Free Essay

Ancilliary Relief

In: Other Topics

Submitted By lamzyrenzy
Words 1887
Pages 8
The case in Radmacher v Granatino [2010] UKSC 42 is concerned with whether and to what extent a court should take an ante-nuptial agreement into account in exercising its discretion under section 25 of the Matrimonial Causes Act 1973.

Section 25 matrimonial Causes Act 1973 states that the duty of the court when considering to exercise its powers and if so, and in what manner, to have regard to all the circumstances of the case with first consideration given to any child of the family who has not yet reached the age of 18 years. The court are also reluctant to have regard to numerous other matters including the financial needs, obligations, responsibilities which each of the parties to the marriage has or is likely to have in the foreseeable future.

in Radmacher, Ms Radmacher, a German national, and Mr Granatino, a French national, entered into an ante-nuptial agreement before a notary in Germany three months to the wedding. This what at the insistence of Ms Radmacher who stood to gain a significant amount of wealth from the lucrative family business and was threatened with disinheritance by her father should she proceed into the marriage without such an agreement. The main scope of the agreement was translated into English for Mr Granatino with the option for him to seek independent legal advice open to him. Mr Granatino declined to seek this independent advise and proceeded to sign the agreement.

The Radmacher-Granatino Union lasted a period of 8 years during which Ms Radmacher bore Mr Granatino 2 daughters. Mr Granatino also towards the end of their marriage, left his banking job to become a research student which significantly reduced his earning income.

After the marriage ended, Mr Granatino made an application to the high court for ancillary relief which went against what the former couple had agreed prior to their marriage. The main issue for the court thus, was whether the court should disregard the agreement and make an award which was inconsistent with what the parties had agreed.

The Court of Appeal in Edgar v Edgar [1980] 1 WLR 1410, 1417 said that " formal agreements, properly and fairly arrived at with competent legal advise should not be displaced unless there are good and substantial grounds for concluding that an injustice will be done by holding the parties to the terms of their agreement.

Baron J in her decision, considered that Mr Granatino's award "should be circumscribed to a degree to reflect the fact that at the outset, he agreed to sign the [ante-nuptial agreement]" (para 139). The judge's final decision however, did not attach much leverage to the agreement.

Mr Granatino was awarded a sum of £5.5 million pounds which would have afforded him an annual income of £100,000 for life and allow him to buy a home in London where his children could visit him. The judge took into account the existence of the ante-nuptial agreement but reduced the weight she attached to it because of the circumstances in which it was signed (with Mr Granatino receiving no independent legal advice, and the agreement itself being written in German-Ms Radmacher's native tongue.

Ms Radmacher successfully appealed to the Court of Appeal which held that in this case, the agreement should have been given decisive weight. the husband should only be granted provision for his role as the father of the two children and not for his own long term needs. The CA reduced Mr Granatino's initial award who subsequently appealed to the Supreme Court. The Supreme court, by a majority of 8 to 1 dismissed the appeal.

Prior to White v White, Lord Justice Griffiths in Thyseen-Bomemisza v Thyssen-Bomemisza (No 2) said "we should do a service to [the wife] if we were to state here and now that under English Law she has no prospect of receiving a significantly higher award because her husband might turn to have a fortune in the order of £1000m rather than £400m.

In other words, the separation of property established in 1882 (since the enactment of the married women's property acts 1882, England and Wales has operated system of separate property for spouses which means marriage itself has no effect at all upon property ownership. no joint property is created, although a couple may choose to won property jointly if they wish) was observed on divorce once needs had been met. In the vast majority of families the provision made for needs meant that property entitlements were largely overridden and that careful provision was made for those with the day to day care of children and the employment disadvantage which that entitled them to. But in these families where assets exceeded needs the separation of property, and the absence of a principle of redistribution beyond reasonable requirements, meant that a form of gender discrimination was entrenched in the law of ancillary relief because as a matter of fact it was largely men who held assets and ran business rather than women, who by and large were responsible e for home making and childcare.

