The MCI Project What Message Is Mci Finance Essay

The MCI Project What Message Is Mci Finance Essay MCI would like to enhance Shareholder value by repurchasing outstanding stock, and send a bold signal to market and manager to stimulate the market price per stock to increase. A share buyback (by investing in themselves) instead of paying a cash dividend or, in other words, increasing a regular dividend, could represent an increase in the value of shares still available, this happens in the case that occurs a reduction in the number of shares of stock outstanding. If earnings remain the same but there is less shares outstanding, we can take for granted that the earnings per share might represent a positive NPV, or if the company reduces their number of shares outstanding, then they could increase earnings per share and also can raise the market value of the shares outstanding. However, if the company decides to authorize a repurchase of shares at the price of the book value per share, arguing that the shares are undervalued, then investors could buy those shares at a very low price. What will be the effects of issuing $2 billion of new debt and using the proceeds to repurchase shares on: MCIs shares outstanding? Assumptions: Shares repurchased at $28,92,Æ’Å“ then 69,16 million shares are going to be repurchased back, leaving 611,84 million shares outstanding. Shares repurchased at the current price of $27,75, Æ’Å“then 72,07 million shares can be repurchased and leaves 608,93 million shares outstanding. If there is no repurchase, then shares outstanding remain between 608,93 and 611,84 million (which are the shares outstanding if they were repurchased) as the repurchase price increases from $27,75 to $28,92 (at a Pre or Post repurchase share price). MCIs book value of equity? According to Exhibit 5: Total Current Liabilities = 4870 Long Term Debt = 3444+2000 = 5444 Deferred Taxes and Other = 1385 Stockholders Equity = 9602-2000 = 7602 Repurchase effect on leverage (using D/E ratio as a measurement, and assuming that D refers to Long-Term Debt): Pre D/E = 3444/9602 = 0,359 Post D/E= 5444/7602= 0,716Æ’Å ¸This is the increase of the Debt-Equity ratio to at least twice 36%. We have to remember that Phillips suggested that MCI would need to increase its Debt-Equity ratio from its current level of around 36% to at least twice that, even at that debt level the companys debt-to-cap would be moderate relative to the industry. Supposing that the debt of $2.000 million is Long-Term Debt (LTD); According to Exhibit 2: LTD/ BV (Book Value) of Pre Equity = 0,359 Then: BV of Pre Equity= LTD/0,359 = 3444/0,359 = 9593 BV of Post Equity= 9593* 609/681 = 8579 The price per share of MCI stock? New market Price= (New VOP Old Debt)/Old number of stocks = ($27.537,26 3.944) / 681= 28,8 These is the Data: Old debt 3944,00 new debt 5944,00 NEW VOP $ 23.537,26 oldà £Ã¢â€š ¬Ã¢â€š ¬n# of stock 681,00 new n# of stock 611,49 Old share mkt price $ 27,75 NEW MKT PRICE $ 28,77 old mkt cap. Equity 18897,75 new mkt cap.Equity 17593,26 FREE CASH FLOW 2714,21 Earnings per share? EPS= Net Income/ Shares Outstanding Assuming the EBIT keeps stable in 1996: Using the cost of debt of MCI shown in exhibit 3. Loan interest level BBB1 Phones based on the interest level of obligations of A1 Phones =((6,26+6,46)/2)= 6,36 Post EPS= (EBIT (Interest Expense + Debt* Cost of debt))*(1-Taxes)/Post Number of shares = (1118-(181+2000*6,36))*(1-0,4))/609 =485,88/609 = 0,80 Using Income statement of 1995 to get the interest rate: EPS= (Income before extraordinary item Debt *(Interest expense/Long Term debt)*Taxes)/Post Number of shares EPS= ($573 $2000 * ($181/$3444) *0,4)/609= 0,87 Using the estimated EPS in exhibit 2: EPS= Net Income / Outstanding = (Estimated 1996 Year End EPS * Outstanding debt* i * (1-T))/ A- outstanding = (1,75 * 681 2000 * 6,36% * (1-0,04))/609 = 1,83 What is MCIs current (pre repurchase) weighted average cost of capital (WACC)? MCIS current WACC =11,88% (See Excel Sheets for explanation) What would you expect to happen to MCIs WACC if it issues $2 billion in debt and uses the proceeds to repurchase shares? If MCI issues $2 billion in debt and uses the proceeds to repurchase share, the cost of equity will increase and the WACC is expected to decrease. The higher WACC is due to the higher leverage ratio. In the MCI case, the market value WACC will be decreased from its original 11.88% to 11.53%, it also have higher value of cooperation, the increased value of the firm makes the stock price going higher level. The following table shows the relationship between corporatevalues of the firm versus WACC. Would you recommend that MCI increase its use of debt? If so, by how much? Yes, it is recommended. From the below sensitivity test, we can see that the optimal WACC is about 10.79% which means 42.25% debt ratio and 57.75 equity ratio. The debit required is 6381.83million, and the book value of corporate will be increased to 14213.42million. Therefore I suggest MCI issue 2.437billion dollars to increase its debt/equity level and maximize the value and stock price. By old Book value after debt T 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% RPm 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% Rrf 5.70% 5.70% 5.70% 5.70% 5.70% 5.70% 5.70% 5.70% 5.70% wd 0.00% 17.27% 20.00% 25.00% 29.12% 35.00% 42.25% 44.90% 45.00% ws 100.00% 82.73% 80.00% 75.00% 70.88% 65.00% 57.75% 55.10% 55.00% D/E 0.00% 20.87% 25.00% 33.33% 41.07% 53.85% 73.17% 81.49% 81.82% Rd 6.03% 6.30% 6.30% 6.30% 6.30% 7.09% 7.09% 7.09% 8.26% bU 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 bL 1.00 1.13 1.15 1.20 1.25 1.32 1.44 1.49 1.49 Rs 12.70% 13.57% 13.75% 14.10% 14.42% 14.96% 15.77% 16.12% 16.13% wacc 12.70% 11.88% 11.75% 11.52% 11.32% 11.21% 10.90% 10.79% 11.10% Corporate Value 12080.78 12908.83 13050.45 13317.68 13546.00 13680.91 14067.11 14213.42 13814.48 Debt 0.00 2228.90 2610.09 3329.42 3944.00 4788.32 5944.00 6381.83 6216.51

