Sunday, May 24, 2020

Internship Assessment Counselor of Domestic and Substance...

Internship Assessment Internship Assessment My internship as a counselor of domestic and substance abuse was challenging and practical. I came into contact with domestic violence defendants, substance abuse defendants, as well as DUI first second time offenders. These are people who have problems with impulse control, some emotional instability, and people who need to reevaluate how they make their choices. Having an internship in this environment and with these populations helped me realized what natural skills I have in the area of counseling and in which areas I need to improve as I continue my education and career. The experience I had in my internship solidified my interest in pursuing a career in counseling. This internship provided me with very practical insight and experiences into the work life of a counselor with these kinds of populations. I have a much clearer idea of what kind of demands would be upon me professionally and personally. My internship experience ultimately put me in a better position from which to decide in which direction my career path will go. I have a natural ability to connect with the people to whom I provide services. I am a strong and active listener. I have an innate and fairly accurate sense of character. These traits help me assess the clients during intake and during treatment. What I lack is a theoretical background and approach in my work. I need to become more literate in the theoretical branches of counseling, withShow MoreRelatedSocial Work Career And Job Search1193 Words   |  5 Pagessetting. The down side of all this growth is that a great deal of th ese social workers will be employed by government agencies and due to state and federal budgets, funding for these programs may become limited. Employees in the mental health and substance abuse fields can expect a growth of approximately 23% from 2012 to 2022, as well. Types of degrees required in the social work field. The social work field has a variety of positions available to meet the occupational desires of many different peopleRead MoreMy Purpose For Pursue A Doctorate Degree Essay1504 Words   |  7 PagesMy purpose for seeking to pursue a doctorate degree is to enhance my knowledge of theories, research methods and assessment as it relates to psychology. More specifically, I would like to fine tune my skill set of executing varying concepts and techniques derived from theoretical discourses applicable to my work as a Psychologist and in so doing, obtain credibility within the field and among colleagues. I also believe, like Abraham Maslow in his theory of Human motivation, in becoming a lifelongRead MoreStatement of Purpose23848 Words   |  96 Pagesimportant for graduate school. Identify specific areas of interest and note one or two research topics that interest you the most. Demonstrate your understanding of ―theoryâ€â€" an d your knowledge of disciplinary-specific methodologies. 3. Discuss work, internship, and research experiences relevant to your field or course of study: Identify and briefly describe these experiences, and, of course, note all relevant information, including, but not limited to, any of the following: your duties or responsibilitiesRead MoreMedicare Policy Analysis447966 Words   |  1792 Pages 3 Subtitle A—Increased funding to fight waste, fraud, and abuse Subtitle B—Enhanced penalties for fraud and abuse Subtitle C—Enhanced Program and Provider Protections Subtitle D—Access to Information Needed to Prevent Fraud, Waste, and Abuse TITLE VII—MEDICAID AND CHIP Subtitle A—Medicaid and Health Reform Subtitle B—Prevention Subtitle C—Access Subtitle D—Coverage Subtitle E—Financing Subtitle F—Waste, Fraud, and Abuse Subtitle G—Puerto Rico and the Territories Subtitle H—Miscellaneous Read MoreFundamentals of Hrm263904 Words   |  1056 Pages With WileyPLUS: Students achieve concept mastery in a rich, structured environment that’s available 24/7 Instructors personalize and manage their course more effectively with assessment, assignments, grade tracking, and more manage time better study smarter save money From multiple study paths, to self-assessment, to a wealth of interactive visual and audio resources, WileyPLUS gives you everything you need to personalize the teaching and learning experience.  » F i n d o u t h ow t o MRead MoreHuman Resources Management150900 Words   |  604 Pagesemployers will be unable to find enough qualified workers for the growing number of â€Å"knowledge jobs.