Support for Gypsies and Travellers Essay Example | Topics and Well Written Essays - 1250 words

Backing for Gypsies and Travelers - Essay Example As indicated by Gypsies and Travelers (2006) unapproved destinations could be grouped into two classifications. One such sort is the unapproved places to stay wherein the rovers or explorers are stopped illicitly ashore not having a place with them. The other kind is called unapproved advancements which are depicted as locales where they own the land yet without the necessary arranging consent (Fraser 2007). Different gatherings, who are monetarily proficient pick to move into changeless lodging yet are still socially marked as wanderers (Keltcher 2004). There are no official figures in regards to the all out number of British tramps and explorers. In any case, in Keltcher (2004) gauges the size of these gatherings set up living in troops to be between 90,000 to 12,000 barring the 200,000 living in settled houses. The July 2004 measurements (in Keltcher 2004) detailed that a sum of 847 parades of which 562 were in approved locales, 76 on approved private destinations and 209 on unapp roved places to stay. Thomas (2006) refered to that the poor settlement and the deficiency of locales to remain is probably the most serious issue looked by the voyagers. This is the nonstop affliction that the administration invests energy to scan for cure. There were no polices against the vagabonds as far as their monetary commitment during the nineteenth century. (Acton 1997) However in the twentieth century, due to the financial changes, their exchanges got old and they had to move out of their place to stay locales. Acton (1997) clarified that less fortunate rovers resort to troop while the wealthier ones started to purchase land. Anyway this was cut off by the 1960 Caravan Sites (Control of Development) Act (O'nions 1995). Such occasions prompted the development of the Gypsy Council on December 1966 (Thomas 2006). They requested campgrounds to open in each nation, equivalent rights to training and equivalent remaining through regard among themselves and the effectively settled neighbors (O'nion 1995). The administration at that point ordered the Caravan Sites Act in 1968 (Acton 1997). Segment 6 of this Act gave the Local Government an obligatory obligation to give sufficient facilities for the rovers living or remaining in their g eneral vicinity (O'nion 1995). Consequently of such move, the Local Government can apply to the Secretary of State to turn into an assigned region (Thomas 2006) Section 10 likewise gave assigned Authorities extra powers to expel Gypsies from unapproved land inside their administered regions (O'nion 1995). These forces were enormously disdained on the grounds that they were conceded even before all the Gypsies in a zone had a spot to remain (Acton 1997). The heavenly arrangement went on for a brief timeframe. In 1977, Sir John Cripps audited the execution and revealed that this Act was not appropriately actualized. A significant number of the wanderers despite everything had no lawful right of dwelling place and cultural weights are as yet obvious. Sir Cripps suggested that the focal Government must give subsidizing. (Local Spatial Strategy Draft 2000) This was likewise not the cure on the grounds that numerous Local Authorities despite everything neglect to consent to their legal ob ligation (O'nions 1995). The Councils overlooked the new arranging roundabout that called them to help Travelers to distinguish land they could get themselves and be created as destinations. This depended on the lack of destinations accordingly constraining the rovers to live on unapproved places to stay (Thomas 2006). The rovers or voyagers moved to unapproved

Civil Disobedience Essay example -- Papers Thoreau Laws Morals Essays

Common Disobedience Works Cited Not Included I accept that common rebellion is legitimized as a strategy for attempting to change the law. I feel that common insubordination is an outflow of one's perspectives. In the event that somebody is happy to violate a law for what they have confidence in, more capacity to them! Common insubordination is characterized as, the refusal to comply with the requests or orders of a legislature or possessing power, without falling back on brutality or dynamic proportions of resistance (Webster's Dictionary). This refusal for the most part appears as aloof obstruction. Its standard object is to drive concessions from the administration or possessing power. Common defiance has been a significant strategy and theory of patriot developments in Africa and India, in the social equality development of U.S. blacks, and of work and hostile to war developments in numerous nations. Individuals rehearsing common defiance violate a law since they think of it as unfair and plan to point out it. In his exposi tion, Common Disobedience, American creator Henry David Thoreau put forward the essential principles of common noncompliance just because. The autonomy of India in the 1930's was to a great extent a consequence of the peaceful opposition by Mohandas Gandhi to the British pilgrim laws. In the United States, the nonmilitant endeavors of Martin Luther King, Jr., realized social equality enactment. There are various models that represent how thoughtful defiance is defended. In late 1955 Rosa Parks, a main individual from the neighborhood office of the National Association for the Advancement of Colored People (NAACP) was imprisoned for declining to surrender her seat to a white traveler. I don't accuse Parks at all for what she did. The African American individuals needed to stand firm on some issue... ...since it isn't all in all correct to boycott a bit of writing regardless of how deceptive it is. These laws limit human opportunity and frustrate suddenness. I think there are consistently times while ignoring a law is ethically legitimized. They are now and again out of line and severe; sound judgment, social custom, and religion as of now give enough direction; and ethical quality can never be enacted (Kessler 154). Thoreau contended that any given law isn't as high or not above what you put stock in or what your cognizant lets you know is correct. We as a whole have an ethical obligation to comply with our still, small voices (Kessler 154). I trust it is extremely clear how I remain regarding the matter of common rebellion. Subsequent to inquiring about this subject and figuring my own sentiments I have taken in a lot about my ethics and myself. It just stuns me when I think about the achievements of individuals like King, Gandhi, and Thoreau.