Romantic Love: An analysis of Andrew Sullivan?s Article :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  Many people want to have a romantic love in their life; however, romance is such abstract feeling so that we do not know whether it exists or not. In many cases, we can find that romantic love do exist in varieties of movie, song, and even books. Therefore, some people do believe that romantic love exists, and they feel that romantic love does not seem to be abstract. For example, we can find in many movies that the main male character sees the main female character, and then all of a sudden, he realizes that she is the one he wants to be with for the rest of his life, and vice versa. We also can find the same scenes in numerous of songs and books. After all of these movies, songs, and books, we seem to be hypnotized; there is such thing as we called â€Å"romantic love.† In the American Heritage Dictionary, romantic is defined â€Å"expressive of or conducive to love.† However, what is love? According to the American Heritage Dictionary, love is de fined as deep affection and warm feeling for another. Besides this one, love also have another definition such as, the emotion of sex and romance; strong sexual desire for another person. The ideal romantic love—expressive of deep affection and warm feeling for another—is what we’ve been taught the true meaning of romantic love is. But according to the American Heritage Dictionary, romantic love can also mean the expressive of strong sexual desire for another person. It comes down to one question—Does the ideal romantic love really exist or not. According to Andrew Sullivan in the Love Bloat: Why Obsess Over Romance?, there is not such thing called romantic love as we idealized, and his opinion about romantic love is right; there is not such thing called romantic love.   Ã‚  Ã‚  Ã‚  Ã‚  In the Love Bloat: Why Obsess Over Romance?, Sullivan says that the concept of romantic love is crock by any serious person before the 19th century. And Sullivan applies Shakespeare’s idea of love—it comes; it goes. If taken too seriously, it kills. Sullivan also gives some his idea of what relationships truly are, and which are useful economic bargains. Sullivan uses Rousseau as another support for his opinion about romantic love; Rousseau saw bourgeois love as a salve for the empty emotional center of restrained, law-bound societies. Rousseau wanted to substitute the passion of people for truth and honor and power with something just as absorbing but nowhere near as dangerous.

Diary Of Anne Frank :: essays research papers

1.The Diary of Anne Frank by Anne Frank2.The setting of this book is an attic of a building in Amsterdam during the time period of 1942 to 1944.3.The historical period of this book is World War II.4.Anne Frank was a young girl who is the author of this popular diary. She was thought of by others as conceited but didn't think so herself. She was in love with Peter Van Daan in the attic.Margot Frank was the older sister of Anne who was considered smarter and more adultlike than younger sister. Margot was also jealous of Anne because of Anne's relationship with Peter.Mr.Frank was Anne's father who was kind, forgiving and a very good father.He cared for every Jew in the world for they were all opppressed victims.Mrs.Frank was a caring mother who was always fare. She loved her husband and favored Margot over Anne most of the time.Peter Van Daan was Anne's boyfriend who was picked on by Mr.Dussel. He loved his father but thought his mother was a pain.Mr.Van Daan was a loving father that a lways stood up for his son. He often argued with his wife and Mr.Dussel.Mrs.Van Daan loved her son, Peter, and her husband, although they argued most of the time. She clinged to one material possession, her fur coat given to her by her father.Mr.Dussel was a Jewish dentist that picked on Peter van Daan for every little thing. He wasn't a very religious Jew, but he still wore the blue star.Mr.Kraler was one of the people that helped them survive in the lonely attic. He with Koophuis was sent to the camps with the Jews for housing them. They both miraculously survived the camps.Mr.Koophuis was the manager of the building occupying the group of Jews. As I already mentioned, he went to the camps with the Jews. He was sick a lot and was always on the edge of death.Miep and Eli also helped the families by getting them food and supplies.They were very helpful and sometimes helped them stay alive.5.The characters in the book are in hiding because they are Jewish and during WWII Jews were killed in concentration camps by the Nazi's.6.The Jews in concentration camps were being beaten and gassed. The Nazi's used Nerve gas and Mustard gas on the Jews. Jews were also being shot and killed for no reason.7.This book made me feel sorry for all the Jewish people in camps and hiding during WWII.