† A number of employers are addressing the deficiencies that many employees have in basic literacy and mathematical skills by administering basic skills assessments to employees. Then they conduct basic mathematics and English skills training classes at workplace sites for employees with deficiencies. Some employers also sponsor programs for employees and their family members to aid them in obtaining generalRead MoreOverview of Hrm93778 Words   |  376 Pagesthe first issues will be to attract good people for your organization. b. To Develop People Development is related to provide the opportunities for training and development to match the skills to job in particular areas. It requires careful need assessment for training and selecting effective training methods and tools. Afte r attracting/selecting, Continuous development of workforce of the organization leads towards development of the organization. So that they will start playing their important roleRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 PagesConflicts 21 †¢ Creating a Positive Work Environment 22 †¢ Improving Ethical Behavior 22 Coming Attractions: Developing an OB Model 23 An Overview 23 †¢ Inputs 24 †¢ Processes 25 †¢ Outcomes 25 Summary and Implications for Managers 30 S A L Self-Assessment Library How Much Do I Know About Organizational Behavior? 4 Myth or Science? â€Å"Most Acts of Workplace Bullying Are Men Attacking Women† 12 An Ethical Choice Can You Learn from Failure? 24 glOBalization! Does National Culture Affect OrganizationalRead More65 Successful Harvard Business School Application Essays 2nd Edition 147256 Words   |  190 Pagesactions. Similarly, she could have gone into more detail regard.. ing her motivations for such drastic action. Starting a not-for..profit is not necessarily the most obvious answer to the problems she discov... ered. The author not only has the substance that makes her memorable, she also tells the story in a manner that resonates. The imagery and voice of the young boy from Harlem who asked, that his dollar be spent in Africa is indelibly etched on the readers memory long after completing the essay

Wednesday, May 13, 2020

American Government And Political Science Essay - 1258 Words

Throughout my academic career, I have had the opportunity to take a number of American government classes that ranged from studying original concepts, during the foundation of our country, to analyzing more recent events and policies that have taken place during my life. When I started Political Science 101, I was under the impression that I would be doing more review of American government. As the semester continued, I gained a variety of new ideas and perspectives that were unlike anything I had learned in previous courses. There is no question that debates and discussions have been an integral portion of American government courses. One aspect that varied in Political Science 101 was the introduction of topics, that were important in current discussions and debates about government and politics, which were necessary to building a well-rounded understanding of the subject. Lessons and discussions regarding political socialization (Week 6), the debate over the U.S. being an Oligarch y(Week 2), and the media as the fourth estate (Week 6) were topics that had never been introduced to me (even though were essential to understanding issues regarding government and politics). Unlike other courses that study more social and popular topics in government, this course familiarizes students with subjects that examine the atmosphere of the government and causes the student to comprehend other matters that contribute to its current state. Another aspect of the class that caught myShow MoreRelatedPolitics And Progress : The Emergence Of American Political Science1013 Words   |  5 Pagesand Progress: The Emergence of American Political Science by Dennis Mahoney is an account of the origins of contemporary political science in the Progressive Movement. In the book, Mahoney, attempts to show how American political science came to be due to the influence of three different factors. The first factor is German Historicism and its allgemeine Staatslehre, or general State theory . The second factor is philosophical pragmatism and the final factor is political Progressivism. Mahoney also writesRead MoreThe Study of Political Science Essay653 Words   |  3 PagesPolitical science includes a wide range of topics that attempts to describe and explain the political process, politics, and the relationship among governments. As American citizens we should all be informed and be educated about all these above topics. We as citizens cannot be unconscious of our government as the government can make or break our lives. The general areas of study in political science include American government and politics, political theory, public administration, public law, comparativeRead MoreA Career as a Political Scientist Essay1635 Words   |  7 Pagescareer that I decided to do my research on is a Political Scientist. I chose this career because it’s something I would want to do for the rest of my life. Politics has a great role in American society. As a politica l scientist you make the people’s voices heard and help up hold the foundations of democracy; whether that is as an elected official, or as an analyst helping senators make key decisions on a bill about to pass in their state, Political scientists make a difference. History The beginningRead MoreThe Age of Reason and Revolution Essay810 Words   |  4 Pagesrevival to mankind, others rejected these new improvements and felt as if they were defying god. These years were full of discoveries, conflicts, and new visions of the world. The age of reason brought on many changes to religious, political, scientific, and literary aspects of the eighteenth century. The