A study of the new century financial corporation

A study of the new century financial corporation New Century Financial Corporation was originally founded in 1995. It was a Maryland corporation based in Irvine, California in business to originate, purchase, sell and service home mortgage loans. Court documents reported the company experienced phenomenal growth during its 10 year history, originating $350 million in mortgage loans in 1996 to $50 billion in 2005 with earnings per share increasing $.013 to $7.17. New Century was an aggressive subprime lender catering to customers who could not qualify for conventional mortgage loans. New Century would then pool these loans and sell them in the mortgage secondary market at a profit. These loan sales came with warranties and representations which if breached could require New Century to repurchase the loans at a substantial loss. These repurchases began increasing in 2004 and were soon taking a toll on the companys liquidity. Still, as late as the latter part of 2006, the company was able to raise $142.5 million from a new stock issue. It all came tumbling down February 7th, 2007 when New Century admitted it was restating the companys financial results for the first three quarters of 2006. The market reaction was a drop of 40% in the stock price from $30.16 to $19.24 according to court documents. By March 13th the stock price had declined all the way down to $.84 after a March 1st announcement informing the public that its 2006 10-K filing would be late along with a March 12th announcement disclosing a discontinuance of financing by some lenders. This crippled the companys ability to honor loan repurchase demands. New Century Financial filed for bankruptcy protection on April 2nd 2007. KPMG LLP and KPMG International KPMG LLP was New Centurys independent auditor from 1995 thru 2006. KPMG is a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity with over 137,000 employees operating in 144 countries according to their website. New Century Financial What Fraud Happened? The executives at New Century Financial violated many accounting rules and U.S. laws. The three perpetrators in this case are the former CEO Brad Morrice, former CFO Patti Dodge, and former Controller David N. Kenneally. The offenses are related to New Centurys disclosure fraud, violations of the Sarbanes- Oxley Act, violations of generally accepted accounting principles, and violations of the Securities Act. DISCLOSURE FRAUD New Century Financial failed to make adequate disclosures regarding its loan production (the nature and risk of its products), its loan repurchase obligations, and its backlog of repurchase requests. In the 2006 Forms 10-Q, both Morrice and Dodge, failed to disclose that a substantial portion of it new loans were derived from what are termed 80/20 loans, where New Century would underwrite 80% of the first loan on the property, and underwrite a second loan for the additional 20%, actually creating a 100% loan to value ratio. These loans were risky, because the buyer of the property was able to make the purchase without risking any money of their own. In 2006 33.47% of New Century Financials loans were of this type, up from 23% in 2004 and 9% in 2003. Additionally, New Century disclosed materially misleading loan to value (LTV) information on its loans. To the public, New Century disclosed a weighted average LTV, which in 2006, was between 80.9% and 81.4%, of total loans made, but in company internal reports the actual numbers were between 86.6% and 87.6%. Also in the 2006 Forms 10-Q, New Century made disclosures that downplayed the risks of its interest only and stated income loans, (loans in which ones income is not verified). New Century failed to disclose that through the second quarter of 2006 that it was actually experiencing greater defaults on its 80/20, stated income and layered risk loans. Regarding New Centurys loan repurchase obligations, adequate disclosure was not given to investors. Under the contract for the loans, New Century could be required to repurchase loans sold pursuant to repurchase agreements in two situations: (1) the representations and warranties about the loan were untrue; or (2) the borrower defaulted on the loan by failing to make the first payment due after the loan was sold. These loan repurchase obligations would have negatively affected investor and lender expectations of New Centurys earnings potential had they been disclosed. In 2006 New Century experienced an increasing rate of Early Payment Defaults and First Payment Defaults, which could trigger the loan repurchase obligation. In 2006 New Century had to repurchase $784.3 million dollars on loans, and was left with loans with a value of 80% of the repurchase price. In addition to its actual repurchases, New Century had a backlog of repurchase requests that it did not disclose in 2006. From 2005 to 2006 the backlog grew from $143 million to $400 million. Failure to disclose these significant facts greatly altered the information available to investors regarding the Company and would have had an unfavorable impact on net revenues and income from continuing operations. SARBANES-OXLEY VIOLATIONS In violation of the Sarbanes-Oxley Act, the CEO, CFO, and company Controller personally signed New Centurys disclosures, first and third quarter 10-Q forms, and the Sarbanes-Oxley certifications associated with those filings knowing that the financial statements were materially misstated. Furthermore, each of the company officers benefited from the financial misstatements in terms of pay, and bonuses, none of which was returned to shareholders. During the year 2006 the CEO and CFO made misleading statements in press releases and earnings calls regarding the financial position of the company. ACCOUNTING FRAUD In line with generally accepted accounting principles, New Century Financial was required to estimate the fair value of its repurchase obligation and to reduce the gain it reported on the sale of that amount. In deriving an estimate of this obligation New Century was required to estimate, (1) the amount of loans that it would have to repurchase, i.e., the repurchase rate: and (2) the costs that it would incur in repurchasing loans. When New Century repurchased a loan it was recorded at the loans unpaid balance and not at the fair value as required under SFAS 140. However, prior to the second quarter of 2006, the repurchase reserves recorded by New Century Financial were sufficient to state the net value of the assets in amounts materially in compliance with SFAS 140. In the second quarter of 2006, however, the reserve calculation methodology was changed resulting in much lower reserves. As a result of these changes, the net assets were no longer stated at fair value, a violation of S FAS 140. This reduced its repurchase expense and overstated revenues. Also under GAAP, New Century was required to estimate contingent liabilities, in line with SFAS 5. SFAS 5 requires accrual of loss contingency if information indicates that it is probable that the liability has been incurred and the amount can be reasonably estimated. The liability related to the substantial backlog of unprocessed repurchase claims was not properly accrued, a violation of