Free Essay

World

In: Business and Management

Submitted By angelicaolivarez
Words 2129
Pages 9
Angelica Olivarez 430 ethics
Fannie Mae Accounting Scandal 2001 Ethics is based on how people should act through well-based standards. Ethics on the other hand, does not describe the way people actually act. Ethics is a prescriptive term in which people should always aim to make the right decision. Those who act on ethics do not rationalize their actions founded own perceived self-interest. The accounting profession has its own understanding and framework of ethics. Accounting applications of ethical reasoning can become a common dilemma faced by auditors, internal auditors and all others who work in the business field. For example, The American Institute of Public Accountants (AICPA) Code requires CPAs to place the interest of the public first. To place the interest of the public first means that CPAs should not place themselves, their client or their employer’s interest above the public. Many business dilemmas involve managers, CPAs, and/or top management who have placed their interest above the public’s interest. An example of an accounting and business dilemma where the public interest was not placed first is Fannie Mae accounting scandal in 2001. Fannie Mae is the Federal National Mortgage Association, a government supported entity that assist lower and middle income Americans to buy homes. The Federal Home Loan Mortgage Corporation (Freddie Mac) also assists lower and Middle Americans to buy homes. Both supported entities gain special treatment and “aimed to increase home ownership by decreasing the cost for homeowners to borrow money.” In order for the entities to decrease the cost for homeowners to borrow money they purchased home mortgages from banks. The home mortgages are then guaranteed and then sold to investors. The treatment of the mortgages helped minimize the credit and interest risk. Fannie Mae “makes money by buying, guaranteeing, and then reselling home mortgages for a fee or by buying mortgages, holding them and then taking a risk.” When mortgages are sold they eliminated the interest rate risk. When the mortgages are held Fannie Mae made money off the spread because it had “low cost of capital.” In the late 90’s Fannie Mae made billions of dollars off mortgages and mortgages-backed securities. Fannie Mae soon began to grow and flourish. Although pressured by many economic turns Fannie Mae’s CEO was confident that their earnings per share would double during the 2000’s. To continue growth and avoid economic pressures the entity began to use “more derivatives to hedge interest rate risk.” Many creditors believed that the entity would default due to the risk being taken. Creditor commented that the entity would have no federal guarantee if the entity defaulted. On the other hand Fannie Mae “encouraged the concept that if it defaults, the government would back it.” Fannie Mae’s top executives were gaining large bonuses due to business growth and large profits. “In the 1900’s, Fannie Mae was growing and the market loved it.” The growth was said to be cause by increased risk. After Fannie Mae fired its auditor in 2001 (auditor Arthur Anderson), an accounting scandal was soon discovered. PricewaterhouseCoopers (PwC) was then hired to review the entities books and discovered that “it had understated its profits in an attempt to smooth earnings.” Fannie Mae took action and fired many of its top executives and arranged a five million restatement. “Fannie Mae continued on its course and accused Freddie Mac of causing collateral damage.” The entity soon released on its website: “Fannie Mae reported financial results follow to the letter. There should be no question about our accounting.” The Office of Federal Housing Enterprise Oversight (OFHEO), a government agency that regulated Fannie Mae and Freddie Mac, assured that the entities internal controls were reliable and accurate. Once Fannie Mae released the statement to the public on its web site the OFHEO was forced to take a second look into Fannie Mae’s accounting practices. It was imperative that the government avoid another Enron debacle. Four years of investigation the OFHEO in 2004 released to the public its investigations on Fannie Mae. The results concluded that the entity was breaking accounting rules and “fostering an environment of weak or nonexistent internal controls.” The investigation of OFHEO focused on the derivatives used by Fannie Mae that were being used during the time the critics purposed the entities default. The investigation also focused on the deferred derivatives losses that inflated the entities profits. Fannie Mae failed to apply appropriate accounting practice on its derivatives. “Fannie Mae’s application of SFAS 133 did not comply in material respect with the accounting requirements of GAAP.” Statement of Financial Accounting Standards (SFAS) number 133 states the rules that govern the accounting for derivatives instruments and hedging activities. The accounting chief of the SEC at the time affirmed that Fannie Mae’s practice failed to comply with SFAS 133 requirements. Fannie Mae was then required to document its “derivative use and file with the SEC.” Fannie Mae’s accounting practice of putting the deferred derivative losses on the balance sheet resulted in overstated earnings and high executive bonuses. A charged issued report of the OFHEO stated that in 1998 Fannie Mae recognized expenses of two-hundred million when actual expenses were four-hundred million. Earning of $3.23 and twenty seven million of executive bonuses were due to underreporting of expenses. The SEC was soon to take notice of the OFHEO’s charge against Fannie Mae. Only two weeks after OFHEO released its report “the House of Representatives Subcommittee on Capital Markets called a hearing.” As a result it was imperative that Fannie Mae’s top management and its executives underreported expenses and manipulated earning in an attempt to inflate their bonuses. During the year 2006, the OFHEO issued another report which stated that Fannie Mae’s executives were purposely manipulating accounting to receive bonuses. Fannie Mae’s executives not only received unearned bonuses they also deceived many investors. A four-hundred million fine was placed on Fannie Mae for fraud and three-hundred and fifty million of the fine would be returned to its investors under the provision of SOX. The reports done by OFHEO consist of multiple documents with detail on Fannie Mae’s unethical corporate culture. One of the final reports of the OFHEO charged the entity’s executives “with perpetrating an eleven billion accounting fraud in order to meet earning targets that would trigger a twenty five million in bonuses for top executives.” Executives that were charged were former CFO and CEO, J. Timothy Howard and Franklin Raines. The former executives earned nearly thirty seven million in roughly two years during 2002 through 2004. Reports issued by the OFHEO also included several faults of Fannie Mae. Fannie Mae violated accounting standards and failed to perform task with proper corporate governance. After Fannie was charged for its violations it began to make changes to its operations. Changes to its operations include:
