A World Record Attempt

A “World Record Attempt” Its Thursday. On Monday Im heading back to campus, along with bazillions of froshies, eager and excited to start the MIT experience. Going back as an upperclassman (a junior!? WHAT!?) is much different than going to campus as a freshman, for almost more reasons than I can count. My dad asked me this morning Do you think the freshmen are scared about how hard MIT is going to be? Do you think theyre scared to get to campus? My answer? No, absolutely not. If youre a freshman, do not be scared right now. Be excited. Orientation is one of the craziest weeks youll experience at MIT, seriously. Youll be rushing around, meeting tons of new people, doing whatever it is you want to do, with almost no mandatory events but a ton of optional fun ones. MIT is very big into student organization and student-run activities, which is probably for the better, seeing as were much more creative than the institute big wigs. While all the froshies are running around having fun during orientation, the upperclassmen will be running around organizing, ferrying, making Home Depot runs, and generally going out of our minds trying to get things done. This is ok though, because we are used to being stupidly busy and are really quite good at it. This entry is a shameless plug for an event that Keri inspired me to organize. She doesnt know this, but now she does! Have you ever heard of Mattress Dominoes? This video will give you the gist of it. They claim its a World Record Attempt. I dont know about you, but 41 people seems like a really lousy record attempt. Maybe because they figure theres no way to get more mattresses than that. I beg to differ. In a few days there will be a thousand excited freshmen on campus, each with their very own mattress! We also have the second longest hallway in the country. What are a thousand kids, with a thousand mattresses, in one of the longest hallways, going to do? Were going to make a legitimate attempt at the world record, blowing a measly 41 people out of the water. Day and time are TBD at this point, but keep an ear out! This will happen, and it will be awesome! See you all on campus in a couple of days guys, almost there!

Ludwig van Beethovens Life and Achievements Essay

Ludwig van Beethoven was an extraordinary music composer, especially considering he was deaf most of his life and career. He was born in Germany on December 16, 1770. Many obstacles were hurled at him, but he triumphed over them, and even deafness didn’t stop him from composing some of the worlds greatest, and most recognized music compositions (Rosenwald 167). His life, music, and his musical styles and techniques all contribute to his life story. Beethoven was born in Bonn Germany. At 14, he held the occupation of a court organist. Sadly, his father was a drunken singer, and barely supported his family. Consequently, the money Beethoven earned assisted his family. In 1778, he traveled to Vienna and met Wolfgang A. Mozart who instantly†¦show more content†¦Soon, he had to give up concert work and devote his time composing, struggling at the same time against ill health, poverty, and growing deafness. By 1819, his deafness affected him so significantly, that he was ab le to communicate only by writing (Rosenwald 167). However, in the isolation of deafness, Beethoven created some of the most distinguished works of music (Rosenwald 167). Beethoven admitted, â€Å"I would have ended my life-it was only my music that held me back.† With this victory over despair, there was an important change in his musical style (Kamien 150). For Beethoven, music was a moral force, a higher revelation than all wisdom and philosophy, not a mere entertainment. He had a demand for perfection, and that meant long, hard work. Occasionally, he worked for years on a single symphony in addition to writing other compositions (Kamien 151). His works are generally divided into three periods. The early period, up to 1802, middle, 1803-1814, and late, 1815-1827. His early period greatly shows the influence of other composers, whereas his middle and late times unmistakably show Beethoven’s personal style (Kamien 153). Mostly, Beethoven used classical techniques and forms. However, he gave them new intensity and power. He bridged the classical and romantic eras (Kamien 151). His works differentiate themselves through his formation of protracted, large architectonic structures illustrated by the vast enhancement of musical material, motifs, and themes, usually byShow MoreRelatedLudwig Van Beethoven, Pianist And Composer1197 Words   |  5 PagesJonathan Perez Period 1 10-15-14 Ludwig Van Beethoven Ludwig Van Beethoven, a widely known pianist and composer, was born on about December 16, 1770 in Bonn, Germany. He was baptized on December 17, 1770. The actual date of his birth is unknown, but because most babies were baptized within 24 hours of birth, December 16 was his most likely birthdate. Beethoven, however, insisted that he was born 2 years later. Although he was presented with official papers of his birth, he still stubbornly objectedRead MoreLudwig Van Beethoven: A Biography1318 Words   |  5 Pagesï » ¿Beethoven Ludwig van Beethoven is considered by many to be the best and most influential composer of all time. His imminence as a composer becomes even more remarkable when one considers the fact that he suffered severe hearing loss for much of his life and was totally deaf for the last decade of his life; the same time that he was composing some of his best-known and most highly regarded works. In order to understand how a man who could not hear the music he was creating became one of theRead MoreThe Music Of The World Of Music1292 Words   |  6 Pagesthem have a story as amazing as the 18th century classical composer Ludwig Van Beethoven. â€Å"His life played out like one of his beautiful symphonies, with unimaginable highs, lows, victories, and defeats,† (Viegas 5). Although he lost his hearing when he was 26 years old, Beethoven was famous for his nine symphonies, and is also recognized as one of the cornerstones of Western civilization through the legacy of his music. Ludwig Van Beethoven was born in Bonn, Germany. He was the son of Johann, a tenorRead MoreThe Most Beautiful Pieces Of Music1345 Words   |  6 PagesBach, Mozart, Chopin, and Vivaldi, but none has as amazing a story as Ludwig Van Beethoven. â€Å"His life played out like one of his beautiful symphonies, with unimaginable highs, lows, victories, and defeats,† (Viegas 5). Ludwig Van Beethoven was an 18th century classical composer famous for his nine symphonies, and is also recognized as one of the cornerstones of Western civilization through the legacy of his music. Ludwig Van Beethoven was born in Bonn, Germany. 