SFAS 5. This allowed New Century to overstate its financial performance. New Century also failed to implement internal controls over financial reporting to appropriately track repurchase requests from investors to buy back their loans, further reducing the firms loss contingency. As a result of improperly accounting for loan repurchase obligations, which reduced the reserve expense needed to repurchase those loans; New Century overstated its financial results, with reported pre-tax earnings 165% higher than the corrected amount (a total overstatement of approximately $84 million). In the third quarter of 2006, earnings were overstated approximately $108 million. VIOLATIONS OF THE SECURITY ACT In connection with the November 16, 2006 securities offering both Morrice and Dodge filed with the Securities and Exchange Commission, they reported that New Centurys financial statements presented fairly in all material respects the financial condition of the company. Furthermore, it was stated that New Century Financial had no undisclosed material liabilities, and that the financial statements complied with the requirements of the Exchange Act. The reality was that, New Century had a substantial backlog of pending repurchase claims, which were not reflected as liabilities in New Centurys financial statements. With all of these defalcations combined the executives at New Century Financial violated the following laws: Fraud in the Offer or Sale of Securities, Section 17(a) of the Securities Act Fraud in Connections with the Purchase or Sale of Securities, Section 10(b) of the Exchange Act and Rule 10b-5 Violations of Commission Periodic Reporting Requirements, Aiding and Abetting Section 13(a) of the Exchange Act and Rules 12b-20, 13a-11, and 13a-13 Circumvention of Internal Controls, Section 13(b)(5) of the Exchange Act False Statement to Accountants, Rule 13b2-2 Certification Violations, Rule 13a-17 of the Exchange Act Failure to Reimburse, Section 304 of the Sarbanes-Oxley Act KPMGs Role in the Fraud KPMG LLP (KPMG) was the external auditor for New Century Financial from inception (1995) to 2006. They resigned in April 2007, a few months after New Century filed for bankruptcy. Although they had completed a significant portion of the field work for the 2006 audit prior to their resignation, they did not issue an opinion on the 2006 financial statements. They issued unqualified opinions in all prior years audited by them. They also performed reviews of the quarterly financial statements through 2006 and performed audits of the effectiveness of internal controls at New Century (SOX 404 audits) for 2004 and 2005. The SOX 404 audit for 2006 was substantially completed but the opinion was not issued as of KPMGs resignation. Although financial statements are the responsibility of management, an independent auditors opinion that the statements present fairly, in all material respects, the financial condition of the Company in accordance with generally accepted accounting principles does provide investors and creditors a certain level of assurance that managements statements are reliable. The opinion is not a guarantee of the accuracy of the financials but the public should be able to trust that, at a minimum, the auditor followed professional standards in the audit process. An auditors role in the issuance of fraudulent financial statements, then, could come from either a) their failure to exercise due care in the audit process which resulted in their failure to discover and communicate material misstatements or b) their complicity in the fraudulent misstatements. Most of what we know about KPMGs relationship with New Century and their work as New Centurys auditors comes from a report by Michael Missal, the bankruptcy examiner in the New Century case, to the United States Bankruptcy Court. Mr. Missal was charged with identifying any potential causes of action that might arise from the New Century bankruptcy. He reviewed KPMGs audit workpapers and New Centurys accounting records and interviewed KPMG and New Century employees as part of his research. Missals report focuses primarily on KPMGs work during 2005 and 2006. He suggests that, during those years, KPMG failed to follow professional audit standards and that certain members of the audit team were complicit in the fraud by giving advice to New Century, which was followed by them, that was inconsistent with generally accepted accounting principles and that resulted in material misstatements. The evidence presented to support the contention that KPMG failed to act in accordance with accepted auditing standards (GAAS)) was substantial. The three general auditing standards require that 1) the auditor must be technically competent, 2) the auditor must be independent and 3) the auditor must exercise due professional care. Mr.. Missal provided evidence that KPMG failed to meet any of those standards. Mr. Missal reviewed the New Century engagement staffing during 2005 and 2006. During the first quarter review in 2005, the entire audit team was new to the engagement (other than two junior auditors). The engagement partner was new to KPMG and had very limited experience in the mortgage banking industry. The senior manager was a recent rehire of KPMG and his only industry experience was a three year stint as an assistant controller at a small mortgage lending company. The senior manager on the 2005 SOX 404 audit had no prior SOX 404 audit experience. The concurring partner had worked primarily with financial institutions and leasing companies. Field work on two of the most sensitive areas (testing of the repurchase reserve and residual interest valuation) was done by first year auditors. Given the complexity of the mortgage banking industry, Mr. Missal argued that the team did not have the technical skill required to audit New Century. Mr. Missal reviewed internal communications between KPMG staff and external communications between KPMG and New Century management and board members. The senior members of the audit team ignored or dismissed concerns raised by KPMG specialists about the appropriateness of certain accounting methods used by New Century. They also dismissed concerns raised by junior auditors and by members of New Centurys Audit Committee as unfounded. Mr. Missal concludes that the senior audit members were more concerned about retaining the client than they were about the quality of the audit work and therefore lacked independence. There were numerous examples given by Mr. Missal to demonstrate KPMGs lack of due professional care including their failure to follow the second and third field work standards (the auditor must design tests to adequately respond to their understanding of the entitys internal controls (or the lack of internal controls) and is required to obtain sufficient evidential matter to support their opinion). The examples given included KPMGs failure to expand testing based on deficiencies noted in their review of New Centurys controls as part of the audit planning process, failure to properly test the repurchase log, failure to properly test the models developed by New Century accounting personnel to determine the reserve requirements, failure to expand testing given significant changes noted