It could be said that prior to white v white, a divorced wife was better off in England and Wales if she was poor but far better off in the rest of Europe if her husband was rich. Mrs white was unhappy with this financial settlement and appealed , ended the result at first instance highlighted the benefits to women of being business partners rather than wives: Lord Justice Thorpe in the court f appeal noted that she would have fared better financially had she joined in partnership with her husband instead of being his wife: She would not have been so exposed to such treatment had she not married her partner (white v White [1999] Fam 304, 312.)

The result in White v White could be seen to explain why the majority of the supreme court in radmacher recognised that "need" had been "generously interpreted" but also spoke of "real need" which sounds narrower, while referring in the same paragraph to the compensation of long term disadvantage generated by the devotion of one partner to the family and the home (radmacher at [81]). That sort of advantage has always ben regarded as part of the concept of need.

The third strand is "sharing" and this is the element that was absent before White v White. Lord Justice Nicholls repeated that, unless there was good reason to the contrary ( for example if there was property required to meet needs ), each of the parties were entitled to an equal share of the assets of the relationship. However the uncertainties remain and the house of the Lords' judgements in Miller v Miller, Mcfarlane v Mcfarlane, carefully repeat the warning given in White v White that the yardstick of equality is t be applied as an aid not a rule.

Stephen Cretney in comment of property imposed by judicial decision (2003) 119 Law Quarterly Review 349 said that White v White inaugurated system of community of property, whereby the couples pool of asset would be divided equally once needs have been addressed.

Lady Hale disagrees with Cretney saying that there is no community of property, either immediate or deferred [Miller v Miller, Mcfarlane v Mcfarlane [2006] 2 ac at [151] ]. Lord Phillips in Radmacher said that "although the economic effect of Miller/Mcfarlane may have much in common with the community of property, it is clear that the exercise under the 1973 act does not relate to a matrimonial property regime".

The Great Britain Law Commission stated that it is worth articulating the reasons why it might be said that we do nt have a community of property regime White v White has brought english law closer to the majority of European jurisdictions, where such sharing is the norm (while needs are dealt with under separate maintenance provisions).

Under current english law, a marital property agreement is not a sure way out of discretion. An agreement remains simply one of the circumstances the court will take into account in the exercise of its discretion as seen in Crossley vs Crossley (2007) EWCA civ 1941, the supreme court in Radmacher r Granatino has confirmed that, although an agreement still cannot be used to oust the jurisdiction of the court, the court will exercise its discretion in accordance with the agreement's terms if it was freely entered into, unless it would be unfair to do so.
The assessment of whether or not it was freely entered into may depend upon a wide range of factors; and unfairness in outcome of a very open textured concept.

The supreme courts decision in radmacher confirms that the law has moved on from the nineteenth century, cases; no longer are enter pre-or post nuptial agreements to be regarded as void for the reason that they might encourage separation (The Law commission.justice.gov.uk/docs/cp198_marital_property_Agreements_Ciommunication.pdf. PG 1-10).

Accordingly, although the supreme court's decision has emphasised the weight the courts will give to marital property agreements,the extent to which such agreements will give to marital property agreements, the extent which such agreements will determine the outcome of the ancillary relief process depends upon an agreement of fairness. legal advisers who draft them may build up considerable experience in assessing what's fair.

The decision in radmacher v Granatino is perhaps as far as the courts can go in providing a structure for the enforcement of marital property agreements within the framework of the current legislation, should the law change so that it is possible to exclude, by agreement in advance, the courts discretionary jurisdiction under the Matrimonial Causes Act 2004 ? Arguably that would give far greater weight to the autonomy of individuals and would facilitate financial planning as well as perhaps preventing litigation.
That might be a popular step in some questions but would it be the right one ?
There are many reasons for caution when we consider the implication of an agreement. We have to ask whether it is possible to be sure that the agreement was entered into freely, whether before or after the celebration of marriage or civil partnership. We also have to ask about the risk off the agreement made a long time before they are put into effect and at a time when it it is to be hoped- both parties believe that it will not be put into effect.