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He also came up with a new way of combining vocals and instruments. Beethoven struggled with auditory decline for most of his life, and was nearly deaf toward the end. InterestinglyRead MoreThe Music Of Ludwig Van Beethoven1701 Words   |  7 PagesPaper Ludwig van Beethoven Music has been around a long time and is a big part of America’s history. There are many styles of music such as, Rap, RB, Jazz, Classical, Oldies and so on. There has been many great composers throughout the years, these people are legends that will stand for ever such as, Beethoven, George Frideric Handel, and Wolfgang Amadeus Mozart. The one artist that I’m going to write about in this paper is the one and only Ludwig van Beethoven. Beethoven wasRead MoreBiography Of Ludwig Van Beethoven s Work1474 Words   |  6 PagesLudwig Van Beethoven was born in 1170 and didn’t have the happiest childhood. His father would rather drink instead of perform music that was a trail of his family. Beethoven studied counterpoint with Haydn but the relationship between them was not a positive one. Beethoven would fulfill his early promise as a composer, he discovered in this late twenties that his hearing was gradually getting weaker. He would later became deaf and contemplated suicide. By his faith with art he would becomeRead MoreThe Music Of Ludwig Van Beethoven1600 Words   |  7 PagesLudwig van Beethoven is known for much of his musical accomplishments. One of his most famous is that he is deaf and yet one of the best musical composers of the classical and romanic area. Beethoven has always been one of my personal favorite composers. When I grew up and started taking piano, Beethoven s Fur Elise was my first large classical piece. Ever since that point on I insisted that when we were in Germany we see his home, and that we did. In this essay I will be explaining Ludwigs YouthRead MoreKey Signature and Beethoven9252 Words   |  38 PagesOutline Title: Life and Works of Ludwig van Beethoven and His Achievements Thesis Statement: Beethoven is one of the greatest composer in the history of music. He played a big role in the world of music. He was the one who initiated among his co-composers the freedom to express themselves. Some of his masterpieces were Eroica Pastorale, Fideleo and the religious composition entitled Missa Solemnis. I. Introduction II. The Man and His Music A.

Essay on Theories on the Causes of Genetic Disorders in...

Genetic Conditions Leading to Mortality are Common in Older People than Younger People Humans undergo several stages during their lifetime including growth, development, reproduction and senescence. Senescence is defined as the deteriorative biological changes that organisms experience as they age eventually leading to death. These changes include low metabolism, a weak immune system, memory loss, poor vision and loss of hearing. Senescence begins in humans during their post-reproductive years. However, gerontology research has shown that individuals who reproduce late have longer life spans compared to individuals who reproduce early. Nonetheless, it does not indicate that senescence is inevitable. All organisms experience senescence,†¦show more content†¦Another example includes the repression of tumorigenesis that inhibits certain cell growth at a young age but rapidly expresses harmful cells resulting in inoperable tumors at an older age. This suggests a trade-off betwe en the early benefits and the late costs. Natural selection will always favor the early benefits in young adults over the late-acting deleterious genes. Charles Williams proposed that individuals who postpone reproduction have longer lifespans because they have a higher fitness and can produce more children (Williams 409). The mutation accumulation theory was proposed by Peter Medawar in 1952. It stated that harmful mutations expressed at a younger age are selected against by natural selection to maximize the fitness of an individual. Deleterious mutations expressed at an older age are not affected by natural selection because the genes are already passed onto the next generation (Hughes 424). Over the next generations, the late-acting deleterious genes accumulate resulting in degradation of biological processes. The mutation accumulation theory and the antagonist pleiotropy theory are similar to a certain extent and can occur at the same time. 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Every person reacts differently to diagnosed mental conditions. (NAMI, 2015) Mental disorders include a wide range of problems made up of anxiety, mood disorders, depression, schizophrenia, psychotic disorders and etc. The focus of this paper will examine the disorder of schizophrenia; how it became, who is affects and to live with it. Schizophrenia is a severe brain disorder that affects one’s perception of reality. It may cause hallucinations, delusions, psychoticRead MoreMajor Types Of Major Depressive Disorder1112 Words   |  5 Pages Major depressive disorder is a mental disorder characterized by a pervasive and persistent low mood that is accompanied by low self-esteem and by a loss of interest or pleasure in normally enjoyable activities. The term depression is used in a number of different ways. It is often used to mean this syndrome but may refer to other mood disorders or simply to a low mood. 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Organizational Conflicts and Building Coalitions Free Essays