Climate Change Impact on Water Resources-Free-Samples for Students

Question: Examine about the Climate Change Impact on Water Resources. Answer: Presentation The environmental change alludes to the adjustment in the measurable circulation of the different climate designs that goes on for an all-inclusive period. The environmental change is additionally the adjustment in the normal states of the climate or the time distinction of the climate that happens in a long haul. The reasons for the environmental change are the biotic procedures and the human exercises that are being performed. These components are called as the atmosphere constraining which are the procedures as the radiation from the sun, the varieties in the circle of the earth, the adjustments in the convergence of the green house gases and the mainland floating (Hagemann et al. 2013). The human exercises that influence the adjustment in atmosphere are the called as the anthropogenic components. These progressions are to a great extent irreversible (Change 2014). There is an expansion in the carbon dioxide levels because of the discharges from the burning of the non-renewable en ergy sources. Different components answerable for the progressions are the consumption of ozone, deforestation, and land use, etc. These progressions lead to the extraordinary warming of the earth (Klve et al. 2014). The people are viewed as the significant reason for Global Warming. The water assets are the wellsprings of water that are valuable in nature. Water contamination is one of the primary concerns. The poisons undermine the flexibly of water. Figure1 Source: (Field 2012). Conversation The conversation expounds on the procedure of environmental change and the components influencing the adjustments in the atmosphere have been talked about in this report. The report additionally examines the different issues encompassing this subject. There are a couple of difficulties that are looked due o the environmental change and its effect. The approaches to beat the difficulties that emerge from this environmental change has been talked about in this report. The survey paper shows a top to bottom comprehension of the environmental change and its effect on the water assets. The report finishes up with the information and the future research bearing. Water cycle reaction system of the environmental change The water cycle is the hypothetical premise of the investigation of effects of the environmental change o the water assets. The hydrological cycle is limited by the atmosphere. The environmental change causes an adjustment in the water cycle because of the atmosphere conditions. The environmental change straightforwardly or in a roundabout way influences the procedure of the course of water by temperature, mugginess, daylight, wind and precipitation (Field 2012). The arrangement of regular water cycle is influenced by the sun radiation and earths gravity. The water on the earth ingests the sun based warmth vitality and spreads wherever in the proper conditions and the earth. The environmental change has straightforwardly prompted the precipitation and the overflow procedure that identifies with the water cycle. The ceaseless change in the human culture and the exercises performed by the people impacts the development procedure of the water cycle. This water cycle framework is called as the common counterfeit paired water cycle framework. This impact of the exercises of the people on the hydrologic cycle has two sorts of circumstances for the most part; the immediate intercession of the people that cause the change changes in the hydrologic cycle and the other is caused because of the part change due to the human exercises (Velzquez et al. 2013). The Impact of Climate Change on Water Resources The connection between water vitality and the atmosphere is a significant one. The environmental change is the marvel that prompts the ascent in the temperature of the earth. This ascent in the temperature makes the chilly ice soften at an unmatched rate. The icy masses are a significant hotspot for the freshwater around the world. Once these have allotted these ice sheets can't be reestablished. The expansion in the temperature likewise causes in the expansion in the pace of the dissipation that may bring about dry spells. This warming of nature will cause the expansion in precipitation and lessen the measure of snowfall (Schewe et al. 2014). This thus may cause visit water deficiencies. The environmental change influences the water assets with the effect on sum, variability, structure, time and the power of precipitation. The ascent in the temperature of the surface expands the extent of the precipitation during the winters. The environmental change influences the water quality in both the inland and the beach front zones (Taylor et al. 2013). The high force precipitation will cause an expansion in the overflow and disintegration. There will be consequently the impeding of the nature of the water because of the transportation of dregs and concoction overflow in enormous sums into the streams and the groundwater frameworks. Figure Source 2: (Kates, Travis and Wilbanks 2012). Environmental Change Impacts on Natural Water Systems The atmosphere affects the water assets. This involves the liquefying of the ice sheets and its effect on the stream patter, changeability of the precipitation and effect on the storm framework that influences the accessibility of the water and the ascent in the oceans level. The current and the future situations of the atmosphere expectations and fluctuation in the diverse hydro-topographical framework is additionally a test. The status of the icy masses and their impact affects the characteristic water framework. Effect on the Ground Water Resources The environmental change influences the groundwater energize rates that are the sustainable groundwater assets and the profundity of the table of groundwater (Trenberth et al. 