Othello Racism And The Moor - 1013 Words

Saachi Shenoy Ms. Ekta Shah English 2 Honors 20 September 2017 Othello: Racism and the Moor William Shakespeare’s Othello uses the racial tensions of the period to enhance the execution of the play subtly. At the time of his writing, ethnic minorities were so disregarded, almost to the point of being ignored, yet Shakespeare chooses to make the protagonist a black male who rises to power. Repeatedly throughout the play, the contrast of black and white as opposites permeates almost every plotline. When referring to Othello, the other characters often use darkness with a negative connotation whether it is meant to be derogatory, complimentary or a general observation. One of the best†¦show more content†¦While most times dark imagery is intended to be an insult, there are times in the book where it s used as a form of flattery. Not everyone in Venice shares the same harsh views as Brabantio. In fact, one of the most important men in the city, the Duke, is introduced when he disregards Brabantio racist concerns. â€Å"And noble/ signior,/ If virtue no delighted beauty lack, Your son-in-law is far more fair than black† (Shakespeare 1.3.328-331). The irony in the dukes word choices arises because he uses â€Å"virtue† to emphasize how good, light and pure Othello s soul is. Harvard s Jeffrey R Wilson says â€Å"If virtue is beautiful, then Othello is not black, yet Othello is obviously black, which demolishes the premise of the Duke’s conditional.† This opinion just reinforces that though it s not an obvious insult, it s not beneficial. Although this is a compliment for Othello, it still distinguishes black and w hite people and portrays color stereotyping. As a whole, it ends up insulting his ethnicity rather than himself as a person because it just says that Othello is notShow MoreRelatedRacism By William Shakespeare s Othello1277 Words   |  6 PagesRacism in Othello William Shakespeare wrote Othello during the wars between Venice and Turkey dating back to the sixteenth century. On November 1, 1604, Othello was performed for the first time by King’s men at the court of King James I. Race is one aspect that affects people’s lives. â€Å"Racism rejects mankind and a means of legalizing diversity† (Mutlu 135). With traces of racism, Shakespeare portrays the story of a general and his wife. From the beginning of Othello, there is a coordination ofRead MoreOthello, By William Shakespeare1515 Words   |  7 PagesShakespeare’s Othello is seemingly about the blooming affection between a man and a woman. However, it is a love story gone wrong—or is portrayed as so by the author. In the historical context of Othello, which is set during the Turkish-Venetian war in the 16th century, it is essential to emphasize that Othello is the love story between Othello, the Moorish general, and Desdemona, the Venetian lady. This racial difference is most problematic to the eyes of the white Venetian society, allowing charactersRead MoreRacism in Othello by William Shakespeare Essay1235 Words   |  5 Pageshow much Othello’s race and the racism around him affected his life? Othello struggled a lot during the play because of his dark skin color. He was called several racist names like â€Å"the Moor,† â€Å"old black ram,† â€Å"Barbary horse,† and â€Å"thick lips† (Shakespeare 1.1.40; 1.1.88; 1.1.111; 1.1.66).The term â€Å"racism† has been around for several years; it started in the twentieth century (Bartels 433). By the way the Elizabethan era viewed black people was similar to how racism is today with all of the racialRead MoreEssay about Racism and Cultural Differences Exposed in Othello1322 Words   |  6 Pages Othello, from the onset, is shown to us a play of love and jealousy. There is however more to this play than just love and jealousy; there is underlying racism, hate, deception, pride, and even sexism between these pages. Othello is a transcendent play, one that will survive the perils of time simply because it is still relevant. Even today, over 400 years later, there are still issues of racism and sexism. Hate is as natural as love in humans and Othello gets right to the root of that. WeRead MoreOthello – Race and Stereotypes Essay637 Words   |  3 Pagesis important alters t he interpretation of the tragedy within the play. The racism represented in Othello is not just about an instance of prejudices and prejudgments made by a crowd of people against another, but in fact has much more subtle and devastating consequences, specifically, that it is proliferated not only by the discriminatory section of society, but also by the target of this discrimination. Although Othello didn’t initially validate any of the stereotypical qualities that certain peopleRead MoreThe Tragedy Of Othello, The Moor1720 Words   |  7 PagesThe Tragedy of Othello, the Moor the Venice: The Fall of A Man for His Race by