In conclusion, in examining marital property agreements, we have to be "concerned not only about enforceability and predictability". The law commission states that "when we ask whether marital property agreements should be able to oust the jurisdiction of the court, so as to give the advantages of autonomy and predictability, we give careful consideration to the downsides of allowing a party to a divorce or dissolution to force his or her partner to abide by an agreement about financial provision. Such a reform could have a positive impact on relationship breakdown by minimising litigation; it could also have a very negative impact upon individuals if it means that they are deprived of financial provisions to which they would have otherwise been entitled. And if the effect of an agreement is to leave one of the parties, or their children in need then, there is a considerable social cent.…...

Similar Documents

Free Essay

Whose Job Is Famine Relief

...Whose Job is Famine Relief? PHI 208 Ethics and Moral Reasoning December 12, 2012 Everyday on television one will view several commercials about giving to another country, to help the starving children. When Peter Singer wrote his article in 1971“Famine, Affluence and Morality” he was able to give a disastrous review of what readers may ordinarily think about different things such as charity and famine relief and if it is moral. Why is there so much famine around the world? Some put blame on lack of food and shelter with no medical care. Others believe that if there was a population control put in place that this perhaps would solve the issue of famine, with as long as these severely poor countries are still giving birth to children, famine becomes a vicious circle. Is it really the obligations of those who live in wealthier countries to support those in other countries? Should these countries make sure their own people are taken care of first? This is the argument that Mr. Singer presents in his paper. One has the moral obligation is to help others in need whether it be a cup of coffee or assisting in drilling a well for water and no matter if they are next door or across the world. With three different premises and a conclusion Singer argues for relief. The first of the three premises is understood when Singer said “that suffering and death from lack of food, shelter and medical care are bad” (Singer, 1972, pg. 231). The next of these three......

Words: 1052 - Pages: 5

Premium Essay

Post Earthquake Relief Actions

...Research Methodology Post-Earthquake Relief Action Submitted to, Prof Anuj Bawa By, Shridhar Nayak (CP0812) Romil Sagar (CP1212) Construction and Project Management CEPT University 6th Nov, 2012 Contents 1. Abstract 2. Background 3. Literature review 4. Aim 5. Hypothesis 6. Scope 7. Method of Data collection 8. Survey Questionnaire 9. Gujarat’s Vulnerability to Earthquake 10. Case Study: Bhuj Earthquake 11. Drawbacks of the Bhuj earthquake 12. Gujarat State Disaster Management Authority (GSDMA) 13. Data Analysis 14. Conclusion 15. Bibliography ABSTRACT India has been traditionally vulnerable to natural disasters on account of its unique geo-climatic conditions. Floods, droughts, cyclones, earthquakes and landslides have been recurrent phenomena. About 60% of the landmass is prone to earthquakes of various intensities; over 40 million hectares is prone to floods; about 8% of the total area is prone to cyclones and 68% of the area is susceptible to drought. In the decade 1990-2000, an average of about 4344 people lost their lives and about 30 million people were affected by disasters every year. This paper emphasis on management during and after an disaster and readiness of the state in response to future earthquakes. BACKGROUND Many Natural Disasters in India have caused havoc to the life and property of citizens and nature as a whole from time to time. These disasters include......

Words: 2857 - Pages: 12

Free Essay

Troubled Assets Relief Program

...Troubled Assets Relief Program: Right or Wrong Michael J. Kneece Midlands Technical College ECO-210-B01 Instructor: Kenneth Craib Troubled Assets Relief Program: Right or Wrong In 2008, when the “Great Recession” happened, Congress passed the Troubled Assets Relief Program (TARP). The Troubled Assets Relief Program allocated over $700 billion to aid in “emergency” loans to “critical financial and other US firms”, that were considered “too big to fail.” While the Troubled Assets Relief Program was created with great intentions, it failed miserably in the sense that it stole from taxpayers dollars. Some of the major recipients of TARP funds included JP Morgan Chase, Goldman Sachs, Bank of America, Citibank and in addition to some nonfinancial firms included General Motors and Chrysler. The Trouble Assets Relief Program affected beneficiaries such as corporate, individual, congressional and individual taxpayers. “The sadly predictable consequences resulting from the government’s desperate treatment of Wall Street and Main Street have only become worse. As the banks amass even more size and power, Main Street continues to get pummeled.” (Barofsky, 2012) As it is sad to report all the money that was spent in this bail out, when looking through the list of banks and beneficiaries, I am glad to report that the bank that I bank with; which is First Citizens Bank of Columbia, South Carolina did not have to file for bankruptcy. Committed money was over a total of $549.4......

