Human resource management1 Essay Example | Topics and Well Written Essays - 1000 words

Human resource management1 - Essay Example 2003, 17-22). Linkage is related to the amount of contact amongst the organization's planned planners, the HR department, and the managers who will be accountable for carry out the plans. Linkages can variety from minimal (groups working separately) to full incorporation (groups working interdependently), but they are classically mix together. For example, information pertaining to hiring may flow together ways, whereas information regarding financial support of projects might be handed down from the top management to HR. The suitable degree of connection depends on the business climate, organizational wants, and business strategy; however, a few linkage among HR and management is generally essential. A disconnect between planners and managers can effortlessly derail the planning and completion processes (Alavi, M., and Leidner, 2001, 107-136). This is not only theoretically dangerous, but also empirically dubious, and the claims have been extensively criticized elsewhere (Thompson and Ackroyd 1995; Thompson and Findlay 1999; Smith and Thompson 1998). So much emphasis is put on managerial discourses and systems that there is a consistent confusion between the technological potential for surveillance and the managerial capacity to monitor and manipulate, and between managerial discourses about correct behavior and the reality of continued misbehavior. Not only are intent and outcome very different in the workplace, there is plenty of case-study evidence that employees are aware of the gap between managerial rhetoric and action, often seeking to exploit it for their own ends. In the light of critical views of Tom Redman & Adrian Wilkinson, The stipulation of lots of social services occurs inside a structure that has been termed the "hollow state," an approach to policy completion that relies upon private or nonprofit organizations to bring certain public goods (Milward, Provan, and Else 1993). The "hollowness" of this system is needy upon the degree to which services are put into practice by nongovernmental organizations and measured along a diversity of dimensions counting the control retained by one or further public agencies, the degree of designation to nonpublic actors, the efficiency of coordination, and mechanisms to assess the delegated service delivery. When nonprofit organizations obtain contracts or funding to deliver public goods or services, the delegating agency assumes a enough level of capacity to put into practice the project or deliver the service. Though, if the nonprofit community-based organizations are too incomplete in capacity to c arry out their grants or contracts, then a disconnect occurs in the empty state. This disconnect may obvious itself either in the difference of capacity among the public and nonprofit sectors, or in the lack of capability in community-based nonprofit organizations (Tom Redman & Adrian Wilkinson, 2006). In the light of critical views of Karen Legge. Cross-national differences in institutional structures are probable to generate management practices that diverge from country to country, in spite of the fact

Far Horizon's case study Essay Example | Topics and Well Written Essays - 2500 words

Far Horizon's case study - Essay Example Lastly, it should be aware of the income level of its target market, so that it can appropriately price the goods and services that it will offer, to match the market's willingness to purchase. Far Horizon has to make a product strategy that is very sensitive to its customers unique needs, as well as one that is innovative and quality-driven. The customers for this type of service are very scrutinizing, in a way that each set of customers have very unique needs, which might not be the same which the next set of customers. Far Horizon must therefore avoid the scenario where it will commoditize its products, in a way that it provides the same type of service to its different customers. Instead, the company must allow for a certain level of customization, for each accommodation package that the customers will demand, and it must make its service cater to the needs of its customers (and not the other way around). Another factor that will affect its product strategy is the generic type of service that this industry provides. Far Horizon can capitalize on this, by making its services more unique, to rouse more interest from its present customer base and to uniquely distinguish itself from competitors and similar companies. Along with customization, unique new features and creative add-ons will make Far Horizon, as a brand, stand-out from the rest of the competition. For example, the company may be bold enough to try hosting themed team-building events for corporate customers, or they may also try to hold festivals and cultural shows (in cooperation with the state) to coincide with a related conference or convention. Lastly, Far Horizon has to focus on consistently delivering quality-driven service to all of its customers. The high-level of customization and innovation will bring in a good bulk of the customers, but quality-driven service will retain the good customers, and will make them spread the news about Far Horizon's services to other potential customers. The innovative and customized features that the company can offer will be meaningless if quality is not stressed. Therefore, for Far Horizon to be a market leader in this service industry, it also has to be the market leader in delivering quality service to all of its customers. Place Strategy The most obvious factor that would affect Far Horizon's place strategy is its proximity to highways, airports or other transportation hubs. More and more customers would want to avail of Far Horizon's services, if the place was immediately accessible from public highways and airports. Another factor that can affect the company's place strategy is the scenic view that surrounds the place. While the company should focus on delivering customized and innovative quality service, it can also factor in the scenic surroundings around the place, to further enhance the company's image. Lastly, the overall attractiveness of the city or state of location affects the image that the company will project to its customers. If the city or state is known to maintain a high level of crime and theft, for example, then customers will still not be attracted to avail of Far Horizon's services. On the other hand, if the city or state has a good reputation among business and socio-civic organizations, then more customers will