An Analysis of Macbeth’s Ambition Essay

â€Å"Great ambition is the passion of a great character. Those endowed with it may perform very good or very bad acts. All depends on the principals which direct them.† – Napoleon Bonaparte. Ambition can be defined as the desire and willingness to strive towards achievement or distinction, the motivation in one’s life, it is one of the key sources to success but ambition can blind one from determining what’s right and what’s wrong. On the contrary, driving ambition is the outright desire to achieve a certain goal, regardless of any possible consequences. When ambition goes unhindered by a sense of morality and, humanity it can be a corrupting influence destroying people and, nations. In â€Å"Macbeth† by William Shakespeare Macbeth’s ambition led to destruction of himself. Through the use of dramatic elements such imagery and characterization Shakespeare conveys an important theme about ambition in Macbeth. If a picture can tell a thousand words, than imagine the importance of an image upon a play such as Macbeth. I was thought that in any literary work it is exceedingly important that the author can effectively manipulate a reader’s feelings towards a character from the inside out. In Macbeth, that achievement is accomplished beautifully by Shakespeare. Through his practical use of imagery, Shakespeare shows us a deeper look into how ambition can destroy man when unchecked by moral values. The use of imagery is widespread throughout â€Å"Macbeth†; it is most dominant in clothing imagery, light and darkness imagery, and blood imagery. Through these images, Shakespeare shows the development of Macbeth’s ambition. Using clothing imagery, Shakespeare develops Macbeth’s ambition. This is seen, as, imagery of clothing which shows us Macbeth’s ambition and the consequences thereof. We see this ambition, through Banquo, when he says, â€Å"New honours come upon him, Like our strange garments, cleave not to their mould but with the aid of use.† ( I, iii ) what this quote is representing is that new clothes do not fit our bodies, until we are accustomed to them just like a new pair of shoes they must be broken in to comfort. Throughout the entire play, Macbeth is constantly wearing new clothes that can one can interpret as  titles, that are not rightfully his, and do not fit. Hence, his ambition. This ambition, as we see, is what leads to his demise. When Macbeth first hears the prophecy that he will be King, he does not see how it can be so, â€Å"to be king stands not within the prospect of belief† (I, iii,) However, Macbeth’s ambitious nature becomes more visible when he considers murdering King Duncan to claim the throne, â€Å"If it were done, when ’tis done, then ’twere well It were done quickly† (I, vii,). His ambition is extremely influenced by Lady Macbeth from questioning his mind hood to manipulating with his mind, she convenes him to commit this crime, and lay his claim to the throne. He is hesitant Macbeth states, â€Å"I have bought Golden opinions from all sorts of people, who would be worn now in their newest gloss, not cast aside so soon† (I, vii,). Macbeth puts two things in comparison with one another; being recently named the Thane of Cawdor to a new set of clothes. His has doubt on whether or not he is ready to be king; hence he isn’t ready for a new set of clothes that do not lawfully belong to him. He believes that the â€Å"clothes† they have should be worn for a little while longer. Lady Macbeth doesn’t necessarily support that idea convincing Macbeth otherwise, and he process carrying out the murder of King Duncan. This is the start of his ambitious nature. As Macbeth first had beliefs of not being ready to be king drastically differs when he becomes king from the Macbeth that defeated the invading armies in the beginning of the play to a tyrant drunk in power due to his ambition. This is evident when Angus says â€Å"his title hang loose about him, like a giant’s robe upon a dwarfish thief.† (V, ii,). His ambition drove him to attain new honours that do not fit him, as they belong to other people, through the use of imagery Macbeth is being pictured as a little, a deceitful and, dishonorable man, depraved and inhibited by garments. His paths of ambition that he took to become king lead him into being a vain, vicious, and pitiless man; climbing over the dead bodies of his trusted friends and kinsmen to a power he is unfit to hold and grasp With Shakespeare’s use of dark and, light imagery, we see an evolvement in Macbeth’s ambition becoming deeper and deeper. The imagery of light and darkness is associated to the conflict between good and evil, also connecting with symbolism in the play light represents good and darkness correlates with evil. The use of light and dark is seen all throughout the play; the witches, who symbolize evil as well, these three  witches are the embodiment of evil itself, they set their first meeting with Macbeth for the â€Å"set if sun† (I, i). In every scene the witches appear in there is a reality of darkness from lightning and, thunder to the natural darkness around them. In Act five scenes one, Macbeth refers to the witches as â€Å"black and midnight hags.† Banquo warns Macbeth against trusting the words of the witches, whom to Banquo are â€Å"The instruments of darkness.† (I, iii) In announcing Malcolm as the next hire to the thrown; his successor Duncan equalizes nobleness with the stars Macbeth, in an aside calls on the stars to â€Å"hide their fires† so that light will not be able to see his â€Å"black and deep desires.