For Whom the Bell Tolls Plot :: essays research papers

For Whom the Bell Tolls; Synopsis   Ã‚  Ã‚  Ã‚  Ã‚  Robert Jordan is the protagonist of this novel and the plot revolves around him, his conflicts, and his newfound love as I will reveal. Robert Jordan is an American, who lived in Spain for ten years, he is an expert in dynamite, and he is devoted to the Republican cause in the Spanish civil war. A Russian officer, General Golz, send Jordan on a dangerous mission to blow up a key bridge in an offensive behind enemy lines, in the Sierra Mountains. Anselmo an old Spaniard, guides Jordan past enemy lines to see the bridge, which was guarded by fascists on both sides. After that Anselmo takes Jordan to meet the guerilla band he will be working with on this mission.   Ã‚  Ã‚  Ã‚  Ã‚  The leader of the guerilla band is a man named Pablo. Pablo once was a feared an honorable man but throughout the book his respect diminishes. Pablo is against Jordan's mission right from the start because he thinks Jordan is there to get their band out of the mountains. Pablo is important to the plot because he provides a challenge for Jordan that results in the death of Anselmo, Jordan's friend.   Ã‚  Ã‚  Ã‚  Ã‚  When they get to the guerilla cave, they sit down to eat and drink wine, then Maria enters, bearing food. Maria is a Spanish girl who was rescued from the fasicists by the guerilla band when they were on a mission to blow up a train. Jordan notices Maria and is instantaneously attracted to her. Jordan also meets Pilar, Pablo's woman, who fights alongside the band. Pilar is a strong woman and her leadership ability is displayed later when she takes over the band. Pilar encourages Jordan to pursue Maria, but she warns him to take care of her, for she has undergone tremendous trauma.   Ã‚  Ã‚  Ã‚  Ã‚  Jordan and Anselmo leave to inspect the bridge. Jordan sketches it and takes notes on the best way to place the explosives. On the way back to the cave the two men discuss war. Anselmo believes it is a sin to kill even in war, but he claims he will kill for the cause. Jordan says he is fully prepared to kill the enemy. When they are not far from the cave they encounter Agustin who was on guard. Agustin warns Jordan to protect his explosives from Pablo.   Ã‚  Ã‚  Ã‚  Ã‚  Everybody hushes up when Jordan enters, indicating they had been talking about him.

Costs Of Building A Zero Carbon Dwelling Environmental Sciences Essay

To province that a house is zero C the C dioxide emanations ensuing from all the energy used in the home have to be zero or better. Put merely, a zero C place uses less energy than it generates over a fit period of clip. This will include all contraptions and takes into history the onsite renewable energy installings. Presently the building industry is responsible for the ingestion of over 400 million metric tons of natural stuffs every twelvemonth ( DTI, 2006 ) . This has helped consume our natural resources, destroy home grounds and make a important sum of pollution. Many professionals have begun to defend the usage of green edifice merchandises so as to cut down the industry ‘s impact on the environment. It is recommended that the authorities should promote the building industry to follow these alterations. Surveies have shown that place proprietors are witting of the of all time altering clime alteration and are willing to alter the hereafter and their places if they can pr acticably make it. Through the usage of questionnaires every bit good as a series of interviews information was gathered from householders sing their ideas on the usage of green edifice merchandises, obstructions forestalling the alteration to zero C place, the value of Government policy, effectivity of Government action, and thoughts for the hereafter. Consequences indicated the chief obstruction to constructing a nothing C emanation home was a deficiency of environmental information, interviewees commented on how hard it was to happen out the environmental friendliness of edifice merchandises. When it came to Government policy, many indicated that their cognition of this was excessively unclear to be of usage. It was reported that on the whole the action by the Government was deficient and that it could make significantly more. Recommendations included the debut of statute law and a simpler usher to follow and understand. Keywords: Green Materials, Zero Carbon, Government Policy, Environment 1. Introduction1.1. BackgroundThe actions of the building industry have important long-run impacts upon the environment. In recent old ages at that place has been a mounting consensus within the building industry and within authorities on the demand for more and pressing action to undertake clime alteration. In the United Kingdom entirely, the building industry uses over 400 million metric tons of natural stuffs per annum and produces over 90 million metric tons of destruction and building waste per annum which is about three times every bit much as family waste ( DTI, 2006 ) . Approximately 40 % of the nursery emanations within the UK are produced by the building, activity and care of edifices ( Jones, 2008 ) . Even though the industry is damaging to the well being of the environment the industry has an tremendous part to do in bettering the quality of life for everyone and in add-on it excessively is of import to the stableness of the UK economic system as it employs around 3 milli on people, has an end product worth in surplus of ?100 billion and histories for at least 8 % of the GDP ( HM Government, 2008 ) . Encouragement for more sustainable building has been a cardinal purpose of assorted stakeholders including the authorities. Undertaking clime alteration is about more than merely turning away of environmental ruin. It can bring forth a better category of society and a stronger, more sustainable economic system. There are touchable, immediate benefits for concern. It can guarantee that our economic system emerges from the planetary diminution at the head of the technological and societal displacement that will specify the hereafter. With procuring these benefits it means recognizing the necessity of action. The full universe is engaged in a race to take down C emanations, and moving early will merely profit us in the hereafter as we will be positioned good for the new industries that are being created. Presently the planetary market for low C services and goods is already deserving over ?3 trillion per annum, and will most likely grow by half that once more by 2015. By now, about 900, 000 people work within the low C sector or its supply concatenation in the UK, non merely limited to green fabrication but in green services for illustration consultancy or low C venture capital. The usage of green edifice merchandises can accordingly play an of import portion in diminishing the overall impact of the building industry on the environment. Green edifice merchandises can take many signifiers, to province that a edifice stuff or merchandise is green merely it has to hold at least one of the undermentioned features atoxic, recycled content, resource efficient, long life rhythm, or, environmentally witting. Some stuffs and merchandises have more of these features than others and are, hence, considered â€Å" greener † . In recent old ages at that place has been an increasing consensus within the scientific community and within authorities on the demand for farther and pressing action to cover with clime alteration. With this in head the Committee on Climate Change was asked to reevaluate the Government ‘s long-run mark, to cut down C dioxide emanations to 60 % below 1990 degrees by 2050. The Government has acknowledged the Committee ‘s recommendation that the mark should be to diminish nursery gas emanations to 80 % below basal twelvemonth degrees by 2050. Planing clime alteration intercessions to be as cost effectual and efficient as possible has become of all time more of import in the current economic clime. Gaining the extenuation potency at the least cost to the economic system requires an effectual, believable and good considered policy model to present the needed emanations decreases. ( DEFRA & A ; Department of Energy and Climate Change, 2009 ) At a glimpse the Government appears to be dedicated to promoting the usage of green edifice merchandises, but it is truly excessively early to cognize whether this degree of committedness is in fact holding any influence on the attitudes and behavior of those charged with stipulating stuffs. The purpose of this survey is to find the existent cost of constructing a nothing C home, how successful the authorities has been on promoting the alterations necessary to be deemed zero C, the alterations that occur as a consequence. Before this can be achieved it will be necessary to travel over the authorities ‘s policy in full and moreover analyze the extent to which green edifice merchandises are presently specified. In add-on it will be of import here to analyze what issues prevent the usage of green stuffs and afterwards decide whether the authorities is set abouting plenty to battle these issues. The bulk of the research will concentrate on how to go zero C and the cost in making so, in add-on looking into the affects this has on Government programs. Obviously the survey can non see every subdivision of the building industry, so the survey will take to hold a broad set of positions and sentiments runing from Quantity surveyors, Building surveyors, Architects, place proprietors and Government organic structures.1.2 Research AimThe full intent of this survey was to find the existent cost of constructing a nothing C emanation home. Research Aims What are the emanations marks set by the Government, what is being done to run into these deadlines? To find what action the Government has taken so far to promote householders to take a greener option, can they make better? To analyze the sentiments of place proprietors and the general feeling towards Government policy on going zero C. What can home proprietors do to go zero C, and are they willing to pass money on these alterations? What are the advantages and disadvantages for place proprietors, the Government and the environment? Do place proprietors have the same positions as the Government? Outline Research Methodology The cardinal facet of this survey is happening out what the existent cost is for constructing a nothing C emanation brooding. A qualitative research attack has been adopted. The research is non based upon a clear theory or job and so it is non nonsubjective by nature, therefore the quantitative attack is non appropriate to the research. The first aim is to be attained through an in-depth reappraisal of the authorities policy and enterprises, whilst the other four will be achieved through the aggregation of informations, subsequent analysis and farther research, However before this takes topographic point a huge reappraisal of literature is required to bring out the cardinal theories. There are two methods of informations aggregation within this thesis, the questionnaire and the interview. The questionnaire will be employed to garner general information from a comparatively big sample of the place proprietors, whilst telephone or in individual interviews will be conducted to illicit more in-depth information from a much smaller sample. It was hoped that together, both methods would garner the best information to accomplish the purpose of this thesis