Josà © Pineda. Professor Arzola English 2322 5 July 2015 Outline. Thesis: The tragedy of Othello, the Moor of Venice written by William Shakespeare, the author uses a characters to express the complex social circumstance of race at the time and how the white men’s ideas about black people leads to their hate and downfalls throughout the play. Sociological Approach. I. Summary plot. II. Description of the mainRead MoreOthello Reflects the Context and Values of its Time Essay1342 Words   |  6 PagesShakespeare’s Othello and Geoffrey Sax’s appropriation of Othello, the evolution of the attitudes held by Elizabethan audiences and those held by contemporary audiences can be seen through the context of the female coupled with the context of racism. The role of the female has developed from being submissive and â€Å"obedient† in the Elizabethan era to being independent and liberated within the contemporary setting. The racism of the first text is overtly xenophobic and natural, whilst the â€Å"moor† is unnaturalRead MoreRacism By William Shakespeare s Othello1197 Words   |  5 Pagescentury, many scientists supported the belief that the human race could be categorized into different ethnic groups. Racism is generally defined as discrimination, prejudice, or antagonism directed against an individual(s) of a different race or ethnicity based on a certain belief. Every society that once lived on this Earth has essentially been affected by this global issue. Racism has been one of the most malicious aspects of the human race since the very beginning of history, and is still a topicRead MoreWhat Way Would A Modern Audience React To The Way Race And Racism Is Portrayed In Othello?1725 Words   |  7 PagesIn the Sixteenth century, as we see clearly from Othello and other works of both Shakespeare and Cinthios original version of Othello, race was a topic of great debate and discussion. Today, in the twenty-first century the debate retains its controversy and passion. However, attitudes towards race have taken a dramatic turn during the last century. In the developed world people are now living in an increasingly cosmopolitan society would undoubtedly be more tolerant and would reject or even be offendedRead MoreAnalysis Of Othello By William Shakespeare1579 Words   |  7 Pagesdiscriminated against due to your r ace? In Othello by William Shakespeare the theme of race is evident through out the play and is a very critical aspect towards the plot. Since Othello has a strong sense of self he is able to counter-balance the overt racism he is faced with in the beginning because he is respected and has high stature as a war general. Him and his wife lived happily without worrying what others thought of their bi-racial marriage. But, when Othello hears rumors of his wife’s possible

Hard Determinism Vs. Negatives - 943 Words

Throughout the years, many different philosophical ideas have been presented to the general populace. One of these ideas, hard determinism, has presented alleged positives and alleged negatives. One alleged negative that stands out to me is that no single person is responsible for their actions, no matter how heinous that action may be. I argue, that throwing morality completely out of the equation, is a genuine negative of hard determinism. In order to explain my thoughts, we must first understand the full meaning of hard determinism. In Holbach’s essay on hard determinism, he says, â€Å"Nevertheless, in spite of the shackles by which he is bound, it is pretended he is a free agent, or that independent of the causes by which he is moved, he determines his own will, and regulates his own condition.†1 He explains that free will is an illusion and that all of our actions are pre-determined by prior factors. Prior factors would include: experiences from the past, h ow one was raised, genetic makeup and so on. No matter what you decide to do, you will never actually have a say in it because everything in your life has led up to that point. For example; if one man is walking down the street and bumps into another man, how the second man reacts will have been predetermined therefore not making him liable for those actions. Say he decides to accept the man’s apology and goes on with his day. This is due to the way he was raised and his genetic makeup, not because of his ownShow MoreRelatedSociology1220 Words   |  5 Pageshistorical says conservatives are ahistorical Static – concepts and ideas remain the same (opposite of dynamic) Family is not static because it is always changing Stop moralizing and start mobilizing mythmaking is not a solution Idealized past vs terrible present – saying that the past wasn’t everything that it was cracked up to be with statistics and that the present isn’t worse than the past although it may not be better Coltrane and gender – gender is tied together with the family GenderRead