† (I, iv) this is when he starts to have the mind set and schema of what it is that must be done for him to attain kingship, his ambition is starting to drive him and fuel him to take on the indispensable actions needed. Ambition starts to take over and fill his mind, body and, soul and asking for the darkness of night to hide the evil thoughts that are infusing his min d. In act one scene four, Lady Macbeth calls on â€Å"thick night† to wrap itself in a thick blanket of darkness so that she will not be seen in the act of a dirty deed, for the night to make her stronger and for her womanly features to be thrown aside in order for her to purse the crown by evil means. Before Banquo is murdered, Macbeth calls on the â€Å"sealing night† to â€Å"Scarf up the tender eye of pitiful day† (III, ii). He says, â€Å"Good things of day begin to droop and drowse while nights black agents to their prey do rouse† darkness convers his evil deeds. After Duncan’s murder Ross ask the old man why â€Å"darkness does the face of earth entomb, when living light should kiss it† implying that evil temporarily dominates good but not in the long run. In act five sense five Macbeth equates light as a â€Å"brief candle† and of life as â€Å"a walking shadow, a poor player that struts and frets his hour upon the stage†¦ i t is a tale† he also makes a statement that can be viewed as his reflection of his awareness that the sun or light will always gain the upper hand in its clash with darkness and evil, Macbeths ambidextrousness and, ambition are the agents of darkness that lead him to his ruin. Evil and darkness are written all over this play, Macbeth no longer needs something to be of inspiration to him to further his ambition he keeps on going and going until he gets tired and morning comes again, not for him he keeps lady Macbeth in the dark hiding secrets and his plans from her she soon begins to look like that innocent flower without the serpent  underneath who wishes to go back in time to tame that ambition both her and her husband hand to control it, to have saved Duncan’s life the darkness in Lady Macbeths soul is replaced with regret. In act five, scene one, Lady Macbeth’s guilt starts to prey on her causing her to sleep walk, her gentlewoman says â€Å"Why, it stood by her: she has light by her continually, tis her command.† Lady Macbeth needs the light by her as she is sleeping because she fears the consequences of the evil she has done, the darkness is what she fears, the darkness from her dirty deeds puts her state of mind in a dark place she tries to use the candle as this false light to keep her stigma, and culpability away from destroying her. The light is a representation of the peace, and truth she wants back into her life. Macbeth was innocent at first, however when act three, scene two comes around the block; he is no longer dependent on his wife’s pushiness to lead him on, but on the darkness of his own driving ambition Shakespeare uses an abundant amount of brutal imagery in correlation to blood to develop Macbeth as a character and his growing ambition from start to finish as Macbeth is in a deep battle with himself; his innate prestige fighting with his ambition. All humans know that blood is closely associated to violence, however in Macbeth blood comes to symbolize something greater; guilt and ambition. Deaths and brutal killings happen very fast, the bodies are discarded but the blood of the innocent do not wash away, instead the blood remains on the hands of evil, it stains. Macbeth and Lady Macbeth can never wash the blood; guilt of their evil deeds from their hands it is impossible. The imagery of blood in Macbeth is important because it signifies what the innocent victim’s life has left behind, also symbolizing how true humanity and morality in Macbeth has been lost. In shedding the pure blood of the â€Å"God† like Duncan and the loyal Banquo, Macbeth’s hands have become stained with the sins of his bloody dirty deeds. Macbeths ambition lead him to transform in to humane that lacks a clean heart, with a dark soul, no compassions, it leads him to go from wanting power to deepening on it and needing it, his vaulting ambition drives him to places where no human with a good soul would ever want to go. A deep, dark, and, scary place full of killing, blood, pain, and guilt. As consequence of all their evil doings through their guilt Macbeth sees ghosts of Banquo and Lady  Macbeth envisions spots of Duncan’s blood that will not wash away â€Å"Out, damned spot! Out, I say†¦ Yet who would have thought the old man to have had so much blood in him† (IV, iii). With the use of blood imagery we see how Macbeth through his ambition goes from a loyal and noble man whom was well respected at the beginning of the play, to an ominous, disreputable man in the end. Macbeth went from a thane to a king very quickly as a thane he was very respected and honorable as Duncan said â€Å"O valiant cousin, worthy gentlemen!† (I, ii), but with his kingship came change â€Å"Devilish Macbeth, by many of these trains hath sought to win me into his power† (IV, iii) through blood the transformation is clear†¦ Macbeth bleeds blood honorably in war defending his country; Scotland â€Å"For brave Macbeth—well he deserves that name— Disdaining fortune, with his brandish’d steel, Which smoked with bloody execution, Like velour’s minion carved out his passage till he faced the slave;† (I,ii) Macbeth’s next encounter with blood is when it is upon the dagger that he hallucinates of, while contemplating on killing Duncan, through this imagery of blood Macbeth convinces his mind to commit the deed right after the heinous murder of Duncan through blood we see the great change in Macbeth that has occurred, when he kills two innocent souls. â€Å"O yet I do repent me of my fury, that I did kill them.† (II, iii). He slays the guards with no hesitation or empathy showing us that Macbeth has lost control over himself, his is drunk in his ambition and will not stop no matter what no longer he can be controlled by Lady Macbeth or anybody else for that matter. Through the imagery of blood one can infer that ambition is the driving force of this play, Macbeth presents ambition as a dangerous quality for any human to have, and ambition goes hand and hand with morality and humanity which Macbeth lost over the course of the play through his multiple evil doings. Havi ng a moral code and humanity is needed and very valuable in positions of power than sightless, dark ambition.