Age of Reason and Revolution was a time of change. This age, and the changes in it, was mainly brought upon by the Renaissance, along with some other technologicalRead MoreThe San Jose March For Science. For My Civic Engagement1618 Words   |  7 PagesThe San Jose March for Science For my civic engagement assignment, I attended the San Jose March for Science from San Jose city hall to the Plaza de Caesar Chavez. The March was in organized primarily in response to the Trump administration’s unfavorable views on science, especially towards environmental science, and was held in conjunction with hundreds of other marches attended by hundreds of thousands of people across the world. I’ve never been the most civically-minded person so I was not quiteRead MoreThe Five Paradigms Of Public Administration1196 Words   |  5 Pagesparadigms of Public Administration will be discussed here to indicate that Public Administration is new unique synthesizing field. This is because many conceived that Public Administration as a discipline is an amalgam of organization theory, management science and the concept of public interest. It is now, time to time establish itself as an institutionally autonomous enterprise in colleges and universities in order to retain i ts social relevance and worth. Paradigm:1, The politics/Administration: The concentrationRead MorePolitical And Political Theories Of Political Science858 Words   |  4 Pagesprior experience in politics before achieving the seat they now hold. Many of these politicians have backgrounds in Political Science that gave them the knowledge to pursue politics. Political Scientists study the origin, development, and operation of political systems. They research ideas that will help them analyze government policies, trends and other political issues. Political Science is a highly competitive field that requires many skills to achieve a job within the industry. However, once theRead MoreIntroduction To Political Science. Unit 2 Assignment. Write888 Words   |  4 PagesIntroduction to Political Science Unit 2 Assignment Write a one page document covering the following: Define political culture. â€Å"American political culture puts a special emphasis on hard work, and is rife with stories of successful businessmen and leaders. (USHistory.org, 2016)† Political culture is the attitudes, convictions, and conclusions which give order and intending to a political process and which give the hidden presumptions and guidelines that represent conduct in the political frameworkRead More My New Political Ideology Essay1142 Words   |  5 Pages  Ã‚  Ã‚  Ã‚  Ã‚  A population’s views on political issues may change as different circumstances occur each day. The environment around us has a powerful influence on the decisions that we produce and the views that we as American citizens choose to hold. After a semester in political science class my views and my political ideology have altered. Today I will explain how political science class has influenced my political ideology.   Ã‚  Ã‚  Ã‚  Ã‚  When this class initially began I was sure, without a doubt I was a conservativeRead MoreMy Political Ideology1142 Words   |  5 PagesMy New Political Ideology A populations views on political issues may change as different circumstances occur each day. The environment around us has a powerful influence on the decisions that we produce and the views that we as American citizens choose to hold. After a semester in political science class my views and my political ideology have altered. Today I will explain how political science class has influenced my political ideology. When this class initially began I was sure, without

Wednesday, May 6, 2020

Safeguarding Childhood and Young People Free Essays

Portfolio Evidence 10 Safeguarding Describe how legislation, policies and procedures regarding safeguarding impact on own role in the workplace As a youth worker I have the obligation in my role to know policies and procedures that are in place for safeguarding. Taking into consideration the five outcomes identified by Every Child Matters 1. Protection from harm and neglect (to stay safe) 2. We will write a custom essay sample on Safeguarding: Childhood and Young People or any similar topic only for you Order Now Physical and mental health and emotional well-being (to be healthy) 3. Education training and recreation (to enjoy and achieve) 4. Social and economic well being (to achieve economic well being) 5. The contribution made by them to society (to make a positive contribution) It is vital that every person who works with children and young people should be able to recognise and know how to respond should they be concerned or be aware that a child is, or may be, at risk of significant harm. The policy highlights key issues and recommends actions when dealing with an allegation. These key issues include recruitment policies for those working with children and young people, their induction and training, how to respond to disclosures, how to make a referral, suspicions or allegations of abuse. These policies and procedures are there to protect me and colleague’s as well young people. Describe the issues which may arise in