MorePsychology and Impact Personality Development1997 Words   |  8 Pagespersonality. * Besides this, economic factors i.e., economic condition of the family and the type of relations between the parents also influence the personality of the child. * (4) Cultural Environment * Individualism in westerners vs collectivism in Africa caused by environment * Striking difference in the universal trait of shyness caused by how each culture dealt with the child’s success and failures. * Who gets credit for good grades, gets blamed for not gettingRead MorePsychology and Impact Personality Development2008 Words   |  9 Pagesof personality. * Besides this, economic factors i.e., economic condition of the family and the type of relations between the parents also influence the personality of the child. * (4) Cultural Environment * Individualism in westerners vs collectivism in Africa caused by environment * Striking difference in the universal trait of shyness caused by how each culture dealt with the child’s success and failures. * Who gets credit for good grades, gets blamed for not gettingRead MoreEssay about Race, Class, and Gender: The Critical Race Theory2526 Words   |  11 Pagesthat race is central, not peripheral, to American thought and life. Second is the notion that racism is common and ordinary rather than rare and episodic, so that a great deal of Americans’ social life is affected by it. A third strand is material determinism, or interest convergence—the idea that racial relations maintain a white-over-black/brown hierarchy that provides benefits and profits to elite groups in the majority race and are for that reason difficult to reform. A fourth feature is the socialRead MoreJapanese Culture And Japanese People2323 Words   |  10 PagesRather than being passive receptors for cultural and linguistic knowledge, children and language learners actively participate and co-construct social worlds while achieving communicative competence. This is in contrast to views such as l inguistic determinism where grammatical forms are assumed to map directly onto social structures and interactions. Instead, each individual brings with them their own phenomenology and therefore engage in different ways. So even in a given formal school setting, eachRead MoreThe Cause of Globalization18688 Words   |  75 Pagesgoods and more notably information around the world, growing international economic activity, and the liberalization of foreign economic policies. What are the causal relationships among these three trends? The second perspective, technological determinism, contends that the shrinkage of time and space has been so dramatic and so pervasive that there is essentially nothing that can be done to stop it. According to this view, technological changes have propelled international economic activity, andRead MoreThe Effect of Genetic, Environmental and Cultural Factors on Learning2722 Words   |  11 Pagesbiologists, psychologists and socialists have theorized, experimented and offered explanations and approaches of their own interpretation of learning and development, based on many years of research. In addition, the argument of Nature vs. Nurture is of paramount importance to their research, findings and beliefs. Before starting to analyse what factors affect learning and development, I need to establish and define what learning and development actually mean. QuestionsRead MoreSelf Control5185 Words   |  21 Pagesevidence that self-control is a limited mental resource, a number of studies support the notion that self-control is nevertheless a resource that can be increased through suitable exercise. ------------------------------------------------- In children vs. adults Self control should increase with age due to the development of the sensory system. As the sensory system develops, peoples perceptual abilities expand. For instance, children do not have a concept of time, and in this sense, they live in theRead MoreCRM 1301 Midterm uOttawa Carolyn Gordon Essay10218 Words   |  41 Pagesentertainment Abuse of power Barbaric Based on pain Could be arrest w/o warrant, tortured for no reason, Jail without trial No sense of Due Process No codified law Critique of Criminal Justice during the 18th century Capital punishment Negative effect (on the general public) Reluctant to convict Deterrent effect (No general deterrent effect) Transportation What to do with all the prisoners Send offenders to Colonies Jails People who went to Jail had to pay for everything regardlessRead MoreJohn Gotti Received More Publicity Any Crime Figure, Discuss the Theories Developed by Merton and Sutherland and Compare and Contrast Regarding Which Would Describe Gottis Criminal Development4321 Words   |  18 Pagesdeviance in terms of the individual s social relationships. Sutherland s theory departs from the pathological perspective and biological perspective by attributing the cause of crime to the social context of individuals. He rejected biological determinism and the extreme individualism of psychiatry, as well as economic explanations of crime. His search for an alternative understanding of crime led to the development of differential association theory. In contrast to both classical and biological

