...Morgan is one of the most famous financiers in business history. Plenty of controversy has surrounded Morgan on whether his business strategies were for better or for worse. A robber baron is considered, “an American capitalist of the latter part of the 19th century who became wealthy through exploitation”. Morgan was just that. J.P. Morgan was a robber baron not only because he possessed a lot of power that wasn’t meant to be his, but he also revealed the fragility of the financial system. J.P. Morgan was born into wealth. At the age of 20, Morgan followed in his father’s footsteps into the world of business and banking. He began working in a London branch of the banking firm Peabody, Morgan & Co. This firm was formed by a partnership between his father Junius Spencer Morgan and George Peabody. Morgan was heavily involved in reorganizing several financially troubled railroad companies. Gradually, he gained control of portions of these railroads’ stock. Morgan bought Andrew Carnegie’s steel company and gained power over 2/3 of the steel industry and created a monopoly out of it. Morgan was the main force behind many businesses and controlled most of the American industries. When his bank was founded it was under the partnership with Anthony Drexel. The bank which was originally named Drexel, Morgan & Co., was later changed to J.P. Morgan & Co. His bank was the first national bank before the Federal Reserve existed. This bank was the site of many foreign affairs...
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...read it. The main idea about the book is about Paul Farmer who found his life’s calling: to treat infectious diseases and also to bring the tools to save modern medicine to those people who need them the most. And he believes that everybody deserves health care and living in a decent condition. In the book Kidder’s spectacular account views how a person can make a huge difference in saving global health problems through distinctly understanding of the interaction of politics, social systems, wealth and diseases. This book takes us from Harvard to Haiti, Peru, Cuba, and Russia. And Farmer changes people’s perspectives through his dedication to the philosophy that “the only real nation is humanity.” The main characters are Paul Famer, Tracy Kidder, Ophelia Dahl, and Jim Yong Kim. I will discuss their roles later on. Additionally, social determinants of health, diseases, and health systems are the topics that we’ve covered in class that relates to this book. Paul Famer has important aspects to his character. First, He believes he can do anything even if it seemed impossible he can overcome odds to save the poor of the world. Second, he believes he can sacrifice his family time to help the poor. “I can’t sleep. There’s always somebody not getting treatment. I can’t stand that.” (pg.24; Famer.)Third, his purpose is to do the work that he does. Lastly, he has no time to be angry with the world for not doing...
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...Imagine coming from a new country alone, escaping a war and a genocide, learning a new language and having nowhere to stay. Many immigrants from Burundi or other countries can relate to Deo’s story in a book called Strength In What Remains by Tracy Kidder. These book is a nonfiction story about a third year medical student, Deo, twenty four years old immigrating to New York City with a business visa card in the United States Of America with no family, no place where to stay, running away from the genocide, only speaking French and passing cold nights in Central Park of New York City. Deograticias immigrated from Burundi, Africa to New York in 1994, because it was his only way out to survive from the genocide time period a period, when the...
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...one life he saves, five others are lost. Are Farmer’s acts simply those of kindness or out of sympathy, or rather, are they Christ-like in the way he provides for and loves those he helps? Through the biography about Paul Farmer written by Tracy Kidder, Farmer’s work becomes more than just kind acts and doing his job, and seems to show Farmer’s passion for the people he helps and cares for in Haiti. In the United States, healthcare is generally a widespread thing—most can be treated fairly easily and medication is readily available and affordable. Many times, the employer provides health insurance to employees, and very few die deaths that may have been easily avoided. In Haiti, it seems to be the exact opposite; there is a small amount of available doctors, many medications are expensive or unattainable, and thousands of people falling to easily treatable or easily prevented diseases and illnesses. Farmer’s key goals in helping others was to save the lives of those that would ordinarily be saved, “If people could be kept from dying unnecessarily, then one had to act.” (Kidder 102). Willing to help everyone, no matter who they are or their condition, Farmer explains “I can't sleep. There's always somebody not getting treatment.” (Kidder 24). To myself, an average person living in the United States, lack of sleep due to the deaths of thousands of people who live thousands of miles away is rarely, if ever, an issue. Farmer also commented why he strives to help those people that...
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...In Mountains Beyond Mountains, Tracy Kidder describes a new sister organization that joined Partners in Health (PIH), Socios en Salud operating in Peru. PIH’s contrasting methods of maintaining Zanmi Lasante in Haiti and Socios made their expansion difficult, but greatly helped the new populations they served. Haiti and Peru have different political struggles which affect the potential of healthcare PIH can offer. Haiti’s government was overthrown by the Haitian army, resulting in a lot of violent political protest. Many were severely injured, which caused Zanmi Lasante’s focus to shift. Instead of working to cure those with tuberculosis, Zanmi Lasante had to nurse those victimized by the Haitian army. Not only did injuries delay Zanmi Lasante’s work , the Haitian army blacklisted PIH founder Paul Farmer for a few months. Likewise, a civil war in Peru caused the new government to place strict regulations regarding when Socios en Salud could care for people. Patients had to complete Peru’s custodial care before being surrendered to Socios. After the government let Socios care for their treatment failures, they laid heavy taxes on them. Each Socios patient costed PIH $15,000-$20,000 in contrast to Zanmi Lasante’s $150-$200. Socios could not help as many patients with tuberculosis because of the added cost, and focus shift to those injured. These problems demonstrate how crucial Paul Farmer’s leadership is to PIH. The most valuable qualities a leader can demonstrate is humility...