in the number of loans repurchased and failure to expand planned testing when the risk assessment related to residual interests was changed to high (as part of the SOX 404 audit work in 2006). Mr. Missal also noted that certain significant control deficiencies noted as part of the 2004 SOX 404 audit were not communicated, as required, to the Board of Directors and that the 2005 SOX 404 audit did not consider, as required, the failure of New Century to resolve control deficiencies noted as part of the prior year SOX 404 audit. Mr. Missal also provided evidence KPMG was complicit in the fraud. According to interviews of KPMG and New Century staff, the Senior Audit Manager on the engagement team suggested two changes to the calculation of the repurchase reserve which were adopted by New Century during 2006. Both changes resulted in significant reductions of the amount of the reserve recorded in the financials and both changes were contrary to GAAP. Mr. Missal does not suggest that the actions were criminal. The inference is more that the suggestions were made based on a lack of understanding of the applicable GAAP as it applied to the mortgage industry. To date, KPMG has not responded to specific issues raised in Mr. Missals report. They have, however, issued a general statement that they believe the firm complied with all professional standards. It should also be noted that the SEC, in their action against New Century, included a claim that New Century had lied to their auditors. Mr. Missal does conclude that although he believes that the trustees for New Century could have a reasonable basis for suing KPMG for professional negligence, he also cites a number of possible defenses that could be raised by KPMG. All of the defenses speak directly, or indirectly, to New Centurys contributory negligence. The Affect of the Fraud on KPMG No charges have been brought against KPMG by the SEC. However, both KPMG and their parent firm, KPMG International (KPMGI) were sued in April of 2009 by The New Century Liquidating Trust and Reorganized New Century Warehouse Corporation (the trustee overseeing the bankruptcy). The suit against KPMGI has two causes of action. The first cause of action states that KPMG is an agent of KPMGI and therefore KPMGI is liable for the actions of KPMG (vicarious liability). The second cause of action claims deceptive and unfair business practices by KPMGI. KPMGI advertised that its member firms performed quality work but did not properly oversee or control that quality. The suit seeks, in part, actual compensatory and consequential damages and punitive damages plus costs. The suit against KPMG has three causes of action. In the first cause, the plaintiff requests that the agreement signed by KPMG and New Century prohibiting New Century from seeking punitive damages be set aside as illegal under California law. In the second cause of action, the suit claims that KPMG was negligent in their performance as New Centurys auditors. The lawsuit includes the claims reported in Mr. Missals report as described in the section KPMGs Role in the Fraud above. In the third cause of action, the suit claims that KPMG aided and abetted the breach of fiduciary duties by New Centurys directors and officers. The suit claims that KPMG was aware of the breaches of duty and that the engagement team provided assistance and encouragement in those breaches. The suit seeks, in part, actual compensatory and consequential damages (in an amount not less than $1 billion) and punitive damages plus costs. Since the suits have not been settled, there is no way to know or estimate the f inancial impact on KPMG. KPMG has undoubtedly been affected in unpublicized ways. Mr. Missal notes several of the engagement team members left KPMG or were transferred out of the local office during 2007. There have probably been changes in internal processes related to engagement management and technical review. It is possible KPMG has lost clients as a result of the publicity surrounding the case. Since the final outcome of these cases is still unknown, its impossible to evaluate the complete effect upon KPMG LP and KPMGI. KPMGs Violations of Legal and Ethical Standards New Centurys auditor, KPMG LLP (and its parent company KPMGI) is a large multinational auditor which employees over 135,000 people in over 140 countries. The breadth of accounting law and ethical standards it may be bound to is diverse and multilayered, including regional, state, national, and international provisions. To illustrate this fact both New Century and the US arm of KPMG were incorporated in Delaware, while headquartered in Irvine, California and New York City respectively, and may be subject to legal precedent in potentially any state in which material business is conducted. United States accounting standards (GAAP) are primarily set by the Financial Accounting Standards Board. Compliance with GAAP is often required by regulatory agencies such as the SEC and by statutory law both at the state and federal level. Additionally there are an extensive number of statutory requirements which bind both public auditors like KPMG and publically traded entities like New Century on a federal level including SEC provisions and rulings of the Public Company Accounting Oversight Board (PCAOB). Some examples of potentially breached laws and ethical standards include Article 9, Section 58 of the California Board of Accountancy Regulations which requires CPAs to comply with GAAP and GAAS (Generally Accepted Auditing Standards) since KPMGs treatment of the reserve requirement was inconsistent under FAS 140 and FAS 5. It is also possible that Section 65 was breached since there were allegations that KPMG sought to maintain New Century as a profitable client over accurate financial reporting thus compromising independence. At the national level, several AICPA principles and rules may have been compromised. Principles allegedly breached include the principle of objectivity and independence based on the aforementioned profitability rationale, and the principle of due care based on the inconsistent application of GAAP (and alleged technical/professional insufficiency of the audit team). Since the AICPA rules are a codification of the principles, several rules by nature would have been violated including the following, rules 101, and 102, plus rules 201 through 203. Rules 101 and 102 which govern independence and integrity/objectivity respectively were potentially breached by the conflict of interest associated with retaining profitability clients which would have affected both independence and objectivity. Rule 201, the General Standards is broken down into 4 parts each of which may have been broken during the anomalous treatment of the reserve requirement among other accounting guidance provided by KPMG. Rule 201 A which dictates professional competence and rule 201 C which dictates appropriate levels of planning and supervision may have been violated if the audit team was insufficient in technical skill and frequently unsupervised as alleged. Rule 201 B which prescribes due care again may have been breached by inconsistency in the application of GAAP. Lastly there is evidence that the last and final provision of rule 201 was