and get the better of the restrictions of each method. The questionnaire is structured so that inquiries are set out into subdivisions that each relate to an aim. Respondents from the questionnaire were asked if they would be happy to take portion in an interview, either in individual or over telephone. Semi-structured interviews were conducted with seven respondents, they were each asked the same inquiries but were on occasion probed for more elaborate responses. The assorted statistical trials were inappropriate for the qualitative research attack employed within this thesis, alternatively information from the questionnaire was analysed utilizing the descriptive statistics methods. The findings would be used together with the interview findings to explicate any tendencies from the questionnaires. Contentss The contents of the thesis are as follows: Literature Review – Scope of chapter – Specification in pattern – Obstacles to Specification – Government Action – Summary Research Methodology – Scope – Proposal – Scheme – Design – Methods of Data Collection Data Collection Methods – Scope – Questionnaires – Interviews Datas Analysis – Scope – Method of Analysis – Data Analysis Discussion & A ; Conclusion – Scope – Discussion – Decision – Recommendations – Deficiencies/Limitations – Further Research Mentions Appendix2.0 LITERATURE REVIEW2.1 ScopeThis chapter looks to analyze a assortment of stuff in the signifier of books, articles, diaries amongst others, all of which are related to replying the inquiry â€Å" The existent cost of constructing a nothing C emanation brooding † It begins with a bomber chapter that looks to explicate what is required to hold a home nothing C. It so includes legion bomber chapters that seek to look into how much it will be to go zero C and how easy is it for householders to do the alteration. The chapter concludes with an assessment of the cardinal actions made by the Government in trying to promote place proprietors to do the alteration. The axial rotation in which the authorities plays in cut downing the C pes print and the marks that have been set.2.2 What is a Zero Carbon Dwelling?To set merely a nothing C home is one that returns to the National Grid every bit much power as it uses over the class of a twelvemonth. Unless you plan on life somepla ce with no warming, electricity or H2O, that means a zero-carbon place will necessitate to be kitted out with equipment for micro coevals, the production of energy on a little graduated table. Therefore, mini wind turbines, solar panels and a wood pellet burner for bring forthing energy are the manner frontward to accomplishing a zero C emanations brooding. Meanwhile, to maintain that cherished energy in there is demand for clever, draught excepting building with super-insulated walls, a geothermic warming system pull outing heat from the land and triple-glazed Windowss. In add-on to this there could besides be a rain H2O roll uping armored combat vehicle to provide the lavation machine and toilets and to be connected to a reed-bed sewerage system for organically cleaning human waste. The HM Treasury describes a nothing C place: â€Å" Allowable electricity † means electricity generated from a zero-carbon energy beginning designed to function the home and which is conveyed to the home, or to a sub-station connected straight to the home, by overseas telegrams used entirely for the conveyance of electricity from that beginning. A zero C place is one with ‘zero net emanations of Carbon Dioxide ( CO2 ) from all energy usage in the place ‘ . The definition encompasses all energy usage in the place this includes all energy from cooking, TVs, computing machines and any other contraptions instead than merely those energy uses that are presently portion of edifice ordinances for illustration infinite warming, hot H2O, airing and some lighting. It means that over 12 months there are no net C emanations ensuing from the operation of the home. This could be achieved either through stairss taken at the single home degree or through site broad schemes. Consequently it will non be necessary for each home to hold its ain micro coevals capacity where development degree solutions would be more appropriate. ( DCLG 2006 ) It is of import to hold the right balance, rewrite the definition to slackly and there will be small or no micro coevals this includes land beginning heat pumps as developers go for the easier path of off puting, but write the definition excessively restrictive, and the mark of accomplishing zero C places will be viewed as close impossible to run into and merely will be ignored by developers, this besides means there will be small or no micro coevals. 2.3 Why Is Becoming Zero Caron Important? The motive for alteration is simple, since the morning of clip adult male has used resources to last and in present twenty-four hours we have developed a planet that relies to a great extent on natural stuffs from the Earth. The current universe population stands at merely under 7 billion ( CIA World Fact book, 2008 ) and is turning every twenty-four hours, as it grows so does the demand for natural stuffs. Natural stuffs such as coal, gas, and oil are being used quicker than the Earth can reproduce them intending the demand for new dependable resources. Figure. Global Carbon Dioxide Emissions from Fossil-Fuel ( And Cement ) Production. Even more significantly CO2 emanations rates are at an all clip high which has resulted in clime alteration, which is going more evidentiary, for illustration the winter of 2009/2010 It was the coldest December in Britain for 14 old ages, 1.8C ( 3.2F ) below norm, and the coldest in Scotland for 28 old ages, 2.1C ( 3.8F ) below norm. ( The Times, 2010 ) Climate alteration is about surely the most of import issue to confront any coevals in history. The world-wide scientific community is practically consentaneous in its understanding that clime alteration is happening, and that it ‘s our mistake. The universe needs to alter before it gets out of our control, as the effects, which are already seeable, will be ruinous. Just some of the effects are lifting sea degrees due to the thaw of the polar ice caps, holes in the O-Zone bed, more frequent and more terrible natural catastrophes, large-scale nutrient deficits, pestilences, monolithic species extinctions, unprecedented Numberss o f refugees, intensified cultural and political tensenesss, and a planetary economic depression the likes of which no 1 has of all time seen. The state of affairs is still within our appreciation, but action must be taken now, we must move together and strongly. Every person must stand up and be accounted for, companies, and authoritiess across the full Earth must make what they can to change by reversal clime alteration before it becomes excessively late. The clip has to be now as we will ne'er acquire another chance.Untjhjitled.png 2.4 Driving Towards Zero Carbon Despite the current economic and political environment, there are multiple drivers that exist for the development of low C homes. These can be loosely separated into the undermentioned three classs, concern, cultural, and legislative drivers, which are examined below: 2.4.1 Business There is a turning civilization of corporate societal duty ( CSR ) within the building industry. The importance attached to CSR was strongly illustrated in the World Wide Fund for nature study, entitled ‘Building a Sustainable Future ‘ where a study of 20 of the UK largest lodging developers revealed that 70 % study publically on their attack to sustainability and 65 % have a corporate sustainability policy in topographic point. ( WWF, 2007 ) Consequently, CSR has the possible to be a powerful driver for zero C places, as companies strive to better their environmental public presentation. Furthermore, it was stated that in transcending minimal sustainability criterions, house builders can profit from enhanced trade name acknowledgment and repute. ( Carter, 2006 ) Similarly, the WWF reported, that accomplishing high criterions of environmental and societal public presentation can be used to a developer ‘s advantage to pull clients and high quality employees. However, the building supply concatenation could hold a more profound impact on the nothing C marks. ( WWF, 2005 ) 2.4.2 Cultural Despite the fact that client demand for low C homes is presently limited, it is acknowledged as a turning market and country of involvement. ( Carter, 2006 & A ; DEFRA 2005 ) A survey carried out in 2007 by Sponge Sustainability Network found that there is a turning desire amongst the UK populace to implement more sustainable life styles. The addition in client demand is likely to carry house builders to willingly integrate sustainable characteristics into future building undertakings. It is suggested that this upward low C civilization could be built upon by authorities enterprises, either through the proviso of financial inducements ( Dobson, 2007 ) or the incorporation of sustainability factors in belongings ratings. ( Lutzendorf & A ; Lorenz, 2007 ) Favourable be aftering policies, such as Planing Policy Statement 1 ( PPS1 ) ( DCLG, 2005 ) , and bing authorities policies, such as the Energy White Paper ( DTI, 2003 ) , which are aimed at advancing sustainability within the reinfor ced environment, are apt to farther heighten the integrating of such characteristics and the encouragement of a low C civilization. In add-on, these policies pave the manner for new statute law, to which stakeholders in the edifice industry are shown to react best. ( Structural Survey, 2007 & A ; CIOB, 2007 ) 2.4.3 Legislative The chance of future statute law itself should show to be a major driver in accomplishing zero C places by 2016. ( BRI, 2007 ) It is likely that the CSH, will go statute law and is expected to be the most influential driver for house builders to construct zero C places and that those who take on a pro-active attitude will derive extended and practical cognition of low C house edifice, from which they will harvest the benefits financially by being capable of run intoing the enhanced edifice demands more cost efficaciously. ( CIOB, 2006 ) The likely debut of the CSH as statute law, aboard with the execution of Energy Performance Certificates in line with the Energy Performance of Buildings Directive, has been highlighted in a survey by Vorsatz etA Al. in 2007 as being highly successful in footings of decreases in CO2 emanations and cost effectivity, to the point that these steps could be the cardinal drivers for nothing C lodging. 2.5 Obstacles Against Achieving Zero Carbon? The last subdivision attempted to sketch the significance of a nothing C emanation brooding. There are a batch of alterations that have to be completed before a home can be deemed zero C, people tend to happen it hard to do alterations to a life style that they have came usage to over clip, besides this obvious obstruction there are legion others such as cost, strangeness, and These will be pointed out in this chapter. 