Conflict within the organization is an every day reality as no one individual will have the same opinion or style. The differences found amongst people in the workplace has required perceptions to change when it comes to leading a team and implementing strategy. One’s attitude must be flexible and tolerant of change and conflict. We will write a custom essay sample on Organizational Conflicts and Building Coalitions or any similar topic only for you Order Now Conflict must be an accepted factor or otherwise the organization will not survive. In many ways, leaders and management look at conflict as a positive. Because conflict taking time and effort to resolve, it also allows for critical thinking and opening the path for new ideas and solutions. This works to the company’s advantage over the long run as it continues to think outside the box or get do away with the box entirely. This leads to innovation. The attitude toward knowledge has evolved because more than one type is needed in order to implement a new idea. This changes the needs of workers and organizations as diffusion of innovation takes place as many different points of view are considered. While the idea that conflict can be a positive, leaders must also keep in mind the other side of the spectrum or the negative. While conflict can lead to innovation, it can also open up the employee to too many opportunities, which can influence their creativity and productivity. It produces a whole new reality that employees may not be prepared to handle. Product diversification could mean failure. Technology, while it is wondrous and makes jobs easier, can also be dangerous. With telecommunications, a new breed of crime has been created with identity theft and corporate brand protection becoming important. Technology can be disastrous if put in the wrong hands. With innovations come new inventions that make our lives easier but also have a higher risk when used. This is the nature of the realm of possibility. This can backfire as it can also destroy and impose new rules of conduct upon communities. As much as many like the idea of innovation, for those scared of change, it is difficult to embrace fully. This leads to further conflict or counter movements to conserve what is left because the longer a conflict goes unresolved, the harder it is fix. This like a lack of communication can lead to a break in the cycle for the organization. Still organizational conflict and change is about the future. However, as more products and services are produced and distributed throughout the world, debate continues regarding leaders’ obligation to take on more social responsibility. To change the way business is conducted, we may need to establish new operational styles that set new expectations for both today’s work force and corporate accountability. Looking at a corporation like Johnson and Johnson, one realizes within a team everyone has a function to meet production quotas and the harmony produced translates into efficiency. Total Quality Management (TQM) is still evident as companies push to analyze productivity as it reflects success, profit, as the numbers still remain the bottom line. Change means introducing new players to the reality, which one takes the risk, could lead to further conflict or creation. This means the possibility of interacting with outsiders or traveling in other countries for opportunities. One such situation can arise when an American company sets up shop in England. How will the locals react to such international involvement and on what levels will this be tolerated? How much will gained by so much change or resulting conflict? It is the ability to accept the new reality of today’s workplace that makes an organization competitive. A company like Johnson and Johnson faces many challenges in the future due to this new reality. How to cite Organizational Conflicts and Building Coalitions, Essay examples

Sedition Act Of 1798 Essays - The Federalist Papers, James Madison

Sedition Act Of 1798 The Sedition Act of 1798 For the first few years of Constitutional government, under the leadership of George Washington, there was a unity, commonly called Federalism that even James Madison acknowledged in describing the Republican form of government-- And according to the degree of pleasure and pride we feel in being republicans, ought to be our zeal in cherishing the spirit and supporting the character of Federalists. Although legislators had serious differences of opinions, political unity was considered absolutely essential for the stability of the nation. Political parties or factions were considered evil as Complaints are everywhere heard from our most considerate and virtuous citizens, equally the friends of public and private faith, and of public and personal liberty, that our governments are too unstable, that the public good is disregarded in the conflicts of rival parties, and that measures are too often decided, not according to the rules of justice and the rights of the minor party, but by th e superior force of an interested and overbearing majority Public perception of factions were related to British excesses and thought to be the mortal diseases under which popular governments have everywhere perished. James Madison wrote in Federalist Papers #10, By a faction, I understand a number of citizens, whether amounting to a majority or a minority of the whole, who are united and actuated by some common impulse of passion, or of interest, adversed to the rights of other citizens, or to the permanent and aggregate interests of the community. He went on to explain that faction is part of human nature; that the CAUSES of faction cannot be removed, and that relief is only to be sought in the means of controlling its EFFECTS. The significant point Madison was to make in this essay