breached, section D discusses the acquisition of sufficient supportive evidence of audit opinions and there is evidence that the audit team may have cut the engagement short on account of time and profitability pressures. What could have been done to prevent the fraud? Severing the financial incentive between client and auditor by mandating that auditing fees be paid via a trustee or other third party irrespective of audit findings could significantly reduce the pressure to deviate from GAAP and decrease conflicts of interest. Perhaps a pooled system like insurance could be created where publicly traded firms, those regulated by the SEC and the PCAOB, would pay into a pool of funds from which fair compensation can be disbursed, reducing profit based incentives from altering the quality of audit findings. Rotating audit firms by lottery or by imposing some form of term limits may prevent the collusion often formed by longstanding relationships. The creation of an anonymous complaint system by regulatory authorities could provide an outlet for junior members in auditing firms to report major violations of standards by higher levels of management in both the company being audited and the accounting firm itself. Additional individual penalties for failure to exercise due care, especially for senior members, may insure work is not rushed or delegated improperly while preserving the limited amount of competition remaining in the public auditing industry. But at the end of the day it is always about the basics. A framework is in place to prevent financial fraud by companies. The framework is: Generally Accepted Accounting Principles Generally Accepted Auditing Standards Corporate governance exercised by the Board of Directors The failure of New Century Financial was not so much a regulation failure but a human failure. But this is why we have regulations-to reduce the temptations of humans. Strict adherence by KPMG to the generally accepted auditing standards would not have prevented the failure of New Century, it probably would have speeded-up its demise. But it would have given New Centurys investors, creditors, and board the critical information needed to make sound decisions. The potential for human failure in both New Century and KPMG could have been reduced by what is now termed the tone at the top. New Centurys board, especially the audit committee and the upper management of KPMG did not provide the environment for the violations to come to their attention. KPMGs ignoring of the warnings of junior staff and specialists of problems is inexcusable. How did the New Century failure affect our groups views and opinions? A former auditor in our group understood the tension between the auditors duty to follow professional standards and their desire to retain clients. Comparable tensions exist for accountants in private industry. I also know that hindsight is 20/20 and without hearing the defendants side of the story, its difficult to fairly evaluate their work or their ethics. Its difficult to read about the economic and personal impact that these large corporate failures have on the various stakeholders the employees, the investors, the creditors, and the public without wanting to see changes that will at least reduce the risks we all face. Maybe its time to make the auditors more independent which might mean that auditors should be paid by someone other than the audit client and that audit firms serving public companies need to be rotated on a regular basis. A CPA candidate in our group felt reminded of the constant conflict between quality and quantity; profitability and sustainability. The pressures placed on auditing firms by virtue of the free market often creates particularly troublesome adverse incentives which I may be subject to one day, this is unfortunate. These same pressures are the reasons why public accounting is needed in the first place, typified by New Centurys unsustainable financial position over time, and reminded me of just how important it is to maintain trust and faith in the public accounting industry. Another CPA candidate felt disillusioned of the culture of the Big Four accounting firms. Noting the firms are quick to lecture others about tone at the top but are they looking at the tone at the top in their own organizations? He added do I want to work at a place where the input of juniors is routinely dismissed? Where was the quality control mechanism at KPMG? Finally, one of us believed this case only confirmed my views about the people involved in the Real Estate/Mortgage market, most of them were in the market to make a quick buck, 99% of the people in this industry had no understanding of the real estate market or did not care, and the market was doomed to collapse due to weak lending practices.

Frankenstein Today :: essays research papers fc

Is the Technology of Today Ready to Create Mary Shelley’s â€Å"Frankenstein†? When the novel â€Å"Frankenstein†, by Mary Shelley came out in 1831 the general public was introduced to the idea of man creating another man, scientifically without the use of reproduction. The disasters that followed, in the novel, demonstrated the horrid fact that creating humans was not natural. That was in 1831, when the knowledge of science had not yet evolved enough to act on such an idea. Now as the start of a new millenium approaches, having the capability to scientifically produce one human who is genetically identical to another, or cloning a human, has a lot of people questioning weather or not it is our moral right to do such a thing. It is a classic debate between principles of science and principles of religion.   Ã‚  Ã‚  Ã‚  Ã‚  The more we know about genetics and the building blocks of life the closer we get to being capable of cloning a human. The study of chromosomes and DNA strains has been going on for years. In 1990, the Unites States Government founded the Human Genome Project (HGP). This program was to research and study the estimated 80,000 human genes and determine the sequences of 3 billion DNA molecules. Knowing and being able to examine each sequence could change how humans respond to diseases, viruses, and toxins common to everyday life. With the technology of today the HGP expects to have a blueprint of all human DNA sequences by the spring of 2000. This accomplishment, even though not cloning, presents other new issues for individuals and society. For this reason the Ethical, Legal, and Social Implications (ELSI) was brought in to identify and address these issues. They operate to secure the individuals rights to those who contribute DNA samples for studies. The ELSI, bein g the biggest bioethics program, has to decide on important factors when an individual’s personal DNA is calculated. Such factors would include; who would have access to the information, who controls and protects the information and when to use it? Along with these concerns, the ESLI tries to prepare for the estimated impacts that genetic advances could be responsible for in the near future. The availability of such information is becoming to broad and one needs to be concerned where society is going with it.   Ã‚  Ã‚  Ã‚  Ã‚  The next step after scientists have identified and studied adult DNA would be to copy it.