Price Discovery in Illiquid Market Free Essays

| A synopsis on| Price Discovery in Illiquid markets: Do Financial Asset Prices Rise Faster Than They Fall? | | Submitted by:Dinesh MaharjanMBAe-Trimester VIG-one| 4/13/2013| Richard C.. Green, Dan Li and Norman schurhoff. We will write a custom essay sample on Price Discovery in Illiquid Market or any similar topic only for you Order Now Price discovery in illiquid market: Do financial asset prices rises faster than they fall. The journal of Finance. VOL LXV, No. 5, OCTOBER 2010| Submitted To: Kiran Thapa Portfolio Management and Security Analysis (Course instructor) Ace Institute of Management I. Introduction In OTC bond markets many investors face high costs of trade, and these costs appear to be related to the lack of price transparency. This journal studies the consequences this has for efficient price discovery. In the municipal bond market, unlike the markets for most consumer goods, dealers trade with retail customers as both buyers and sellers and as in consumer markets, in municipal bond market prices appear to â€Å"rise faster than they fall. This asymmetric price adjustment, referred to as â€Å"rockets and feather†, is generally understood by economists to be inconsistent with perfect completion between sellers. Sellers appear to exploit local market power due to the search cost of information that customers face and opportunistically delay the recognition of price movements in dealing with customers The report reflects the asymmetric price adjustment in a major OTC financial market using a comprehensive sample of all trades in municipal bonds over a 5- year period. The report focuses on how the dealers take advantage through manipulation of bond price. On average dealers are â€Å"buying wholesale† and â€Å"selling retail†, the asymmetric movement in prices benefits dealers. II. Objectives of Study * The main purpose of this paper is to study the price discovery in municipal bond. * To analyze How and why the price of the municipal bond rise faster than they fall (rockets and feathers) i. e. asymmetric price adjustment * Study the cross-section behavior of bond price with regard to macroeconomic news, treasury yield and how dealers exploit the opportunity of price asymmetry. * To study behavior of intermediaries with respect to price movement, bid-ask spread III. Literature Review Green, Hollifield, and Schurhoff (2007b) show that that newly issued bonds exhibit some peculiar behaviors and high levels of price dispersion. As shown in Green, Hollifield, and Schurhoff (2007a), dealer purchase from and sales to customers are roughly in same value. There are a large number of bounds outstanding, but most individual bonds trade infrequently; intraday price variation can be large compared to movements in fundamentals (Green, Hollifield, and Schurhoff). Hence this paper employs only panel data methods and focus on transactions data aggregated at a daily frequency. Studies on the treasury market generally find that price react almost instantaneously to surprises in scheduled macroeconomic announcements, that the announcements trigger abnormally high volume, and that there is little autocorrelation in returns after the first minute (Ederington and Lee ( 1993, 1995), Fleming and Remolona (1999), and Balduzzi, Elton, and Green (2001), Piazzesi (2005) studies the price reaction to the FOMC meeting statements and finds that the price response to surprises in these announcements is more sluggish, perhaps because of the qualitative nature of the announcements and their unexpected timing. Harris and Piwowar (2006) and Green, Hollifield and Schurhoff (2007a), investigate the cross-section determinants of dealer trading profits, but whether markups differ when prices are rising versus falling. If prices rise faster than they fall, as in markets for retail goods, then the markup should increase during market rallies by more than if it falls when prices are decreasing. Search costs have been used to explain price dispersion in OTC markets and hidden costs in financial services. Carlin (2009) describes how opacity in financial markets can be interpreted as intermediaries imposing gratuitous search costs on consumers, and how this sustains monopoly profits in equilibrium. Green (2007) uses search costs to explain price dispersion and shows that even when intermediaries must compete for issuers’ business, the resulting monopoly rents can be sustained. IV. Data and Methodology The study of price discovery