1. Limit the growth of its multibillion-dollar mortgage holdings.
2. Changes in corporate culture, accounting procedures and ways of managing risk.
3. Thomas Gerrity, former chair of the audit committee was replaced by Dennis Beresford. While OFHEO was taking action on the event so was the SEC. The SEC civil action placed in 2006 charged Fannie Mae for multiple violations of GAAP. The entities financial statements were not properly reported and did not comply with GAAP. The action of the SEC included information and details on accounting deficiencies and financial reporting. Four of the most serious accounting deficiencies and financial reporting include improper accounting for loan fees, discounts and premiums, improper hedge accounting, accounting for loan loss reserve and classification of securities held in portfolio. Fannie Mae’s improper accounting for loan fees, discounts and premiums is one of the four major concerns of the SEC. companies are required to recognize loan fees, discounts and premiums by SFAS No. 91 as “ an adjustment over the life of the applicable loans, to generate a constant effective yield on the loans.” SFAS also requires that companies to record any changes in fees, discount and premiums to be recognized as either a gain or loss. Fannie Mae on the other hand did not treat the gains and losses of fees, discounts and premiums as the SFAS states they should have. Fannie Mae willingly referred to the gains and losses as catch-up adjustments. During the year 2008 accounting models of Fannie Mae calculated at least four-hundred and nine million so called catch-up adjustments. This was done in the form of a decrease in net interest income. Fannie Mae’s executives directed employees to record on two hundred and forty million of the four-hundred and nine million of the catch-up amount to the year’s income statement. The understatement of the catch-up account understated its expenses and overstated income. Fannie Mae’s improper hedge accounting was also a big concern of the SEC. SFAS 133 required Fannie Mae to “adjust the value of its derivatives to changing market values.” Fannie Mae used it debt to finance several mortgages acquisitions and mortgage securities. The entity also turned to derivative instruments to “hedge against the effect of fluctuations in interest rates on its debt cost.” Accounting for loan loss reserve was due to qualitative judgment of losses during the 1997 to 2003. During that time management failed to provide quantitative amount of losses in their loan portfolio. Its failure to determine proper losses and the determination of the size of the loan loss reserve resulted in a violation of GAAP rule SFAS 5. Fannie Mae’s reason for having high levels of loan loss reserve was to support and compensate for possible future change in the economy. The reporting of loan loss reserves failed to comply with GAAP standards. By 2002 Fannie Mae had overstated its reserves by one hundred million. Fannie Mae also failed to comply with SFAS 115, in that it “classified its securities it acquired as held-to maturity and then, at the end of the month of acquisition, decided on the ultimate classifications.” Proper classification should be determined when securities are acquired as trading, available-for-sale, or held-to-maturity at the time of acquisition. When a security is finally classified it can only reclassified under strict circumstances. During 2008 the Federal Housing Finance Agency (FHFA) was formed by congress. The FHFA is not the regulator of Fannie Mae, Freddie Mac and many other Federal Home Loan Banks. Fraud and violation of proper accounting should not be tolerated. It is important that auditors perform audits with integrity and due care. Fraud perpetrators usually have a way to explain why their actions are acceptable. Perpetrators in the corporate world may state that committing fraud would produce high stock prices for shareholders. Some may state that aggressive accountings practices were needed. Other statements of why fraud perpetrators think fraud is acceptable may be that they though it was good for the company and the violations would only temporary. Many times employees are “might rationalize fraud with thoughts such as my boss doesn’t pay me enough or I’ll pay the money back before anyone notices it’s gone.” Just as the executives of Fannie Mae committed fraud to gain unearned bonuses. Those effected by fraud are company shareholders, its employees and of course the stakeholders. Public interest should always be placed first. Fraud and accounting violations not only hurt the perpetrators when they are caught but also those who actually rely and invest in the company. In order to minimize and catch fraudulent actions auditors should follow a fraud risk assessment during any audit. One of the first steps to insure a company is being ethically responsive is through the evaluation of its financial statements. The integrity of top management should always be questioned. The auditor should also perform every audit with an adequate amount of skepticism. Skepticism involves asking the right questions and evaluating the corporate culture of the client. “The auditor should obtain information needed to identify the risk of material misstatement due to fraud.” The best way for a company to prevent and minimize fraud it to establish a well formed corporate culture. This will insure that employees are aware of consequences lead by fraudulent actions. Having a corporate culture will also inform employees that fraudulent actions are not tolerated. When employees are aware that fraud is not tolerated they are less likely to commit fraud. When employees become aware of the consequences and they tend to avoid certain situations. Accounting professionals and business personal are subject to many liabilities if they fail to follow standards such as GAAP. For example, the executives of Fannie Mae’s as stated earlier were charged for receiving unearned bonuses due to fraudulent activity. It is imperative that public interest is placed first and that those who commit and perpetrate fraud are more likely to encounter consequences by law.