Equity law in New South Wales Essay

The Legal system in Australia follows the laws that were placed by the British as they fused most of their cultures and traditions on the people when they colonized the aboriginals. Since in England the laws of equity were mostly used together with the common law, then it was certain that they would use the same equity rules in NSW. Enacting these laws on a new country and state was not easy as the people were opposed to the idea of following English law. They viewed this as an unfair practice as they were governing their land and every aspect of their lives and on top of it they were going to impose their judicial systems. With time, they were overpowered by the British but with time; they saw sense in the laws that were being passed. The laws of England were thus enacted to be used in the judicial systems across Australia and this included New South Wales. Equity was one of the laws that were used in England to supplement the common laws that governed the land. Equity is as much important in New South Wales as it still is in England because it has helped in shaping the judicial system. The first courts in New South Wales (NSW) were adaptive to the needs of the society and were more so military in character. There was no formal process of proceedings and the powers of the governor were restricted. As time elapsed, the Supreme Court came to being to solve criminal and civil cases just as the way the King’s Bench operated in England. The equity law was going to bring about order in a system that was not fair to some people and they were simply going to add positive laws that would ensure that NSW laws were stronger, more practicable and could give varied solutions to the various problems in place. Equity law in most Australian states was administered since early times by the Supreme Court. Most states followed the judicature system where the both the common and equitable lawsuits were heard in the same court. New South Wales started incorporating the equity law in to its legal system in 1972 where specialists’ practitioners who mastered the law oversaw the proceedings which are still followed till today. This has increased the popularity of the equity law which has enabled the development and enhancements of the common law doctrines. Equity law is made on the fundamental principle of enhancing equitable in legal issues . The study of the equity law principles as used in England has really helped in the restructuring law procedures and making them simpler for the law enforcers as well as the parties involved to understand. One of the areas that the equity law has improved on in NSW is the contract law. The contract law has its foundations on the English common law practices with a few modifications in specific areas. The contract laws as used in the state are also made upon the various bids that have been passed in the Australian parliament. Equity has helped in the formation of contract law and the procedures that need to be followed when a particular party breaches the contract. The laws formed are what are mostly used to govern trade transactions local, regional and international and employment contracts under the labour laws. In solving contact cases, the NSW courts, they usually look at how several cases were or are still handled in England courts such as in their court of appeals, Kings Bench, House of Lords UK and Courts of Common Pleas UK among other courts so that they can apply the same principles. Most of New South Wales acts had provisions to give relief against some contract obligations and sometimes to reform the contracts. That is why over the century there have been contractual reforms to give freedom to the contract theory that sometimes would dent interference in other forms of laws. Equity therefore has played a major part in unjust enrichment and restitution of the law. Property laws also follow equitable principles in New South Wales. This is taken from how in England there was a need for people were supposed to be returned to the original positions they were in before damage or loss of property took place. Equity therefore, offers practicable terms of solving lawsuit cases. For example, when a person takes someone’s property and they do not return it. The owner filing the case would like to have it back instead of just being compensated in monetary terms. This is in contract to the common law system which will only make sure that the plaintiff is paid in replace for the property. Therefore, equity is not achieved in this case. This is applicable in the way property laws have been developed in NSW where in 1987 the Residential tenancies Act was placed giving certain rights to the owners of land or property and their tenants. This was in the form of an agreement that made sure that the tenants were not charged high rents and landlords gained from the rent they received. An Act for combining certain laws relating to land title deeds and assignments was enacted in 1898 in NSW. The Real Property Act was an improvement of the 1898 laws that made legal provisions for the transfer of land and their titles. In 1919, the Conveyancing act was made to combine the property laws and enhance conveyancing and other acts that influenced it. In 1994, the Retail Leases Act was used to add onto the property laws so as to create formal laws that aided leasing of retail shops while stating the rights of the lessors and lessees. Equity was established in the corporations’ law and was used in England to govern and address the various problems that business entities faced. Some of the underlying principles that were used are seen in the way corporation cases are solved in the NSW; for instance, in the termination of business practices like partnerships and mergers and the amount of compensation that either party is supposed to receive. Nowadays, the equity law in New South Wales is enforced under the Law Reform (Law and Equity) Act of 1972. It is here that the rules of equity and also the law are listed and in case there are conflicts, just as before, the equity rules prevail. This act is continually amended by the State governor as need arises. The laws of England are therefore necessary in New South Wales because it is essentially an English state. The Supreme Court in NSW which is the highest level of court in the state handles both civil and criminal cases and follows the equity law. In mid 19th century, the colonialists in this case the British used a lot of the equity law in passing judgments and they even went further to pass the Colonial Legislature Act and the Justice Act which led to the establishment of the Equity law system. In NSW, the equity law is all about fairness. The equity principles are still being used in amending some of the constitutional laws that apply to the rest of the country and are also applicable to the state. The equity law system is important in NSW as it gives the judge the power to make valid decisions and pass sentences based on evidence as well as use morally agreed practices that will ensure that the plaintiff and defendant have been given an equal opportunity to defend themselves. One area that equity law is been use in is in the recovery of debts which are mainly faced by in national and also international trade transactions. Here, it states what actions are taken for people