in the municipal bond market is conducted using data provided by Municipal securities Rulemaking Board (MSRB), a self-regulatory industry group. These data include all trades made by registered broker-dealers in municipal securities from May 1, 2000 to October 19, 2006. There are 1,615 trading days during the period. Trades are reported in 1,559,894 bonds. This paper applies a number of rule-based filters to clean the transactions data, eliminate bonds with missing observations, correct obvious clerical errors, and supply missing data items where possible and excludes a small number of trades on holidays and weekends. Most studies of the rockets and feathers phenomenon are based on data that are of high frequency on the time- series dimension. The municipal market, in contrast, involves a huge cross section but trading in individual bonds is relatively infrequent. Therefore this paper propose statistical models that aggregate all transaction in a bond at the daily level, and construct proxies for effective bid-ask spreads, half spreads, and yield spreads over comparable Treasuries. The study is based on empirical analysis which employed following set of explanatory variables and controls * Bond issue and issuer characteristics: Issue size, coupon, maturity in years, modified duration, indicator for callable, tax exempt and insured bonds. Indicator variables for the U. S. state of issuance and calendar year fixed effects. * Order flow variables: short-term rate, term premium, and default spread. * Controls for the average par size traded on a given day, or for the par size and the daily changes in the size of the trades used to measure bid, ask, and midpoint price/yield. To evaluate the impact that news events have on volum e the regression analysis is conducted, whether the day saw the good bad or neutral news. Also conducted a cross-section regression of the daily change in the yield (price) against the surprise variable (news). To measure the underlying price movements, Lehman Brother’s Long Term Municipal Price Index is used to proxy for the market price level. Regression on markup on round- trip transaction against the change in the index over the period between the initial purchase and final sale is conducted. V. Analysis: a. Asymmetric price adjustment The asymmetric price adjustment is associated with opportunistic timing by the broker-dealers who intermediate trades in the market. The analysis shows that on the ask side of the market, where dealers are selling, prices rise faster than they fall. On the bid side, where dealers are buying, prices fall faster than they rise. The profits on retail trades rise in rallies faster than they decrease when prices fall. This evidence suggests that dealers opportunistically delay recognition of movements in fundamentals. b.. The effect of macroeconomic news events on Price (yield) and volume: The regressions show that, while Treasury rates respond quickly to macroeconomic movements, municipal rates do not. Yield spreads also respond dramatically and persistently because the prce adjustment for municipals is so slow. It is found that the municipal yields (price) respond sluggishly to news. Also there is no effect in transactions volume in bond due to news impact. c. Implicit Half- Spreads and Asymmetric Price Adjustments To analysis how effective half- spreads respond to change in the midpoint, proxy for the bond’s value. When the midpoint of the bond rises, the average sales price less the midpoint (ask-side effective spread) is unaffected, but it rises when values fall. Thus, on the ask side, price rise faster than they fall. Similarly, the bid-side effective half-spread rises when prices rise, but is unaffected when price fall. Thus, the prices that dealers pat fall faster than they rise. In short, when underlying values move to dealers’ advantage, dealers quickly adjust prices up or down to maintain a constant profit margin. In contrast, when price movements decrease the cost of bond that dealers are selling, or increase the cost of a bond they are buying , dealers’ transactions prices are sticky. d. Asymmetric Yield spread Dynamics: Next analysis is the movement over time of yield spreads between municipals and Treasuries using a partial adjustment model. When the spread of the Treasury yield over the municipal midpoint yield is high, the municipal’s yield tends to rise and thus the price tends to fall. The reverse occurs when the yield spread is unusually narrow. The analysis shows that yield spreads widen faster than they shrink. Alternatively stated, municipal price rise faster than they fall. e. Search costs and Asymmetric price dispersion: The analysis shows that within-day dispersion in the prices at which dealers sell to customers is higher when prices are falling than when they are rising. It is also found exact opposite for prices at