implementing safeguarding procedures * I could have a too good relationship or not have a good relationship with the young person. * I might not have enough knowledge about the situation * People being reported are close to me. How to cite Safeguarding: Childhood and Young People, Essay examples Safeguarding Childhood and Young People Free Essays Portfolio Evidence 10 Safeguarding Describe how legislation, policies and procedures regarding safeguarding impact on own role in the workplace As a youth worker I have the obligation in my role to know policies and procedures that are in place for safeguarding. Taking into consideration the five outcomes identified by Every Child Matters 1. Protection from harm and neglect (to stay safe) 2. We will write a custom essay sample on Safeguarding: Childhood and Young People or any similar topic only for you Order Now Physical and mental health and emotional well-being (to be healthy) 3. Education training and recreation (to enjoy and achieve) 4. Social and economic well being (to achieve economic well being) 5. The contribution made by them to society (to make a positive contribution) It is vital that every person who works with children and young people should be able to recognise and know how to respond should they be concerned or be aware that a child is, or may be, at risk of significant harm. The policy highlights key issues and recommends actions when dealing with an allegation. These key issues include recruitment policies for those working with children and young people, their induction and training, how to respond to disclosures, how to make a referral, suspicions or allegations of abuse. These policies and procedures are there to protect me and colleague’s as well young people. Describe the issues which may arise in implementing safeguarding procedures * I could have a too good relationship or not have a good relationship with the young person. * I might not have enough knowledge about the situation * People being reported are close to me. How to cite Safeguarding: Childhood and Young People, Papers

Monday, May 4, 2020

Case of Harshad Mehta free essay sample

Harshad Mehta aka Deep Chhaya was an Indian stockbroker and is alleged to have engineered the rise in the BSE stock exchange in the year 1992. Exploiting several loopholes in the banking system, Mehta and his associates siphoned off funds from inter-bank transactions and bought shares heavily at a premium across many segments, triggering a rise in the Sensex. When the scheme was exposed, the banks started demanding the money back, causing the collapse. He was later charged with 72 criminal offenses and more than 600 civil action suits were filed against him. He died in 2002 with many litigations still pending against him. Contents [hide] 1 Early life 2 Stock Market Scandal 3 External links 4 References Early life Harshad Shantilal Mehta was born in a Gujarati Jain family of modest means. His early childhood was spent in Mumbai where his father was a small-time businessman. Later, the family moved to Raipur in Madhya Pradesh after doctors advised his father to move to a drier place on account of his indifferent health. But Raipur could not hold back Mehta for long and he was back in the city after completing his schooling. Stock Market Scandal Mehta gradually rose to become a stock broker on the Bombay Stock Exchange and ived almost like a movie star in a 15,000 square feet apartment, which had a swimming pool as well as a golf patch. He also had a taste for flashy cars, which ultimately led to his downfall. The year was 1990. Years had gone by and the driving ambitions of a young man in the faceless crowd had been realised. Harshad Mehta was making waves in the stock market. He had been buying shares heavily since the beginning of 1990. The shares which attracted attention were those of Associated Cement Company (ACC). The price of ACC was bid up to Rs 10,000. For those who asked, Mehta had the replacement cost theory as an explanation. The theory basically argues that old companies should be valued on the basis of the amount of money which would be required to create another such company. Through the second half of 1991, Mehta was the darling of the business media and earned the sobriquet of the Big Bull, who was said to have started the Bull Run. But, where was Mehta getting his endless supply of money from? Nobody had a clue. On April 23, 1992, Journalist Sucheta Dalal in a column in The Times of India, exposed the dubious ways of Harshad Metha. The broker was dipping illegally into the banking system to inance his buying. In 1992, when I broke the story about the Rs 600 crore that he had swiped from the State Bank of India, it was his visits to the banks headquarters in a flashy Toyota Lexus that was the tip-off. Those days, the Lexus had Just been launched in the international market and importing it cost a neat package, Dalal wrote in one of her columns later. The authors explain: The crucial mechanism essence a secured short-term (typically 1 5-day) loan from one bank to another. Crudely put, the bank lends against government securities Just as a pawnbroker lends against Jewellery. The borrowing bank actually