Similar Documents

Premium Essay

The World

...Screen Verdict: DRAW Camera: Overlooking the part where Tim Cook claimed that the iPhone 5 camera would make children look happier, the new camera is more than respectable, and at 8MP is the same as the Samsung Galaxy S3. While tests showed both were capable 8MP shooters, the iPhone 5 performed better in low light conditions. Camera Verdict: iPhone 5 better in low-light conditions Design: The iPhone 5 is the thinnest smartphone in the world, and of course is smaller, thinner and lighter than the Samsung Galaxy S3. There’s still the glass and aluminum pairing for the iPhone 5, and the shiny trim is now tinted. It’s just more quality than the S3 to the eyes. The scion of any tech giant shouldn’t look like it came from a dime store. Design Verdict: iPhone 5 has the look Power: Theoretically the Samsung Galaxy S31.4GHz Exynos chip should trounce the A6 processor in the iPhone 5. It seems after some benchmark tests, though, that the dual-core A6 chip is faster compared to S3 on ICS, and slightly behind against S3 on Jelly Bean. We need a few more results before confirming this, but the pair are the fastest smartphones out there right now. Power Verdict: Draw Connectivity: The new dock on the iPhone 5 means that to keep all your old Apple accessories with you you’ll need to buy that $30 adapter. However, you have a slimmer phone now. There’s still no NFC, removable battery or expandable memory though. The Samsung Galaxy S3 has microSD support and HML......