w ho breach contracts, the rights to own property as well as problems that face various business organizations like partnerships, corporations and trusts. From seeing how the equity law has helped in the administration of justice, we see that there is more to just learning the rules that are used in equity law but there is also a need to understand the history because the laws are developed as time, events and the context in which they are applied change. It is important to study the history of the law though found in a foreign country as it enables legal practitioners and law students to understand its formation and why equality is such a common area of discussion. Moreover, reading about the history as it is applicable in England enables NSW legal makers to know how similar cases can be solved in the state and even define new ways of solving legal issues thus strengthening the equity law. Conclusion Equity in New South Wales has changed in time and distance but this system of law has borrowed a lot from legal practices that are used in England. As the State becomes politically independent, it has developed its own laws that are used to decide over cases but they still take into consideration the common law practices and equity principles. These laws have enabled proper governance and the administration of justice as the equity laws have enabled individuals to defend their rights, own property, enter into proper formal transactions and continually amend the laws for the good off all New South Welsers. Equity law in NSW is therefore backed by a strong history and revolution that makes it practicable in law thus enhancing the perfection of modern equity. References Abel, R. L. & Lewis P. C Lawyers in Society: The Common Law World, Beard Books, 1988 p. 265 Comyns, J. , Hammond, A. & Day T. A Digest of the Laws of England, 5th Ed. Collins & Hannay, 1826 p. 405 Cope, M. & Queensland University of Technology. Equity: issues and trends: the importance and pervasiveness of equitable doctrines and principles in modern private, commercial, and public law. Federation Press, 1995 p. 156 Gilbert, G. & Great Britain Court of King’s Bench. Cases in Law and Equity: Argued, Debated and Adjudged in the King’s Bench and Chancery, in the Twelfth and Thirteenth Years of Queen Anne. Catherine Lintot, 1760 p. 27, 53 Great Britain Courts & Leach T. Modern reports; or, Select cases adjudged in the courts of King’s bench, Chancery, Common pleas, and Exchequer †¦ : 1663-1755, 5th Ed. G. G. J. and J. Robinson, 1796 Hale, M. & Gray C. M. The history of the common law of England, 3rd Ed. University of Chicago Press, 1971 Kercher B. Debt, seduction and other disasters: the birth of civil law in convict New South Wales Federation Press, 1996 Navado lawyers and solicitors: Strategic solutions, dynamic people. http://www. navado. com. au/Practice-Areas/Equity-Law-Trusts-Law/ Retrieved on April 6, 2009 Neal D. The Rule of Law in a Penal Colony: Law and Politics in Early New South Wales Cambridge University Press, 2002 p. 75

National Security vs Individaul Privacy Essay

1. Your document’s heading is not formatted correctly. In the upper left corner of the first page, the words â€Å"Running head:† should preface a shortened version of your title. The upper right corner of the page should have the numerical page number. The shortened version of your title should be in all capital letters. On subsequent pages, the shortened version of your title should appear on the lefthand side, with a page number on the right-hand side. For additional information, visit the Ashford Writing Center located in Constellation. Click on Ch 7 -Sample Paper with Formatting Instructions. [Nicole Moore] 2. Instructor: Leon, You should be using a 12 pt. font, and double spacing your work. [Nicole Moore] Throughout history, there have been breeches to the security of this nation which caused an increase in awareness. Rights and civil liberties of the public have been cut, and in many instances revoked completely. Individual privacy is 2 1. Throughout Leon, You are not using the correct font. You need to be using  Times New Roman 12 pt. Please adjust for your final paper. Remember to use Times New Roman 12 point font per 6th edition APA guidelines. [Nicole Moore] 2. in awareness. an awareness of what? Make sure you are clear. [Nicole Moore] 3. Block quotations of more than 40 words should be double spaced per APA 6th edition guidelines. Each line should be indented 1/2 inch. Quotation marks should not be included, and the citation should be placed at the end of the quote following the punctuation. [Nicole Moore] 4. Since the attack on the World Trade†¦ Leon, please try reading this sentence out loud – what are you trying to say? I think you might be missing some words. How might you rework? [Nicole Moore] 5. In response, law enforcement agencies†¦ Are the agencies requesting them now, or have they been requesting them since 2001? You might want to use the past tense†¦ or say, â€Å"..agencies have been requesting†¦Ã¢â‚¬  [Nicole Moore]  important and if you take it away from the public, they will then feel an increase of intrusion and loss of privacy. â€Å"All human rights are indivisible, interdependent, and interrelated: the improvement of one right facilitates advancement of the others; the deprivation of one right adversely affects others. Freedom of expression and privacy are explicit parts of this international framework of human rights and are enabling rights that facilitate the meaningful realization of other human rights.† (Dunstan, 2011) Since the attack on the World Trade Center, U.S. soil have resulted in the tragic loss of thousands of innocent human lives. In response, law enforcement agencies are requesting broader and more pervasive laws to counter this security challenge. As technology has grown in leaps and bounds over the last three decades, it has also brought with it new challenges to protecting people’s privacy and curbing privacy violations. Determining the proper balance between citizens’ right, civil liberties, and concerns for security is a particularly vexing difficulty for the democratic societies. It has long been understood that civil liberties are neither absolute nor unequivocal and that there is normally tension between the carrier for democratic values and the desire to live in safety and security. â€Å"Citizens’ rights frequently collide with the 1. â€Å"Citizens’ rights frequently collide†¦ Great quote for right here. Double check the APA formatting guidelines – you want to put the period on the outside of the (). â€Å"†¦citizens† (Davis, 2008). [Nicole Moore]  rights of others and with governments’ ability to provide for the safety of its citizens.† (Davis, D. W. 2008) 1 National Security plays a part in every aspect of the world. What national security does is maintain the survival of  the state through the use of economic, diplomacy, power projection, and political power. Protections give a nation what it needs to posses economic security, energy security, and environmental security. The national valuables in this broad sense include current assets and national interests, as well as the sources of strength upon which our future as a nation depends. A former NSA director, Gen. Michael Hayden, now director of the Central Intelligence Agency, has said the NSA often gets FISA warrants for wiretaps. He knew that Bush was using this tool to gather information. Bush had the NSA employees also listen in on conversations without such warrants if they suspect links to terror groups, he said. â€Å"In its suit, the ACLU also contends that the NSA surveillance program violates First Amendment protections of freedom of speech and assembly by intruding into the private conversations and e-mail exchanges of individuals and organizations.