was that the Union was a safeguard against factions in that even if the influence of factious leaders may kindle a flame within their particular States, [they will be] unable to spread a general conflagration through the other States. What caused men like Thomas Jefferson and James Madison to defy tradition and public perceptions against factions and build an opposition party? Did they finally agree with Edmund Burkes famous aphorism: When bad men combine, the good must associate; else they will fall, one by one, an unpitied sacrifice in a contemptible struggle? Did the answer lie in their opposition with the agenda of Alexander Hamilton and the increases of power both to the executive branch as well as the legislative branch of government? Hamilton pushed for The Bank of the United States, a large standing Army raised by the President a Department of Navy, funding and excise taxes, and, in foreign policy, a neutrality that was sympathetic to British interest to the detriment of France. Many legislators, especially those in the south, were alarmed to the point that a separation of the Union was suggested as the only way to deal with Hamiltons successes. Many were afraid that the army would be used against them as it had during the Whiskey Rebellion. Southerners saw the taxes to support a new treasury loan favoring pro-British merchants in the commercial cities, and unfairly paid by landowners in the South. These issues as well as neutrality issues between France, England, and the United States were the catalyst for the forming of the Republican Party. The French and English conflict caused many problems with Americas political system. The English Order of Council and the French Milan Decree wreaked havoc with Americas shipping and led to Jays Treaty of 1794. Jays Treaty was advantageous to America and helped to head off a war with Britain, but it also alienated the French. The French reacted by seizing American ships causing the threat of war to loom large in American minds. President Adams sent three commissioners to France to work out a solution and to modify the Franco-American alliance of 1778, but the Paris government asked for bribes and a loan from the United States before negotiations could even begin. The American commissioners refused to pay the bribes and they were denied an audience with accredited authorities and even treated with contempt. Two of the commissioners returned to the United States

The Inner Workings of a Gold Loan Essays

The Inner Workings of a Gold Loan Essays The Inner Workings of a Gold Loan Essay The Inner Workings of a Gold Loan Essay Essay Topic: The Birthday Party â€Å"Gold Loans- The Old Concept in a New Package† Introduction: It has been observed recently that Indians own more gold than the citizens of any other country. They use the glittering metal as ornaments to flaunt family wealth, as a source of retirement savings and as insurance against calamities. Gold and domestic savings: In rural areas in India, due to the lack of access to banks the poor continue to invest their savings mainly in gold. Also, there are strong cultural factors at work in India which make gold not only a desirable but also a necessary asset to hold. But lately, gold has become something else: collateral, and the basis of one of the country’s fastest growing businesses, gold loans. It is therefore an apt moment to acquaint the reader with an insider’s perspective on why gold loans matter and why they hold so much promise for our country’s future. The purpose of this paper is to present a consolidated review of the various facets of the gold loans spreading with speed in India to the readers. Gold Loan: Gold loan  is a secured loan issued by lenders against gold as the undersigned asset. Gold loan gives an opportunity for people to liquefy the value of their jewelry items and use it for financing purposes. Rise in gold prices have increased the disbursal of Gold Loans in the middle and upper middle class. With changing times working women are becoming financially independent and taking active part in decision making process. They are working in unison with their husbands to ensure a bright and secured future for their family. As the couples are well employed, they seek to return the principal even within a month of receiving their salary. They are now using such loans to finance their children’s education, (particularly for meeting donation demands), which a bank will not entertain, car purchases, holiday trips or even to put up margin money for a home buy. The loan process begins once the gold is deposited with the lenders. After a ‘purity’ check is done, lenders may  offer  loans  for as high as 80% of the gold’s worth. While the gold market has only shown an ascent, lenders still consider the risk that gold carries and thus are reluctant to issue more than 80% of the value. Gold loans today are issued both by banks and non-banking companies. Objectives of the Study: The main objective of this study is to present a comprehensive picture of gold loans currently prevailing in India. Lending against gold being one of the oldest businesses of India is being served in an altogether different style which is organized and regulated. The business which was until lately dominated by unorganized money lenders has attracted all from organized Non-banking finance companies to banks in the public and private sector. The study aims at- * To examine the present scenario of gold loan industry in India whether organized or unorganized. To discover the reasons; appearing as advantages; for the growing popularity of such a business. * To compare gold loans with the personal loans. * To chalk out some precautions to be adhered to while availing gold loans. Methodology: Sources of data: The data for the study has been collected from- a) Internet b) Journals c) Articles of well known Newspapers d) Published reports of IMACS Literature Review: Gold Demand in India India is one of the largest markets of gold accounting for nearly 10% of total