2.5.1 Cost First it can be instead dearly-won to do any type of brooding zero C particularly if it ‘s updating current places as this involves money for something that in the bulk of place proprietor ‘s eyes is n't necessary. For bing homes, the edifice ordinances can non be retrospective but the eventual execution of Energy Performance Certificates ( EPCs ) could take to betterments being obligatory at the phase of selling any house. Currently, energy efficiency betterments to bing houses are chiefly carried out throughout rehabilitation plants as steps implemented by local governments, lodging associations and landlords to their ain homes. Individual proprietor residents may take to the option of upgrading insularity normally with the aid of grant assistance towards the outgo. The Government needs to acquire across the message and householders need to acknowledge that cut downing the C emanations on their lodging will take to higher capital costs but as a consequence will hold low er running costs. Underneath provinces several good grounds for sing a nothing C home: Lower your energy bill/consumption, Lessen our dependance on foreign oil, Preserve cherished universe resources, Follow the national and international tendency towards green life, Enjoy better wellness and wellbeing, Protect your lungs and respiratory system, Strengthen the immune systems of both yourself and your kids, Prevent/recover from chemically induced allergic reactions, Enjoy higher value and resale value of your place. Figure. What makes a nothing C place? ergteghdfgdfgdfg.png Bartlett & A ; Howard ( 2000 ) wrote that measure surveyors believed that the more environmentally friendly edifices cost between 5 – 15 % more than conventional 1s to construct. In contrast with, Lockwood ( 2006 ) studies that the market for green edifice merchandises is altering with many sustainable, non-toxic stuffs readily available at sensible monetary values and some recycled merchandises bing the same or less than conventional 1s. Spiegal & A ; Meadows, ( 2006 ) have besides highlighted that simple economic comparings show that green merchandises, particularly those with a high recycled content, are competitory for purchase and installing. On norm, premiums for green edifice merchandises are less than 2 % ( Kats, 2003 & A ; Morris, 2007 ) Never the less there is no warrant that the building industry will pay even a little addition in cost for green edifice merchandises as it frequently criticised for being focused entirely on net income ( House of Commons Environmental Audit Committee, 2006 ) . Surveies have found that the cost of a new physique nothing C home is cheaper than trying to transform an bing belongings into a genuinely green place, nevertheless it is still expensive. The estimated cost for constructing a criterion nothing C place would be within the part of approximately ?120,000 to ?140,000, in contrast to a similar sized traditional belongings which will be around ?85,000. However, that does non include the cost of land, an expensive trade good in Britain, or the developers ‘ net incomes. The basic cost of a nothing C place, with no subsidies, is non likely to be less than ?350,000 to ?400,000, with that being said one time more have been constructed you will happen that it will go more low-cost as the engineering and expertness will go cheaper. ( TIM, 2007 ) The Calcutt reappraisal of house edifice provinces that many house builders refrain from utilizing green stuffs because they find that purchasers are loath to pay more for sustainable homes ( CLG, 2007 ) 2.5.2 Unfamiliarity 2.5.3 Time 2.4 Government Policy & A ; Action It is universally accepted that decreases in CO2 emanations are needed in order to stabilise the universe ‘s clime, and that these will be dearly-won and better implemented sooner instead than subsequently. The of all time altering clime has established itself as a major issue, and to assist undertake planetary warming the UK is seting itself on a way to cut its C dioxide emanations by some 60 % on 2000 degrees by 2050, with existent advancement by 2020. ( DTI, 2003 ) This was superseded by a authorities proclamation in October 2008 for a more ambitious mark perpetrating the UK to cut nursery gas emanations by 80 % by the center of the century. ( DECC, 2008 ) This committedness will necessitate C decreases to be made by all industries. The reinforced environment histories for a big proportion of emanations, C dioxide emanations from the lodging sector have risen by more than 5 % since 1997 and account for 27 % of the UK ‘s C footmark. ( DTI, 2003 ) The authorities has as a consequence highlighted the lodging building industry as a key sector where C decreases can be made. Due to tendencies in the formation of new families and the decrease in their mean size, combined with inward migration and longer life anticipation of the population as a whole, it has been estimated that an addition of around 120,000 private-sector and 26,000 societal places per twelvemonth over present supply is needed. ( Barker, 2004 ) The UK authorities ‘s response in 2005 was to show an aspiration to increase the supply of new lodging in England to 200,000 units per twelvemonth by 2016. This means that in 2050 about 30 % of lodging will hold been built since 2006, with the balance already bing now. In add-on, in December 2006, the authorities published the Code for Sustainable Homes ( CSH ) as a tract to accomplishing zero C places in England. ( DCLG, 2006 ) The CSH sets ambitious marks for the lodging building industry, for which the existent commercial benefits and cos ts are still unknown. Action to cut down entire emanations demands to be aimed at both new physique and bing lodging, nevertheless the UK authorities has decided to take a firm stand on improved criterions for new edifices, and positively cut down emanations by that path. This is possibly because in retrospective alteration to current edifices is perceived as complicated and unpopular, as evidenced by the taking off of a demand to do energy betterments to the bing cloth together with any proposal to widen an bing edifice with a floor country of less than 1000 M2 between the first proposal ( ODPM, 2004 ) and execution ( DCLG, 2006 ) of the 2006 Building Regulations. The authorities justifies this focal point on new physique by asseverating that doing every executable cost effectual energy betterment to bing places would cut down the annual CO2 emanations in 2050 by merely 25 % of what is required intending the remainder must be achieved in new built places. ( DCLG, 2006 ) Given that this will necessitate a ll new places built between now and 2050 to run into at least low or zero C criterions, there is a instance for re-examining this inexplicit rejection of a policy of energy betterments to bing edifices. Early consequences from a present research programme to recognize ways of cutting down C emanations from bing edifices ( Anon, 2004 ) expose the technological potency for halving the emanations from bing lodging, hence there will be enough of range for deploying the sorts of loans and subsidies to bing place proprietors that make betterments that are cost effectual and are used successfully elsewhere, for illustration in Germany. ( KFW, 2007 ) 2.4.1 The Code For Sustainable Homes The Code for Sustainable Homes ( DCLG, 2006 ) aims to supply a system for developing and showing superior environmental criterions by giving place proprietors better information about the sustainability and running costs of their places. In April 2007 there was a voluntary appraisal stage in order to derive experience in the methodological analysis, taking to a compulsory evaluation demand for all new places excepting bing places from 2008. The full appraisal is a evaluation method across all the countries of sustainability, based on the Eco Homes system, ( BRE, 2006 ) but it is proposed to do merely the energy/CO2 emanations evaluation mandatary and this will work through phased alterations to the Building Regulations. Eco Homes depends on a group of independent vouchers who will measure the design and carry out a station completion cheque on the edifice. In the instance of multi place developments they will look merely at each different house type and a sample of the completed units, as this makes better usage of clip. This station completion cheque on the energy/CO2 emanations public presentation is an of import alteration from the chiefly design based appraisal mentioned above, but the Code does non discourse its nature. In common with the other dimensions of sustainability, the overall energy/CO2 emanations evaluation for the home identified as the Standard Assessment Procedure ( SAP ) evaluation will be assigned a degree. The Code degree to achieve a one-star evaluation corresponds to a 10 % betterment over the Target Emission Rate in the 2006 Building Regulations. Two, three and four stars correspond to 18 % , 25 % and 44 % betterments, severally. A five star evaluation is a 100 % betterment, corresponds to zero emanations in relation to affairs covered by the Building Regulations, this being zero emanations from heating, hot H2O, airing and lighting. The highest degree is a six-star rated place, this is a wholly 0 C place significance there is zero net emanations of CO2 from all energy usage in the place. The SAP evaluation mark can be met in a assortment of ways such as, bettering the cloth of the edifice, bettering the efficiency of illuming and infinite warming, and by utilizing lower C fuels while the Code in add-on covers the energy/CO2 emanations of a little scope of white goods like deep-freezes, dish washers, etc. While flexibleness is allowed as to how these evaluations are achieved, in exercising a scope of intercessions will be necessary, as discussed farther below. The Code notes that a six-star place will necessitate to present zero C emanations over 12 months for all energy usage in the place, cookery, rinsing and place amusement systems, every bit good a s infinite warming, hot H2O, airing and lighting. The Code gives descriptive illustrations of houses run intoing the different degrees and for a six-star place this means that energy taken from the national electricity grid would hold to be replaced by low or zero-carbon generated electricity. ( DCLG, 2006 ) The clip graduated table proposed for implementing these betterments to the public presentation of new places was to be 2010 with the minimal demand being three stars, ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? has this happend in 2013 it will be four stars, and in 2016 it will be six stars. The UK authorities is hence draw a bead oning to present a wholly zero-carbon supply of new places by 2016. Some of the deductions of this are explored below, after a brief treatment of the premises implied by the proposals. Is 2016 excessively late? Will the quality of edifices be compromised? Will the wellness and safety be compromised? Ill use a Questionnaire to acquire my information Open or closed inquiries? ? ? ? ? ? Open give more item but clip devouring to make full in Closed less item but easier and easier to compare fixed replies Interview Provides the item that the questionnaires could n't give ( will stop up utilizing closed questionnaire ) ( closed merely agencies yes no replies and multiple pick ) Drumhead With the really being of the effects of clime alteration in difference ( some do n't even believe its existent ) its impossible to state. However better to be safe than sorry, merely positive can come out of it every bit long as does n't come at a cost of human life or edifice quality Use in datat findings: : : A First it can be instead dearly-won to do any type of brooding zero C particularly if it ‘s updating current places as this involves money for something that in householders eyes is n't necessary

James E. Porter’s Idea of Originality in Intertextuality...

