Baring Bank Case Essay Example for Free

Baring Bank Case Essay The Fall of sanngs sank The story of Barings Bank shows how overconfidence, coupled with poor internal control, can even bring down an historic financial institution. Below we provide a few teaching points. Nick Leeson seemed to have all the characteristics of an overconfident trader. As described in the chapter, excessive trading, lack of diversification, and too much risk were obviously present. Self-attribution bias seemed to play a major role. One commentator notes that Leeson got overconfident after initial trades were successful and] when he started to lose money, got way too aggressive trying to make it up. When Leeson was asked about his actions, he explained that l was determined to win back the losses [ ] I was well down, but increasingly sure that my doubling up and doubling up would pay off , thereby overestimating his abilities by thinking he could outperform the market even after severe losses. A case study into the affair concluded that it was overconfidence that led Nick Leeson to bet his reputation. But, as Saul Hansell of The New York Times stated, It isnt Just rogue traders loose annons stretching internal rules on trading desks who have destroyed their investors wealth. Money managers who play by the rules can get caught up short, too, when they fall to overconfidence about their mastery of the markets. He further wrote that, It is no secret that traders, as a class, are a young, independent and cocky bunch. The sheer size of the money they are Juggling can lead toa master-of-the- universe attitude. The Fall of Barings sank Barings Bank was founded in 1762 as the John and Francis Baring Company by Sir Francis Baring. This bank was the oldest merchant bank in London, financed the Napoleonic Wars, and was the Queen of Englands own bank. In 1996, one man, Nick Leeson, managed to bring down Barings Bank, one of the oldest and most conservative financial institutions in the world, through his illicit trading activity. In 1989, Leeson Joined Barings Bank. After being transferred to Jakarta, Indonesia to sort through a back-office mess involving EIOO million of share certificates, Leeson solidified his reputation within Barings when he successfully rectified the situation in 0 months. Lesson also knew how to account for derivatives, even if he did not fully understand the complexities of their pricing. Therefore, in 1992, when Barings opened a new office in Singapore to trade on the expanding Singapore Mercantile Exchange (SIMEX), Leeson became an obvious candidate to manage it. Senior management at Barings Bank assumed that Leeson would turn the Singapore office into a highly profitable endeavor and therefore gave him extensive responsibility. As eliminated the necessary checks and balances usually found within trading rganizations. Soon he was Barings Banks star Singapore trader, bringing in substantial profits from trading on the Singapore exchange. By 1993, Leeson had made more than Elo million, about 10% of Baringss total profit for that year. In 1994, he delivered over half of the E52. 9 million in revenue for his division on his own, making many proclaim him as the miracle worker. In his autobiography Rogue Trader, Leeson said the culture at Barings was simple: We were all driven to make profits, profits, and more profits I was the rising star. Aided by his lack of upervision, the 28-year-old Nick Lesson promptly started unauthorized speculation in futures on the Nikkei 225 stock index and Japanese government bonds. SIMEX regulators were aware of Leesons cross-trading activities, and his breach of their exchange regulations, but did not act decisively to stop him. Leesons large trading volumes were quickly becoming important for the exchange, and being a lightly regulated market was central to SIMEXs stra tegy to woo trade from neighboring Osaka. Using futures contracts, Leeson speculated that the Nikkei would rise.