2014). The expansion in the inconstancy of precipitation may diminish the revive of groundwater in the moist regions as the overwhelming precipitation may cause abundance penetration limit of the dirt. The exhaustion of the ground water might be a danger the inundated farming that may surpass the degree of salts in the dirt. The ascent in the ocean levels may likewise cause the expansion of the saline interruption in the waterfront and the inland springs (Dai 2013). The expansion in the normality and meticulousness of the floods may have an influence o the ground water quality in the alluvial springs. The warm air keeps the dampness and will in general increment the dissipation of the surface dampness. On the off chance that there is, no more dampness in the dirt to vanish the sun based radiation causes the asc ent in the temperature. That may cause serious dry seasons (Luo et al. 2015). The examination strategies for the effect of environmental change on water assets The exploration of the effect of the environmental change on the water assets frameworks is with the assistance of the bowl temperature, precipitation and the dissipation change that is brought about by the environmental change that predicts the expansion and lessening of the spillover and watershed flexibly impact. Because of the intricacy and the vulnerability environmental change, it is difficult to anticipate the future environmental change (Kates, Travis and Wilbanks 2012). The environmental change will cause worldwide precipitation and change in temperature of existence conveyance that will likewise cause an adjustment in the stream bowl spillover. The hydrological recreation innovation is utilized to comprehend the factors of hydrological data under the atmosphere situation bowl. The situation is the forecast and the desire that portray the location of a progression of occasions and the components that influence the future discharges (Gosling and Arnell 2016). The experience f actual model depends on the temperature, precipitation and overflow. The environmental change scene age innovation has changed from straightforward investigation and transplantation information to considering the advancement of the green house gas emanations. Difficulties to actualize the issues There is restricted data on the environmental change impacts. The issues of the environmental change are enigmatically accessible (Marlow et al. 2013). There is an insufficiency in the early notice frameworks technique. It is critical to share the meteorological data alongside the environmental change projection that imparts the solid data on the climate conditions and dangers. This is pertinent for the checking of the environmental change stressors as the floods, dry spells and empowering the planning of the notice measures for the individuals. The environmental change facilitates the weight on the water assets however the reaction to the environmental change dangers have not been reacted to. The adjustment quantifies that are actualized are receptive and because of the quick dangers. The new water is a rare asset (Haasnoot et al. 2012). The issues about the accessibility center around the water security to fulfill the necessities of the people that alludes to the entrance of the in dividuals to protected and moderate water. The water security can emerge because of the physical shortage that outcomes because of the climatic elements (Bakker 2012). This shortage and weakness influences enormous pieces of the world. The water security in the creating scene is defenseless against the effect of the environmental change because of the changing water supplies. The adjustment in the atmosphere builds the water the executives issues through the effect on the liquefying icy masses, ascend in the ocean levels, variable precipitation, floods and dry spells. The significant difficulties emerge during the administration of the characteristic assets (Teutschbein and Seibert 2012). At that point there is the difficulties looked by the water asset use and assignment on account of the expansion in the shortage of water alongside the dangers of the environmental change. Figure3 Source: (Rahm and Riha 2012). Approach, Governance and Regulatory Framework There must be compelling administration and responsive approaches that empower supportable water the board (Qaiser et al. 2013). The issues that are to be featured comprehend the strategy ramifications of the environmental change and distinguishing proof of new versatile measures to diminish the powerlessness. The accentuation on the atmosphere driven turn of events, vital advancement exercises and mainstreaming of the adjustment in the atmosphere into the institutional changes is important (Rahm and Riha 2012). The rec

The Formalistic Approach to Hays Rapunzel Essay -- Hay Rapunzel Essay

The Formalistic Approach to Hay's Rapunzel   Petition has been constantly an image of confidence, and even in current verse it is as yet utilized as a urgent cry to the One in Heaven. One of the extraordinary instances of this urgent cry would be Sara Henderson Hay's Rapunzel.After perusing her cutting edge variant, nature with Grimm's fantasy Rapunzel will uncover a totally new understanding. Sara Hay picks Rapunzel's supplication to be in the piece structure. Work, being a piece of a verse type, speaks to the most close to home and direct talking way. Here, the verse artist is talking from Rapunzel's perspective practically singing her sufferings, her sentiments and her past encounters. How about we recall the primary line of the poem: Gracious, God, let me overlook the things he said. The funeral poem begins in the petition structure. It encourages us to comprehend from the main line that the verse legend is in affliction and is frantic. Through the words let me overlook, we can hear the reverberation of the previous existence, past things, that may never return. The creator (courageous woman) is leaving us in