Impact of Stress on Student Health Essay

The impact of stress on students who attend college or universtiy has a tangible negative effect on both physical health, and mental health. Many healthy habits from living at home (such as eating well) become obsolete, and students face a lot more deadlines as well as new responsibilities when they move away from home to go to school. Addition of stressors to a persons life not only has an effect on physical health, but it can change the way we behave and feel. Stress affects people on a physical and mental level, and it is important that we acknowledge the overwhelming nature of stress so we can properly take care of ourselves. Stress is able to have an effect on physical health because stress keeps your body in a perpetual state of fight-or-flight by producing cortisol, which is a hormone produced by the body to respond to stress. Cortisol is useful in fight-or-flight situations because: it heightens memory functions, lowers sensitivity to pain, and allows for a quick burst of energy. Elizabeth Scott, in her article Cortisol and Stress: How to Stay Healthy, states that â€Å"While cortisol is an important and helpful part of the body’s response to stress, it’s important that the body’s relaxation response be activated so the body’s functions can return to normal following a stressful event (Scott, 2011).† The problem with constant elevated levels of cortisol is that it â€Å"can weaken the activity of the immune system by preventing proliferation of T-cells (Kennedy, 2012).† Mental health is also effected by stress in students. The demand for work output increases heavily when multiple classes begin scheduling projects and tests at the same time which often makes everyone on campus feel overwhelmed. Ultimately, stress causes unnecessary frustration and tension in the b ody which makes it more difficult to learn. According to an article on dealing with stress, some of the effects of stress on thoughts, feelings and behavior are: anger, anxiety, burnout, depression, feeling of insecurity, forgetfulness, irritability, problem concentrating, restlessness, sadness, fatigue, eating too much, not eating enough, sudden angry outbursts, drug abuse, and relationship problems (Nordqvist, 2009). Female rats were repeatedly stressed in an experiment, and their litters grew up to have altered long-term memory and cognitive alterations (Lordi, B., V. Patin, P. Protais, D. Mellier, and J. Caston. N.p., Aug. 2000.). Stress in the classroom has a real potential to hamper learning capabilities. Feeling overwhelmed or flustered puts students in a state of mind where they will have difficulties paying attention and retaining information in the classroom because they are distracted by one of the vast, trivial stressors in their life. A good example of the mental distraction students deal with would be going to be d and thinking you left the oven on. It would be extremely difficult to get to sleep until you got up to check the oven. It is important for students to recognize how stress can play a role in our lives because if we manage stress it is much healthier for our bodies (and grades) in the long run. Maintaining regular habits and doing assignments sooner than later, and learning to relax in stressful situations will keep your body from entering into a state of constant tension. Stress is a function that is beneficial in certain situations, but stress in modern times is mostly caused by school or work because the human body is still the same as it was when people were hunter/gatherers; it is not made for the traditional five-day work week. Stress has a negative impact on student health, but more importantly it has a negative effect on student grades. Works Cited Kennedy, Ron. â€Å"Cortisol (Hydrocortisone)†. The Doctors’ Medical Library. Retrieved 2012-11-19. . Lordi, B., V. Patin, P. Protais, D. Mellier, and J. Caston. N.p., Aug. 2000. Web. Nordqvist, Christian. â€Å"What Is Stress? How To Deal With Stress.† Medical News Today. MediLexicon International, 11 Apr. 2009. Web. 20 Nov. 2012. . Scott, Elizabeth. â€Å"Cortisol and Stress: How to Stay Healthy.† About.com Stress Management. About.com, 22 Sept. 2011. Web. 19 Nov. 2012.