world stock with 18,000 tonnes of gold [IMaCS Industry Report (2010 Update)] ? Value of gold stock in India has grown at 22% CAGR from FY02 to FY10 ? Despite increase in gold prices from Rs. 15,026 to Rs. 51,150 per ounce between 2002 and 2009, the demand for gold remained relatively stable at around 700 tonnes, which clearly demonstrates the price in-elasticity ? Rural India is estimated to hold ~65% of the gold stock which depicts the concentration. ?Southern India is the largest market accounting for 40% of India’s gold demand, followed by West at ~25%, North at 20-25% and East at 10-15% of annual Gold demand [Mannapuram Finance in Jan 2011] Gold Finance Industry in India India being one of the largest markets for gold, several gold based financial products have been made available to retail consumers here from time to time with a view to bring the gold holdings to the core financial market. Lending against gold has been one of the most popular instruments based on gold, and it works well with the Indian rural population, which typically views gold as an important savings instrument that is liquid and can be converted into cash instantly to meet their urgent cash requirements. Moreover, since traditional times gold owners in southern India have been more open than elsewhere in the country to accept and exercise the option of pledging gold to borrow money (Source: IMaCS Industry Report 2009). In an effort to tap the market for gold related investment and services, companies in the financial sector have launched several products such as gold coins and bars; exchange traded gold funds and lending against gold. Gold Loans have emerged as key gold based financial products, and in the year ended March 31, 2010, the organized Gold Loans market in India was estimated at between `350 billion and ` 400 billion with a CAGR of approximately 40% during fiscal 2002 to fiscal 2010. Notwithstanding the above, the organized Gold Loans portfolio accounted for merely 1. 2% of the value of total gold stock in India. Despite the increase the experts still feel that the gold loans market is significantly under-penetrated and is expected to continue growing at the rate of 35-40% in the future. (Source: IMaCS Industry Report (2010 Update). The organized lenders; particularly NBFCs have become more aggressive in the gold loans market, charging interest rates that vary from 18% to 24%. Organized gold loans portfolio translates into a marginal 0. 12% of the value of total gold stock in India. A significant part of the gold loans may shift from the un-organized lenders to the organized lenders. South India continues to account for 85-90% of the gold loans market in India. However other areas also provide scope for expansion. There are no publicly available aggregate data about gold loans, but finance companies that specialize in them are growing fast. Manappuram, a pioneer in the business, made $730 million in gold loans in the year 2008 - up from $397 million a year earlier. Muthoot Finance, a privately held firm, said its lending was growing at 60 percent a year [â€Å"The New York Times† (Sept 28, 2009)]. By contrast, total outstanding bank loans to the private sector have increased 16 percent last year, year over year, and have been essentially flat so far this year. Though the financial system in India is becoming more inclusive, it still has not reached many people. More Indians, for instance, own gold than own stocks or mutual funds. It has been found that only around 5% of the Indian educated class does understand about working and investing in stock markets. The total value of gold in private hands is roughly 60 percent of deposits in banks, according to data from the World Gold Council and India’s central bank. A 2006 government survey found that less than 41 percent of Indian households had bank or post office savings accounts. By contrast, 92 percent of American households had bank accounts. The growth in size of the gold loan market has been manifold and is clearly visible as in FY 2002 the market for gold loans stood at a meager figure of less than Rs. 0 bn which rose a little above Rs. 100 bn in 5 years by FY 2007. The growth was almost double in next 2 years by FY 2009 the gold loan market has almost multiplied three fold since FY 2007 till FY 2010 to near about Rs. 400 bn. Source:  IMaCS Industry Report  (2010 Update) Features of a Gold Loan Gold loans come with  higher  interest  rate s  and have a processing fee as well. There are instances where the interest rates go as high as 27% per annum. However, the private lending businesses, especially new entrants, offer lower rates and gold loans in strategic ways such as without levying any processing fess. It is fortunate that most lenders do not charge any evaluation fee even when the  loan  amount  is based on the quality of gold. They prefer to play it safe by offering a lesser amount of loan than the gold’s actual value. Most loans span 3 months to 12 months and the borrowers have the choice of prepaying at any time. Non-banking companies let borrowers choose their terms as well. Typically, the tenure on a gold loan falls around one year to two year with some lenders even extending loan for three years. The documents required are residential proof and a recognised photo identity for example a PAN card, voter Identity card or driving license. The banks may take an hour to a day to extend the gold loan. On the other hand, NBFCs like Muthoot Finance and Manappuram, going by their advertisements, extend the loan within minutes. The average rate of interest they charge falls around 11 % 14 %. However, some NBFCs are charging a much higher interest rate of 20-24 %. Many banks impose reasonable restrictions against the loan money being used for stocks trading. In comparison, private lenders are slightly moderate in issuing any such restrictions. Why Gold Loans? Some of the reasons discovered for the growing popularity of gold loans in the form of advantages to customers in India are: 1. Continuous