anticipation, since she will never uncover to us the things he said and the guarantees he made. The rehashing equation let me uncovers to us Rapunzel's sentiments and is building up the tone of the sonnet. The main lines help us to hear our courageous woman's voice tone, and to comprehend her misery. Taking a gander at the main refrain, we can see numerous affiliations and associations between certain words and the strict theme of supplication. The words freezing and copying are the boundaries that help us to hear the reverberation of Damnation (Rhetoric 102K class conversation, January 23 2001). Similarly the word guarantees in the Bible is equivalent with the word agreement (or Testament). In the fifth li... ...ed by affection, presently has gotten the knowing one: I knew...I may have known. Taking a gander at the last line of the piece we comprehend its motivation. Here, we see the picture of numerous representative Rapunzels. The courageous woman is taking a gander at the past and at the future, and understands that her life is only one little piece, contrasted with the Eternal idea, or an idea of All. She understands that the natural life isn't unceasing and she is only an enduring voyager like numerous others. Hay’s Rapunzel starts as a genuine admirer, and sees her predicament as too vexing to even think about communicating even to her Creator. Along these lines, she decays into her own imaginings with moans so profound that lone her spirit can collective at this level. Supplication goes to melody, tune goes to dream, and in her heart, dream uncovers appalling reality. Her lone genuine expectation is found in first heart cry: Goodness, God...    

SIPA Application Checklist COLUMBIA UNIVERSITY - SIPA Admissions Blog

SIPA Application Checklist COLUMBIA UNIVERSITY - SIPA Admissions Blog The application deadline for our MIA/MPA two year program is Thursday, January 5th. Below is a check list of all the documents we will need to receive by the deadline so go through the list as you edit your essays (for the third time) or rewrite your CV and make sure nothing is forgotten. Application form â€" it’s online All documents, including transcripts and test scores can be uploaded to the application Web site for admission consideration. We will use unofficial copies of transcripts and test scores for admission consideration. Candidates offered admission will later be required to supply official transcripts and test scores prior to enrollment. Sending hard copy materials can delay the evaluation of your application so we recommend that you submit as many materials via the online application site as possible. Personal Statement Questions are subject to change each year. The following questions are for those applying for 2012 admission. First Topic (500 Word Maximum) What distinct impact do you hope to have on the world in the future? Please be as clear as possible about your future goals, the policy/public service issue(s) you are passionate about, and your personal motivation(s). Be sure to include details regarding the features of SIPA that you believe are integral to helping you in your pursuits and what skills you need to develop to achieve a lasting impact. Second Topic (300 Word Maximum) Please CHOOSE ONE of these options to write about â€" do not address both, pick one or the other. A competition is being conducted that will provide one million dollars as seed funding to start a new organization.   The competition requires a 300 word essay/statement.   Compose a 300 word essay/statement to submit in order to be considered for this seed funding. You have just read a news story that has deeply moved you.   Compose a 300 word response in the form of a letter to the editor.   The news story you are responding to can be real or fictional and does not need to be limited to the present time â€" it can be framed in the past, present, or future. Third Topic (200 Word Maximum) Please share any additional information about yourself that you believe would be of interest to the Admissions Committee. Please focus on information that is not already reflected in the other parts of your application or might not be clear in the information submitted Standard Résumé/CV Quantitative/Language Résumé/CV â€" click here for samples. Test Scores GRE or GMAT (GRE/GMAT scores are valid for five years.) GRE Code: 2161 (do not list a department code) GMAT for MIA: QF8-64-56 GMAT for MPA: QF8-64-99 TOEFL or IELTS exam for applicants whose native language is not English (TOEFL/IELTS scores are valid for two years.) TOEFL code is 2161 Three letters of recommendation: If a person writing a letter of recommendation for you wishes to do so in another language, please have the letter sent to an official translator. The translator should include both the translated copy and the official copy of the letter in a sealed envelope, along with their contact information â€" these letters must be sent to us.  Academic Transcripts: You are required to submit transcripts from all colleges, professional schools and universities attended (including Columbia University). Our preferred method is that you upload unofficial copies of your transcripts to the application Web site. When scanning transcripts to upload, be sure to scan the reverse side of the transcripts if applicable or any additional pages that include comments on the grading system used.  Transcripts not in English must be translated into English prior to uploading.    If you cannot read the transcripts, we will not be able to either. Thus after scanning your transcript you should print it to see if it is legible. Once you have determined that it is legible please upload the transcripts. Transcripts may also be mailed to our office; the registrar should seal the transcript in an envelope, sign across the seal and return it to you. Do not open these envelopes or break the seals. Some universities may prefer to send transcripts directly to our office. If this is the case, please have official transcripts sent to: Office of Admissions and Financial Aid 420 West 118th Street, 4th Floor Mail Code 3325 408 International Affairs Building New York, NY 10027 All documents, except foreign transcripts judged irreplaceable, become the property of Columbia and cannot be returned.   All documents must be in English or accompanied by certified translations. Application fee $85 One final note… The Admissions Committee only accepts documents that are specifically asked for in our instructions. As much as we would like to be able to read writing samples and other information you might wish to submit, our tight time line and desire to treat every applicant fairly means that we will only put required documents in your file for review all other documents will be discarded. Good luck!   And Happy Holidays!