Since I arrived in the United States one of the first concepts that was introduced to me was the concept of plagiarism and the severity of its consequences. Since that moment I see myself focusing much more on paraphrasing and not committing plagiarism than the quality of the ideas that I am writing. However, I have noted that most of my ideas and opinions are probably based on somebody else’s work I might have read before. Therefore, is it not plagiarism? In the article â€Å"Intertextuality and the Discourse Community,† James E. Porter challenges the idea of what plagiarism truly is. He states that it is almost impossible to write without committing some sort of plagiarism. Instead, Porter introduces the concept of intertextuality, which he†¦show more content†¦What he describes as originality is to take somebody else’s ideas and create new perspectives and opinions based on those points of view. In other words, Porter suggests that creativity is a mat ter of interpretation and that anything we write is the result of what we interpret when we read. That is why taking other’s ideas to draw knew opinions should not be called plagiarism because inevitable all writing contains some sort of intertextuality. One can say that intertextuality is necessary for a writer to have a better understanding of what they read. As an international student myself, paraphrasing is one of the aspects that turns writing into a nightmare for me. Since my vocabulary is somewhat reduced, I have to focus more on making my sentences look as different as possible to the original texts. I was so scared of committing plagiarism that I did not even consider the aspect of using the author’s ideas and creating my own opinions. Instead I preferred to follow the norm and paraphrase as much as possible. Sometimes I felt my professors paid much more attention to what I might have plagiarized rather than the quality of my own ideas. That is why writing t urned into a systematic process in which I would only have to know how to rephrase sentences and I would be fine. In the moment I read Porter’s essay I thought it was contradictory to allShow MoreRelatedThe Difference Between Originality And Plagiarism918 Words   |  4 PagesThe Difference Between Originality and Plagiarism Intertextuality and the Discourse Community, a text written by James E. Porter, discusses two general and possibly the most concentrated concepts of writing today. â€Å"(1) That writing must be original and (2) that if a writer â€Å"borrows† ideas from other writing without acknowledging that borrowing, the writer is plagiarizing†(Wardle Downs 395). Throughout Porter’s text, he explores intertextuality, the principle that all writing and speech—indeed

Developing Countries During World War II - 1547 Words

1. Introduction: Since World War II, trade between growing and manufacturing nations has strengthened and borrowing of poor countries from the rich countries has increased. The growing link between these two groups of economies increased eventually in addition to the increase in the rate of dependability amongst them. With the rapid growth in wealth and industrialization of the First World, only a few developing countries managed to have adequate economic growth on the line of the developed countries. Many of the developing countries which were poor at that time still remained to be poor today even today in comparison to the industrialized nations. Dearth of capital and skilled labor produces a low level of per capita income preventing the developing countries to realize their economies of scale through which many of the developed countries benefit from. Several attempts have been made by developed countries to decrease the disparities between rich and the poor economies. To finance their domestic in vestment, developing countries rely on other governments or international organizations like International Monetary Fund (IMF) and World Bank to procure loans. Besides these loans, foreign investments in these countries are financed by private companies, this from of investment is known as Foreign Direct Investment (FDI). In case of FDIs, the foreign companies, especially Transnational Corporations (TNCs), invest in the growing nations and remain as the solitary owners of theseShow MoreRelatedDeveloping Countries During World War II ( Wwii )1211 Words   |  5 PagesTrade policy in developing countries obtained major influence from the changing views in economic development, namely, inward looking and outward looking (Moon, 1998). For about 3 decades after World War II (WWII), the trade policy of developing countries relies on inward-looking development. This type of development is implemented through autarky trade policies to protect country’s local manufacture industry. Th ere are so many critics delivered during the inward looking development implementationRead MorePresident Truman Made A Nuclear Weapon1745 Words   |  7 Pagesin an effort to end World War II. World War II began on September 1,1939 and ended on September 2,1945 ending in an Allie victory. This world was fought primarily by the Axis Powers: Germany, Austria, Italy, and Japan and the Allie Powers: Great Britain, France, The USSR, and the United States. President Truman made a difficult decision to drop nuclear weapons on Japan, because the factors leading up to the war, the circumstances that had already happened during World War II, and because he simplyRead MoreThe Bombing Of Japan During The World War II1572 Words   |  7 Pages World War II was a war that lasted about 6 years. Within these six years, many new advances took place. In order for countries to be able to have a chance, they would need to keep up with the new, and developing technology. Air technology was still fairl y new before the war, but grew rapidly as the war progressed. On the same note, new water vessels were being invented, which allowed to war to grow into the seas. Submarines, U Boats, and other vessels allowed for this shift to occur. Tanks wereRead MoreThe War I And World War II1660 Words   |  7 Pagesin thehistory of the world were World War I and World War II. World War I occurred from 1914 to 1918. World War I was caused by militarism, alliances, nationalism, imperialism and assassination (MANIA). The first four causations were more of a build-up to it. Then, once the Arch-Duke Franz Ferdinand was assassinated, the buildup was sparked. This can be compared to pouring gasoline on the ground and then lighting it on fire. 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International trade and free trade among countries was getting harder, with tariffs andRead MoreThe Nuclear Of The Korean War1147 Words   |  5 Pages World War II ended suddenly as America destroyed two Japanese cities not with traditional strategic bombing, yet with the extremely powerful atomic bombs. As a result of dropping the atomic bombs, the world was thrust into the nuclear age. Just a few short years after World War II, the Korean War started. The Korean War challenged many assumptions held about war within a nuclear era. Three of the assumptions challenged were that nuclear weapons would deter war, that war would not be limitedRead MoreWars And Changes During The United States Essay1181 Words   |  5 PagesWars and Changes in The United States The United States of American is a superpower in the world. Although it just have almost 240 years’ history, it experienced more than 200 wars. As a saying does, â€Å" Bad times make a good man†, the United States never lack of great leaders. For example, George Washington, Abraham Lincoln, and Franklin Roosevelt were the three well-known presidents in the U.S. history. Additionally, wars and conflicts changed the United States directly and indirectly. ForRead MoreEssay on The Cold War: India1580 Words   |  7 PagesThe Third World is the name that was given to the part of the world that was not part of the Industrialized World in the beginning of the Cold War. The First World was America while the Second World was the Soviet Union. The Developing World represents much of Asia, Africa, and Latin America. After most of these countries became independent of western influence and recourses, their infrastructure began to fall apart. The United States and the Soviet Union used their allies for raw materials and markets

A Study On The Swiss Management Center University

DQ #1 I have always wanted to pursue a doctoral program but never had the financial resources. Hence, I researched and found this doctoral program offered by The Swiss Management Center University (SMC) which is a high quality multifaceted online education program which is accredited by Accredited Council of Business Schools Program (ACBSP). Furthermore, it is affordable, flexible very informative and relevant in both academic and business sectors. (SMC, n.d.). Several people influenced my decision to pursue a doctorate degree at different levels. First, Dr. Wangari Maathai who was the first Kenyan Woman to pursue a doctorate degree and was a recipient of the Nobel Peace Prize, (Graf, 2016). Secondly, inspiration from my former†¦show more content†¦Although learning new concepts is sometimes difficult, I am determined to eliminate counterproductive and redundant methods of doing my studies. At the same time, it is necessary that I maintain effective communication methods which will include both written and oral communications. Besides, it is also necessary that I acknowledge that failure is also an important learning process which is a part of the double-loop learning method (Argyris, 1991). This is extensively elaborated in the article Teaching Research Methods for Doctoral Students in Education talks about teaching doctoral students research methods that they could apply in their field. When doctoral students first enrolled, their aim was to do well academically. However, as time progressed, the students become interested in the multidisciplinary research methodologies process. Furthermore, they learned different aspects such as effective data collection through the interview, exploring documented work such as syllabus and historical documentation through reading past research projects. Moreover, they also learned analysis of the results included quantitative and qualitative method while taking into consideration theoretical work combined. (Coronel Llamas Boza, 2011). DQ #2 Plagiarism entails taking another person’s work and passing it as one’s own. (What is Plagiarism? n.d.). As a researcher, this can beShow MoreRelatedThe Performance Of Union Bank Of Switzerland3158 Words   |  13 Pagesyear, in part caused by favorable securities markets, which offered more value to the current assets, but also by winning fresh funds. The Scorpio Study stated that the private banking industry now (2013) managing a total of $20.3 trillion, up from $18.5 trillion last year (2012). KPMG’s Private Banking Survey 2013 states that the transformation of the Swiss Private Banking continues. 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Aig Case Solution Free Essays