Increase in Gold prices- Gold price is increasing on an average by @ 20% per annum over the last five years. With gold prices continually rising, people find it a wise decision to take a loan against the gold. Say for eg: one has a gold ring and does’nt wish to sell it but needs cash. One simply has to stop by any of the gold loan offices of a company or banks so that their gold can be valued and they can get cash. The added advantages are that  people no longer have to sell their gold and the company does not run credit checks also! 2. Interest rates of  loans  are lower than that of unsecured loans (Personal Loan) Pawnbrokers and money lenders have long operated in India’s back alleys, making loans against jewelry to families in distress in rural as well as urban areas, at interest rates of 30 percent or more. But gold loans made by banks and finance companies are regulated the rates charged are lower - 14 to 30 percent. These policies have led to chances of further increase in their businesses. 3. Fast and easy option to obtain  loan  from NBFCs (Non-Banking Finance Companies) as well as Banks to meet short-term financial requirements- People do not have to wait till the long processing time finishes. The loan is approved in very short duration with least hassles and processing delays. Since it has collateral therefore risk is mitigated to a large extent. Drivers of Growth in Gold Loans Market in India A retail research report prepared by HDFC Securities found that the key usiness drivers of the gold loan market in India have been the following: a) Regulatory incentives to lenders: The prescribed risk weight on gold loans has been approximately 50% for commercial banks, further reducing the associated capital costs thus proving a beneficial deal for those engaged in its provision. b) Policy focus: The Government of India views gold loans as an effective means to meet the potential micro- finance demand in India. In fiscal 2007, the Government of the state of Tamil Nadu set a jewelry loans target of ` 60 billion (75% of the total loan disbursement target) for co-operatives in Tamil Nadu. ) Cash crunch arising out of global slowdown- Gold loan firms have also benefited from the financial crisis. In the last year and a half, many lenders have stopped making unsecured personal loans because of the rising default cases in India. d) Increasing interest of the lenders in the segment: Considering the recent rise in default rates (which was expected to vary from 8-10% in fiscal 2009) in personal loans, banks have started focusing on the gold loans segment because it offers attractive returns (although lower than personal loans) with very low levels of defaults. Several private sector banks have started participating in the segment by getting into bilateral sale agreements with NBFCs that specialize in gold loan. A few private sector banks like HDFC Bank have already initiated efforts to tap into such segments. e) High levels of indebtedness: The National Sample Survey Organization (NSSO) 2003 survey on situational assessment of farmers’ indebtedness in the country has estimated that 60. 4% of rural households in India were farmer households, out of which 48. 6% were indebted. The incidence of indebtedness was highest in the state of Andhra Pradesh (82%) followed by Tamil Nadu (74. 5%), Punjab (65. 4%), Kerala (64. 4%), Karnataka (61. 6%) and Maharashtra (54. 8 %). This shows the scope of a good business exists not only in down south but north India as the rural households hold gold and require easy terms of repayment which is readily available with NBFCs. f) Changing customer attitudes and preferences: Indian customers have demonstrated a change in their traditionally debt-averse psychology, promoting the creation of assets through growth in financial liabilities. Some of the other critical factors that can augment the growth of a gold loan company are a strong distribution network, faster turn around time, operational risk management through better technology, systems and processes, unique and customized product offering, access to low cost of funds and brand recognition due to heavy expenditure on advertisements. Source:indiainfoline. com How does a loan on gold work? The process of borrowing on gold as commonly specified by many of the gold loan companies seems  very easy. People simply bring them the gold and receive cash within a matter of minutes. All gold loans are usually 90 days long and can be paid off at the end of the term or extended for another 90 days. If people can’t pay back the gold loan in full at its maturity, they may surrender the gold as full payment. What type of gold can people borrow on? One can borrow loan against gold coins, gold rings, gold watches (working or not), broken jewelry, estate jewelry, collectible gold, gold figurines, gold charms. Basically, one can loan on any type of gold without regard for condition. Current Status of Gold Loan Companies in India- Non-Banking Finance Companies A non-banking finance company (NBFC) is a company registered under the Companies Act, 1956 and is engaged in the business of loans and advances, acquisition of shares/stock/bonds/debentures/securities issued by Government or local authority or other securities of like marketable nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, sale/purchase/construction of immovable roperty. A nonbanking institution which is a company and which has its principal business of receiving deposits under any scheme or arrangement or any other manner, or lending in any manner is also a non-banking financial company (Residuary non-banking company). It is mandatory that every NBFC should be registered with RBI to commence or carry on any business of non-banking financial institution as defined in claus e (a) of Section 45 I of the RBI Act, 1934. All NBFCs are not entitled to accept public deposits. Only those NBFCs holding a valid Certificate of Registration with authorization to accept public deposits can accept/hold public deposits. NBFCs