Butterflies Are Free, a Full-Length Play

Don Baker and Jill Tanner have adjoining apartments in a lower income section of New York City in the late 1960s. Don is in his early 20s and Jill is 19 years old. The play opens with Don moving around his meticulously kept apartment while talking on the phone with his mother. Jill is watching TV loudly in her place. Since the walls are paper-thin, the two neighbors talk to each other in their separate dwellings before Jill finally invites herself over. She is a flighty, commitment-phobe, who has recently moved to New York to attempt a career as an actress. Some keys to her personality include her escape from her life in California, her constant search for food to munch on, and a six-day marriage when she was just 16 years old. (Read an online copy of the monologue in which Jill describes the circumstances of her startlingly short marriage.) Don has lived a sheltered life and his move to New York for two months is a deal he has struck with his mother to prove to himself and to her that he is self-sufficient and can live on his own. The reason he has never lived apart from his mother is that Don is blind. He is only beginning to discover who he is and what he might like to do with his life. The two neighbors quickly fall for each other. At the end of the first act, they have climbed into his bed and begun an affair. Jill is as fascinated with Don’s life as Don is with her. The two seem to balance each other out and make a good match. But before Don and Jill have had a chance to put their clothes back on, again in walks Don’s mother who just happened to be in the neighborhood after a shopping trip to Saks Fifth Avenue (30-some blocks away). She is less than pleased with what she has found. Mrs. Baker is understandably protective of her son and sees Jill as a ship passing in the night. She dislikes the girl and after Don leaves to get food from a deli, she explains to the 19-year-old what a life with Don entails. To the flighty and erratic young girl, the picture Mrs. Baker paints sounds more like a prison than a life. Jill decides to take Mrs. Baker’s advice and proceeds to fall into the arms of a director at her next audition. The play climaxes with Don and Jill fighting about the glaring personality flaws they see in one another and Don dealing with feeling doomed to move back in with his mother. Jill leaves him in a furious state and Don frantically moves around his apartment until he becomes disoriented, trips over his furniture and falls on the floor. Jill comes to investigate and regrets their fight. The play ends with a slight hope for their relationship. Production Details The production notes for Butterflies are Free are as specific and meticulous as the apartment of a man who is blind would need to be. The script, available from Samuel French, includes a detailed floor plan for the set as well as a four-page prop list. Lighting and costume needs are minimal, but the set pieces are described in detail by the characters within their dialogue and therefore need to be constructed accordingly. The two most important items are Don’s lofted bed over the door to his bathroom and a bathtub/dining table. Both are described in the dialogue and the production notes. Cast Size:  This play can accommodate 4 actors.Male Characters:  2Female Characters:  2 Roles Don Baker  is a young  blind man. He is in his 20s and excited to be living on his own for the first time in his life. He is appreciative of his protective mother but is ready to experience a less sheltered life. He quickly falls for his exciting and independent neighbor, but he is naà ¯ve in his expectations for their relationship. Jill Tanner  is young enough and pretty enough that she can afford to be reckless in her decisions and relationships. She is fascinated by and attracted to Don. There is real chemistry between them, but her flighty nature rebels against the idea that Don could tie her down to a life she is ill-equipped to lead. Mrs. Baker  is Don’s overbearing but well-meaning mother. She does not approve of him moving away from home to New York. It is as  big a step for her to let her son live independently as it is for Don to actually be living on his own. She is abrupt and controlling, but ultimately this is because she has her son’s best interests at heart. Ralph Austin  is the director of Jill’s new show. He is more than thrilled to have the amorous attentions of the pretty young girl. He is excited to meet Don after everything Jill has told him about Don’s life. Ralph is unaware of the effect his words and presence have on everyone in the apartment when he shows up late at night with Jill. Content Issues:  Sexual talk and relationships, limited clothing, language Music The song that Don writes that serves as the title of the show. â€Å"Butterflies are Free,† is under copyright by Sunbury Music, Inc. There is  a video that contains an excerpt of the song from the movie  and  Samuelfrench.com  offers the sheet music. Productions Butterflies Are Free  debuted in 1969 at the Booth Theater in New York City.Goldie Hawn and Edward Albert starred in the  1972 film production of Butterflies Are Free.Production Rights for Butterflies Are Free  are held by  Samuel French, Inc.You can read  portions of the script on Google books.

Exosphere Definition and Facts

The exosphere is the outermost layer of the Earths atmosphere, located above the thermosphere. It extends from about 600 km until it thins out to merge with interplanetary space. This makes the exosphere about 10,000 km or 6,200 miles thick or about as wide as the Earth. The top boundary of Earths exosphere extends about halfway to the Moon. For other planets with substantial atmospheres, the exosphere is the layer above the denser atmospheric layers, but for planets or satellites without dense atmospheres, the exosphere is the region between the surface and interplanetary space. This is called the surface boundary exosphere. It has been observed for the Earths Moon, Mercury,  and the Galilean moons of Jupiter. The word exosphere comes from the Ancient Greek words exo, meaning outside or beyond, and sphaira, which means sphere. Exosphere Characteristics The particles in the exosphere are extremely far apart. They dont quite fit the definition of a gas because the density is too low for collisions and interactions to occur. Nor are they necessarily plasma, because the atoms and molecules arent all electrically charged. Particles in the exosphere can travel hundreds of kilometers along a ballistic trajectory before bumping into other particles. The Earths Exosphere The lower boundary of the exosphere, where it meets the thermosphere, is called the thermopause. Its height above sea level ranges from 250-500 km up to 1000 km (310 to 620 miles), depending on solar activity. The thermopause is called the exobase, exopause, or critical altitude. Above this point, barometric conditions do not apply. The temperature of the exosphere is nearly constant and very cold. At the upper boundary of