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...Right vs. Right By Mary Hunter on February 7, 2012 in Teaching People I mentioned in my back to school post a couple of weeks ago that I am taking an ethics class this semester. This class is one of the required classes for my behavior analysis master’s program. The class has been pretty interesting so far and each class has been filled with plenty of good discussions and debate. Recently we read a book chapter by Rushworth Kidder called “The Ethics of Right versus Right.” (If you’re interested, the full chapter is actually available for free from the Institute for Global Ethics, although you do have to sign up to get access to it.) Tough choices and ethical dilemmas are often very hard to make. What makes these decisions hard, according to Kidder, is that they are often choices of “right” vs. “right.” Both possibilities have value and merit, yet one must be picked over the other. (Now, this doesn’t mean that there aren’t still right vs. wrong choices. These just aren’t ethical decisions.) The most interesting part of this chapter was that Kidder names four basic paradigms that encompass most of these ethical dilemmas, the right vs. right choices. Ethical choices often involve decisions between: Individual versus community Truth versus loyalty Short term versus long term Justice versus mercy These four basic paradigms can be useful for analyzing ethical choices and realizing what has created the conflict. If you have a better understanding of a...
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...teaches to his colleagues, is a unique aspect of his practice. The narrator picks up on this when Dr. Farmer almost seems to “fold” around patients (Kidder, 2009, p. 12). He does not treat them like they need to be quarantine, but instead as people requiring care and attention. Dr. Farmer gains respect by being so sure of a diagnosis when he treats a patient. There is an instance where an intern? Is attempting to diagnose a thirteen-year-old girl, and Farmer stresses the importance of being correct, “Doctors, doctors, what’s going on with you? You do not administer an antibiotic to a person with meningitis until you have done a spinal tap and know the variety of meningitis and thus which drug will work.”(Kidder, 2009, p. 32). He would rather be positive about what is going on and do a little extra work, then give the patient incorrect information. This creates a sense of security for the patients. They are able to trust Dr. Farmer because he is not doubting himself....
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...The Part Two section of Mountains Beyond Mountains by Tracy Kidder was interesting. The section described Farmer’s life when he was younger, how he sparked an interest in Haiti and his perseverance to help others. Paul was one of six children and the oldest of the three boys. It was very interesting when Farmer said “I never had a sense of hometown, this is my hometown.” (page 54) Paul was referencing his hometown to Cange in Haiti. During his childhood, Farmer moved around constantly from a farmhouse to a boat on a bayou. Cange is a place that he learned to adjust to the surroundings and the people, rather than his childhood cities. Paul excelled in school, which led him to get full scholarship to Duke. He saw how hard-working the Haitians are when he visiting a tobacco plantation, he looked more into the culture. Paul was interested in Haitian culture. He was dedicated to learn the language and culture....
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...dedication to his patients. This interested me the most because the whole book is about his work ethic to change the world’s health. He exceeded standards for doctors. Paul Farmer believes that the only nation is humanity and healthcare should be a human right. He fights for his beliefs and all of his patients. The book uses prime examples of how Farmer works. Chapter three explains how he spends his day with his patients. Every person is looked on no matter what. Kidder later explains that Farmer has a rule that every patient must pay the eighty cents, except for women and children, the destitute, and anyone who us seriously ill (page 21). So nobody paid to be seen by Dr. Farmer. He does everything for free and doesn’t get a penny for any of the work he does in Haiti. Farmer honestly believes his patients are worth saving. His patients believe him to be a god....
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...In Tracy Kidder’s Mountains Beyond Mountains, Paul Farmer’s idealism is developed by his actions and words about overcoming “the long defeat”. Despite his awareness that his goal is impossible, Farmer’s determination is unfaltered throughout the text; however, certain occasions will test Farmer’s ability to make his idealism a reality. Ultimately, Paul Farmer, to overcome his “long defeat”, remains only just as much realistic so that he can continue his idealism. Essentially, Farmer continues to work toward his idealistic goal of ridding the poor of their impoverished conditions, which is fundamentally impossible, because he believes it is righteous. This righteousness is proved when he was accused of self-righteousness by Ophelia in which...