Words: 1162 - Pages: 5

Premium Essay

Post-Earthquake Relief Action

...Research Methodology Post-Earthquake Relief Action Contents 1. Abstract 2. Background 3. Literature review 4. Aim 5. Hypothesis 6. Scope 7. Method of Data collection 8. Survey Questionnaire 9. Gujarat’s Vulnerability to Earthquake 10. Case Study: Bhuj Earthquake 11. Drawbacks of the Bhuj earthquake 12. Gujarat State Disaster Management Authority (GSDMA) 13. Data Analysis 14. Conclusion 15. Bibliography ABSTRACT India has been traditionally vulnerable to natural disasters on account of its unique geo-climatic conditions. Floods, droughts, cyclones, earthquakes and landslides have been recurrent phenomena. About 60% of the landmass is prone to earthquakes of various intensities; over 40 million hectares is prone to floods; about 8% of the total area is prone to cyclones and 68% of the area is susceptible to drought. In the decade 1990-2000, an average of about 4344 people lost their lives and about 30 million people were affected by disasters every year. This paper emphasis on management during and after an disaster and readiness of the state in response to future earthquakes. BACKGROUND Many Natural Disasters in India have caused havoc to the life and property of citizens and nature as a whole from time to time. These disasters include Cyclones, Floods, earthquakes, volcanic eruptions, Famines, Drought, and Landslides etc. Amongst all the ones mentioned floods and earthquakes are the most......

Words: 2836 - Pages: 12

Premium Essay

Welcomed Relief

...A Welcomed Relief: Obamacare In My Home Jenna Tennyson \ A Welcomed Relief: Obamacare in my household In today’ day in age, we have so many Americans that are at or below what we now consider to be the “working class”. My family and I are a part of this group. While the cost of living can be enough to financially break a family of four, take into consideration the cost of healthcare. The two together are nearly impossible to afford. I feel privileged to be able to partake in our county’s new Obamacare program. It will be an affordable and accessible system that will provide so many, including myself and my family, the healthcare that we deserve. Among all of the resources that Obamacare will provide, mental healthcare will be the resource that I favor most. Obamacare is a blessing to so many individuals and families because it is finally an affordable solution to our healthcare imbalance. For so long, people like me were delayed or denied health services simpley because they could not afford the premiums. We now have the opportunity to be treated equal regaurdless of our economic status. According to the facts on Obamacare, affordable healthcare should cost no more than eight percent of a person’s annual income. (This percentage will be a fraction larger for individuals that earn higher than average income. In those cases, a special tax will be applied. There will obviously be nay sayers to this new policy, but I believe that work done for the greater good of our......

Words: 644 - Pages: 3

Free Essay

Tax Spouse Relief

...Tovar Federal Taxation March 6, 2011 Article Brief: “Innocent Spouse Relief: Alternatives After the Lantz Case” Article Brief: “Innocent Spouse Relief: Alternatives After the Lantz Case” The dilemmas described in the Lantz case reflect the high level of ambiguity that a filing spouse experiences when challenging IRC 6015 provisions for an Innocent Spouse Claim. Specifically, the stipulated filing timeframe in sub-section (F) of IRC 6015 – Equitable Relief. In general, there’s major discrepancies between the tax courts’ and IRS’ interpretation as to when the Equitable Relief application should be filed by the innocent spouse according to what’s referenced in sub-section F of the code. Such case brings about uncertainty when tax planners advice their clients on how to better strategize when in this situation, and better yet, avoiding it all together. Although the basic background and scope of code IRC 6015 and its sub-sections are fundamentally important, there are other components that bring about the controversy surrounding the provision. The most relevant is perhaps the fact that although sections 6015(B) and (C) requires requesting relief by filing form 8857 within two years of the initiation of an IRS collection activity with respect to the innocent spouse, section (F) contains no mention of a time limit for filing. Nevertheless, the IRS applies the same two-year limit to the equitable relief under section 6015 (F). Taking these points of controversy......