string(67) " very important aspect that is prominent in our professional life\." [pic] LEADERSHIP AT AIG: DOES STYLE MATTER? Case Overview This case deals with executive leadership styles. In particular, this case deals with American International Group, the world’s insurance company, and its CEO Maurice â€Å"Hank† Greenberg. Greenberg, an autocratic leader, was recently deposed by his board of directors after problems emerged regarding possible earning manipulation. We will write a custom essay sample on Aig Case Solution or any similar topic only for you Order Now It describes his leadership style, reasons his two sons (former employees) left the company, and Martin Sullivan, Greenberg’s successor. Like his former boss, Sullivan micromanages the organization, but is well liked by employees. Teaching Objectives ) To show students the impact of autocratic leadership style on employees. 2) To distinguish between micro and participative management in an organization. 3) To introduce the concept of leadership succession and its effects on organizations. Purpose This case presents various leadership styles used by CEOs. It suggests that executives who uses a more participative leadership style are more likely to create an effective employee workplace. Relationship to Part 4 The relationship of this case to part 4: leadership and its styles, possible motivation of employees through style, the encouragement of team work and communication. This case can draw on various theories in all four chapters of Part 4. Questions Question 1. AIG Chairman and CEO Maurice â€Å"Hank† Greenberg was considered an autocratic leader and a micromanager by many employees; yet the company grew dramatically during his reign as CEO. Does leadership style matter as long as the company performs well and shareholders are satisfied with their return on investment? Answer Leadership does matter. A company may perform well, and shareholders may be satisfied with their return on investment, but on another level this style of leadership may do irreparable hard to employee effectiveness and morale. Eventually autocratic leadership will take it toll on the organization and its ability to operate effectively. Question 2. AIG’s new CEO Sullivan has been labeled a micromanager, but with a more pleasant personality. Can he, as a micromanager, develop a more participative leadership style? How? Answer It may be very difficult for a manager/leader to change his management and leadership style. There is indeed a time and place for autocratic leadership (e. g. , when time is limited), but we know that participative leadership often produces better results. While it is often difficult for executives (managers) to let go and delegate more to underlings, AIG’s new CEO Sullivan can learn to develop a more participative leadership style. He must begin to create more teams, motivate more employees to participate in corporate activities, and communicate more effective. In part, his micromanagement style may be a result of following Greenberg’s lead. As Sullivan becomes more comfortable in his new role, he should be able to delegate more effectively, especially if he is to deal with more strategic corporate issues. Leadership is a very important aspect that is prominent in our professional life. You read "Aig Case Solution" in category "Essay examples" If a team is led by an effective good leader, the team is more likely to perform well as per the expectations of the project. On the other hand, if the leader is a person who just issues orders and commands the tasks to be done, the team is demotivated and does tend to perform less than they actually can. If you are a working professional, you might have got an idea about the types of leadership styles and techniques. The working and managing style of a leader plays a very important part in making the leadership role effective. There are various managers who adopt different leadership styles and methods for employee and process management. Each leadership style has its own methods, behavior, effects, and aspects. Participative leadership is a very significant leadership style that is most beneficial to employees, managers alike. What is Participative Leadership Style? As the name suggests, this leadership style relates to a method of having things done by involving team members in goals setting and decision making. Since there is an involvement of team members and employees in being a part of the management, this is by far the most useful management style in the business world. Though there is employee participation, the leader is handed over the responsibility of taking the final decision. In this corporate leadership style, the manager works with the team and not over the team, which is why he can determine even the minutest errors of the processes that have to be executed. Advantages of Participative Leadership Style There are many apparent and proven advantages of the participative leadership practice. A very important advantage is that employees and team members are motivated to work, because they realize that the management is ready to consider their suggestions and viewpoints. And if there is such employee motivation, the team members happen to work more effectively than expected. This eventually has a good effect on the company’s revenue. Secondly, since the manager becomes like a team member and takes part in the decision-making process, it has a good impact on teamwork. Thirdly, as more than one minds are working on goal setting and decision making, there is an all-round analysis of the possibilities of failures. Therefore, the manager can majorly rule out any errors and possibilities of failures in the project. You can say that there is a broader assessment of the situation which is to be worked upon. The result of participative leadership can also be effective decisions suggested by experts in the respective field. In this kind of business leadership, the manager does not only involve team members, but can also take guidance from his peers. One of the most suitable participative leadership examples can be when a manager divides project work in his team members including himself, discusses the project requirements and expectations with the team leader and other members, and then they work on it collectively. Participative leadership surely increases employee satisfaction, reduces the workload of managers, and creates better teamwork; with all this eventually contributing to good worLeadership is a very important aspect that is prominent in our professional life. If a team is led by an effective good leader, the team is more likely to perform well as per the expectations of the project. On the other hand, if the leader is a person who just issues orders and commands the tasks to be done, the team is demotivated and does tend to perform less than they actually can. If you are a working professional, you might have got an idea about the types of leadership styles and techniques. The working and managing style of a leader plays a very important part in making the leadership role effective. There are various managers who adopt different leadership styles and methods for employee and process management. Each leadership style has its own methods, behavior, effects, and aspects. Participative leadership is a very significant leadership style that is most beneficial to employees, managers alike. What is Participative Leadership Style? As the name suggests, this leadership style relates to a method of having things done by involving team members in goals setting and decision making. Since there is an involvement of team members and employees in being a part of the management, this is by far the most useful management style in the business world. Though there is employee participation, the leader is handed over the responsibility of taking the final decision. In this corporate leadership style, the manager works with the team and not over the team, which is why he can determine even the minutest errors of the processes that have to be executed. Advantages of Participative Leadership Style There are many apparent and proven advantages of the participative leadership practice. A very important advantage is that employees and team members are motivated to work, because they realize that the management is ready to consider their suggestions and viewpoints. And if there is such employee motivation, the team members happen to work more effectively than expected. This eventually has a good effect on the company’s revenue. Secondly, since the manager becomes like a team member and takes part in the decision-making process, it has a good impact on teamwork. Thirdly, as more than one minds are working on goal setting and decision making, there is an all-round analysis of the possibilities of failures. Therefore, the manager can majorly rule out any errors and possibilities of failures in the project. You can say that there is a broader assessment of the situation which is to be worked upon. The result of participative leadership can also be effective decisions suggested by experts in the respective field. In this kind of business leadership, the manager does not only involve team members, but can also take guidance from his peers. One of the most suitable participative leadership examples can be when a manager divides project work in his team members including himself, discusses the project requirements and expectations with the team leader and other members, and then they work on it collectively. Participative leadership surely increases employee satisfaction, reduces the workload of managers, and creates better teamwork; with all this eventually contributing to good wor Question 3. Greenberg named his son Evan as the heir apparent. Yet, Greenberg never set a departure date. Should a good leader set a date for departure once a successor is named? Why? Why not? Answer Most of the time succession in organizations creates a host of problems. On the one hand, incumbent CEOs are less than willing to give up the power and prestige that accompany their position. On the other hand, the successor (heir apparent) may be eager to assume the top position. If the successor has to wait too long for the top leadership position, he may decide to seek out a top level position in another company, and the company may lose a unique opportunity for a smooth leadership transition. CEOs should set a deadline for their departure so that all stakeholders are informed which can facilitate a change in leadership. LEADERSHIP AT AIG: Does Style Matter Question 1: AIG Chairman and CEO Maurice â€Å"Hank† Greenberg was consider an autocraticleader and micromanager by many employee, yet the company grew dramaticallyduring his reign as CEO. Does leadership style matter as long as the company  performs well and shareholders are satisfied with their return on investment? Leader is a person who led people towards to the common goal. In the process of managing anorganization, I believe leadership style is the one of important factor in deciding the performanceof the company. Leader’s style of leadership changes according to the situation of the company. Based on managerial grid concept by Robert Blake and Jane Mouton, there are five style of  leadership that combine different degrees of concern for production and concern for people andthis five styles of leadership is shown in figure 1 below. In the case study, CEO Maurice â€Å"Hank†was more concern of production compare to the concern for people and of course, this kind of  leadership will produce good performance. That is why Maurice â€Å"Hank† able to bring thecompany from midlevel insurance company becomes the international company and give thesatisfaction towards the shareholders. However, to sustain the company at the same level,Maurice â€Å"Hank† kinds of leadership will causes the performance of the company to be declined  because lack of concern for people will affect the workers performance and this result would notsatisfy the shareholders. The workers in AIG will become less motivated due the pressure given  by the management practice by Maurice â€Å"Hank†. This style of leadership by Maurice â€Å"Hank† fallunder style of leadership â€Å"produce or perish† as shown in figure 1. As conclusion, the style of  leadership is the key player in determine the successful of a company. Question 2: AIG’s new CEO Sullivan has been labeled a micromanager, but with a more  pleasant personality. Can he as a micromanager, develop more participativeleadership style? How? Participative leadership style is defined as  leader  who involves his subordinatesin the process of   making decision such as setting goal, solving  problemand others, but retains the final  decision making  authority. By referring the case study, CEO Sullivan can develop more participative style leadership by segregating the works to his subordinates in order to enabling his subordinate to  play their role in the organizations