Self-Esteem Essay -- Self Image Self-Perception Theory Essays

As people’s outcomes in life depend heavily on how others perceive and evaluate them, they are motivated to convey certain impressions of themselves to others and to refrain from conveying other, undesired impressions. Thus, no matter what else they may be doing, people typically monitor and control their impressions, i.e. a process known as: self-presentation. A great deal of human behaviour is, in part, determined or constrained by people’s concerns with others’ impressions and evaluations of them. Because all human beings are different from one another, the thought process used which results in the self-presentation of a person will also differ from person to person. In this case the potential factor effecting the self-presentation of an individual is that of the self-esteem of the individual. Self–esteem being: â€Å" An affective component of the self, consisting of a persons’ positive and negative self-evaluations.† (Brehm, 1999). Although most people have high self-esteem, there are various ways in which self-esteem can be measured; for example when someone is referring to a persons condition at a specific moment in time it is referred to as a â€Å"state†. If the condition is something which is an average over a period of time it is known as a â€Å"trait†. Someone who has low self-esteem as a trait is considered to be worse off than a person who is in a state of low self-esteem. Low self esteem is though to have several side affects, both mental and physical which inevitably affect the self-presentation of a person. Low self esteem can lead onto other ailments of negativity such as: anxiety and depression. Once low self-esteem sets into a person it triggers off a self-defeating cycle in which negative expectations impair performance, which in turn reinforces low self-esteem. This cycle is known as: â€Å"The Vicious Cycle of Low Self-Esteem† (Brehm, 1999). On the contrary from people with low self-esteem, people with high self-esteem tend to have a much better quality of life and are happier within themselves, healthier, more productive and successful which all reflects on their self-presentation: â€Å"People high in self-esteem are confident and bring to new challenges a winning and motivating attitude. In contrast, people low in self-esteem lack confidence and bring to new tasks a losing attitude that traps them in a vicious, self def... ... role of a job candidate. In the third experiment, students instructed to be self-enhancing in an interview subsequently showed elevated self-esteem (unless their interview behaviour was prescribed by the experimenter and thus not self-referring). Students who were instructed to be self-deprecating subsequently showed lowered self-esteem if they had been given a clear choice as to whether to engage in the interview. It was concluded that self-perception theory can account for self-enhancing carry-over, whereas dissonance theory offers a more appropriate explanation for the carry-over or internalisation of self-deprecating actions. If the question were to be asked if self-esteem and self-presentation were related, then the answer to that question would undoubtedly be yes. It is interesting to explore the avenues down which the two go hand in hand, as there are many aspects of human behaviour which could be as a result of self-esteem. It is something that determines the quality of life for human-beings. One’s self-presentation is undoubtedly something that reflects, to the outside world, someone’s inner most feelings, be they happiness and contention or sadness and despair.

Emotional, Behavioral, and Physical Disabilities Essay

The education of students who have emotional and behavioral disorders, physical disabilities, health impairments, or traumatic brain injuries can be a difficult and challenging task if proper teaching strategies are not put in place. It is also important to for these students to gain self-advocacy skills and for teachers to teach the other students understanding, respect, and how to respond appropriately to the students with disabilities in their class. Another important aspect of the education of special needs students is an individual education plan (IEP). It is important to understand each individual disability before a teacher can properly determine the best teaching strategies. The education of students with emotional behavioral disorders is interfered because of an inability to build and maintain relationships with peers or teachers, an inability to learn, exhibiting inappropriate behavior and feelings, constant unhappiness or depression, and unreasonable fears about school (Clayton County Schools Special Education Department, 2012). Emotional behavior disorders in children are caused by environment, heredity, or both (Anjeh, D. , 2007). The education of students with physical disabilities is also more difficult. Physical disabilities are broad categories that include many conditions such as muscular dystrophy, missing limbs, spina-bifida, and cerebral palsy. There are many different causes of physical disabilities. Physical disabilities make it hard for children to more around and to control their voluntary motor movements (Anjeh, D. , 2007). Health impairments also cause issues related to a student’s education. Health impairments can limit a student’s alertness, vitality, and strength. Often health impairments cause a student to have extended absences, inability to attend a full academic schedule and/or