Words: 874 - Pages: 4

Free Essay

Flood Relief Activities in Pakistan

...PEEF CONTRIBUTES IN FLOOD RELIEF & REHABILITATION ACTIVITIES 1. BACKGROUND: The recent floods in Punjab caused huge devastation and big loss of life and infrastructural damage. The flood has affected about 25 districts of central and southern Punjab. According to official sources about 1.7 million people are affected. The flood affected people are in desperate need of relief and rehabilitation activities in flood hit districts of the Punjab. Keeping in view the facts illustrated above, it is the responsibility of every Pakistani to come forward and contribute in relief and rehabilitation of flood affected population. In the same context, PEEF has planned to contribute in flood relief and rehabilitation activities by utilizing the potential of PEEF Scholars in flood affected areas especially Multan, Bahawalpur, Mazaffargarh and DG Khan. For the aforesaid purpose, the PEEF Scholars of Masters and Graduation level from Bahauddin Zakariya University Multan & Islamia University Bahawalpur will be involved as “VOLUNTEERS” in flood relief and rehabilitation activities. 2. OBJECTIVES: Facilitating governmental and non- governmental organization in: * Disseminating information regarding relief camps and activities * Organization and management of medical / relief camps * Ration distribution * Collection of food and clothing items * Any other relief activities. 3. ROLE OF UNIVERSITY / DEGREE COLLEGE: i.......

Words: 363 - Pages: 2

Free Essay

Quick Stress Relief Ideas

...INFORMATIVE SPEECH OUTLINE 4-6 minutes Student’s Name: Dakotah “Stormy” Watson Date: 9/18/2014 Topic: Quick Stress Relief General Purpose: To inform Specific Purpose: To inform my audience about the way to relief stress in a healthy manner Thesis: For a healthy relief of stress, try talking to someone who listens, communing with nature and doing some meditation practices. I. Introduction A. Attention Getter: You walk into your class late one day and your teacher has already begun a discussion. You notice that everyone else has a small packet, except you. You shrug it off and find yourself lost as your teacher appears to be going over several topics you vaguely remember from last class. After the professor ends the class, you walk up to them and inquire about the packets. Your professor hands you a packet and explains that it is the study guide for the exam you have next week. They go on to explain that this exam is worth 40% of your final grade. You give a brief look over the study guide and feel overwhelmed and instantly under millions of pounds of pressure that is crushing the life out of you. You just want to forget about the test and relieve the pressure of the stress. B. Reason to Listen: Why should the audience listen to your speech? Do you want to know a few quick stress reliever tips to make that stress go away? C. Credibility Statement: Based on my experience, people that are facing stress are always depressed and there is no sense to do......

Words: 713 - Pages: 3

Premium Essay

Herbal Medicine: Pain Relief

...Natasha Rodas CCD ENG 121 Autobiography September 25, 2014 Herbal Medicine: Pain Relief With the advent of holistic traditions and research, people with chronic tissue or nerve pain, have found that herbal medicines are an effective resource to use early on and throughout life to aid in the reduction of pain and its cause. Herbal medicines are likewise alluded to as natural cures, home grown items, and phyto-medicines, which involve the utilization of plants and their parts, and have been used throughout history for pain relief and maintenance. Common examples of herbs that have been utilized for medication throughout the centuries include seeds, leaves, stems, bark, roots, blossoms, and concentrates. As science started to examine herbal cures, their uses became more refined and have been broken down into three different medicating classifications: tissue pain, nerve pain, and pain caused by inflammation. In continuation, I will explain the definitions for each classification detailing their relative herbal medications for relief and maintenance. Nociceptive pain also known as “tissue pain” is understood to be created by the progressing actuation of pain receptors in either the surface or profound tissues of the body. There are two sorts: "somatic" pain and “visceral" pain. Somatic pain is brought about by harm to the skin, muscles, bone, joint, and connective tissues. Visceral pain is explained as pain......