which dealers buy from customers. Taken together, these findings suggest that dealers are exploiting search frictions on both sides of market. V. Conclusion Investor, financial intermediaries and regulators should concern regarding the consequences of limited transparency in financial markets. It is clear from the analysis that opacity in the municipal bond market affects the dynamic behavior of prices. Price discovery is slow, and price rise faster than they fall. Intermediaries appear to opportunistically time their responses to new information about fundamentals in the prices at which they trade with investors. The dealer markups on inventory positions increase faster when prices rise than they decrease when price fall. Implicit bid-ask spreads adjust slowly when they are relatively wide and adjust quickly when they are relatively narrow. Implicit half-spreads respond more quickly to price movements when this benefits dealers. Yield spreads relative to treasuries also adjust with asymmetric speed when they suggest that municipal prices should rise versus fall. In conclusion, these findings suggests that intermediaries benefit from the lack of price transparency and decentralization, and thus from the search costs imposed on investors, in the OTC market. How to cite Price Discovery in Illiquid Market, Papers

Corporate Responsibility of Enron Samples †MyAssignmenthelp.com

Question: Discuss about the Corporate Responsibility of Enron. Answer: Introduction "Many critics of the concept of corporate responsibility have criticized business interests for their lack of ethics throughout their operations." Business ethics is set of rules that tell how business operates, how business decisions are made, how people (employees, competitors, suppliers, stakeholders, shareholders customers) are treated. Ethical business behaviour improves productivity living standards (Crane Matten, 2016). Business ethics is all about doing good things ignoring bad things at work place. Business ethics includes all ethics related issues that come while we conduct business activities. Corporate social responsibility (CSR) is subset of business ethics. It is companys responsibility towards the environment, in which it operates. Once a person go through the CSR of company, can know the mission responsibility of organisation towards society economy. It takes care of human rights environment protection. It is important to increase competitive advantage to build trust with customers employees (Schmitz Schrader, 2015). It aims to ensure that a company operates its activities in an ethical way. Many compa nies publish their information on their CSR activity on their website. In this assignment ethical issue of Enron is taken. Enron was an American energy, commodities services company. The practices scandal that led to the issue are explained. Impact on shareholders, employees government is also discussed as a result of ethical issue. About Enron Enron was Americas seventh largest corporation. The company was established in 1985, by the merger of Houston natural gas Inter North. Initially Enron started as Pipeline Company, expanded with launching broadband services online website for trading commodities in 1999. It was the largest business online site the company was getting 90% of income from the transactions over Enron online. In 2000 the growth of the company was fast the annual profits reached to $100 billion. The stock price peaked at $90. But in 2001, the companys condition started deteriorating. In the October the company revealed a loss of $618 million. The company become bankrupted on December 2, 2001. It was the biggest case of bankruptcy in US and revealed that its financial condition was sustained by well-planned accounting fraud, known as Enron scandal. Around 5600 employees lost their job. The company ended its bankruptcy in Nov, 2004. Accounting practices scandal Accounting scandals arises from manipulation of financial statements. Accounting practices are intention manipulation of accounting records in order to make a companys financial condition better. They always have adverse effect on the business. Accounting policies are implemented by accounting practices. These are illegal activities include misusing funds, understating expenses, overstating revenue, under recording liabilities, misappropriation of assets not taking book keeping seriously enough (Hong V?n, 2014). Mark to market accounting and special purpose vehicle are some techniques used to conduct such illegal activities. In the mark to market accounting, assets liabilities are valued at current price instead of book value. At the end of financial year, business estimates how much the assets worth is. Special purpose vehicle is subsidiary of company protects even when the parental company goes bankrupt. Financial gain is the aim of such scandals practices. It