sells the securities to the lending bank and buys them back at the end of the period of the loan, typically at a slightly higher price. It was this ready forward deal that Harshad Mehta and his cronies used with great success to channel money from the banking system. A typical ready forward deal involved two banks brought together by a broker in lieu of a commission. The broker handles neither the cash nor the securities, though that wasnt the case in the lead-up to the scam. In this settlement process, deliveries of securities and payments were made through the broker. That is, the seller handed over the securities to the broker, who passed them to the buyer, while the buyer gave the cheque to the broker, who then made the payment to the seller. In this settlement process, the buyer and the seller might not even know whom they had traded with, either being know only to the broker. This the brokers could manage primarily because by now they had become market makers and had started trading on their account. To keep up a semblance of legality, they pretended to be undertaking the transactions on behalf of a bank. Another instrument used in a big way was the bank receipt (BR). In a ready forward deal, securities were not moved back and forth in actu ality. Instead, the borrower, i. e. the seller of securities, gave the buyer of the securities a BR. As the authors write, a BR confirms the sale of securities. It acts as a receipt for the money received by the selling bank. Hence the name bank receipt. It promises to deliver the securities to the buyer. It also states that in the mean time, the seller holds the securities in trust of the buyer. Having figured this out, Mehtha needed banks, which could issue fake BRs, or BRs not backed by any government securities. Two small and little known banks the Bank of Karad (80K) and the Metorpolitan Co-operative Bank (MCB) came in handy for this purpose. These banks were willing to issue BRs as and when required, for a fee, the authors point out. Once these fake BRs were issued, they were passed on to other banks and the banks in turn gave money to Mehta, obviously assuming that they were lending against government securities when this was not really the case. This money was used to drive up the prices of stocks in the stock market. When time came to return the money, the shares were sold for a profit and the BR was retired. The money due to the bank was returned. The game went on as long as the stock prices kept going up, and no one had a clue about Mehtas modus operand. Once the scam was exposed though, a lot of banks were left holding BRs which did not have any value the banking system had been swindled of a whopping Rs 4,000 crore. Mehta made a brief comeback as a stock market guru, giving tips on his own website as well as a weekly newspaper column. This time around, he was in cahoots with owners of a few companies and recommended only those shares. This game, too, did not last long. l] Interestingly, by the time he died, Mehta had been convicted in only one of the many cases filed against him. Till now, it is still unknown what was the real story behind the entire scam. The recent Hindi movie Gafla showed this scam in a different perspective. [2] ANOTHER ONE. Harshad Mehta died of a massive heart attack in 2001 , while the legal issues were still being litigated. father was a small businessman. His mothers name was Rasilaben Mehta. His early childhood was spent in the industrial city of Bombay. Due to indifferent health of Harshads father in the humid environs of Bombay, the family shifted their residence n the mid-1960s to Raipur, then in Madhya Pradesh and currently the capital of Chattisgarh state. An Amul advertisement of 1999 during the conterversy over MUL saying it as The Big Bhool (Bhool in Hindi means Blunder) He studied at the Holy Cross High School, located at Byron Bazaar. After completing his secondary education Harshad left for Bombay. While doing odd Jobs he Joined Lala LaJpat Rai College for a Bachelors degree in Commerce. After completing his graduation, Harshad Mehta started his working life as an employee of the New India Assurance Company. During his period his family relocated to Bombay and his brother Ashwin Mehta started to pursue graduation course in law at Lala LaJpat Rai College. His youngest brother Hitesh is a practising surgeon at the B. Y. L. Nair Hospital in Bombay. After his graduation Ashwin Joined (ICICI) Industrial Credit and Investment Corporation of India. They had rented a small flat in Ghatkopar for living. In the late seventies every evening Harshad and Ashwin started to analyze tips generated from respective offices and from cyclostyled investment letters, which had made their appearance during that time. In the early eighties he quit his Job and sought a Job with stock broker P. Ambalal affiliated to Bombay Stock Exchange (BSE) before becoming a jobber on BSE for stock broker P. D. Shukla. In 1981 he became a sub-broker for stock brokers J. L. Shah and Nandalal Sheth. After a while he was unable to sustain his overbought positions and decided to pay his dues by selling his house with consent of his mother Rasilaben and brother