inability to attend to tasks for the same length of time as peers (Clayton County Schools Special Education Department, 2012) A traumatic brain injury can also affect a student’s educational performance. A traumatic brain injury is an injury to the brain caused by an external physical force. These types of injuries can cause impairments of judgment, problem solving, sensory, motor ability, memory, cognition, thinking, physical functions, and speech (National Association of Special Education Teachers, 2006/2007). The most common cause of traumatic brain injuries are caused by motor vehicle or bicycle accidents. Other causes include being shaken, falling, sports related injuries, and gunshots. Traumatic brain injuries can cause physical, cognitive, and/or psychosocial-behavioral/emotional impairments (Anjeh, D. , 2007). Teachers can try many different strategies to help students with the above disabilities. These strategies are often beneficial for the regular student as well. Lash (2000) suggests that to help a student to concentrate better or pay attention a teacher can reduce distractions in the work area of a student, divide the student’s work into smaller sections, having students summarize the teacher’s instruction, and using verbal or non-verbal cues. Because short term memory is often affected by a traumatic brain injury a teacher can repeat or summarize the information needed frequently. The teacher can also encourage the student to use note cards, calendars, or planners. The use of mnemonics may also be helpful to the student. A teacher could provide students with traumatic brain injuries additional time, checklists, schedules, outlines, and other organizational materials. When teaching students with emotional and behavioral disorders the teacher must remain sensitive to these student’s issues. First the teacher must identify the behavior and its cause. Lewis, Heflin, & DiGangi (1991) found that the best approach is to pinpoint the specific behavioral problem and apply data-based instruction for remediation. Remediation should include encouraging new behavior in place of the bad behavior and using positive reinforcement (Algozine, Ruhl, & Ramsey, 1991). Extra training in social skills is also important. Teaching strategies for the physically impairment deal with the provision of certain accommodations and making learning as well as the learning environment accessible. Some strategies include giving the student extra time, reducing the amount of furniture in a classroom, and training staff on the health care needs of the student. The removal of physical barriers, elimination of social barriers, participation in extracurricular activities, inclusion in sports and leisure time activities are all strategies teachers can use with students with disabilities. Some students may require many visuals while other may require added audio. To improve a disabled students self-esteem and self-advocacy the student should be allowed to assume responsibility for their own learning which will improve their self-concept, feeling of belonging to the school, and success at school. A focus should be placed on teaching the student the skills necessary for taking responsibility and showing initiative in making decisions about their own instruction. It is also important for the teacher to help the disabled student’s peers to understand, accept, and include their peers with disabilities (CSWD, 2002). Inclusive classrooms can be helpful because they enable disabled and nondisabled students to discover the similarities they share and to accept each other’s unique traits that they have (Kliff & Kunc, 1994). As school communities become increasingly diverse, it is more important than ever that teachers, administrators, parents, and students work together to create a tolerant school climate where each student feels safe and valued. IEP meetings are an important part of a disabled student’s educational process. Present at the meeting were the student’s father, the special educational teacher, and a member of the staff that is responsible for any financial related issues that may come into play. The meeting began with a brief introduction and signing of an intake sheet. The special education teacher reviewed the child’s present academic levels and discussed reading comprehension and fluency improvements. A copy of all testing scores was provided to those present. The father discussed worries that his child is shy and the need for social skill training. Moving the child to an inclusive classroom was discussed but it was decided to wait for this transition for the beginning of the next school year due to the child’s need for routines. Lastly it was determined there would be a short meeting scheduled for the end of the school year to determine classroom placement for the following school year.

The Zetas vs. Sinaloa Cartel - 1419 Words