and indirectly developing the trust between himself with his subordinate. This action will enable the workers especially his subordinate to create a feeling of  self-belonging towards the company. Once the trust is there, he should implement groupdiscussion or brainstorming before making any decision but while conducting the groupdiscussion, he should be the person who get all the buy-in from the group members. In the groupdiscussion, he should use his authority in deciding the decision and this kind of ways in making decision helps his subordinate to accept and thus implement the action with full enthusiasm. Besides that, he should often communicate with his workers through out the three layer of  management such as having chitchat with the workers during teatime in order to understand the needs of workers in the company and thus raise his level of concern towards people. As he developing his understanding towards his workers, he can easily delegate the works that suit the workers best and as the result, company performance increases and building the security towards the investor and the people in the company especially shareholders. Question 3: Greenberg named his son Evan as the heir apparent. Yet Greenberg never set adeparture date. Should a good leader set a date for departure? When should hename a successor? Every thing that starts must have an end. Leaders also have his own starts and ends in hisera of leadership. For my point of view, a good leader should set a date for his departure. This is  because a leader knows better his own limitation and capabilities. A leader should alsounderstand his abilities and weakness in managing the organization as the time passes by. I  believe that every leader would like to leave his position without tarnishing his reputation andintegrity. However, it is not wise action to take if he announced his name of successor long  before his departure date for the position. This is because the successor required a time for him toadapt with the changes in role and the leader himself required time to hand over and coaching hisnew successor to take over his positions but how long is the duration for the this process, it alldepends on the successor himself. Normally, a leader had already started to look for hissuccessor long before he announced his departure date. This is because to identify a good leader  does not happen in a single day. It will consume so much time and effort for leader to be bornand as been mention by Richard Arvey, a human resources and industrial relations professor inthe Carlson School of Management, â€Å"While environmental influences determine many of our  leadership behaviors and the roles we obtain, our genes still exert a sizable influence over  whether we will become leaders. That is why, I do believe that leadership is both inherited andacquired. As conclusion, a good leader always think three steps ahead, that’s why it is importantfor a good leader to prepare for his succession plan American International Group From Wikipedia, the free encyclopedia Jump to: navigation, search â€Å"AIG† redirects here. For other uses, see AIG (disambiguation). |American International Group, Inc. |[pic ] | |Type |Public | |Traded as |NYSE:  AIG | | |SP 500 Component | |Industry |Insurance, Financial services | |Founded |Shanghai, China (1919)[1] | |Founder(s) |Cornelius Vander Starr | |Headquarters |American International Building, New York City, | | |New York, United States | |Area served |Worldwide | |Key people |Bob Benmosche | | |(President CEO) | | |Robert Miller (Chairman)[2] | |Products |Insurance annuities, mutual funds | |Revenue |[pic]US$ 77. 301 billion (2010)[3] | |Operating income |[pic]US$ 17. 936 billion (2010)[3] | |Net income |[pic]US$ 7. 786 billion (2010)[3] | |Total assets |[pic]US$ 683. 443 billion (2010)[3] | |Total equity |[pic]US$ 113. 239 billion (2010)[3] | |Employees |96,000 (2010)[3] | |Website |AIG. com | American International Group, Inc. NYSE:  AIG) or AIG is an American multinational insurance corporation. Its corporate headquarters is located in the American International Building in New York City. The British headquarters office is on Fenchu rch Street in London, continental Europe operations are based in La Defense, Paris, and its Asian headquarters office is in Hong Kong. According to the 2011 Forbes Global 2000 list, AIG was the 29th-largest public company in the world. [4][5] It was listed on the Dow Jones Industrial Average from April 8, 2004 to September 22, 2008. AIG suffered from a liquidity crisis when its credit ratings were downgraded below â€Å"AA† levels in September 2008. The United States Federal Reserve Bank on September 16, 2008 created an $85  billion credit facility to enable the company to meet increased collateral obligations consequent to the credit rating downgrade, in exchange for the issuance of a stock warrant to the Federal Reserve Bank for 79. 9% of the equity of AIG. The Federal Reserve Bank and the United States Treasury by May 2009 had increased the potential financial support to AIG, with the support of an investment of as much as $70  billion, a $60  billion credit line and $52. 5  billion to buy mortgage-based assets owned or guaranteed by AIG, increasing the total amount available to as much as $182. 5  billion. [6][7] AIG subsequently sold a number of its subsidiaries and other assets to pay down loans received, and continues to seek buyers of its assets. Contents | |  [hide]   | |1 History | |2 Business | |2. 1 Holdings | |2. 2 Auto insurance | |2. 3 Travel Insurance | |3 Financial crisis | |3. 1 Chronology o f September 2008 liquidity crisis | |3. 2 Federal Reserve bailout | |3. Additional bailouts of 2008 | |3. 4 Counterparty controversy | |3. 5 Post-bailout expenditures | |3. 6 Settlement of credit default swaps | |3. 7 Sales of assets | |3. 8 Record losses | |3. 2009 employee bonus payments | |3. 10 Manchester United Sponsorship | |3. 11 Share buyback | |4 Litigation | |4. 1 Accounting fraud claims | |5 Corporate governance | |5. Board of directors | |6 See also | |7 Notes | |8 References and further reading | |9 External links | [edit] History [pic] [pic] The American International Building in Lower Manhattan. AIG history dates back to 1919, when Cornelius Vander Starr established an insurance agency in Shanghai, China. Starr was the first Westerner in Shanghai to sell insurance to the Chinese, which he continued to do until AIG left China in early 1949—as Mao Zedong led the advance of the Communist People’s Liberation Army on Shanghai. [8][9] Starr then moved the company headquarters to its current home in New York City. [10] The company went on to expand, often through subsidiaries, into other markets, including other parts of Asia, Latin America, Europe, and the Middle East. [11] In 1962, Starr gave management of the company’s lagging U. S. holdings to Maurice R. â€Å"Hank† Greenberg, who shifted its focus from personal insurance to high-margin corporate coverage. Greenberg focused on selling insurance through independent brokers rather than agents to eliminate agent salaries. Using brokers, AIG could price insurance according to its potential return even if it suffered decreased sales of certain products for great lengths of time with very little extra expense. In 1968, Starr named Greenberg his successor. The company went public in 1969. [12] Beginning in 2005, AIG became embroiled in a series of fraud investigations conducted by the Securities and Exchange Commission, U. S. Justice Department, and New York State Attorney General’s Office. Greenberg was ousted amid an accounting scandal in February 2005; he is still fighting civil charges being pursued by New York state. [13][14][15] The New York Attorney General’s investigation led to a $1.   billion fine for AIG and criminal charges for some of its executives. [16] Greenberg was succeeded as CEO by Martin J. Sullivan, who had begun his career at AIG as a clerk in its London office in 1970. [17] On June 15, 2008, after disclosure of financial losses and subsequent to a falling stock pric e, Sullivan resigned and was replaced by Robert B. Willumstad, Chairman of the AIG Board of Directors since 2006. Willumstad was forced by the US government to step down and was replaced by Edward M. Liddy on September 17, 2008. [18] AIG’s board of directors named Robert Benmosche CEO on August 3, 2009 to replace Mr. Liddy, who earlier in the year announced his retirement. [19] [edit] Business [edit] Holdings Further information: Holdings of American International Group In the United States, AIG is the largest underwriter of commercial and industrial insurance, and AIG acquired American General Life Insurance in August 2001. [20] [edit] Auto insurance AIG sold auto insurance policies through its subsidiary unit, AIG Direct (aka aigdirect. com). The policies they offered included insurance for private automobiles, motorcycles, recreational vehicles and commercial vehicles. AIG purchased the remaining 39% that it did not own of online auto insurance specialist 21st Century Insurance in 2007 for $749  million. [21] With the failure of the parent company and the continuing recession in late 2008, AIG rebranded its insurance unit to 21st Century Insurance. 22][23] In April 2009 it was announced that AIG was selling the 21st Century Insurance subsidiary to Farmers Insurance Group for $1. 9  billion. [24] [edit] Travel Insurance Main article: AIG Travel Guard AIG sells travelers insurance in ternationally through Travel Guard, headquartered in Stevens Point, Wisconsin. [edit] Financial crisis Further information: Subprime mortgage crisis,  Financial crisis of 2007–2010,  and  Liquidity crisis of September 2008 [edit] Chronology of September 2008 liquidity crisis On September 16, 2008, AIG suffered a liquidity crisis following the downgrade of its credit rating. Industry practice permits firms with the highest credit ratings to enter swaps without depositing collateral with their trading counter-parties. When its credit rating was downgraded, the company was required to post additional collateral with its trading counter-parties, and this led to an AIG liquidity crisis. AIG’s London unit sold credit protection in the form of credit default swaps (CDSs) on collateralized debt obligations (CDOs) that had by that time declined in value. [25] The United States Federal Reserve Bank announced the creation of a secured credit facility of up to US$85  billion, to prevent the company’s collapse by enabling AIG to meet its obligations to deliver additional collateral to its credit default swap trading partners. The credit facility provided a structure to loan as much as US$85  billion, secured by the stock n AIG-owned subsidiaries, in exchange for warrants for a 79. 9% equity stake, and the right to suspend dividends to previously issued common and preferred stock. [17][26][27] AIG announced the same day that its board accepted the terms of the Federal Reserve Bank’s r escue package and secured credit facility. [28] This was the largest government bailout of a private company in U. S. history, though smaller than the bailout of Fannie Mae and Freddie Mac a week earlier. [29][30] AIG’s share prices had fallen over 95% to just $1. 25 by September 16, 2008, from a 52-week high of $70. 13. [citation needed] The company reported over $13. 2  billion in losses in the first six months of the year. 31][32] The AIG Financial Products division headed by Joseph Cassano, in London, had entered into credit default swaps to insure $441  billion worth of securities originally rated AAA. Of those securities, $57. 8  billion were structured debt securities backed by subprime loans. [33] CNN named Cassano as one of the â€Å"Ten Most Wanted: Culprits† of the 2008 financial collapse in the United States. [34] As Lehman Brothers (the largest bankruptcy in U. S. history at that time) suffered a catastrophic decline in share price, investors began c omparing the types of securities held by AIG and Lehman, and found that AIG had valued its Alt-A and sub-prime mortgage-backed securities at 1. 