Words: 411 - Pages: 2

Premium Essay

The World

...Page optionsTurn off search suggestions What are search suggestions? Disable scrolling search Make text larger Add MSN to Start menu Sign in MSN Logo Web| MSN| Images| Video| News| Maps| Shopping. . Recent Searches: www.edison Manage History . .. NEWSus news world news science & technology pop culture news health news obits rumors news video ENTERTAINMENTcelebrities games movies music tv comedy video showtimes tv listings entertainment news SPORTSscores nfl mlb nba nhl ncaa football ncaa basketball nascar tennis soccer golf fantasy games MONEY LIVINGstyle décor sex & relationships family inspire tech food glo healthy living diet & fitness horoscopes WEATHERforecast hourly 10-day animated maps news travel explore white pages AUTOSnew & used car research find a car used-car listings CAREERSresume advice interview tips who’s hiring video NOWphotos viral videos animals funny college weird good VIDEO MOREshopping travel latino photos maps mobile my msn causes corrections feedback msn index . . May 14, 2013 as of 2:38 PM Los Angeles, CA Sunny (Clear) 80°/ 60° °F °C 5-day . Latest: Abortion doc to forgo appeal & moreImage: Dr. Kermit Gosnell is escorted to a van after his conviction on Monday (© Yong......

Words: 644 - Pages: 3

Free Essay

The World

...There is an abundance of beauty and good in the world, but it still has plenty of problems. The world could be made better. Many of us would like to help build a better world, but taking on the whole world as a project can certainly seem overwhelming. Where does one even begin? And what can one person with simple resources actually do? Well, good news! There really is an easy answer! Listed below are five things that anyone can do to help build a better world. Now, the actual work may not be easy...but it will be challenging and rewarding. And it will also likely be a lot of fun. So let's get started. If you want to build a better world: OWN YOURSELF. Recognize that you are a sovereign and unique Individual and make the decision to own yourself in spirit, mind and body. Become the owner of your life and destiny and take personal responsibility for them. This essential decision will guide your other decisions in life, re-orienting and re-creating your existence around the principle of personal sovereignty. Recognizing the sovereignty of other Individuals provides the foundation for ethical social interactions. Owning yourself and recognizing the sovereignty of others are both ongoing processes. BECOME POWERFUL. Creating a better world requires the efforts of powerful Individuals. You can contribute to the new population of powerful Individuals by starting with yourself. Empower yourself physically by getting optimum nutrition and exercising for strength, flexibility and......

Words: 986 - Pages: 4

Premium Essay

The World

...The world as we know it is not real. It is nothing more than a holographic projection of our minds from our senses, mirroring our subconscious beliefs. Our minds take in sensory data, and put a picture together of what the world is like, which most take as reality. Without consciousness there is nothing. Greater understanding of God – All power is within us through soul and vibration – Computer/internet/radio/vibration- Our 5 sences are very limited – Double attention – No ME – we think in concepts, chair. Time = illusion, all that exists is present moment- Everything is connected – Religion was made to enslave – NWO hidden knowledge of true power body/soul/vibration from world. The body is like a computer, which connects to the world which is like the internet. So who goes on the internet? Not the computer, the person behind the computer does. In our case this is the SOUL. The computer-body keeps us locked into this dimension, working like a one-station radio. Whilst we are locked into ‘nova’ all other frequencies exist simultaneously in the same space. Our 5 senses can only perceive ‘nova’. Our souls exist throughout different dimensions. Thinking 5 sences is all that is = limited state of awareness. ALL physical matter is shaped by consciousness through beliefs. When something is accepted by the conscious mind it is BELIEVED and carried forward in the SUBCONCIOUS (most of our mind and hidden power). We give off a certain vibration 24/7 according to our beliefs....

Words: 441 - Pages: 2

Premium Essay

We Are in the World, but Not of the World.

...We are in the world, but not of the world. ”This we know; the earth does not belong to man; man belongs to the earth” – ”We are in the world, but not of the world”. Are we the owner of the earth, or are we just here to maintain it? Jesus told us in the bible that we’re in the world, but not of the world. Since the creation of the Earth we have struggled with the desire of being mightier and greater than God. We wanted to separate us from God, even though God gave us the earth to rule, but we didn’t care: we wanted to have dominion. Every man and woman is born with the same desire. Some can control it, but some follows this desire. This feeling is presented trough the texts “Selling our land” and “Dominion over Nature”. The white man is described as a stranger who comes in the night to take from the land whatever he needs, and it is because the earth is the enemy to the white man, and when he has conquered it he moves on. He considers the world as his own. Chief Seattle describes the white man’s carelessness like this: “His appetite will devoir the Earth and leave behind only a desert”, and that the white man thinks he can buy a land, even though he doesn’t own it. Chief Seattle’s attitude to nature is positive, but his opinion on the white man’s attitude to the nature is very negative. But shall the nature take dominion over us, or shall we take control over nature? The desire of being the greatest is clarified by Robert Pack trough this quote “Taking dominion......