the exosphere, the solar radiation pressure on hydrogen exceeds the gravitational pull back toward Earth. The fluctuation of the exobase due to solar weather is important because it affects atmospheric drag on space stations and satellites. Particles that reach the boundary are lost from the Earths atmosphere to space. The composition of the exosphere is different from that of the layers beneath it. Only the lightest gases occur, barely held to the planet by gravity. The Earths exosphere consists mainly of hydrogen, helium, carbon dioxide, and atomic oxygen. The exosphere is visible from space as a fuzzy region called the geocorona. The Lunar Atmosphere On Earth, there are about 1019 molecules per cubic centimeter of air at sea level. In contrast, there are fewer than a million (106) molecules in the same volume in the exosphere. The Moon does not have a true atmosphere because its particles dont circulate, dont absorb much radiation, and have to be replenished. Yet, its not quite a vacuum, either. The lunar surface boundary layer has a pressure of about 3 x 10-15 atm (0.3 nano Pascals). The pressure varies depending on whether its day or night, but the entire mass weighs less than 10 metric tonnes. The exosphere is produced by outgassing of radon and helium from radioactive decay. The solar wind, micrometeor bombardment, and the solar wind also contribute particles. Unusual gases found in the Moons exosphere, but not in the atmospheres of Earth, Venus, or Mars include sodium and potassium. Other elements and compounds found in the Moons exosphere include argon-40, neon, helium-4, oxygen, methane, nitrogen, carbon monoxide, and carb on dioxide. A trace amount of hydrogen is present. Very minute quantities of water vapor may also exist. In addition to its exosphere, the Moon may have an atmosphere of dust that hovers above the surface due to electrostatic levitation. Exosphere Fun Fact While the exosphere of the Moon is nearly a vacuum its larger than the exosphere of Mercury. One explanation for this is that Mercury is much closer to the Sun, so the solar wind can sweep away particles more easily. References Bauer, Siegfried; Lammer, Helmut. Planetary Aeronomy: Atmosphere Environments in Planetary Systems, Springer Publishing, 2004.  Is There an Atmosphere on the Moon?. NASA. 30 January 2014. retrieved 02/20/2017

Erik Erikson s Theory Of Personality - 1587 Words

Erik Erikson refined eight physcosocial stages that he believed humans confront throughout their life The stages are Trust vs. Mistrust, Autonomy vs. Shame Doubt, Initiative vs. Guilt, Industry vs. Inferiority, Identity vs. Role Confusion, Intimacy vs. Isolation, Generativity vs. Stagnation, and Integrity vs. Despair Erikson was said to be influenced by Freud but rather than speaking on psychosexual Stages, he explains the psychosocial stages throughout a human life which made it completely different. His theories were influenced by Freud, going along with Freud’s (1923) theory regarding the structure and topography of personality. Freud was an id psychologist, Erikson was an ego psychologist. Erkison discusses the psychological stages and is better known for his life stage of human development. Erikons first stage explains Trust vs Mistrust which usually occurs from conception to a year. This is when a infant is soley dependent on their caregiver for all of their needs such as food, comfort, love, safety and nurturing. When the caretaker fails to provide those needs that is when the infant may become mistrustful, frustrated, draw away from care giver and may lack self assurance. On the other hand, caregivers who provide the love, comfort, care, who are emotionally available, consistent within the child lives. The child does strongly develop that assurance, they will feel a sense of security within the world. Failure to establish that trust with the caregiver can resultShow MoreRelatedErik Erikson s Theory And Determining That Personality Development2143 Words   |  9 PagesAbstract Erik Erikson is well renowned for his Psychosocial Developmental Stage Theory. Erikson expanded on Freud’s Psychoanalytical Theory by revisiting the theory and determining that personality development is a life-long continuous process versus Freud’s assessment that personality is developed during early childhood and late adolescence and is fully developed by the time an individual reaches early adulthood. Erikson’s theory has 8 stages that have two possible outcomes in each stage whichRead MoreApplication Of The Personality Theories Developed By Erik Erikson And Raymond Cattell1724 Words   |  7 PagesApplication of the Personality Theories Developed by Erik Erikson and Raymond Cattell â€Å"Personality is made up of the characteristic patterns of thoughts, feelings, and behaviors that make a person unique. It arises from within the individual and remains fairly consistent throughout life† (Cherry, 2014). My personality is influenced from my specific circumstances, my upbringing, and it is represented best through the theorists of Erik Erikson and Raymond Cattell. In specific circumstances my behaviorRead MoreErik Erikson s Theory Of Psychosocial Development884 Words   |  4 PagesErik Erikson Erik Erikson was born June 15, 1902. Erikson is best-known for his famous theory of psychosocial development and the concept of the identity crisis. His theories marked an important shift in thinking on personality; instead of focusing simply on early childhood event, his psychosocial theory looked at how social influences contribute to personality throughout the entire lifespan. Erik Erikson died May 12, 1994 due to prostate cancer. (Erik Erikson, 2015). Stages of Psychosocial DevelopmentRead MoreAnalysis Of The Book Mcadams 1154 Words   |  5 Pagesthrough the life stories of different psychologists , he provide a real recollection of life stories and narrative approaches that recent researcher and theories have apply to understand human behavior. This article integrates recent theories and researchers of life stories as illustrated the investigation of self-understanding, personal memory, personality structure and change, and the relations between the personal lives and cultural. The article provides a numerous of psychologist stories and theRead MoreThe Theorist I Choose For This Paper That I Believe I Relate1509 Words   |  7 Pagesmost is Erik Erikson. Erik Erikson is best known for his theory on identity, which was a theory that was broadened from Sigmund Freud while retaining its core work (Schultz, D. Schultz, S., 2013). Erik Erikson’s mother, who was Jewish, became pregnant but a man that was not her husband after her husband’s disappearance. She was sent to Germany, where she gave birth to Erik. Erik Erikson grew up believing his pediatrician was his biological father due to his mother marrying this man. Since Erik EriksonRead MoreSigmund Freud And Erik Erikson1110 Words   |  5 Pageswith emotional problems 70- 80 decades ago. The discontinuous psychosexual and psychosocial theory takes place in stages in one course