7 to 2 times the values used by Lehman which weakened investors’ confidence in AIG. 31] On September 14, 2008, AIG announced it was considering selling its aircraft leasing division, International Lease Finance Corporation, to raise cash. [31] The Federal Reserve hired Morgan Stanley to determine if there are systemic risks to a financial failure of AIG, and asked private entities to supply short-term bridge loans to the company. In the meantime, New York regulators allowed AIG to borrow $20  billion from its subsidiaries. [35][36] At the stock market’s opening on September 16, 2008, AIG’s stock dropped 60 percent. [37] The Federal Reserve continued to meet that day with major Wall Street investment firms, hoping to broker a deal for a non-governmental $75  billion line of credit to the company. 38] Rating agencies M oody’s and Standard and Poor downgraded AIG’s credit ratings on concerns over likely continuing losses on mortgage-backed securities. The credit rating downgrade forced the company to deliver collateral of over $10  billion to certain creditors and CDS counter-parties. [39] The New York Times later reported that talks on Wall Street had broken down and AIG may file for bankruptcy protection on Wednesday, September 17. [40] Just before the bailout by the US Federal Reserve, AIG former CEO Maurice (Hank) Greenberg sent an impassioned letter to AIG CEO Robert B. Willumstad offering his assistance in any way possible, ccing the Board of Directors. His offer was rebuffed. [41] [edit] Federal Reserve bailout On the evening of September 16, 2008, the Federal Reserve Bank’s Board of Governors announced that the Federal Reserve Bank of New York had been authorized to create a 24-month credit-liquidity facility from which AIG could draw up to $85  billion. The loan was collateralized by the assets of AIG, including its non-regulated subsidiaries and the stock of â€Å"substantially all† of its regulated subsidiaries, and with an interest rate of 850 basis points over the three-month London Interbank Offered Rate (LIBOR) (i. e. , LIBOR plus 8. 5%). In exchange for the credit facility, the U. S. government received warrants for a 79. 9 percent equity stake in AIG, with the right to suspend the payment of dividends to AIG common and preferred shareholders. [17][27] The credit facility was created under the auspices of Section 13(3) of the Federal Reserve Act. 27][42][43] AIG’s board of directors announced approval of the loan transaction in a press release the same day. T he announcement did not comment on the issuance of a warrant for 79. 9% of AIG’s equity, but the AIG 8-K filing of September 18, 2008, reporting the transaction to the Securities and Exchange Commission stated that a warrant for 79. 9% of AIG shares had been issued to the Board of Governors of the Federal Reserve. [17][28][44] AIG drew down US$ 28  billion of the credit-liquidity facility on September 17, 2008. [45] On September 22, 2008, AIG was removed from the Dow Jones Industrial Average. [46] An additional $37. 8  billion credit facility was established in October. As of October 24, AIG had drawn a total of $90. 3  billion from the emergency loan, of a total $122. 8  billion. [47] Maurice Greenberg, former CEO of AIG, on September 17, 2008, characterized the bailout as a nationalization of AIG. He also stated that he was bewildered by the situation and was at a loss over how the entire situation got out of control as it did. [48] On September 17, 2008, Federal Reserve Board chair Ben Bernanke asked Treasury Secretary Henry Paulson join him, to call on members of Congress, to describe the need for a congressionally authorized bailout of the nation’s banking system. Weeks later, Congress approved the Emergency Economic Stabilization Act of 2008. Bernanke said to Paulson on September 17, â€Å"We can’t keep doing this. Both because we at the Fed don’t have the necessary resources and for reasons of democratic legitimacy, it’s important that the Congress come in and take control of the situation. â€Å"[49] [edit] Additional bailouts of 2008 From mid September till early November, AIG’s credit-default spreads were steadily rising, implying the company was heading for default. [50][51] On November 10, 2008, the U. S. Treasury announced it would purchase $40  billion in newly issued AIG senior preferred stock, under the authority of the Emergency Economic Stabilization Act’s Troubled Asset Relief Program. 52][53][54] The FRBNY announced that it would modify the September 16 secured credit facility; the Treasury investment would permit a reduction in its size from $85  billion to $60  billion, and that the FRBNY would extend the life of the facility from three to five years, and change t he interest rate from 8. 5% plus the three-month London interbank offered rate (LIBOR) for the total credit facility, to 3% plus LIBOR for funds drawn down, and 0. 75% plus LIBOR for funds not drawn, and that AIG would create two off- balance-sheet Limited Liability Companies (LLC) to hold AIG assets: one to act as an AIG Residential Mortgage-Backed Securities Facility and the second to act as an AIG Collateralized Debt Obligations Facility. [52][54]Federal officials said the $40  billion investment would ultimately permit the government to reduce the total exposure to AIG to $112  billion from $152  billion. 52] On December 15, 2008, the Thomas More Law Center filed suit to challenge the Emergency Economic Stabilization Act of 2008, alleging that it unconstitutionally promotes Islamic law (Sharia) and religion. The lawsuit was filed because AIG provides Takaful Insurance Plans, which, according to the company, avoid investments and transactions that are†un-Islamic†. [55][56] As of January 2012, TARP had about $50 billion invested in AIG according to one report. Break even for the government was figured at $28. 73 a share v. then-current share price of about $25. [57] [edit] Counterparty controversy AIG was required to post additional collateral with many creditors and ounter-parties, touching off controversy when over $100  billion was paid out to major global financial institutions that had previously received TARP money. While this money was legally owed to the banks by AIG (under agreements made via credit default swaps purchased from AIG by the institutions), a number of Congressmen and media members expressed outrage that taxpayer money was going to these banks through AIG. [58] In January, 2010, a document known as â€Å"Schedule A – List of Derivative Transactions† was released to the public, against the wishes of the New York Fed. It listed many of the insurance deals that AIG had with various other parties, such as G oldman Sachs, Societe Generale, Deutsche Bank, and Merrill Lynch. 59][60] Had AIG been allowed to fail in a controlled manner through bankruptcy, bondholders and derivative counterparties (major banks) would have suffered significant losses, limiting the amount of taxpayer funds directly used. Fed Chairman Ben Bernanke argued: â€Å"If a federal agency had [appropriate authority] on September 16, [2008], they could have been used to put AIG into conservatorship or receivership, unwind it slowly, protect policyholders, and impose haircuts on creditors and counterparties as appropriate. That outcome would have been far preferable to the situation we find ourselves in now. â€Å"[61] [edit] Post-bailout expenditures The week following the September bailout, AIG employees and distributors participated in a California retreat which cost $444,000 and featured spa treatments, banquets, and golf outings. 62][63] It was reported that the trip was a reward for top-performing life-insurance agents planned before the bailout. [64] Less than 24 hours after the news of the party was first reported by the media, it was reported that the Federal Reserve had agreed to give AIG an additional loan of up to $37. 8  billion. [65] AP reported on October 17 that AIG executives spent $86,000 on a previously scheduled English hunting trip. News of the lavish spending came just days after AIG received an additional $37. 8  billion loan from the Federal Reserve, on top of a previous $85  billion emergency loan granted the month before. Regarding the hunting trip, the company responded, â€Å"We regret that this event was not canceled. [66] An October 30, 2008 article from CNBC reported that AIG had already drawn upon $90  billion of the $123  billion allocated for loans. [67] On November 10, 2008, just a few days before renegotiating another bailout with the US Government for $40  billion, ABC News reported that AIG spent $343,000 on a trip to a lavish resort in Phoenix, Arizona. [68] [edit] Settlement of credit default swaps On October 22, 2008, those creditors of Lehman Brothers who bought credit default swaps to hedge them against Lehman bankruptcy settled those accounts. The net payments were $5. 2  billion[69] even though initial estimates of the amount of the settlement were between $100  billion and $400  billion. 70] By December 2008, AIG had paid at least $18. 7  billion to various financial institutions, including Goldman Sachs and Societe Generale to retire obligations related to credit default swaps (CDS). As much as $53. 5  billion related to swap payouts are part of the bailout. [71] On March 15, 2009, under mounting pressure from Congress and after consultation with the Federal Reserve, AIG disclosed a list of major recipients of collateral postings and payments under credit default swaps, guaranteed investment agreements, and securities lending agreements. [72] Below is data from one of the charts AIG released, representing only a portion of the total payouts, over a period of a few months. AIG collateral postings to credit default swap counterparties, from the period September 16, 2008 to | |December 31, 2008[73] | |Counterparty |US $ posted |Counterparty |US $ posted | |Societe Generale |$4,100,000,000 |Deutsche Bank |$2,600,000,000 | |Goldman Sachs |$2,500,000,000 |Merrill Lynch |$1,800,000,000 | |Calyon |$1,100,000,000 |Barclays |$900,000,000 | |UBS |$800,000,000 |DZ Bank |$700,000,000 | |Wachovia |$700,000,000 |Rabobank |$500,000,000 | |KFW |$500,000,000 |JPMorgan |$400,000,000 | |Banco Santander |$300,000,000 |Danske Bank |$200,000,000 | |Reconstruction Finance |$200,000,000 |HSBC Bank |$200,000,000 | |Corporation[74] | | | |Morgan Stanley |$200,000,000 |Bank of America |$200,000,000 | |Bank of Montreal |$200,000,000 |Royal Bank of Scotland |$200,000,000 | |Other (unknown) |$4,100,000,000 | | | [edit] Sales of assets AIG since September 2008 has marketed its assets to pay off its government loa ns. A global decline in the valuation of insurance businesses, and the weakening financial condition of potential bidders, has challenged its efforts. If the U. S. government decides to continue to protect the company from falling into bankruptcy, it may have to take the assets itself in exchange for the loans, or offer further direct financial support. 75] As of September 6, 2009, The Wall Street Journal reported that Pacific Century Group had agreed to pay $500  million for a part of American International Group’s asset management business, and that they also expected to pay an additional $200  million to AIG in carried interest and other payments linked to future performance of the business. [76] Also in 2009, AIG sold its operations in Colombia to Ecuador’s Banco del Pichincha. On March 1, 2010, insurance company Prudential confirmed that it was in advanced negotiations to buy the Asian operations of AIG. [77] Prudential was to buy the pan-Asian life insurance company, American International Assurance (AIA), for approximately $35. 5  billion. 78] On June 1, 2010 the deal failed because AIG would not accept the $30. 5  billion after Prudential lowered the amount by $5  billion from the originally planned $35. 5  billion after Prudential shareholder discontent. [79] AIG agreed on March 8, 2010, to sell its American Life Insurance Co. unit (ALICO) to MetLife Inc. for $15. 