Words: 352 - Pages: 2

Premium Essay

It World

...SANS Institute 2004, © Everything from passwords to email and even Instant Message conversations can be logged and recorded via a keylogger. A keylogger is technology’s version of shoulder surfing and can ether be a software program or hardware device designed to capture and log all the keystrokes made on a computer’s keyboard. Often the program is kernel based and uses system calls to track the keystrokes and therefore it remains undetected by the user. The hardware models most often are physically attached between the keyboard connector and the connector on the back of the computer. In 2003 there were several cases where keyloggers were setup in a number of publicly used computers in businesses and school campuses in and around the world. The data that was stolen ranged from bank accounts and passwords to personal information. SA NS In sti tu As part of GIAC practical repository. te 20 04 So someone has made it into your facility. Whether they are authorized or not, what physical security threats and defenses are to be encountered? What methods can be used to counter something as simple as shoulder surfingix? (Shoulder surfing is the practice of looking over a user's shoulder to observe what he or she is typing. For example, a password may not be displayed on the screen, but it can be discovered by looking over the user's shoulders and observing which keys are pressed.) Whether the snooping is for a password, account number or any other......

Words: 5538 - Pages: 23

Free Essay

Utopian World Versus Real World

...Imperfect Perfect World Some people believe that a utopian world may be better than a less perfect world, yet the imperfections of a utopian society realistically outweighs its ultimate goal of perfection. Perfection is defined as the condition, state, or quality of being free or as free as possible from all flaws or defects. When it comes down to it, a utopian society has many rules and regulations. Yet, if a so called perfect society is so perfect, then there should be no need for any rules or regulations. However, a Utopia's goal of perfection in itself is a contradiction, because of its goal of being "more perfect and less free" (Huxley 1). As a matter of fact a utopian society would be like a heaven on earth. At the same time there is not really a unified view of utopia. All views of utopia involves change which affects human systems and institutions. How can a society aim to be perfect when by definition freedom is needed in order to be perfect. In fact that's something people still find hard to understand and today's society. Have you ever ask yourself what is freedom,it's the power or right to act, speak, or think as one wants without hindrance or restraint. Foremost this is something they didn't have at the time of the utopian society. Well by definition a utopia is a perfect world where everything is prefect and equal but you have no freedom to do what you want; Basically your life is scripted like a book. However if you want a perfect and equal world you won't......

Words: 443 - Pages: 2

Premium Essay

World

...57% of U.S. oil is imported from foreign countries. II. The burning of oil and other fossil fuels is harmful to the environment. d. Carbon monoxide and sulfur dioxide are two harmful byproducts of burning fossil fuels. e. There are many health risks from breathing in the chemicals formed from burning fossil fuels. III. Renewable energy is much cheaper, more efficient, and cleaner to produce. f. Windmills are one of the cheapest forms of creating energy. g. The production of renewable energy seeks to harness the power of nature to convert into usable energy. h. There is no pollution formed from the creation of renewable energy. Review: I. The world’s fossil fuel supply is not infinite. II. The world is increasingly becoming more polluted from the burning of petroleum and oil. Bibliography Crude Oil FAQs. (2009, November 11). In Energy Information Administration. Retrieved 9:48 from http://tonto.eia.doe.gov/ask/crudeoil_faqs.asp#foreign_oil Crude Oil Prices Summary. (2009, November 11). In Energy Information Administration. Retrieved 9:23 from http://www.eia.doe.gov/emeu/mer/pdf/pages/sec9_3.pdf...