† Deans, (2006) â€Å"Weeks after the September 11 attacks, Bush issued a top-secret order authorizing the National Security Agency to use its high-tech eavesdropping tools to listen in on phone calls and read electronic mail coming into the United States. The Fourth Amendment of the constitution prohibits â€Å"unreasonable searches and seizures† without judicial warrant affirming there is â€Å"probable cause† for suspecting criminal activity.† Deans, (2006) Despite the labors of the Bush administration to bypass the FISC system, FISA courts still exist and the number of warrant request coming before them has increased significantly in recent years. The use of FISA and its courts does protect the government from accusation that it violates the Fourth Amendment rights U. S. persons. Since the disclosure of the warrantless searches, President Bush has instructed the various intelligence organizations that the FISC system be used for all intelligence-gathering activities. The debate over FISA and its court is ongoing, with many critics believing that both the law 2. Is this another long quote? If so, you might consider the amount of quotes you are using, and rely more on your own writing and statements. Use the research to support your analysis, not fill up your paper. It generally requires the government to seek warrants before monitoring Americans’ communications. The  controversy over the FISC Court has intensified. The Bush administrations make it view known that the onerous requirements of FISA stood in the way of intelligence gathering. In a secret court proceeding before the FISA Appeals Court on September 9, 2002, with only government lawyers present, the Bush administration presented its case that the FISC had hindered the flow of information and had obstructed the president’s authority to conduct warrantless searches to obtain foreign intelligence information. â€Å"Less than an hour after President Bush signed the 2008 amendment, the ACLU filed a law suit challenging the law’s constitutionality. Because the 2008 amendment is scheduled to sunset in December, the ACLU is also calling on Congress to Fix FISA by prohibiting dragnet surveillance activities, and strengthening safeguards for privacy.† American Civil Liberties Union, (2012) Bush’s main goal was to gather as much information coming into the United States, but forgot about the fact that he would invade peoples’ privacy. It seem like everything was moving fast and no thought was put in it from the government. Our civil rights is right for us the citizens of this country to have privacy, the right of peaceful protest, the right to a fair trial, the right to personal freedom and the right of equal protection. However, when you take our freedom away for expressing ourselves, you violate our civil rights. This Act allowed him to violate the Fourth Amendment of the Constitution which further blurred the lines between national security and individual privacy. It is precisely the reason why we’re so skeptical about the implementation of national security over our civil rights. They 1. but forgot about the fact that†¦ I really take issue with the word â€Å"forgot† — I feel that you will be much better served, and have a stronger  paper, if you find a different word disregarded, ignored, etc†¦ [Nicole Moore] 2. Our civil rights is right for us the Our civil rights give the citizens of this country the right to†¦. [Nicole Moore] 3. why we’re who is â€Å"we’re†? do you mean some U.S. citizens? Be clear about your references. [Nicole Moore] forget about the little people that make up this country. One must understand that the problem that is in conflict with our civil rights here, relates more to internal security than it does to external. National security is important to the safety of this country but it should never intrude an individual privacy. The national valuables in this broad sense include current assets and national interests as well as the sources of strength upon which our future as nation depends on it. 4 4. National security is important†¦ This, Leon, should be your specific claim, and it should be in the beginning of your paper, not on page 6. [Nicole Moore] -6- Reference ACLU, (2012) American Civil Liberties Union’s Retrieve from http://www.aclu.org/national-security/fix-fisa-endwirelesstapping Atkins, S. E., (2008) Foreign Intelligence Surveillance Act of 1978. ABC CLIO, Retrieved from http://www.credoreference.com/abcne/foreign_intelligence_su rveillance_act_of_1978 Davis, D. W., (2008) Civil Liberties and Security Retrieved from http://www.credoreference.com/entry/peace/civil_liberties_a nd_security Deans, B., (2006) Domestic Wiretaps: Rights Suit Centers on U.S. security vs. privacy of citizens. The Atlanta Journal, Retrieved from http://searc.proquest.com/docview/337265486 Dictionary.com Unabridged. Retrieved December 10, 2012, from Dictionary.com website: http://dictionary.reference.com/browse/privacy Dunstan, A.H., (2011) Protecting Human Rights in the Digital Age.BSR Retrieved from http://www.bsr.org

Application of Separation of Powers in India

Application of Separation of Powers in India APPLICATION OF SEPARATION OF POWERS IN INDIA Separation of powers in Indian context: Doctrine of separation of powers is structural rather than functional. In India not only there is a ‘functional overlapping’ but there is ‘personnel overlapping’ also. A proposal of incorporation of the doctrine of separation of powers was proposed in the constituent assembly and the Constitutional history of India exhibits that the framers of the Indian constitution had no sympathy with the doctrine. In India separation of powers has not been awarded a Constitutional status. The doctrine of separation of powers is a part of the doctrine of basic structure of the Indian constitution although it isnt explicitly noted in it and consequently, no law and amendment can be surpassed violating it. The functions of various organs of the state have been diligently defined by the makers of the constitution. Parliamentary form of governance is followed in India. In Indian Constitution it is expressly mentioned that the executive power of the Union and of a state is vested by the constitution in the President and the Governor, respectively by articles 53(1) and 154(1), but there is no corresponding provision vesting the legislative and judicial powers in any organ. So accordingly it has been held that there is no strict separation of powers. Although prima facie it appears that our constitution has based itself upon doctrine of separation of powers. The Indian constitution has not entirely incorporated the doctrine of separation of powers but has taken a lot from the concept and kept it as a guiding force. The theory of separation of power has just been used as a guiding principle to separate the powers only to that extent to which it alienates the organs of the government