moving through drives that are biological along with societal expectations (Berk, 2013). The contributions to this perspective include both Sigmund Freud and Erik Erikson. Freud examined psychosexual theory and how those first childhood years of drives shape the personality. Thus, such drive names are the id, ego, and superego. The id emergences in the early stagesRead MoreErik Erikson s Theory Of Psychosocial Development Essay1177 Words   |  5 Pages Erik Erikson was born in Greman in 1902-1994, American psychoanalyst; known for psychosocial theory of emotional development of human beings. His theory looks at the impact of parents and society on personality development from childhood to adulthood. Erikson believes, each person has to pass through a series of eight stages over there entire life cycle. I will look at the first 3 stages that cover the childhood years. There are set of conflict at each stage, which allows individual to developRead MoreTheories And Theory Of Psychosocial Development Essay1255 Words   |  6 Pages 1 Theories Theorist Tiffany Leaf Walden University Dr. Thomas Russo RSCH – 61007-6 Research Theory Life is full of many experiences and challenges which help individuals to grow and become better people. There has been tons of research to better understand how and why humans develop and grow the way they do. Among the many theories and therapist in the field of psychology, I have chosen psychosexual and psychosocialRead MoreErikson’S Contributions To Human Development. Erik Erikson1033 Words   |  5 PagesErikson’s Contributions to Human Development Erik Erikson was a man whose interests varied widely. He studied art and a variety of languages during his schooling. He did not prefer the atmosphere of formal schooling and decided to travel around Europe instead of going to college (â€Å"Erik Erikson†, 1997). He then returned to Germany for art school and later on taught to children who had come for Freudian training. He became Boston’s first child analyst and obtained a position at Harvard Medical SchoolRead MoreEarly Life Experiences Impact The Person Across Their Lifespan930 Words   |  4 PagesPiaget theory ‘Stages of cognitive development’ (1936) and Erik Erikson theory ‘Psychosocial stages’ (1950). Piaget argued that children develop knowledge by constructing their experience and observe with their own ideas about how the thing works.(Burton, L.J., Westen, d. Kowalski, R.M. 2015) He developed 4 stages of his theory: Sensorimotor Stage, Preoperational Stage, Concrete Operational Sta ge and Formal Operational Stage. At the same time, Erik Erikson proposed a psychoanalytic theory of psychosocial

Basketball Essay Research Paper free essay sample

Basketball Essay, Research Paper . ; ; . ; ; . ; ; . ; ; . ; ; . ; ; . ; ; . ; ; . ; ; . ; ; . ; ; . ; ; . ; ; . ; ; . ; ; . ; ; History of Basketball Dr. James Naismith is known global as the discoverer of hoops. He was born in 1861 in Ramsay township, near Almonte, Ontario, Canada. The construct of hoops was born from his school yearss in the country where he played a simple kid # 8217 ; s game known as duck-on-a-rock outside his one-room schoolhouse. The game involved trying to strike hard a # 8220 ; duck # 8221 ; off the top of a big stone by fliping another stone at it. Naismith went on to go to McGill University in Montreal, Quebec, Canada. After functioning as McGill # 8217 ; s Athletic Director, he moved on to the YMCA Training School in Springfield, Massachusetts, USA in 1891 where the athletics of hoops was born. In Springfield, Naismith was faced with the job of happening a athletics that was suited for drama indoors during the Massachusetts winter for the pupils at the School for Christian Workers. Naismith wanted to make a game of accomplishment for the pupils alternatively of one that relied entirely on strength. We will write a custom essay sample on Basketball Essay Research Paper or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page He needed a game that could be played indoors in a comparatively little infinite. The first game was played with a association football ball and two Prunus persica baskets used as ends. Naismith devised a set of 13 regulations of hoops: The ball may be thrown in any way with one or both custodies. The ball may be batted in any way with one or both custodies, but neer with the fist. A participant can non run with the ball. The participant must throw it from the topographic point on which he catches it, allowance to be made for a adult male running at good velocity. The ball must be held in or between the custodies. The weaponries or organic structure must non be used for keeping it. No shouldering, keeping, forcing, striking or stumbling in any manner of an opposition. The first violation of this regulation by any individual shall number as a foul ; the 2nd shall unfit him until the following end is made or, if there was apparent purpose to wound the individual, for the whole of the game. No permutation shall be allowed. A foul is striking at the ball with the fist, misdemeanors of Rules 3 and 4 and such as described in Rule 5. If either side make three back-to-back fouls it shall number as a end for the oppositions ( back-to-back means without the oppositions in the interim doing a foul ) . end shall be made when the ball is thrown or batted from the land into the basket and corsets at that place, supplying those supporting the end do non touch or upset the end. If the ball rests on the border and the oppositions move the basket, it shall number as a end. When the ball goes out of bounds, it shall be thrown into the field and played by the first individual touching it. In instance of difference the umpire shall throw it directly into the field. The thrower-in is allowed five seconds. If he holds it longer, it shall travel to the opposition. If any side persists in detaining the game, the umpire shall name a foul on them. The umpire shall be justice of the work forces and shall observe the fouls and advise the referee when three back-to-back fouls have been made. He shall hold the power to unfit work forces harmonizing to Rule 5. The referee shall be the justice of the ball and make up ones mind when it is in drama in bounds, to which side it belongs, and shall maintain the clip. He shall make up ones mind when a end has been made and maintain history of the ends with any other responsibilities that are normally performed by a referee. The clip shall be two 15-minute halves with five proceedingss # 8217 ; remainder between. The side doing the most ends in that clip shall be declared the victors. In add-on to the creative activity of the athletics, Naismith graduated as a medical physician, chiefly interested in athleticss physiology and what we would today name athleticss scientific discipline and as Presbyterian curate, with a acute involvement in doctrine and clean life. Naismith watched his athletics, introduced in many states by the YMCA motion every bit early as 1893. Basketball was introduced at the Berlin Olympics in 1936.