Words: 260 - Pages: 2

Premium Essay

World

...Ghadere Salah PHI-101-013 Rationalism VS Empiricism They say : Hume says knowledge comes from the way one’s mind perceived the physical world. 1.Hume claimed that people perceive the world in two ways – through impressions which are one’s senses and through ideas which are one’s thoughts. 2.Hume claimed that there was no such thing as an innate idea, which is an idea present in the human mind that was not created through some sort of experience. 3.Hume asserted that nothing remains the same, but that one’s mind perceives what is similar as being the same if change occurs gradually rather than abruptly. We say/I say: Descartes says knowledge lies in the mind not the senses. 1.Descartes claims that the way we perceive things comes from thinking. 2.Descartes claimed that we often sense things that don’t physically exist in the external world. 3.Descartes claimed if any component of something was in the very least questionable, then any conclusion drawn from it would be at the most questionable. 4.Descartes reasoned that our senses often misinterpret the physical world. 5.Descartes claimed while it’s possible to not sense things, it’s impossible not to think. Conclusion: Descartes wrote, “I find here that thought is an attribute that belongs to me; it alone cannot be separated from me”. While it’s possible to not sense things, it’s impossible not to think. Descartes claims that he is just “a thing which thinks”. His proof is that he can question his own......

Words: 776 - Pages: 4

Premium Essay

World War Ii: a World at War

...World War II: A World At War The so-called war to end all wars, the First World War, did not solve almost any of the problems which had caused it. For this reason, it wasn't such a surprise that not too long after the end of World War I another one followed. The Great Depression crippled the economies of Europe and the United States. That, combined with the outcome of World War I, led to major repositioning of world power and influence. That was fertile ground for the emergence of various forms of totalitarian governments in the Soviet Union, Japan, Italy, and Germany, as well as other countries. After the First World War, also known as the Great War, many of the countries that were involved struggled to recover in many ways. War is not cheap and it ended up costing all the countries involved in some way or another. It left tremendous political dislocations in Europe that laid the groundwork for the collapse of democratic institutions on the continent and set the stage for a German power struggle. The democratic regime was already in turmoil and was further weakened by the worldwide depression that began in 1929 following the war. The Second World War was arguably the most significant period of the 20th century. It wasn't called a World War by coincidence. Both World Wars were called this simply because they involved most of the big countries of the world. World War II was fought across six out of seven of the worlds continents and all of its oceans. It left countries......

Words: 2022 - Pages: 9

Premium Essay

World

...Worldview Assignment What is a worldview? The term “worldview” can be defined numerous ways all depending upon who is answering this question. After reading this week’s chapters we learn that a world view is made up for 3 components, all of which can define the term. First, a worldview is a person’s philosophy on life. Second, it is a framework that a person brings to decision-making. Third it is the way a person interprets life and the world around them. The question of origin can be answered within the first chapters of the Bible. In Genesis 1:3-19, we read of the creation of the Heavens and Earth. God saw a formless, empty darkness and filled it with His creations. We then read in Genesis 2:7 that God created man from the dust of the Earth to start populating the Earth he had shaped. The second question that of identity, can be explained in Psalm 8:4-8. Mankind was created to rule over the animals, not to be subjugated by them. We are also taught of identity in 1st Timothy chapter 2 (1 Timothy 2:1-15). In this chapter we learn to identify ourselves as individuals and as Christians. Our purpose on Earth is to know God. We are taught this in the book of John (John 17:3). God didn’t create us so we would not look to Him, He created us to follow Him and look to Him for guidance in our everyday lives. Our purpose is also to teach others about Christ and bring non-believers to Him (Matthew 5:14-16). We are to be a light for God and shine our lights for others to see.......

Words: 696 - Pages: 3

Free Essay

World

...Charlene Wu Mrs. Zachik World Literature November 8, 2014 A Thousand Splendid Suns By Khaled Hosseini, Riverhead Books, May 22 2007 Laila, from Khaled Hosseini’s A Thousand Splendid Suns, is a product of her environment. She’s shaped by warfare, by her family and by her education. Laila was born in the city of Kabul, Afghanistan. In the course of time Kabul came under siege and became a war-torn city. “It wasn’t so much the whistling [of the shells] being fired itself, Laila thought later, but the seconds between the start of it and [its] impact, like a defendant about to hear the verdict” (Hosseini. 2.24.1-3). Every day Laila spends in war-torn Kabul she is at risk. The image of herself as a “defendant” symbolizes this. Laila is shaped by fear and by the warfare. Her judge [the shells], in her eyes is a crazy person, handing out punishments indiscriminately and without any regard for human life. Laila also surrounding by her parents.Laila knew that her “Mammy didn’t understand. She [Mammy] didn’t understand that if she looked into a mirror, she would find the one unfailing conviction of Babi’s [her husband] life --looking right back at her” [Hosseini. 2.21.59]. Mammy and [her husband] Babi had a difficult relationship. Mammy blamed him for the death of Ahmad and Noor. But it’s Babi’s unflinching devotion to Mammy that ultimately shown through, as Mammy eventually fell back in love with Babi. This love had an impact on Laila and how she viewed her......