SIPA Application Checklist COLUMBIA UNIVERSITY - SIPA Admissions Blog

SIPA Application Checklist COLUMBIA UNIVERSITY - SIPA Admissions Blog The application deadline for our MIA/MPA two year program is Thursday, January 5th. Below is a check list of all the documents we will need to receive by the deadline so go through the list as you edit your essays (for the third time) or rewrite your CV and make sure nothing is forgotten. Application form â€" it’s online All documents, including transcripts and test scores can be uploaded to the application Web site for admission consideration. We will use unofficial copies of transcripts and test scores for admission consideration. Candidates offered admission will later be required to supply official transcripts and test scores prior to enrollment. Sending hard copy materials can delay the evaluation of your application so we recommend that you submit as many materials via the online application site as possible. Personal Statement Questions are subject to change each year. The following questions are for those applying for 2012 admission. First Topic (500 Word Maximum) What distinct impact do you hope to have on the world in the future? Please be as clear as possible about your future goals, the policy/public service issue(s) you are passionate about, and your personal motivation(s). Be sure to include details regarding the features of SIPA that you believe are integral to helping you in your pursuits and what skills you need to develop to achieve a lasting impact. Second Topic (300 Word Maximum) Please CHOOSE ONE of these options to write about â€" do not address both, pick one or the other. A competition is being conducted that will provide one million dollars as seed funding to start a new organization.   The competition requires a 300 word essay/statement.   Compose a 300 word essay/statement to submit in order to be considered for this seed funding. You have just read a news story that has deeply moved you.   Compose a 300 word response in the form of a letter to the editor.   The news story you are responding to can be real or fictional and does not need to be limited to the present time â€" it can be framed in the past, present, or future. Third Topic (200 Word Maximum) Please share any additional information about yourself that you believe would be of interest to the Admissions Committee. Please focus on information that is not already reflected in the other parts of your application or might not be clear in the information submitted Standard Résumé/CV Quantitative/Language Résumé/CV â€" click here for samples. Test Scores GRE or GMAT (GRE/GMAT scores are valid for five years.) GRE Code: 2161 (do not list a department code) GMAT for MIA: QF8-64-56 GMAT for MPA: QF8-64-99 TOEFL or IELTS exam for applicants whose native language is not English (TOEFL/IELTS scores are valid for two years.) TOEFL code is 2161 Three letters of recommendation: If a person writing a letter of recommendation for you wishes to do so in another language, please have the letter sent to an official translator. The translator should include both the translated copy and the official copy of the letter in a sealed envelope, along with their contact information â€" these letters must be sent to us.  Academic Transcripts: You are required to submit transcripts from all colleges, professional schools and universities attended (including Columbia University). Our preferred method is that you upload unofficial copies of your transcripts to the application Web site. When scanning transcripts to upload, be sure to scan the reverse side of the transcripts if applicable or any additional pages that include comments on the grading system used.  Transcripts not in English must be translated into English prior to uploading.    If you cannot read the transcripts, we will not be able to either. Thus after scanning your transcript you should print it to see if it is legible. Once you have determined that it is legible please upload the transcripts. Transcripts may also be mailed to our office; the registrar should seal the transcript in an envelope, sign across the seal and return it to you. Do not open these envelopes or break the seals. Some universities may prefer to send transcripts directly to our office. If this is the case, please have official transcripts sent to: Office of Admissions and Financial Aid 420 West 118th Street, 4th Floor Mail Code 3325 408 International Affairs Building New York, NY 10027 All documents, except foreign transcripts judged irreplaceable, become the property of Columbia and cannot be returned.   All documents must be in English or accompanied by certified translations. Application fee $85 One final note… The Admissions Committee only accepts documents that are specifically asked for in our instructions. As much as we would like to be able to read writing samples and other information you might wish to submit, our tight time line and desire to treat every applicant fairly means that we will only put required documents in your file for review all other documents will be discarded. Good luck!   And Happy Holidays!