Unit 11 Project EN 1420 Composition II Dr. Cline Blas P. Valdez May 29, 2013 Unit 11: Project Final Draft The War between the two major drug cartels in Mexico, Los Zetas and the Sinaloa Drug Cartel, has exploded to new extremes and is now affecting multiple countries. There are multiple cartels in Mexico who control certain sections of the country, but all have aligned with one or the other of the two Goliaths. This war started over the drug routes stemming from southern Mexico to the United States of America. The Sinaloa Cartel has controlled these routes for many decades; however, with the up-rise of Los Zetas, the competition for the drug trafficking market has roared into a brutal war between the two. Now as the†¦show more content†¦It was attempted and the same trained Mexican military troops are now the rebel militant group known as Los Zetas, and are currently in war with both the Sinaloa Cartel and the Mexican government. United States of America has no reason to get involved in a war that does not concern this country. The bottom line is that the Mexican Dru g Cartel war doesn’t concern the U.S. because it is not this country’s problem. The United States of America is the main consumer of the drugs being trafficked by these to two Cartels, which makes it â€Å"OUR† problem, and yet no real action has been taken to stop these events. [Obama obsess about Iran, Syria, Afghanistan, and virtually every development in the Middle East, North Africa, and Central Asia, we have a significant security problem brewing much closer to home. Yet that issue did not merit even a single sentence in a presidential debate supposedly devoted to foreign policy.](Carpenter, T.G., 2012) On the contrary the U.S. ATF department is now under investigation for guns that were in its control being allowed to cross over into Mexico. The â€Å"Fast and Furious† Scandal, as it has been referred to, has caused multiple crimes on both sides of the border. The guns were used in crimes ranging from theft to Murder. [ATF operation to encourage t he volume sales of U.S.-based guns and then try to follow them back to the cartels wasShow MoreRelatedUnited States Department Of State1748 Words   |  7 PagesDespite the lack of official FTOs in Mexico, non-state violence is at an all-time high and the country is more dangerous than ever. This is because of the presence and prevalence of drug cartels throughout the country. These drug cartels employ violent tactics as part of their drug trafficking network. But these cartels are more than just criminal organizations. The scope of the violence, the fear they instill in the population, and the influence they have on policy shows that these organizations shouldRead MoreOrganized Crime Related Deaths / Murders898 Words   |  4 Pagesdeath, or capture of cartel leaders is not the solution and has led to two large cycles of violence. Most of the crime can be broken down into seven basic conflicts, as illustrated in a chart. 1. The Pacifico Cartel vs. Tijuana cartel which is is located in Baja, California. 2. The Pacifico Cartel vs. Juarez Cartel, which affects the areas of Chihuahua, Sinaloa, and Durango. 3. The Pacifico Cartel vs Beltran Leyva Organization located in Nayarit, Sinaloa, Sonora, and DurangoRead MoreEssay Obstacles That Weaken Democracy 1652 Words   |  7 Pagesthe late 1960s and continued to grow, affecting the country negatively (Lindau, 178). For example, drug cartels have terrorized cities, such as Cuidad Juarez known as â€Å"the bloodiest city† for its homicides and rivalry of the drug cartels such as the Sinaloa vs. Los Zetas, putting the citizens in danger (Mexican Drug Trafficking). To progress the drug wars have to be ended by defeating the cartels and ensuring the public’s safety. The drug war is a war against the democracy, being threat to the government

Commonly Confused Words Respectfully and Respectively

3.1 Identify the Characteristics of Different Types of...

TDA 2 3.1 Identify the characteristics of different types of child abuse Abuse means any of the following acts which seriously endanger the physical, mental, or emotional health and safety of the child: The infliction, attempted infliction, or as a result of inadequate supervision, the allowance of the infliction or attempted infliction of physical or mental injury upon the child by a parent or caretaker. The exploitation or overwork of a child by a parent or caretaker. The involvement of the child in any sexual act with a parent or caretaker, or the aiding or toleration by the parent or the caretaker of the child’s sexual involvement with any other person or of the child’s involvement in pornographic displays, or any other involvement†¦show more content†¦As a consequence the Internet has become a significant tool in the distribution of indecent/pseudo photographs and video clips of children and young people. It is used for online banking, buying and selling goods, finding information and for socialising with others. Images can even be downloaded through satellite navigation systems. When we think of the types of abuse it is easier to imagine how this may happen in the real world. There are now significant risks of sexual and emotional abuse for children in the â€Å"Digital world†. This new term, ‘e-safety’, is concerned with the safeguarding of children and young people in the digital world and ensuring that they feel safe when accessing new technology. [pic] [pic] Risks When using internet or new technology: Child sex abusers find the internet or mobile phones a convenient place to participate in a range of child sexualShow MoreRelatedTda 2.2 Safeguarding the Welfare of Children and Young People. -3.1 Identify the Characteristics of Different Types of Child Abuse.1634 Words   |  7 Pages-3.1 Identify the characteristics of different types of child abuse. There are four categories of abuse: - Physical, Neglect, Emotional and sexual. Physical Abuse Physical abuse is the intentional deliberate use of physical force or violence to hurt or injure a child. It may include slapping, punching, pulling hair, hitting, beating with objects, burning with cigarettes/cooker rings, scalding, shaking, biting, squeezing, cutting, throwing, poisoning, attempting to suffocate/drown or giving inappropriateRead MoreUnit 201 Essay954 Words   |  4 PagesUnit 4222-245 Understand the context of supporting individuals with learning disabilities (LD 201) OUTCOME 1 Understand the legislation and policies that support the human rights and inclusion of individuals with learning disabilities. 