Words: 763 - Pages: 4

Premium Essay

Into the World

...Into the World Essay – DRAFT ESSAY QUESTION: Individuals venturing into new experience may encounter obstacles, but may also gain significant rewards. Do you agree with this perspective? Discuss this view with reference to your prescribed text and at least ONE other related text of your choosing. The concept of ‘Into the World’ invariably involves the transitions of individuals into new phases of life, worlds and experiences in order to attain growth, maturation and emotional development. During this transition individuals may encounter obstacles, but also gain personal rewards resulting in growth and maturity. The prescribed text, novel ‘The Story of Tom Brennan’ written by JC Burke and two related texts, film ‘The Black Balloon’ produced by Tristram Miall and ‘The Road Not Taken’ written by Robert Frost, clearly display these misadventures and the rewards achieved once overcoming them. In difficult times individuals have must leave behind their old life and the safety it once provided in order to fully accept and enjoy their new life. In the novel ‘The Story of Tom Brennan’, Tom’s family is forced to leave the comfort of their hometown Mumbilli and move to Coghill due the selfish actions of his brother Daniel. Symbolism throughout this novel highlights the suffering of Tom and his family. “My father closed the door…for the last time”, this symbolic act and the secrecy in the way the Brennan family leave Mumbilli reveals the families remorse about the situation,......

Words: 1059 - Pages: 5

Premium Essay

The World

...My aunt to me the greatest person in this world, one of a kind and one in a million Sometimes I know the words to say, Give thanks for all you've done, But then they fly up and away, As quickly as they come, She has the biggest heart with the most caring touch, which she shares with so many of us. How could I possibly thank you enough, The one who makes me whole, The one to whom I owe my life, The forming of my soul, Her soul is made of pure love, yet she's worth way more than gold, The one who tucked me in at night, The one who stopped my crying, The one who is an expert At knowing when I am lying, In my eyes, she will always be, the most beautiful person to walk the earth. The one who makes such sacrifices, To always put me first, Who lets me test my broken wings No matter how much it hurts, To me she's the smartest woman I know, and it truly does show. For accepting me as I changed Accepting all my flaws, Not loving ‘cause you had to, But loving just because, There is no one that compares to her, no one that even comes close, For never giving up on me, Even when your nerves had reached the end, For always being proud of me, For being my best friend, On a high pedestal is where I hold her, for I admire her so much more than she knows. Having her apart of my life is the greatest gift of all, being in her presence is god's blessing to me. Looking deep inside of her, I see that strong, wise woman I hope to become, So thank you Auntie for everything, And most of all thank......

Words: 318 - Pages: 2

Free Essay

Worlds

...Meghan Marshall 3rd hour It was always so difficult to wake up in the morning for school, but never hard to wake up early on the weekends to step into the brisk air in preparation to show her horse, Cowboy. Amy was an equestrian, and that meant early mornings and late nights were the inevitable. Today was the first morning of the APHA World show in Fort-worth, Texas. Amy Smith never thought that she would compete on the American Paint Horse Circuit due to the level of difficulty but she also knew these were the steps she had to take to be a World Champion. This year was different for Amy and Cowboy, It was their last year of Youth 14-18 before she went on to be a Amateur. Amy knew that after this she could no longer compete with cowboy because Amateur level was too competitive. All the handwork was paying off as her and Cowboy moved to the top of the list in points on the circuit. This morning she knew she had to do good to keep up the points and qualify for the High Point. Amy walked towards the barn and thought about how hard her and Cowboy worked everyday to get where they were. "Amy! Good Morning! Are you ready for today?" Amy's trainer Heather hollered across the isle way of the barn. "I'm very ready, its just a matter of getting Cowboy ready. He seems pretty into his morning hay" Amy smiled while she spoke about cowboy Cowboy was in his blanket munching on his hay. Amy loved him, he was her boy and the best horse she had ever owned. Cowboy was the Hunter......

Words: 2035 - Pages: 9