authorized to accept/hold public deposits besides having minimum stipulated net owned fund should also comply with the directions such as investing part of the funds in liquid assets, maintain reserves, rating etc. issued by the Bank. As of June 2009 there were 12,740 NBFCs in India, mostly in the private sector (RBI Press Release, October, 2009). Role of NBFCs in the competitive landscape of the gold finance industry in India The further stated that a typical Gold Loan customer expects high loan-to-value ratios, easy access, low levels of documentation and formalities, quick approval and disbursal of loans, lockers to ensure safety of their pledged gold and a team of expert valuers. Specialized NBFCs have created a niche in the gold loans capabilities by meeting these requirements of the typical gold loan customers, who require gold loans primarily to meet their urgent cash requirements. NBFCs specializing in gold loans continue to perform strongly in the gold loans market and the overall statistics demonstrate that the relative share of traditional gold finance NBFCs in the market has not changed significantly over the last three years. In fiscal 2010, the Gold Loans market was largely concentrated between two categories of lenders: south India based SCBs (Scheduled Commercial Banks) and NBFCs specializing in gold loans which held approximately 58% and 32%, respectively, of the total market. The rest of the Gold Loans portfolio was held by several small co-operative banks. [Retail research report by HDFC Securities] NBFCs are the Fastest Growing Lenders in the Organized Gold Loan Market| Targeting Non-bankable customers| High Comfort Level: Transparency ; Trust| Minimal documentation and formalities| Quick approvals and disbursals| Flexibility in Terms of Loans| Easy Access due to Greater Penetration| Presence of expert valuers| Robust control systems| Ability to handle cash| Better Operating Cost Structures vis-a-vis Banks| Are gold loans better than personal loans? Comparing personal loan and gold loan, Manappuram Finance Managing Director I. Unnikrishnan said, â€Å"in times of emergency you need a loan almost immediately with minimum documentation, and without any evaluation of your loan repaying capacity and if you have gold it can be a better option compared to a personal loan where all these factors come into play. † Personal loans and gold loans are born equal. They attract almost the same kind of interest. While a personal loan can quickly turn in to a non-performing asset for banks, gold loans are designed to benefit the banks. Asian Correspondent. com (31st May 2011)] For someone who is serious about clearing the loan in due time, a gold loan might prove to be a better choice. On comparing the procedures of the two, gold loans look like a neat and clean process. Personal loans, if one would observe work a little differently as they are not secured by any asset but by the loan takers future earning potential and credit history. T here is an unspeakable necessity for submission of paperwork including pay-slips. A few calls are also made to the loan taker’s nearest and dearest friends. And that’s where gold loans score. For personal loans, there is no partial payment option. Here one either pays in full or gets on with the monthly payments. Gold loan provides partial payment flexibility. If you have some money to pay, you can go ahead and pay it. The outstanding amount will come down and so will the interest. The catch is one will not get any gold back for the amount one has paid. He/she can only release their gold after the complete principal amount is cleared. Gold loans’ only caveat or the obvious downfall for gold loans is that jewelry and ornaments will not be available when required. A friend’s wedding or a birthday party might just come when we don’t want them to. Keeping in view the above comparison without hesitation we can conclude that loans should be avoided at all times as all loans are born equal with a common objective- to lay interest on the person who takes the loan and make him or her work for them, at least for  a while. But if it is really required, a gold loan could be a better choice. Precautions before Availing Gold Loans Even though from the aforementioned discussion, gold loans may seem to be an easy option to borrow money there is a word of caution from the financial experts who advise that taking a gold loan for buying luxury items or for consumption purposes may not be a great idea. Being a secured loan, gold loans must be sought only after a careful assessment of one’s payment capabilities or else the gold might get forfeited. The  lenders  offer gold loans after much consideration and tend to ask about the purpose of the loan. Borrowers  need to ensure that the loan they take against gold is not meant for pure consumption or speculative purposes. They need to exercise caution with their investments or else they may end up losing the gold. * Another thing is to ensure is that there are no missed payments otherwise the default penalties can take the gold loan amount to an unmanageable balance. This also has an inevitable impact: it may spoil one ’s  credit  score. It is advised to take a gold loan in small sums and make sure that one has enough liquidity to repay the loan and get the gold back. The gold pledged with the lender is usually auctioned 12 months after the due date of repayment has lapsed. NCDEX Chief Business Officer Vijay Kumar has a smart advice for borrowers: â€Å"if you have a good quality hallmarked gold and the value of the gold you want to borrow is 60 % or less you may negotiate for lower interest rate from the lender. † * There are various parameters on which the tenure, interest rate and the level of negotiation would depend - like whether the gold is hallmarked or not, the tenure of the loan amount and what percentage of the value of the gold you would like to borrow. One should also not get carried away by the attractive interest rates on gold loans as there are half a dozen other charges for gold loans like the handling and processing fee of about 0. 