Words: 895 - Pages: 4

Free Essay

Hemorrhoids Relief

...Hemorrhoid Relief - 3 for the treatment of hemorrhoids are small measure ------------------------------------------------- Top of Form Consume less junk  Although this method may take longer than the short-term relief, it will result in piles finally going away. Because they eat the wrong foods is the main reason why so many people get hemorrhoids in the first place. Foods that are processed, such as junk food, will result in an increased chance of having hemorrhoids. Associated with the content of processed foods, you may notice an increase in hemorrhoid development body and digestive system are not natural. You will need to change the diet.  A good way to slow down the problem and more healthy foods, like vegetables and fruits to eat. Best to consume foods that are high in fiber such as whole grains are those. The benefits to your digestive system and will reduce your hemorrhoids.  Take a clean down  Getting some hemorrhoid relief is another effective way to take a sitz bath. Now, you're probably wondering what the world is and how it will help a sitz bath to cure hemorrhoids? A sitz bath is a small tub nozzle tip a small tub of warm water in a tube or a small bag attached to a faucet.  In normal toilet, but generally, is sitting in the tub, and then squeeze the bag of hot water on the infected area to the bottom. It is a natural healing and cleansing process that will result in the numbing hemorrhoid symptoms and reduce inflammation will cause. A sitz bath......

Words: 362 - Pages: 2

Premium Essay

Disaster Relief Plan Maintenance

...Disaster Relief Plan Maintenance and Training Student’s Name Institution Disaster Relief Plan Maintenance and Training Nepal is a disaster prone country. This act is manifest in its vulnerability to climatic, natural calamities and geographical hazards (Morris, 2009). This risk in Nepal has been linked to the rapid growth of human population more so in urban areas. Other risk factors are a lack of proper environment protection policies that would arrest the situation and minimize that chance (Berg, 2007). There is also a lack of resources and opportunities that help in the enforcement of environmental protection laws. In this paper, therefore, I have created analyzed the disaster preparedness of Nepal with an aim of creating Nepal’s disaster relief plan (Davis, 2007). Maintenance and Training Required for the DRP A closer look at the Nepal strategy for risk management has made me identify gaps and issues that exist in the training plans that Nepal has employed. First, disaster risk management or risk reduction is not included in the school curricula, all the way from lower classes to the university level. Nepal education authorities should incorporate risk reduction and risk management as core courses in the Nepal’s education systems. Risk management training will equip students and teachers with skills necessary for disaster preparedness. Nepal authorities must also train professionals who only specialize in disaster planning. ...

Words: 1077 - Pages: 5

Premium Essay

Debt Relief and Famine

...Debt Relief and Famine Debt Relief and Famine Famine is the number one cause of death in underdeveloped countries. Every year thousands of people die due to starvation. What can be done to help these countries build up their economies in order to be able to take care of themselves and prevent future disasters? Through debt relief many countries have been able to focus their attention and spending on promoting human services and social overhead capital. But, what does debt relief have to do with famine? Debt relief is the key to poverty reduction. In 1996, the International Monetary Fund (IMF) and World Bank came together and launched the Heavily Indebted Poor Countries (HIPC) Initiative (Debt Relief Under the Heavily Indebted Poor Countries (HIPC) Initiative, 2010). Under the HIPC, the Fund and Bank provide interim debt relief in the initial stage and full debt-relief upon completion (Debt Relief Under the Heavily Indebted Poor Countries (HIPC) Initiative, 2010). In order to be considered, “countries must meet certain criteria, commit to poverty reduction through policy changes, and demonstrate a good track-record over time” (Debt Relief Under the Heavily Indebted Poor Countries (HIPC) Initiative, 2010). The HIPC is a two-step process. The first step of the HIPC is decision point. In order to be considered for HIPC Initiative assistance, a country must meet four qualifications. First, the country must be eligible to borrow from the World Bank’s International Development...