Impact of Minimalism on Post-minimalist Movements

Impact of Minimalism on Post-minimalist Movements Early in 1960, Minimalism was as an abstract movement in the subject art. It also dismissed the very idea of both subjective as well as relational painting, the intricacy of Abstract expressionist facade, as well as the other elements of action painting such as the poignant polemics and zeitgeist. Minimalism debated upon the point that excessive simplicity captures the entire sublime representation which is a prerequisite in the art. Minimalism in painting is linked with painters like Frank Stella. It is opposed to the modernist movement but can be further interpreted as a forerunner to the post modern movement. Process Art During the mid 1960s, Process Art was regarded as a creative movement in Europe and the US. The drip paintings of Jackson Pollock have its roots. On the other hand, the employment of the blessing has marked coherence with Dada. The prominent themes in the process of art movement are transience and change. As per the Guggenheim Museum, in the year 1968, Robert Morris had a revolutionary exhibition and essay ascertaining the movement . The process artists were also a part of the issues attendant to the body, the improvisation and the random occurrences, as well as the liberating qualities of certain nontraditional materials like latex, wax and felt. Various techniques such as hanging, cutting and dropping and other organic processes like condensation, growth, decomposition or freezing is used to create various irregular, erratic and anomalous forms. Land Art Land art or earth art as an art movement gained popularity in the US in the late 1960s and 70s. Robert Smithson also called it as earthworks. In this form of art, the art work and the landscape are linked accordingly. Further, such form of art is created using natural paraphernalia like soil, pebbles, rocks (boulders, stones and bed rocks), other organic materials such as branches, leaves, logs and water, along with the introduced materials like metals, concrete, asphalt, other mineral pigments etc. The landscape is considered as the means of creation and hence the sculptures are not placed in it. Many a times, the earth moving equipment is also involved. The works are located away from the civilization and most often, exist in the open, in order to abrade under the natural conditions. The initial works, created in the deserts of New Mexico, Nevada, Arizona and Utah are only present as photographs and video recordings as these were evanescent in nature. THE MOST RADICAL CHALLENGE TO TRADITIONAL CONCEPTS OF SCULPTURE The perceptual as well as structural changes in the forms define a new movement in the art. The changes further make the movement innovative. However, if we consider Robert Morris essays Notes on Sculpture, then the prominent changes in the form are just the distinct extensions of a mere change in the relevance. Post the year 1945, changes in global politics and the recognition of a mans disastrous capacity as witnessed via holocaust and other atomic warfare had sparked off a restructuring of the relevance in art. The other gestural and organic forms of Abstract Expressionism were a result of the surrealism of the years of pre-war, similarly like the art of the 1950s era, which held a place of prominence for almost a decade. Further, the art of 1960s also witnessed an innovative restructuring, which was based upon a change in theoretical, social and other various political practices. The stirring art of the 1950s, 60s and 70s found relevance in the necessity of reconstituting the object as art. Moreover, a new stress upon the object, the adjuration of the allusion as well as metaphor, also finds its traces in several movements of the 60s as well as 70s. The conventional and traditional forms of painting and sculpture had also undergone a transformation. Moreover, the artistic expression of new forms of Fluxes and Conceptual Art also witnessed a restructuring. In 1960s and 1970s, the Post Minimalism and Minimalism as well as the land art forms of sculpture came into existence. These underwent a complete transformation in terms of perception, form and structure. The contemporary concepts of sculpture were contributed by each movement, individually. Minimalism being the first among the movements, called to question the various traditional concepts of spatial concerns, figuration and the originality of the artist. Moreover, by conducting an investigation of the change in the form as well as to how the change in the minimalist sculpture was viewed upon, its evident that the most vital challenge to the traditional concepts of sculpture were provided by Minimalism and further, these also served as the effects on the aesthetics of Post-Minimalism and Land Art. Minimalism helped in bringing the concepts of sculpture which were traditional in nature, so as to understand the challenge. It made the understanding of the arts under the category of Minimalism. The beginning of Minimalism in the year 1960s was a jargon which was associated with 5 various artists:- Donald Judd, Robert Morris, Dan Flavin, Carl Andre, and Sol LeWitt. In spite of the fact that the work of all the artists had same and general attributes, none of them accepted the title of Minimalist, probably for the reason that it connoted a reduction in the form. Further, the attributes which governed the Minimalist art were theoretical as well as formal as minimalism stripped the personal forms, gestures and focus on the object. The changes towards essential and strong forms was a denial of the illusory and the descriptive work during 1950s and was further expressed via using geometric and other rigid patterns. Since the symmetrical and geometrical are the kind of forms which are ea sily perceived in ones mind, Morris states that the stress upon Geometric was a pretty natural tendency while one drives towards a higher concreteness. The evolution from the gestural and illusory forms during the 1950 does justify the three dimensionality of Minimalist art. In his essay Specific Objects, Donald Judd tells that the three-dimensionality of works forms an original space and also removes the obstacle of illusion which is found in the conventional forms of European artistic tradition. Though the application of perspective helps in creating an allusion of space in the painting, the three dimensional forms on the other hand, help in removing every kind of allusion, thereby just leaving behind the object. Judds ideas were not new concepts entirely. The concern of Minimalist for the object got originated in flags and targets of Jasper Johns who discarded the figure-ground relationship which