5  billion in cash and stock by November 1, 2010. Alico has annuities, life and health insurance operations in Japan, Middle East (including Nepal, Bangladesh and Pakistan), Western and Eastern Europe, Latin America and the Caribbean. AIG said it will sell Alico for $6. 8  billion in cash and the remainder in MetLife equity. The deal leaves AIG as the second-largest shareholder of MetLife, with a stake of more than 20% in the company. On March 29, 2010, Bloomberg L. P. reported that after almost three months of delays, AIG had completed the $500  million sale of a portion of its asset management business, branded PineBridge Investments, to the Asia-based Pacific Century Group. [80] On September 30, 2010, AIG announced an agreement to sell two of its life insurance companies in Japan, AIG Star and AIG Edison, to Prudential Financial for $4. 2  billion in cash and $600  million in the assumption of third party debt to help repay some of the money owed to the U. S. government. 81] On November 1, 2010, AIG announced it had raised $36. 71  billion from the sale of ALICO and an initial public offering for AIA. The company will use the proceeds Federal Reserve Bank of New York credit facility and make payments on other interests owned by the government. [82] On September 2, 2011, AIG filed with the SEC to spin off their aircraft leasing firm, International Lease Finance Corporation (ILFC), in an initial public offering. [83] [edit] Record losses On March 2, 2009, AIG reported a fourth quarter loss of $61. 7bn (? 43bn) and revenue of ? $23. 7bn ( 16. 2bn) for the final three months of 2008. This was the largest quarterly loss in corporate history at that time. 84] The announcement of the loss had an impact on morning trading in Europe and Asia, with the FTSE100, DAX and Nikkei all suffering sharp falls. In the US the Dow Jones Industrial Average fell to below 7000 points, a twelve-year low. [85][86] The news of the loss came the day after the U. S. Treasury Department had confirmed that AIG was to get an additional $30  billion in aid, on top of the $150  billion it has already received. [87] The Treasury Department suggested that the potential losses to the US and global economy would be ‘extremely high’ if it were to collapse[88] and has suggested that if in futu re there is no improvement, it will invest more money into the company, as it is unwilling to allow it to fail. 89] The firm’s position as not just a domestic insurer, but also one for small businesses and many listed firms, has prompted US officials to suggest its demise could be ‘disastrous’ and the Federal Reserve said that AIG posed a ‘systemic risk’ to the global economy. [84] The fourth quarter result meant the company made a $99. 29  billion loss for the whole of 2008,[88] with five consecutive quarters of losses costing the company well over $100  billion. [89] In a testimony before the Senate Budget Committee on March 3, 2009, the Federal Reserve Chairman Ben Bernanke stated that â€Å"AIG exploited a huge gap in the regulatory system,† †¦ and â€Å"to nobody’s surprise, made irresponsible bets and took huge losses†. [90] [edit] 2009 employee bonus payments Main article: AIG bonus payments controversy In March 2009, AIG announced that they were paying $165  million in executive bonuses. Total bonuses for the financial unit could reach $450  million and bonuses for the entire company could reach $1. 2  billion. [91] President Barack Obama, who voted for the AIG bailout as a Senator[92] responded to the planned payments by saying â€Å"[I]t’s hard to understand how derivative traders at AIG warranted any bonuses, much less $165  million in extra pay. How do they justify this outrage to the taxpayers who are keeping the company afloat? † and â€Å"In the last six months, AIG has received substantial sums from the U. S. Treasury. I’ve asked Secretary Geithner to use that leverage and pursue every legal avenue to block these bonuses and make the American taxpayers whole. â€Å"[93] [pic] [pic] Protester outside 60 Wall Street Deutsche Bank’s US main office in the wake of the bonus controversy is interviewed by news media. Politicians on both sides of the Congressional aisle reacted with outrage to the planned bonuses. Senator Chuck Grassley (R-Iowa) said â€Å"I would suggest the first thing that would make me feel a little bit better toward them if they’d follow the Japanese example and come before the American people and take that deep bow and say, I’m sorry, and then either do one of two things: resign or go commit suicide. [94] Senator Chuck Schumer (D-New York) accused AIG of â€Å"Alice in Wonderland business practices† and said â€Å"It boggles the mind. † He has threatened to tax the bonuses at up to 100%. [95] Senator Richard Shelby (R-Alabama) said â€Å"T hese people brought this on themselves. Now you’re rewarding failure. A lot of these people should be fired, not awarded bonuses. This is horrible. It’s outrageous. â€Å"[96] Senator Mitch McConnell (R-Kentucky) echoed his comments, saying â€Å"This is an outrage. â€Å"[97] Senator Jon Tester (D-Montana) said â€Å"This is ridiculous. † and AIG executives â€Å"need to understand that the only reason they even have a job is because of the taxpayers. â€Å"[98] Senator Dick Durbin (D-Illinois) said â€Å"I’ve had it. and â€Å"The fact that they continue to do it while we pour in billions of dollars is indefensible. â€Å"[99] Representative Barney Frank (D-Massachusetts), Chairman of the House Financial Services Committee, said paying these bonuses would be â€Å"rewarding incompetence†[98] and â€Å"These people may have a right to their bonuses. They don’t have a right to their jobs forever. â€Å"[96] Representative Mark Kirk (R-Illinois) said â€Å"AIG should not be on welfare from Uncle Sam, and yet paying bonuses and transferring a considerable amount of taxpayer funds to entities overseas. â€Å"[99] Federal Reserve Chairman Ben Bernanke said â€Å"It makes me angry. I slammed the phone more than a few times on discussing AIG. [96] Lawrence Summers, Director of the National Economic Council, said â€Å"The easy thing would be to just say, you know, ‘Off with their heads,’ and violate the contracts, but you have to think about the consequences of breaking contracts for the overall system of law. †[100] Austan Goolsbee, of the Council of Economic Advisers said â€Å"I don’t know why they would follow a policy that’s really not sensible, is obviously going to ignite the ire of millions of people. † and â€Å"You worry about that backlash. â€Å"[101] Political commentators and journalists expressed an equally bipartisan outrage. [94][102][103][104][104][105 ][106][107][108][109][110] On March 24, 2009, The New York Times printed the resignation letter of Jake DeSantis, executive vice president of AIG’s financial products unit, to Edward M. Liddy, the chief executive of AIG. DeSantis stated he had nothing to do with the credit default swaps, he lost much of his life savings in the form of deferred compensation invested in the capital of AIG Financial Products; he had agreed to work for an annual salary of $1 out of a sense of duty, that he was assured many times the bonuses would be paid in March 2009, and that he believed he and others were let down by Liddy’s lack of support. He also stated he was going to donate his bonus to those suffering from the global economic downturn. [111] It was reported that Senator Christopher Dodd (D-Con) (who first denied, then admitted to amending the legislation to allow the AIG bonuses), received $160,000 from employees of AIG. [112][113][114][115] A memo issued in 2006 by Joseph Cassano, AIG Financial Products chief executive, urged AIG employees to donate to Dodd, saying that as â€Å"next in line to become chairman of the Senate Banking, Housing, and Urban Affairs Committee†¦ Senator Dodd will now have the opportunity to set the committee’s agenda on issues critical to the financial services industry. â€Å"[116] [edit] Manchester United Sponsorship AIG was the principal sponsor of English football club Manchester United from 2006–2010, and as part of the sponsorship deal, its logo was prominently displayed on the front of the club’s jerseys and other merchandise. The AIG deal was announced by Manchester United chief executive David Gill on April 6, 2006, for a British shirt sponsorship record ? 56. 5  million, to be paid over four years (? 14. 1  million a year). The deal became the most valuable sponsorship deal in the world in September 2006, after the renegotiation and subsequent degrading of the ? 15  million-a-year deal Italian team Juventus had with oil firm Tamoil. During AIG’s sponsorship, Manchester United enjoyed one of its most successful periods in history, winning the Premier League three consecutive years, two Football League Cups, and the UEFA Champions League. [citation needed] On January 21, 2009, it was announced that AIG would not be renewing its sponsorship of the club at the end of the deal in May 2010. It is not clear, however, whether or not AIG’s agreement to run MU Finance will continue. American risk consulting firm Aon Corporation was named the club’s new principal sponsor on June 3, 2009, with its sponsorship of the club taking effect from the beginning of the 2010–11 season. The terms of the deal were not revealed, but it has been reported to be worth approximately ? 80  million over four years. [citation needed] [edit] Share buyback Due to the Q3 2011 net loss widened, so on November 3, 2011 the AIG shares has plunged 49 percent year to date. The insurer’s board has approved the share buyback of as much as $1 billion. [117] [edit] Litigation |[pic] |This section needs additional citations for verification. Please help improve this article by adding citations to reliable | | |sources. Unsourced material may be challenged and removed. (September 2008) | In November 2004, AIG reached a US$126  million settlement with the U. S. Securities and Exchange Commission and the Justice Department partly resolving a number of regulatory matters, but the company must still cooperate with investigators continuing to probe the sale of a non-traditional insurance product. [118] On June 11, 2008, three stockholders, collectively owning 4% of the outstanding stock of AIG, delivered a letter to the Board of Directors of AIG seeking to oust CEO Martin Sullivan and make certain other management and Board of Directors changes. This letter was the latest volley in what the Wall Street Journal deemed a â€Å"public spat† between the Company’s Board and management, on the one hand, and its key stockholders, and former CEO Maurice â€Å"Hank† Greenberg on the other hand. [119] Death Bet Circa 2010 the WSJ reported that a family sued AIG for alleged complicity in a ‘stranger-originated life insurance’ scheme, whereby AIG managers allegedly welcomed people without an insurable interest to take out life insurance policies against others. The case involved JB Carlson and Germaine Tomlinson, and was one of many similar lawsuits in the US at the time. [120] [edit] Accounting fraud claims On October 14, 2004 the New York State Office of Attorney General Eliot Spitzer announced that it had commenced a civil action against Marsh McLennan Companies for steering clients to preferred insurers with whom the company maintained lucrative payoff agreements, and for soliciting rigged bids for insurance contracts from the insurers. The Attorney General announced in a release that two AIG executives pleaded guilty to criminal charges in connection with this illegal course of conduct. In early May 2005, AIG restated its financial position and issued a reduction in book value of USD $2. 7  billion, a 3. 3 percent reduction in net worth. On February 9, 2006, AIG and the New York State Attorney General’s office agreed to a settlement in which AIG would pay a fine of $1. 6  billion. [121] [edit] Corporate governance [edit] Board of directors How to cite Aig Case Solution, Essay examples