1.1. Identify four legislation and policies that are designed to promote the human rights, inclusion, equal life chances and citizenship of individuals with learning disabilities National Health Service and Community Care Act 1990; Disability DiscriminationRead MoreTDA 3.2 organisation in schools Essay3183 Words   |  13 Pagesensure that you refer to the unit additional guidance throughout the completion of these tasks. The following units must be completed for achievement of the qualification. Unit ref Unit no Unit title Unit type Level Credit 1 F/601/3327 TDA 3.1 Communication and professional relationships with children, young people and adults Knowledge skill 3 2 2 A/601/3326 TDA 3.2 Schools as organisations Knowledge 3 3 3 F/601/4073 TDA 3.3 SupportRead MoreTda 2.2 Safeguarding the Welfare of Children and Young People2112 Words   |  9 PagesO 1 1.1. Identify current legislation, guidelines, policies and procedures for safeguarding the welfare of children and young people. All children have the right to be kept safe and looked after. The United Nations Convention on the rights of a child (1989) is a treaty that sets out the rights and freedoms of all children in a set of 54 articles. Children’s Act 1989: Identifies the responsibilities of parents and professionals who must work to ensure the safety and welfare of the child/young personRead MoreTda 2.2 Safeguarding the Welfare of Children and Young People.2245 Words   |  9 PagesIntroduction Safeguarding the welfare of children and young people is a high priority in the workplace, and certain actions and procedures must be followed to ensure the safety of all children, both inside and outside of school. There are several different areas that must be addressed when considering safeguarding the welfare of children and young people, both within the school environment and the home environment. TDA 2.2 – 1.1. – Current Legislation, guidelines, policies and procedures TheRead MoreTda 2.21843 Words   |  8 PagesTDA 2.2 Task 1 1.1 * Identify the current legislation, guidelines, policies and procedures for safeguarding the welfare of children and young people, including e-safety. These are as follows Children’s act 1989/2004 Education act 2002 ECM/EYFS E safety 2008 Human rights act Equal opportunities act Safeguarding Health and safety Disability Discrimination act/ SENDA 1.2 * Describe the roles of different agencies involved in safeguarding the welfare of children and young people. Social services-Read Moreactions to take in response to evidence or concerns that a child or young person has been abused, harmed (including self-harm) or bullied, or may be at risk of harm, abuse or bullying.1852 Words   |  8 Pagesfor by Veronica Cozens, class tutor. The report asks to: 3.1 Define the term ‘safeguarding’ children and identify the characteristics of different types of abuse. 3.3 Describe the actions to take in response to evidence or concerns that a child or young person has been abused, harmed (including self-harm) or bullied, or may be at risk of harm, abuse or bullying. Procedure I have obtained the information from the following sources: Child Protection and Safeguarding Awareness Training For GovernorsRead MoreCashe Level 2 Essay example18123 Words   |  73 Pagesyoung people’s settings TDA 2.1: Child and young person development TDA 2.2: Safeguarding the welfare of children and young people TDA 2.7: Maintain and support relationships with children and young people 21 22 23 29 33 37 41 45  © CACHE 2011 Version 9.0 3 CACHE Level 2 Certificate for the Children and Young People’s Workforce (QCF) TDA 2.9: Support children and young peoples positive behaviour CCLD MU 2.2: Contribute to the support of child and young person development MU 2Read MoreSafeguarding In Schools Unit 62823 Words   |  12 Pagesincluding e-safety. The concept of safeguarding is to protect children. The need for the improved legislation is so high-profile cases such as the Victoria Climbie death doesn’t happen again and also to make sure that all agencies work together. 1.1- Identify the current legislation, guidelines, policies and procedures for safeguarding the welfare of children and young people including e-safety. There are many current legislation, guidelines, policies and procedures for safeguarding the welfare of childrenRead MoreSafeguarding Children and Young People Essay2886 Words   |  12 PagesConfidentiality I ensure i always follow these policies and proceedures. 1.2 Describe the roles of different agencies involved in the safeguarding the welfare of children and young people. The different agencies involved are Social Services Police Health Services NSPCC E Safety Council Social Services They are there to work with the families. They are there to decide wether a child is to be removed into the care system. They meet and conduct interviews with families and children and

Case Study Bribery and Corruption in the Public Sector