Analysis On Financial Statements Of Verizon Communications Finance Essay - Free Essay Example

ATT Inc. (NYSE: T) is a United States telecommunications corporation headquartered in Texas. Founded in 1983 as SBC Communications, it became ATT Inc. upon purchase of ATT Corporation in 2005. It is the leading U.S. provider of wire-line and wireless communications. ATT delivers 3G wireless services through ATT Mobility LLC, a wholly-owned subsidiary. Other major segments include broadband internet, digital television, directory publishing, and business communications. In 2006, ATT Inc. acquired BellSouth communications corporation, valued at $86 billion, absorbing its wire-line, wireless, and broadband interests. ATT has stated specific future goals in 4G wireless, speech recognition, telehealth, and digital convergence. Recently, ATT selected Alcatel-Lucent and Ericsson as equipment providers for its LTE (4G) wireless deployments. ATT has over 150 million customers and 280,000 employees. ATT reported a $124 billion operating revenue and $23 billion net income as of Dec. 31, 2008. Verizon Communications Inc. (NYSE: VZ) is a United States telecommunications corporation headquartered in New York. It was founded in 1983 as Bell Atlantic. Bell Atlantic acquired GTE Corp. in 2000 and changed its name to Verizon Communications Inc. It is the second largest U.S. provider of wire-line and wireless voice services. Verizon Wireless is a joint venture, with Vodafone Group holding 45 percent ownership. Through its FiOS product, Verizon provides fiber-optic delivery of internet, television, and digital voice. Other major operations include IP networks, applications, and professional services for business. In 2008, Verizon stated its goal to surpass ATT as the U.S. market leader in wireless voice and data communications in the United States. It is aggressively pushing fiber-optic deployments to combat industry-wide access-line losses. Verizon has over 91 million customers and 220,000 employees. Verizon reported a $97 billion operating revenue and $6.5 billion net income as of Dec. 31, 2008. Balance Sheet unusual items ATT: At Dec. 31, 2008, ATT reported a current ratio of 0.53, and a long-term assets / long-term liabilities ratio of 1.92. This mismatching indicates that too much short-term financing has been used to acquire long-term assets. ATT may have problems meeting its short-term obligations without additional refinancing. If additional financing cannot be obtained, a lack of asset liquidity poses a bankruptcy risk. At Dec. 31, 2008, ATT reported goodwill at $71.8 billion, accounting for about 27% of their total reported assets. This stems from ATTs aggressive acquisition strategy. The high amount poses a great asset impairment risk. Only losses, not gains, can be recorded for goodwill. If the acquired entities lose value, as judged by an annual impairment test, the loss of recorded assets and corresponding write-offs against stockholders equity can be substantial. Verizon: At Dec. 31, 2008, Verizon reported wireless licenses valued at $62.0 billion. These are indefinite-lived intangible asset which account for 30.6% of Verizons total assets. Wireless licenses are extremely important for a telecommunications company, but placing such large valuation on an intangible is a serious risk. Estimating fair value is very subjective, and any significant write-offs (as judged by a periodic impairment test) could threaten stockholders confidence. At Dec. 31, 2008, Verizon reported cash and cash equivalents of $9.8 billion. Having such a large amount of cash and cash equivalents (investments with a maturity of 90 days or less) is good for liquidity. However, a significant portion of this $9.8 billion could be converted to less-liquid, higher-interest investments that mature within a year, or even long-term investments. Having so much cash-on-hand is a problem because it is not being invested to return additional value to the business. Income Statement unusual items ATT: At Dec. 31, 2008, ATT reported basic earnings-per-share of $2.17. During the same period, their nearest market competitor, Verizon, reported $2.26 basic earnings-per-share. To the common stockholder, this is one of the most important factors to attract and maintain investment. Unless ATT can achieve higher earnings-per-share, investors will be more likely to invest in their competitors, posing a threat to ATTs future growth. At Dec. 31, 2008, ATT recorded a net other income (expense) of -$589 million (versus +$615 million in 2007). A closer look at Note 4 to the financial statements reveals that this is entirely attributable to Consolidation and Elimination expenses. Reorganization due to acquisition and restructuring has been a significant part of ATTs market-growth strategy, but they must take care not to incur excessive expenses for the sake of growth. That could lead to an overall loss of competitiveness and lack of stockholders confidence. Verizon: At Dec. 31, 2008, Verizon recorded a net income of $6.4 billion. Their nearest market competitor, ATT, posted a net income of $12.9 billion. In terms of absolute numbers, this gives Verizon less power