includes involve ment of employees, financial advisor or the organisation itself to mislead investors shareholders. When an organisation practices such activities then that is charged to loss of reputation, civil criminal penalties and loss of human capital (Qi-he, 2013). Enron its accounting firm Arthur Andersen were involved in the financial scandal, that is known as Enron scandal revealed at the end of 2001. The chief financial officer Andrew Fastow tried to fake the record of company, made it look like the company was growing with huge profits and made the future value accounting. Future value accounting was used to predict the future of Enron that the company was going to make in future was considered to be the part of profits of shareholders. As a result, people started to take interest in company started buying the shares. In 1990 the company hired Jeffrey Skilling to a new division Enron finance corp. He involved practices such as, mark to market accounting and special purpose vehicles to hide huge debt assets from investors. Special purpose vehicle (SPVs) is a subsidiary company that makes its obligation protected even when the parent company goes bankrupt. The purpose of this practice was to mislead financial statements rather than operating results. The company used SPVs to reduce risks hide debt to make companys financial statements look better. As the scandal progressed, share prices of Enron decreased from $90.56 to just $1. The company believed that its stock price will keep on increasing but it declined. The value of SPVs also declined and then the guarantees were forced to play. So, the company disclosed financial statements and balance sheets of the company. The U.S. Securities and Exchange Commission initiated an investigation the rivalry player Dynergy gave an offer to purchase the company (Nascimento, 2014). The deal failed on December 2, 2001 because the price offered was very low. Enron filed for bankruptcy under U.S. Bankruptcy Code. It was the largest bankruptcy case in the U.S. history. Andrew Fastow many other executives of company were charged for different allegations, some were punished sent to prison. Andrew Fastow was the main defaulter of Enron scandal along with the Arthur Andersen who was Enrons auditor, oversaw the matter. Arthur Andersen was pressurised to ignore the issue. Arthur Andersen was charged guilty of destroying documents by the U.S. District Court. The company lost the majority of clients, employees shareholders received limited returns even though losing pension funds and life time savings. Effect on Stakeholders Stakeholders are the key persons of the executive of management. They have stake in the company. Stakeholders are the persons who have interest in the company (Rowley, 2017). They can be employees, stockholders, customers, local community, government and regulatory agencies. Basically there are two types of stakeholders- internal external stakeholders. Internal shareholders are the members of the organisation. Managers, directors, employees shareholders are part of it. External stakeholders have direct interest involvement in the action of organisation. There are dormant stakeholders also in the company. They are the persons who have nothing to do with company, but have share from long time and they have right in profits. These dormant stakeholders are similar to silent partners in the business. The first important stakeholder is shareholders. Owners of the business invested the money believing on the false financial statements. Companys financial statements were not clear to shar eholders. They did not only lose money on stock investment, also put money into the Enron retirement plan with full confidence. Investors lost 60 billion dollars within a few days. Enron holdings became worthless when the company declared bankrupt. Bankrupt of company affected people badly. Shareholders who purchased shares between September 1997 December 2001 were eligible for a pay-out. But when the company went bankrupt, no one was eligible for pay-out. The persons, who bought common stock, received an average of $6.79 per share. Employees struggled to meet their ends. Those who were working from years lost their job in a movement plus the rewards which were pending. Employees invested their money in Enron shares, expecting higher prices in future. The price of share was $90.75 but after the bankruptcy the price of share falls down to $0.67. They did not only lose the job, they lose health care, life savings also the old age security (Schermer Pinxten, 2014). The only mistake that employees committed was being loyal to their company wanting their own share return in future. Employees had faith in companys growth increasing shares of prices (Snellman, 2015). Most of the employees were given just thirty minutes to empty desk and leave the company. Most of