shares through the TARP program. This program reduced the 85 billion dollars in AIG revolving credit to 60 billion and created two limited liability companies. In the late months of 2008 to 2010 the powerhouse fell apart. Who was responsible? American International Groups monumental collapse like any other disaster derived at first from ambition. Then, in turn, this same ambition begot greed. In retrospect, looking back on the AIGs collapse, we can say there were many individuals that were responsible for the devastating disaster in the wake of the economic crisis of 2008. First, we must start from the top of the organization and work our way through the corporate hierarchy to lay out the appropriate blame to the responsible parties. Starting in 1987, when the Financial Products division within AIG was created by a joint venture between Howard Sosin and the AIG CEO, Hank Greenberg. The tumultuous relationship built on greed was doomed from the beginning as the ambitious Sosin only needed Greenbergs financial and brand backing whereas Greenbergs leadership style was with an iron fist. Lacking the trust in Sosin, Greenberg eventually did enough micro-managing to get Sosin to leave the company on bad terms and eventuall y replaced him with one of his protà ©gà ©s, Joseph Cassano. Under Sosin, Financial Products was a large profit, no material loss division within AIG that generated millions in profits during his tenure. In contrast, Cassanos tenure was an aggressive and risky operation that he deemed a no lose situation when in fact it eventually led to AIGs collapse and a subsequent bailout by the federal government. Under his control, the Financial Products division indulged in extensive selling of credit default swaps on mortagages which at its height AIG had guaranteed some $440 billion in obligations. In all, Joseph Cassano and the lack of corporate governance within AIG allowed him to single handedly bring a company that was once looked at as one of the safest and secure institutions to place your money in as one the biggest failures in the modern day economy. Ripple effect on the market/economy? In the wake of the financial crisis in 2008, the collapse of such a company with the size and stature of AIG would have been catastrophic to the entire financial world as we know it. Most systematically its downfall would have led to the eventual collapse of other banks with it because subprime issues in the underlying credit default swaps AIG was selling. In theory, every bank would have been able to look at their balance sheets and note that they were suffering from the same type of subprime issues that would have destroyed AIG had there not been a bailout by the federal government. Ultimately, the risky debt obligations that the credit default swaps were based on were being defaulted at a high rate and there was no way possible for AIG at the end of the day to honor all of its obligations to speculators and banks alike who purchased these financial instruments as forms of insurance against default. On another note, another economic industry that suffered was the travel indust ry. In the wake of the government bailout of AIG, executives were spotted relaxing in a luxurious resort in California. Because of this, AIG received bad press from the media and taxpayers, alike. Other companies took note of this bad press and immediately cancelled any type of conferences in exotic and expensive locations in order to avoid that same bad press. Sources Mark Pittman (2008-09-29). Goldman, Merrill Collect Billions After Feds AIG Bailout Loans. Bloomberg News. https://www.bloomberg.com/apps/news?pid=newsarchivesid=aTzTYtlNHSG8. Retrieved 2011-04-08. SP: Ratings on American International Group Lowered and Kept on CreditWatch Negative. Yahoo News. 2008-09-16. https://marketplace.news.yahoo.net/pressrelease.aspx?id=96684. Retrieved 2011-04-08 Gretchen Morgensen; Mary Williams Walsh (2008-09-14). Rush Is On to Prevent AIG From Failing. The New York Times. https://www.nytimes.com/2008/09/15/business/15aig.html?hp. Retrieved 2011-04-08