25-0. 50 per cent, gold assessing charges of about one per cent and also custodial charges for safekeeping of your gold. [article in Financial Chronicle (June 23, 2011)] * Like most other loans gold loans too come with pre-closure charges though a few NBFCs promise exemption of these charges. Thus one needs to answer some these questions before approaching a gold loan company: * Do you really need a gold loan? How much money can be raised through gold loans? * What are the interest rates on gold loans? * What are the other charges? * How is the repayment process? The author of ‘Retire Rich Invest Rs 40 A Day’ PV Subramanyam, suggests to try a public sector bank for taking gold loan as gold loan is a secured  loan and banks are well regulated, are sound and carry lesser risk compared to a non-banking finance company. Since high emotional value is attached to the jewelry one pledges, it’s better to opt for a lender which is stable, well diversified and is in the gold loan business for a long period. Conclusion: Outlook of the Gold Loans Market in India Based on the assessment of the emerging dynamics and competitive landscape, the gold loans market is expected to grow at between 35% and 40% over the next three years (Source: IMACs Industry Report, 2009). Moreover, as the market is currently under-penetrated, it is expected that the gold loans market will offer enough opportunities for portfolio expansion and retain attractive margins for all existing specialized NBFCs, banks and new entrants. The branch expansion and marketing initiatives of various specialized NBFCs are anticipated to give a strong boost to the acceptability of gold loans and lead to further growth in the gold loans market. In addition, it is anticipated that the large public sector banks in southern India will continue to be amongst the leading lenders, but considering the various regulatory and operational processes, it would be challenging for the banks to match the flexible service regime of the specialized NBFCs. New NBFC entrants in the market are currently in a cautious preparatory mode to enter the gold loans market but it will take some time for these NBFCs to emerge as formidable competitors to specialized existing NBFCs. This is because it will take time for these new NBFCs to build the requisite focus, infrastructure (valuers, lockers, etc,) and branch network. Specialized NBFCs are expected to continue to hold their share of the Gold Loans market with their ability to provide superior and niche servicing capabilities to their exiting and future customers. References: 1. P V Subramanyam: ‘Retire Rich Invest Rs 40 A Day’ 2. The New York Times, newspaper article published on September 28, 2009 3. The Economic Times, newspaper article published on July 29, 2010 4. The Financial Chronicle, digital newspaper article published on June 23, 2011 5. IPO note on Muthoot Finance Ltd. ; prepared by HDFC Securities published on April 15,2011 6. Published presentation by Mannapuram Finance Ltd. For January 2011 7. IMACS Industry Report for 2009 ; 2010 8. www. deal4loans. com 9. www. asiancorrespondent. com 10. www. scottsdaleloancompany. com 11. www. goldprice. org

Bluebook Legal Referencing †Citing Federal Statutes

Bluebook Legal Referencing – Citing Federal Statutes Bluebook Legal Referencing – Citing Federal Statutes The Bluebook sets out uniform conventions for referencing legal documents, so anyone studying US law will want to be familiar with this system. We’ve previously looked at citing cases, so today we’ll move on to using Bluebook referencing to cite federal statutes. The Bluebook: A Uniform System of Citation Citing Federal Statutes Citing a federal statute typically involves referring to the United States Code (commonly abbreviated to â€Å"U.S.C.†), with the basic format for a statutory citation as follows: Title Code Abbreviation Section ( §) (Date) 14 U.S.C.  §37a (2012) Citations of this kind should be inserted into the text (or in a footnote) immediately after the relevant passage, using an appropriate signal if necessary. The rest of this post will examine each of these elements in more detail. Title Number The â€Å"title† of a federal statute is typically reduced to just the title number of the relevant section in the United States Code. In addition to this, you should provide the official name of the statute if: You’re citing the entire act as it appears in the United States Code; It is conventional to cite that particular statute in full, or; Providing the full name will aid identification of the material cited. For example, the Copyright Act of 1976 (title number 17 in the United States Code) could be cited in whole as: Copyright Act of 1976, 17 U.S.C.  Ã‚ §Ã‚ § 101-1332 (2012) Code Abbreviation The code abbreviation indicates  the jurisdiction under which a statute has been implemented. State statutes require you to know the code of the state in question, but if you’re citing a federal statute the main code you’ll need is â€Å"U.S.C.† (short for â€Å"United States Code†). However, if you’re citing a statute that hasn’t yet been published in the U.S.C., you can also cite the United States Code Annotated (U.S.C.A.) or the United States Code Service (U.S.C.S.). Section Number This is simply a number to show the section you’re citing, indicated using the section symbol ( §) and the relevant number. If citing more than one section, use â€Å" §Ã‚ §Ã¢â‚¬  and the complete range of sections being cited (e.g.,  §Ã‚ § 101-1332). Date of Code Edition The date given in brackets in a Bluebook citation refers to the year the copy of the code you’re using was published. You’ll therefore need to check your edition of the U.S.C. when citing a federal statute. You should also include the publisher alongside the year of publication if citing either the U.S.C.A. or U.S.C.S. As such, a citation of the LexisNexis-published version of the code would look like this: 14 U.S.C.S  §37a (LexisNexis 2012)