from each other. In India fusion and not rigidity of separation of power is followed. The legislature or the executive cannot interfere with the judicial functions of the judiciary as it is independent in its field. The conduct of any judge cannot be discussed in the Parliament as per the Constitution. The High Court and the Supreme Court has been given the power of judicial review and they can declare any law passed by the Parliament as unconstitutional. The judges of the Supreme Court are appointed by the President in consultation with Chief Justice Of India and the judges of the Supreme Court. The power to formulate Rules for efficient conduct of business vests with the Supreme Court. Article 50 of the Constitution puts an obligation over the state to take steps to separate the judiciary from the executive. But since it’s a Directive Principle of State Policy, therefore it’s unenforceable. In a similar way certain constitutional provisions provide powers, privileges and immunities to MP’s, immunity from judicial scrutiny into the proceedings of the house, etc. Such provisions are thereby making legislature independent, in a way. The President is conferred with the executive power as it is provided in the Constitution. The Constitution enumerates the powers and functions of the President. The President and the Governor are immune from civil and criminal liabilities. Separation of Power- Parliament Executive India, since it is a parliamentary form of government, therefore it is based upon intimate contact and close co-ordination among the legislative and executive wings. However, the executive power vests in the President but, in reality he is only the formal head and that, the real head is the Prime Minister along with his Council of Ministers. The reading of the article 74(1) makes it clear that the executive head has to act in accordance with the aid and advice given by the cabinet. Generally the legislature is the repository of the legislative power but, under some specified circumstances President is also empowered to exercise legislative functions. Like while issuing an ordinance, framing rules and regulations relating to public service matters, formulating law while proclamation of emergency is in force. These were some instances of the executive head becoming the repository of legislative functioning. President performs judicial functions also like while assenting to death senten ces. Separation of Power- Parliament Judiciary Parliament can also exercise judicial functions, like in the matter of the breach of its privilege. In case of impeaching the President both the houses take active participation and decide the charges. Judiciary also performs various administrative functions when it has to supervise all the subordinate courts below. It exercises legislative power also when it formulates the rules regarding their own procedure for the conduct and disposal of cases. Executive functions of the legislature The legislature is prone to perform the following executive functions: a special role is played by the legislature in the executive field, especially in the parliamentary form of government. As a matter of fact, the life of the executive in a cabinet form of government is totally dependent on the will of the legislature. It is the legislature which elects the executive from itself. After election, the executive has to be responsible to the legislature. If the legislature expresses its no-confidence in the executive, the latter must resign. Thus, from birth to its death, the executive is tied to the chariot-wheel of the legislature. Legislative functions of the executive The executive also performs some legislative functions as noted below: In a parliamentary system of government the chief executive like the Queen of England and the President of India summons and prorogues the legislature. The authority can dissolve the lower house and order for fresh elections. It is a practice in almost all the countries of the world to refer the bill passed by the legislature to the chief executive for approval. Unless the chief executive okays the bill, it cannot be law. The chief executive can withhold his assent which is called the veto power of the executive over the legislature. When the legislature is in recess, some urgent laws can be made by the chief executive by promulgating ordinances which will have the force of law. The life of an ordinance varies from state to state. It is a short-term measure. This is a direct legislative fiat of the executive. In a parliamentary form of government the executive has a mass of legislative spade-work. It is the executive that initiates a bill in the legislature. So in a cabinet government a minister initiates bills in the legislature. A bill sponsored by a private member has little scope of success in the absence of direct patronage from the ministers. Thus we find that the Prasar Bharati Bill to ensure autonomy to the All India Radio and the Doordarshan was piloted by the Minister for Information and broadcasting in the V. P. Singh Government. The executive makes what is called delegated legislation. The legislature cannot make the minutest details of all laws. It frames only the broad laws. The minor aspect of the legislation is done by the rule-making powers of the executive. These rules and regulations which have the same force as law is the exclusive legislative domain of the executive. The executive also shares the legislative functions of the nature of financial legislations like the budget and theFinance Act. In India, no money bill can be introduced in the legislature without the prior approval of the President. Thus all three organs act as a check and balance to each other and work in coordination and cooperation to make our parliamentary system of governance work. India being an extremely large and diverse country needs a system like this where all organs are responsible to each other as well as coordinated to each other, otherwise making governance possible becomes a very rigid and difficult task. JUDICIAL PRONOUNCEMENTS In Keshavanand Bharti case (1973), the Supreme Court held that the amending power of the Parliament is subject to the basic features of the constitution. So, any amendment violating the basic features will be held unconstitutional. This scheme cannot be altered by even resorting to Art.368 of the constitution. In Ram Jawaya v. Punjab (1955) case, the Supreme Court held up the observation that the executive is derived from the legislature and is dependent on it for its legitimacy. Cabinet ministers in India both executive and legislative functions. Art. 74(1) gives the upper hand to the cabinet ministers over the executive by making their aid and advice mandatory for the President, who is the formal head of the State. In Indira Nehri Gandhi v. Raj Narain (1975) case, the Supreme Court held that adjudication of a dispute is a judicial function and parliament cannot even under constitutional amending power is competent to exercise this function. In Swaran Singh case (1998) the Supreme Court declared the Governor’s pardon of a convict unconstitutional. In subsequent judgments, the Supreme Court upheld the rulings of the Keshavananda Bharti case regarding the non-amend ability of the basic features of the Constitution and strict adherence to the doctrine of separation of powers.