Words: 1671 - Pages: 7

Free Essay

Lifesaving Relief Groups

...Gianfrancesco Honors English AP/EEP 9 February 2016 Lifesaving Relief Groups Natural disasters are unpredictable threats of nature, wreaking havoc upon nations worldwide. Some, though not as strong as others can create immense amounts of damage to cities and property. Hurricanes, tornadoes, landslides, earthquakes, or even tsunamis have the potential to tear through anything in the path of destruction. These terrors of nature can happen anywhere, but where they may occur the damages could be a lot harder to recover from. Third world countries suffer tremendous casualties and destruction, without the money or even first aid to help those in need. A prime example of disaster in a third world country would be the, large magnitude earthquake in Haiti where unstable buildings and unawareness took the lives of copious people. After the quakes many suffered from injury and needed medical attention, however the nation could not supply these medical needs. However, there are organizations such as the American Red Cross and Project cure that provide the much needed supplies that are critical to help save lives. Supplying a wide variety of life saving essentials, these disaster relief specialists, receive most supplies form fundraising events. Gathering supplies needed from simple donations such as Band-Aids and Neosporin can go a long way to help these nations while recovering from such destruction. With disaster relief teams such as the American Red Cross, and Project Cure,......

Words: 1881 - Pages: 8

Premium Essay

The Troubled Asset Relief Program

...Troubled Asset Relief Program Basic Finance for Managers BUSN 5200 Troubled Asset Relief Program The Troubled Asset Relief Program as part of the Emergency Economic Stabilization Act was an initiative signed into law on October 3, 2008 by then President George W. Bush. TARP authorized the U. S Treasury to purchase up to $700 billion in assets and securities from financial institutions in a response to a potential financial crisis and to stabilize the U.S financial markets. The big picture financial system of the nation is configured in such a way that it acts as the channel between corporations and individuals. Essentially the financial system is the system that enables lenders and borrowers to exchange funds. This is a process that takes place at all levels. Individuals, banks, insurance companies, and all manner of financial companies are borrowers and lenders to some degree. The ability of money to generate money is accomplished by taking deposits from other sources and lending them out at higher rates than the borrowing rates. This has become the basics of the U S economy. If for any reason the ability to continuously conduct these types of transaction were to be threatened, slowed or stopped the economy itself would suffer significantly and possibly halt as a result. This paper purposes to explore the circumstances within the U.S financial market that led to the apparent need for this initiative, it also purposes to examine the intent......

Words: 1923 - Pages: 8

Free Essay

A Classical Comedic Relief

...consisting of two basses, six violins, two french horns, a trumpet, two flutes, a harp, drums, a piano and two guitars helps Groban transition into “Oceano”. “Oceano” is sung in Italian and depicts an amazing abyss of love that a man attempts to hide. The mezzo forte crescendo leading to the chorus causes the forum to tremble. The piano carries strongly as the violins sing the tale of fighting off the heart break storms. Groban melody accompanied with the fierce drums and cymbals leave your racing. The crowd whistles, and screams “I love you’s” as the song ended. Classical music can be very saddening and is often not the type of music that adds to happiness. Although Groban is a classical singer, he is a complete goof ball. He adds comic relief after each depressing ballad to make sure the crowd as he stated “doesn’t start a crying”. He takes questions from the audience and agrees to sing a duet with a fan that drove from Texas to see him in concert. She chooses to sing “The Prayer”, she takes on the English verses usually sung by a soprano and Groban follows in the Italian verses sung a baritone. With no musical accompaniment the two harmonizes and the crowds applaud in amazement. The Straight to You Tour was absolutely amazing. The St. Pete Forum is a great place to go see a concert at. I had 3rd level seating and could see everything pretty good. Vocals and percussions sound enormous in the venue. The event was surprising not sold out, yet the crowd could be heard......

Words: 494 - Pages: 2