Ashwin. The next day Harshad went to his brokers and offered the papers of the house as guarantee. The brokers Shah and Sheth were moved by his gesture and gave him sufficient time to overcome his osition. After he came out of this big struggle for survival he became stronger and his brother quit his Job to team with Harshad to start their venture GrowMore Research and Asset Management Company Limited. While a brokers card at BSE was being auctioned, the company made a bid for the same with financial assistance from Shah and Sheth, who were Harshads previous broker mentors. He rose and survived the bear runs, this earned him the nickname of the Big Bull of the trading floor, and his actions, actual or perceived, decided the course of the movement of the Sensex as well as scrip-specific activities. By the end of eighties the media started projecting him as Stock Market Success, Story of Rags to Riches and he too started to fuel his own publicity. He felt proud of this accomplishments and showed off his success to journalists through his mansion Madhuli, which included a billiards room, mini theatre and nine hole golf course. His brand new Toyota Lexus and a fleet of cars gave credibility to his show off. This in no time made him the nondescript broker to super star of financial world. During his heyday, in the early 1990s, Harshad Mehta commanded a large resource of funds and finances as well as personal wealth. The fall was all along considered as the architect of the bull run was blamed for the crash. It transpired that he had manipulated the Indian banking systems to siphon off the funds from the banking system, and used the liquidity to build large positions in a select group of stocks. When the scam broke out, he was called upon by the banks and the financial institutions to return the funds, which in turn set into motion a chain reaction, necessitating liquidating and exiting from the positions which he had built in various stocks. The panic reaction ensued, and the stock market reacted and crashed within days. He was arrested on June 5, 1992 for his role in the scam. His favorite stocks included ACC Apollo Tyres Reliance -rata Iron and steel co. (TISCO) BPL Sterlite Videocon. The extent The Harshad Mehta induced security scam, as the media sometimes termed it, adversely affected at least 10 major commercial banks of India, a number of foreign banks operating in India, and the National Housing Bank, a subsidiary of the Reserve Bank of India, which is the central bank of India. As an aftermath of the shockwaves which engulfed the Indian financial sector, a number of people holding key positions n the Indias financial sector were adversely affected, which included arrest and sacking of K. M. Margabandhu, then CMD of the UCO Bank; removal from office of V. Mahadevan, one of the Managing Directors of Indias largest bank, the State Bank of India. The end The Central Bureau of Investigation which is Indias premier investigative agency, was entrusted with the task of deciphering the modus operandi and the ramifications of the scam. Harshad Mehta was arrested and investigations continued for a decade. During his Judicial custody, while he was in Thane Prison, Mumbai, he complained of hest pain, and was moved to a hospital, where he died on 31st December 2001. His death remains a mystery. Some believe that he was murdered ruthlessly by an underworld nexus (spanning several South Asian countries including Pakistan). Rumour has it that they suspected that part of the huge wealth that Harshad Mehta commanded at the height of the 1992 scam was still in safe hiding and thought that the only way to extract their share of the loot was to pressurise Harshads family by threatening his very existence. In this context, it might be noteworthy that a certain riminal allegedly connected with this nexus had inexplicably surrendered Just days after Harshad was moved to Thane Jail and landed up in imprisonment in the same jail, in the cell next to Harshad Mehtas. Mumbai: Just as the year 2001 was coming to an end, Harshad Shantilal Mehta, boss of Growmore Research and Asset Management, died of a massive heart attack in a jail in Thane. And thus came to an end the life of a man who is probably the most The Great Indian Scam: Story of the missing Rs 4,000 crore, Samir K Barua and Jayanth R Varma explain how Harshad Mehta pulled off one of the most audacious cams in the history of the Indian stock market. Harshad Shantilal Mehta was born in a Gujarati Jain family of modest means. His early childhood was spent in Mumbai where his father was a small-time businessman. Later, the family moved to Raipur in Madhya Pradesh after doctors advised his father to move to a drier place on account of his indifferent health. But Raipur could not hold back Mehta for long and he was back in the city after completing his schooling, much against his fathers wishes. Mehta first started working as a dispatch clerk in the New India Assurance Company. Over the years, he got interested in the stock markets and along with brother Ashwin, who by then had left his Job with the Industrial Credit and Investment Corporation of India, started investing heavily in the stock