in the market and also serves as an indication to investors that Verizon might not be managing its finances well enough. Income is essential to future value creation and expansion, so Verizon should strive to improve operational efficiency and attain an income thats more aligned with (or better than) its competitor. At Dec. 31, 2008, Verizon recorded a net profit margin (ratio of net income to revenues) of only .066, up from their 2007 profit margin of .059, but still lower than their 2006 profit margin of .070. In general, Verizons profit margin seems low compared to other U.S. telecommunications corporations (especially ATT), a sign of managements inability to generate strong returns. This weak financial performance should raise concerns for shareholders and financers, and it poses a surviva l risk to Verizon. Cash Flow Statement unusual items ATT: In 2008, ATT issued $9.5 billion in dividends to stockholders (which has been increasing gradually since 2004). Consistent dividends are good to attract sustained stockholders confidence and investment, but a dividend payout of $9.5 billion is unusually high. By paying out too many excess funds to stockholders, ATT may be missing out on more lucrative investment opportunities that would generate better returns. In 2008, ATT reported $5.6 billion in accounts payable and accrued liabilities. This amount, due to ATTs suppliers or banks, must be paid off within 12-months in order to avoid default. This significantly high amount is a constraint against ATTs working capital. If the company is not able to fully pay off the debt in time, its future operations could be hindered. Verizon: In 2008, Verizon reported net $15.9 billion in acquisitions of licenses, investments, and businesses. Such a substantial investment introduces a high level of business risk. If Verizons inv estments do not demonstrate profitability, not only will significant funds have gone to waste, but more doubt will be cast on the corporations future investing decisions by investors and financers. In 2008, Verizon accumulated net cash inflows from financing activities of $13.6 billion. In particular, $21.6 billion were proceeds from long-term borrowing, while there was a repayment of only $4.1 billion in long-term borrowing and capital lease obligations. It seems that Verizon is using this leverage to achieve their investing activities discussed previously. Such aggressive financing this fiscal year can put heavy constraints on Verizons ability to acquire additional financing in future years. Verizon is in a precarious position where, if they cannot repay the financing in a timely manner, they enter a high risk of declining into bankruptcy. Notes to Financial Statements unusual items ATT: At Dec. 31, 2008, ATT reported that $14.1 billion of its outstanding debt would mature within one year, compared to just $6.9 billion in the previous year (see Note 8). This current debt introduces a liquidity problem, since ATT must be able to generate enough cash in the next year to repay its financers. This is a significant business risk for ATT; if it is unable to cover its debts in time, its future financing options will be limited and its business operations could be in jeopardy. As of Jan. 1, 2007, ATT indicated a loss of $123 million in goodwill related to the settlement of IRS audit in its wireless segment (see Note 6). Excess goodwill is already a problem because a high risk of asset impairment is introduced, but devaluation due to an IRS audit raises serious concerns about managements judgment for proper accounting. Investors are cautious about missteps such as this, and a recurring incident could further unsettle their confidence in ATT. Verizon: On Jan . 9, 2009 (beyond the reporting date of the financial statements), Verizons wireless segment closed the acquisition of Alltel Corporation, paying $5.9 billion for its equity, but also acquiring $22.2 billion of its debt obligations (see Note 2). Acquiring such a massive debt puts Verizon at a significant financing risk. The notes reveal that Verizon has relied on credit to immediately cover the acquisition cost and debt prepayments, with $2.5 billion debt that remains outstanding. Verizon faces potential insolvency in other words, a high risk of adequate repayment and future refinancing. At Dec. 31, 2008, Verizon reported obligations for all defined benefit pension plans at $29.4 billion (see Note 15). The future collection of this large liability poses a financial risk to Verizon, should they not be suitably prepared to cover the costs. Along with Verizons already large debt obligations, this is a noteworthy threat to the companys viability. Balance Sheet differences At Dec. 31, 2008, ATT had a debt-to-equity ratio of 1.75 (total liabilities / total equity) and Verizon had a debt-to-equity ratio of 3.85. ATT and Verizon hold similar levels of total liabilities ($169 and $161 billion, respectively), but ATT has a great deal more stockholders equity ($96.3 versus $41.7 billion, respectively). ATTs much larger stockholder interest provides increased financial flexibility and an ability to service its debt, in comparison to Verizon which