Question: Describe about an essay "Bribery and corruption in the public sector, is endemic and unavoidable in all societies"? Answer: Introduction The word corruption is a multifaceted and a complex phenomenon. Its origination is rooted in bureaucratic and political institutions. Bribe on the other hand is one of the major components of Corruption. Both corruption and bribery is detrimental to the society and country as whole. The evolution of corruption acts like a hindrance to development of any country. Corruption enables a government to interfere in fields in which they are not needed and as a result the ability to implement policies in areas like environmental regulation, safety regulation, macroeconomic stabilization or other important issues, in which they are relevant is undermined and this proves to be bad for the country. Since corruption covers a wide range of human nature and actions, it is necessary to define corruption and its tool, bribery to understand its effect on the economy as a whole. The word corruption actually means utterly broken first used by Aristotle. In laymans language it means double-dealing or fraudulence exercised by those in power (it can be an elected politician or civil servant or any one in power). We would like to stick to a more clear and distinct definition of Corruption- the abuse of public office for private gain. Corruption in the public sector occurs when a private agent abuses the public official by bribing. Even if bribing is absent, then nepotism or patronage comes in the form of corruption. Corruption that includes bribery, extortion and embezzlement has different forms. Like, Petty Corruption, Grand Corruption, Systematic Corruption, Systematic corruption. Bribery can be defined as the act of influencing the actions of an official in the private agents favor by offering gift or money of dishonest nature. The Blacks Law Dictionary describes bribery as the offering, giving, soliciting or receiving of any valuable item that alters the behavior of the recipient in favor of the one who bribes. Bribery can be in the form of tips, valuable gifts, perk, discount, lucrative contract, donation, unethical promotion etc. For eg. a local train passenger can bribe the ticket checker for travelling without a ticket or an individual can bribe a public official to speed up the work that was pending for months. (Steinberg, 2001) Now that the idea about corruption and bribery found a clear vision in the essay, we now move forward to evaluate its impact on the public sector. Emergence of corruption bribery: To understand the idea of Corruption within government, we need to know what happens in this government and how corruption has link to this. Now, government/public sector is a system whose objective is to improve the lives of the citizens by utilizing the public funds and provide services in the field of administration, defence, public roads, bridges, infrastructures, primary schools, healthcare system without a thought of profit maximization. Now this very definition gives rise to what is called corruption. When the government officials are left with public funds to improve the lives of the common people, it is when the idea of fund laundering creeps into their minds. This gives rise to corruption. For example, a fund allotted to a municipality for the reconstruction of a dilapidated road is tactfully channelized by a government official into their personal accounts and thus money laundering. Bribery being the major tool of corruption evolves within the government sector where the officials may seek bribes for government contracts, government benefits like access to pension or unemployment relief, lower taxes, issuance of exclusive licenses, ignoring illegal activities such as drug dealing or to favor legal proceedings. The different forms of corruption and bribery puts forward a question, can corruption be eradicated in all societies. Answer lies in the concept of corruption being endemic. This means that corruption in the public sector is systematic in nature. Corruption thus, is in the hands of the public agents residing within the system. The paper on Corruption Techniques in public procurement with examples from Hungary dealt with the different techniques of corruption that were used for public procurement. A standard public procurement is said to be good and coordinated if transparency, fair competition and accountability complement each other. A series of interview with the public procurement practitioner revealed information about the corruption techniques and as casted by the Hungarian media includes defining unnecessary needs, tailoring eligibility criteria, using complex contract, selective information provision, unfair scoring and many more, tarnished the image of the public procurement scenario in Hungary. This paper concluded that more than 1500 court cases of Hungary involved the public procurement corruption. (Fazekas, TTth King, n.d.) This paper gave us a view that corruption within the public sector is endemic in nature and such occurrence is prevalent in most countries. Causes Of Corruption Need For A Reform The causes of corruption within the system comes from the concept of dysfunctional government where the public sector employee is discouraged to work productively because of certain factors that include low and diminishing civil service remunerations, deprivation of promotion and lack of other aspects of expansion in work. (Google Books, 2015) The need for a regulatory framework depends on the understanding of the adverse effect of corruption and bribery. Tanzi (1998) sums up the effects as Reduces investment, as a result growth gets reduced. Increases public investment because public projects are easier to