market. As they learnt the ropes of the trade, they went from boom to bust a couple of times and survived. Mehta gradually rose to become a stock broker on the Bombay Stock Exchange, who did very well for himself. At his peak, he lived almost like a movie star in a 15,000 square feet house, which had a swimming pool as well as a golf patch. He also had a taste for flashy cars, which ultimately led to his downfall. Ђ Newsmakers of the week: View Slideshow The year was 1990. Years had gone by and the driving ambitions of a young man in the faceless crowd had been realised. Harshad Mehta was making waves in the stock market. He had been buying shares heavily since the beginning of 1990. The shares which attracted attention were those of Associated Cement Company (ACC), write the authors. The price of ACC was bid up to Rs 10,000. For those who asked, Mehta had the replacement cost theory as an explanation. The theory basically argues that old companies should be valued on the basis of the amount of money which would be equired to create another such company. Through the second half of 1991, Mehta was the darling of the business media and earned the sobriquet of the Big Bull, who was said to have started the bull run. But, where was Mehta getting his endless supply of money from? Nobody had a clue. On April 23, 1992, Journalist Sucheta Dalal in a column in The Times of India, exposed the dubious ways of Harshad Metha. The broker was dipping illegally into the banking system to finance his buying. In 1992, when I broke the story about the Rs 600 crore that he had swiped from the State Bank of India, it was his visits to the banks headquarters in a flashy Toyota Lexus that was the tip-off. Those days, the Lexus had Just been launched in the international market and importing it cost a neat package, Dalal wrote in one of her columns later. The authors explain: The crucial mechanism through which the scam was effected was the ready forward (RF) deal. The RF is in essence a secured short-term (typically 1 5-day) loan from one bank to another. Crudely put, the bank lends against government securities Just as a pawnbroker lends against Jewellery. The borrowing ank actually sells the securities to the lending bank and buys them back at the end of the period of the loan, typically at a slightly higher price. It was this ready forward deal that Harshad Mehta and his cronies used with great success to channel money from the banking system. A typical ready forward deal involved two banks brought together by a broker in lieu of a commission. The broker handles neither the cash nor the securities, though that wasnt the case in the lead-up to the scam. In this broker. That is, the seller handed over the securities to the broker, who passed them o the buyer, while the buyer gave the cheque to the broker, who then made the payment to the seller. In this settlement process, the buyer and the seller might not even know whom they had traded with, either being know only to the broker. This the brokers could manage primarily because by now they had become market makers and had started trading on their account. To keep up a semblance of legality, they pretended to be undertaking the transactions on behalf of a bank. Another instrument used in a big way was the bank receipt (BR). In a ready forward deal, securities were not moved back and forth in actuality. Instead, the borrower, i. e. the seller of securities, gave the buyer of t he securities a BR. As the authors write, a BR confirms the sale of securities. It acts as a receipt for the money received by the selling bank. Hence the name bank receipt. It promises to deliver the securities to the buyer. It also states that in the mean time, the seller holds the securities in trust of the buyer. Having fgured this out, Metha needed banks, which could issue fake BRs, or BRs not backed by any government securities. Two small and little known banks the Bank of Karad (80K) and the Metorpolitan Co-operative Bank (MCB) ame in handy for this purpose. These banks were willing to issue BRs as and when required, for a fee, the authors point out. Once these fake BRs were issued, they were passed on to other banks and the banks in turn gave money to Mehta, obviously assuming that they were lending against government securities when this was not really the case. This money was used to drive up the prices of stocks in the stock market. When time came to return the money, the shares were sold for a profit and the BR was retired. The money due to the bank was returned. The game went on as ong as the stock prices kept going up, and no one had a clue about Mehtas modus operand. Once the scam was exposed, though, a lot of banks were left holding BRs which did not have any value the banking system had been swindled of a whopping Rs 4,000 crore. Mehta made a brief comeback as a stock market guru, giving tips on his own website as well as a weekly newspaper column. This time around, he was in cahoots with owners of a few companies and recommended only those shares. This game, too, did not last long. Interestingly, however, by the time he died, Mehta had been convicted in only one of the many cases filed against him.