should be more cautious in its debt accumulation, at risk of being unable to generate enough cash to satisfy its debt obligations. ATTs lower debt-to-equity ratio may boost stockholders confidence since their investments are better protected in the event of business decline. On the other hand, ATTs lower debt-to-equity ratio may signify that it is not taking advantage of enough financial leverage to generate increased profits. At Dec. 31, 2008, ATT lists Customer Lists and Relationships as a long-term asset valu ed at net $10.6 billion. Verizon does not such an item listed on their balance sheet, but Note 4 to the financial statements reveals that customer lists and relationships are a net $820 million component of Other Intangible Assets. This item is a limited-life intangible asset, and is subject to amortization accumulation. The relatively similar size of each companys customer base suggests that these valuations shouldnt be so drastically different. Estimating fair value of customer lists and relationships is very subjective, based on how each company judges the ability to generate returns. ATTs high valuation compared to Verizon leads to higher annual write-offs of the asset. Stockholders confidence could be shaken by too high write-offs arising from higher valuations, so Verizons more conservative valuation may be safer in the long-term. Income Statement differences As of 2008, ATTs income statements divide operating revenues into five segments: wireless service, voice, data, directory, and other. Verizons income statement only specifies a catch-all operating revenues item, but Note 17 to the financial statements identifies two segments: domestic wireless and wireline. Both companies wireless segments are equivalent in scope. Verizons wireline segment is the equivalent of ATTs voice data segments combined. Notably, ATT has a more diversified business portfolio, including its directory services which include the publishing of print directories, directory advertising, internet-based advertising, and local search; and the other segment which includes information services, payphone, and corporate operations. The presentation of ATTs income statement emphasizes their diversity of operations in comparison to Verizon. This shows two different approaches to business diversification. For Verizon, if one of its two segments were to fail, the financial impact would be catastrophic. For ATT, the failure of a single segment would be less severe on the company as a whole. Verizon lists minority interest as a distinct item under operating income with a recorded expense of $6.16 billion. ATT does not list a distinct item, but Note 4 to its financial statements indicate that $256 million of minority interest expense is part of its other income (expense) item. Minority interest expense refers to the share of profit belonging to minority shareholders. In this case, Vodafone owns a 45% interest in Verizon Wireless and receives that share of the generated income. For Verizon, this is a very large amount of income that it could be collecting for itself, if it was to take full control of its wireless subsidiary. If Verizon recognized the full income of its wireless subsidiary, its overall net income would be more competitive with ATT. Also, by giving Vodafone such a large stake in its wireless subsidiary, there is the potential for a futur e takeover. Cash Flow Statement differences In 2008, Verizon recorded $13.6 billion in net cash provided by financing activities, while ATT recorded $4.7 billion in net cash used in financing activities. That is, Verizon acquired net debt in its financing activities, while ATT was able to pay back more financing that it acquired. Because of this, ATT shows more financial solvency than Verizon, as its ability to repay previous financing activities boosts shareholder confidence and enhances its record as a reliable borrowing partner for future financing. Verizons big borrowing introduces significant business risks and a potential for bankruptcy if their operations dont return considerable income. On the other hand, Verizons aggressive financing activities may prove beneficial if it uses the finances to successfully grow its market-share, which would be a threat to ATT. In 2008, Verizon recorded $1.4 billion of purchase of common stock for treasury, while ATT recorded $6.1 billion of the same. The goal of these treasury stoc k repurchases is to increase the value of the shares held by stockholders. Both ATT and Verizon have repurchased shares over the past 5 years, with ATT averaging $4.3 billion in repurchases per year versus Verizons $1.3 billion per year. ATTs consistently larger repurchasing may signify that it views its shares as undervalued, or that it wants to improve its reported earnings-per-share. As noted earlier, ATTs 2008 earnings-per-share were $0.09 lower than Verizons, so this might be a legitimate strategy to attract future stockholder investment. However, the consistent treasury stock repurchases may be a sign that ATT is struggling to obtain legitimate interest from investors, so they are instead just acquiring their own shares to inflate the stocks value.