the employees used to take part in Enron 401 k plan, absolutely got nothing. They move to their old farmhouse. Employees give up their income to think company will resolve the matter soon (Petit, 2014). Companys auditor Arthur Andersen lost its accreditat ion. The board of directors were also not attentive to companys book of accounts created by Enron. Directors did not paid attention to employees because they dont consider any responsibility towards employees. They found themselves representatives of shareholders only (Turner, 2015). This thing affected greatly the long term value of the shareholders investment. Workers did not even receive any notice of lock down, they could not even sell the stock. A worker of the company wanted to sell the shares, but told that they had been locked out. In 2004, employees of Enron won a suit case of $85 million from their pension fund. By this agreement, an employee received almost $3100 (Preuss, 2013). In the next year shareholders received a wholesome amount of $4.2 billion from banks. In 2008, shareholders amount reached to $7.2 billion from $40 billion lawsuit. The government set out the regulations need of the business to do well to keep the economy healthy (Trevino Nelson, 2016). The interest of citizens destroyed in American economic system. They had to face certain economic challenges. Inflation began to rise it was hard for them to survive. The livelihood of many individuals affected in the society. It cost the economy by raising the cost of goods services. Andersens firm was considered with no intention of providing financial services. Legal obligations From the above incident government announced that high level management employees will be held responsible for the workings of the company (McMillan, 2017). This incident changed the relationship between American corporations the American public. One post Enron plan was also announced by the president. This plan was to make financial statements more clear representative by the management. This plan also included high level of corporate social responsibility also financial responsibility for accountants, CEOs auditors (Muller, 2014). The aim of government was to take strict action but not to put pressure on honest accountants of the economy. When federal state laws deal with fraud other practices, then they dont follow ABA model rules rather they adopt culpable reckless conduct. Culpable reckless conduct deals according to the situation stands for criminal acts. Minimum requirements of culpability are defined in section 305 that is limitations on scope of culpability requiremen ts. Under federal securities, there are criminal liability civil liability which could alter the situation while investigation. Conclusion The practices done by Andrew Fastow, Jeffrey Skilling and Arthur Andersen once gave them financial gain. But ultimately these manipulative practices led to the failure of organisation. Bankruptcy of organisation shook the entire system. Not only financial advisor auditor, bankers also contribute to the downfall of Enron. Financial statements profits were over shown by the organisation, which helped organisation to gain customers interest attracted many investors. But bankruptcy of organisation could not give the return expected by them. The employees lost their job retirement savings affected badly. References Crane, A. and Matten, D., 2016.Business ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press. Hong V?n, T., 2014.Accounting Ethics And Its Important Role For Reduction Of Accounting Fraud: An Empirical Study In Hanoi (Doctoral dissertation). McMillan, C., 2017.Exploring the Strategic Business Processes Senior Leadership use to Enable Successful Ethical Practice within Their Organization(Doctoral dissertation, Colorado Technical University). Muller, A., 2014. Corporate social responsibility.Wiley Encyclopedia of Management. Nascimento, A., 2014. Ethics and Social Responsability-An agenda for interdisciplinary and international research on borderless net business ethics.Revista de EDUCAO do Cogeime,17(32/33), pp.235-244.law Petit, E., 2014. The Ethics of Care and Pro-Environmental Behavior.REVUE D ECONOMIE POLITIQUE,124(2), pp.243-267. Preuss, L., 2013. Corporate social responsibility. InEncyclopedia of corporate social responsibility(pp. 579-587). Springer Berlin Heidelberg. Qi-he, H.U.A., 2013. Climate Responsibility: What Responsibility.Journal of Huazhong University of Science and Technology (Social Science Edition),3, p.021. Rowley, T.J., 2017. The Power of and in Stakeholder Networks. InStakeholder Management(pp. 101-122). Emerald Publishing Limited. Schermer, M. and Pinxten, W. eds., 2014.Ethics, health policy and (anti-) aging: mixed blessings(Vol. 1). Springer Science Business Media. Schmitz, J. and Schrader, J., 2015. 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