manipulate and channelize funds. Declines tax revenue due to corrupt tax and customs administration. Reduces FDI Reduces the real allocation to public projects which deprives the citizen from raising their standard of living, A regression analysis by Mauro (1998) shows that countries with improved corruption index from 6 to 8 (0 is the most corrupt and 10 being the least) will showcase a 4 percentage point rise in its investment rate and a half percentage point increase in its annual rate of per capita GDP growth. Thus a regulatory framework is necessary to stop corruption hindering the path of development. (Iadb.org, 2015). A Regulatory Framework Corruption in the public sector is pervasive in nature and fighting it is a long term process. However proper implementation of anti corruption programme is required can help to reduce corruption. There is a growing awareness among most of the countries to check corruption by sound governance which plays a pivotal role. 15 OECD (Organization of Economic Co-operation and Development) members invited to exchange their view on tackling corruption, came to the conclusion that law enforcement, investigation and control measures are some of the corruption preventing mechanism(Oecd.org, 2015). In the US, the Department of Justice has galvanized its anti corruption committee. The US government strongly enforces its anti corruption legislative framework including the Foreign Corrupt Practices Act (FCPA) which prohibits money laundering, abuse of office, extortion and bribery. The American Anti-Corruption Act depicts three outcomes: Elimination of Political Bribery Increase transparency and stop secret money Establishing citizen funded elections to enable each voter a voice. (Bryancave.com, 2015) The UK has put forward a more intense anti corruption act called the UK Bribery Act, 2010 which promises to strengthen the position of the UK on bribery and corruption and also looks into the aspect of global anti-bribery legislation. The Act includes: All bribery. No exception to facilitation payments. Corporate offense to fail to prevent bribery. Offense not only to offer but to accept bribe. With such promising role of the several anti corruption laws in the US and the UK, it will be possible to deal corruption globally and enhance growth and development in any economy.('The Bribery Act 2010', 2011). Conclusion: Corruption and bribery might seem to be endemic in and its effect cannot be overlooked. From the economics point of view, corruption may not affect the short run efficiency of it means only a transfer of economics rent from a private agent to a government employee. In the long run, in the presence of bribe the public official tend to change the pattern of their work which include speeding up work, accepting contracts put up for bid and also changes the method of awarding a contract. Politically viewing, the creation and allocation of rents by unfair means helps to catapult the political purposes by rewarding supporters, buying opponents, assembling funds for elections etc. This results in a barrier to capital accumulation and growth for the economy. (Martinez-Vazquez, Arze del Granado Boex, 2007) Countries are realizing their role to prevent corruption and bribery at an alarming rate. So the anti corruption programs must be implemented judiciously in all countries to help an economy grow. The pattern of corruption can be altered only by altering the structure of power accumulated in the hands of corrupted officials. This is possible by a better functioning of a sound government. (Johnston, 2010) Corruption in the public sector erupts within the system giving rise to several hindrances to the growth and development of the economy. Thus Corruption is unavoidable in all societies. And there is an urgent need to stop corruption and bribery, in order to make lives of the citizens easier. (Andersson Bergman, 2009) References: Andersson, S., Bergman, T. (2009). Controlling Corruption in the Public Sector. Scandinavian Political Studies, 32(1), 45-70. doi:10.1111/j.1467-9477.2008.00222.x Bryancave.com,. (2015). Bryan Cave | Services | Global Anti-Corruption/Foreign Corrupt Practices Act Team. Retrieved 4 February 2015, from https://www.bryancave.com/gact/ Fazekas, M., TTth, I., King, L. Corruption Manual for Beginners: 'Corruption Techniques' in Public Procurement with Examples from Hungary. SSRN Journal. doi:10.2139/ssrn.2333354 Google Books, (2015). Public Sector Corruption an International Survey of Prevention Measures. Retrieved 4 February 2015, from https://books.google.co.in/books?id=3Km3s7ikN84Cprintsec=frontcoverdq=corruption+in+the+public+sectorhl=ensa=Xei=FtrRVMHPAdbz8gWe_YDABQredir_esc=y#v=onepageq=corruption%20in%20the%20public%20sectorf=false Iadb.org, (2015). The Fight Against Corruption: A World Bank Perspective. Retrieved 4 February 2015, from https://www.iadb.org/regions/re2/consultative _group/groups/transparency_workshop6.htm Johnston, M. (2010). Public sector corruption. London: SAGE. Martinez-Vazquez, J., Arze del Granado, J., Boex, J. (2007). Fighting corruption in the public sector. Amsterdam: Elsevier. Oecd.org,. (2015). Fighting corruption in the public sector - OECD. Retrieved 4 February 2015, from https://www.oecd.org/corruption/ethics/ Steinberg, F. (2001). Helping Countries Combat Corruption Progress at the World Bank since 1997.Habitat International, 25(4), 617-618. doi:10.1016/s0197-3975(00)00039-4 The Bribery Act 2010. (2011). Structural Survey, 29(1). doi:10.1108/ss.2011.11029aab.005