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...from Modern Banking by Shelagh Heffernan - Kidder Peabody Group – ‘‘But Leo’’, said Alan Horrvich, a third-year financial analyst at General Electric Capital Corporation (GECC) in September 1987: ‘‘I don’t know anything about investment banking. If I walk in there with a lot of amateurish ideas for what he ought to do with Kidder, Cathart will rip me apart. OK, you’re the boss, but why me?’’ ‘‘Look Alan’’, replied Mr Leo Halaran, Senior Vice-President, Finance of GECC: ‘‘we’ve got ten thousand things going on here right now and Cathart calls up and says, very politely, that he wants somebody very bright to work with him on a strategic review of Kidder Peabody. You’re bright, you spent a semester in the specialised finance MBA programme at City University Business School in London, you earned that fancy MBA from New York University down there in Wall Street, and you are available right now, so you’re our man. Relax, Si isn’t all that tough. If you make it through the first few weeks without getting sent back, you’ve got a friend for life. . .’’, he ended with a grin. ‘‘Me.’’ Mr Silas S. Cathart, 61, had retired as Chairman and CEO of Illinois Tool Works in 1986. He had been a director of the General Electric Company for many years and was much admired as a first-rate, tough though diplomatic results-oriented man- ager. After the resignation of Mr Ralph DeNunzio as Chairman and CEO of Kidder Peabody following the management shake-up in May 1987...
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...| | | | | | | | | | | | | | | | |Kidder, Peabody & Co | | | | | | | | | | | | | | | | | ...
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...Black and White on Wall Street by Joseph Jett, with Sabra Chartrand. William Morrow, 387 pages, $25. Remember Joseph Jett? He occupies a curious place in this decade's pantheon of scandalous black American men. His 15 minutes of infamy occurred in April 1994, about two and a half years after Clarence Thomas' confirmation hearings and two months before O.J. Simpson's Bronco chase. A 36-year-old bond trader at Kidder Peabody & Company, Mr. Jett was accused of defrauding his firm of $350 million. When I first read of Mr. Jett and saw a photo of him–with his bemused smirk and huge, James Baldwin eyes–I felt a perverse pride that a young buppie might be as bold a crook as Ivan Boesky or Michael Milken; and a sense of relief that here, for once, was a scandal about a black man that had nothing to do with sex. How wrong I was. After five years and three grueling investigations, Mr. Jett has never been convicted of fraud. Moreover, his downfall offers a chilling case study of how machismo and sexual paranoia work in the financial community. At the center of his autobiography–co-written with Sabra Chartrand–is the story of what happens when some Wall Street traders renowned as Big Swinging Dicks find, in their midst, a Big Swinging Black Dick. It's the same with any my-side-of-the-story exposé–open Mr. Jett's book and up pops the question: Is it credible? Quite. Unlike a lot of memoirists, Orlando Joseph Jett (evidently, no one ever nicknamed him O.J.) does not present himself as...
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...Ethics in Management Accounting What are ethics? According to the Merriam-Webster dictionary, ethics are defined as, “Rules or behavior based on ideas about what is morally good and bad.” Ethics are rooted in an individual or an entire group’s moral values that govern daily behavior and crucial decisions. From a professional perspective, ethics provide a given quality and ensures a fair practice. In terms of business, it is the moral duties and obligations that apply to various professions and their code of conduct. Ethics encompass a set of understood rules to guide the direction of a business, company, corporation, or organization. Ethics are essential and tremendously depended on in the profession of accounting. According to the Merriam-Webster dictionary, accounting is defined as, “The skill, system, or job of keeping the financial records of a business or person.” The system of accounting records financial transactions and analyzes, reports, and verifies the results. Accountants perform these tasks by establishing these reports through a system known as bookkeeping. The three common reports that are generated by accountants are balance sheets, income statements, and cash flow statements. Each of these reports serve a crucial purpose to the success of a corporation. The balance sheet summarizes a company’s assets and liabilities. The income statement reports a company’s gross proceeds, profit or loss, and expenses. The cash flow statement analyzes the flow of incoming and...
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...The Origins of Modern Management Consulting In 1993, AT&T spentmore on management consulting services than on corporate research development, AT&T is notalone[8, p. 60]. Wall Street and and analystsexpectbillingsfor consulting services advanceat twice the rate of to corporate revenues over the next decade. Yet, despitethe size, growth,and influence consulting of firms,business historians haveremained uncharacteristically silent aboutthe origins,development, impactof management and consulting, or "management engineering" was asit known before Second the World War. In this 2 paper, will describe professional I the origins management of consulting firmsat the turnof thecentury anddiscuss why, after slow,gradualgrowththroughthe 1920s, thesefirms took off duringthe 1930s. I argue(1) that historians have wrongly assumed that management consulting arosedirectly out of Taylorism,(2) that engineers,accountants, and lawyers, often supervised merchantbankers, by provided counselthat later became the primary repertoire of management consultants, (3) thatthelegalseparation investment commercial and of and banking in 1933drovetherapidprofessionalization growth management and of consulting duringthe GreatDepression. Recent historiansof scientificmanagement, includingDaniel Nelson, StephenWaring, and JudithMerkle, have tracedthe impact of Taylorismon contemporary institutions diverse business as as education, public administration, andBritish industry longaftertheProgressive-era for...
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