was found in the traditional paintings by making the extension of the object represented at the canvas edges and by blurring the lines in between the objects and subjects represented. The discarding of the figure ground relationship was done by Frank Stella who deployed the notion that a painting is just what one sees and his painting was based upon the same. Judd and Stella also laid emphasis upon the sentiment of wholeness in their work. The whole idea for Stella was a complete visual work and to view the whole idea was to view the paint on the canvas. Donald Judds work on the other hand required maintenance of a sense of wholeness, which he believed was lacking in the traditional form of sculptures. Judd in his writings on new sculptures of 1960s asserts that the image, shape, surface and color are not scattered or dispersed, but are rather single in the Minimalist sculpture. Further, there are no moderations in parts and areas, as well as any sort of transitional and connections areas. Nothing is neutral as well. Judd also worked upon the simple and plain forms in order to create unity in the pieces. Moreover, his notion of wholeness via structure and form was also exemplified in the year 1969. Despite the fact that the work comprised ten separate forms which were attached to the wall, all the forms were regarded and read as one piece . The unity to work is also provided by monochrome copper surface as well as the geometric forms repetition. Further, the space in between the mounted units reverberate the measurements of ten copper forms and are read as an element of the sculpture. The Untitled 1969 still remains like an object, inhabiting the three dimensional area of the gallery. During the 1960s, Judd laid stress on the three-dimensionality as well as a prominent aspect of the aesthetic minimalist sculptural, which was involved with the extremely popular theoretical and philosophical practices of structuralism and phenomenology during 60s. Further, the investigation of the functions of a form in space and that how a human beings behavior is resolved by different structures was the basic aspect of the minimalist sculpture. Moreover, Minimalism not only focused upon both, the object as well as how an art object is ancillary to its environment, context and placement for its reception and meaning. Minimalist sculpture and its relationship with the spatial environment is probably the most profound challenge which the Minimalism had presented to already existing ideas of sculpture. Minimalism left the focus on verticality by fully discarding the plinth and focused on the horizontality of forms, unlike the traditional sculptures which were represented as abiding their very space on the plinth. The shocking work by Carl Andre, Equivalent 1966 had replaced the plinth with a certain sculpture which re-echoed the shape of plinth. The sculpture abolishes the traditional beliefs of vertical, upright and figurative representation of the sculpture, as it is made from mass produced firebricks and is placed in horizontal rows. The viewer can inhabit the temporary space, as its placed on the floor directly and is also removed from the plinth for there remains no spatial difference in the gallery floor, the art work and the space inhabited by the onlooker. By eliminating the base and shifting the directionality of sculpture, Minimalism drastically altered the relationship not only between the sculpture and the surrounding space but also the relationship between the sculpture and the viewer. Minimalist sculpture also examined various other phenomenological sensations via structure and material of work, apart from exploring the spatial relationships and three dimensionality. Dan Flavin makes use of light to create space and to articulate in his work Monument for V. Tatlin, 1966. Flavin examines the creation as well as continuing of the space via elaborate plays on shadow and light. The sculptures castes a phenomenological affect on the onlooker as the effects of color and light changes the space which is inhabited by the sculpture. Monument for V. Tatlin, 1966 highlights the interest of Minimalist in using new industrial materials similarly Like Andres Equivalent VIII, 1966, but it also lacks specificity of origin. The materials produced in mass such as metal sheets, fluorescent bulbs and firebricks aided the Minimalist artists in creating works where the artists presence was obscure. The Minimalist aesthetic tends to be inclined towards an artists persona, unlike Abstract Expressionism. It was geared more towards the artists absence and also offered a thorough disconnection in between the work and the artist. The Minimalist artists Donald Judd and Sol Le Witt created a sculpture with the approach of anti-rationalism where the expressions of the artist were the most important, rather than the way of expressing them. Perhaps this was the influence of the 1979s Barthes text Death of the Author. The impersonality of the Minimalist aesthetic is exemplified by the Five Open Geometric Structures. Sol LeWitt, in his w ork has maintained a notion of impersonality by carving detailed instructions of the art works which are needed to be carried out by his assistants. LeWitt also created instructions for the forms in the Five Open Geometric Structures, but he didnt took part in any of the aspect of their construction. The artists correlation with the work was eliminated completely, thus leading to a drastic makeover of the artists physical presence in the work of Jackson Pollock and the Abstract Expressionists. For claiming Minimalism as one of the most fundamental affront of the traditional sculpture, it is necessary to also examine Minimalism in the historical context which is much wider. During the 1960s Minimalism was regarded as the new sculpture. It was also essential to recognize that the contents of Minimalism were also present in the earlier as well as the other artistic movements. The focus of Minimalisms on the object was a notion which was also pioneered by Jasper Johns. Exploring the spa ce and other scenarios can also be traced to various other artists and sculptors, which also include Anthony Caro, the one who challenged traditional sculptures verticality. The boxes of Joseph Cornell were not similar to that of Donald Judds cubes as far as exploring the phenomenological was concerned as the former was working on smaller scale. Minimalism was made fundamental by the combination of the ideas that were brought forth via earlier forms of sculpture and the fact that the combination of these ideas was manifested in just a single aesthetic sculpture. Therefore the notions of visual and form perception were brought together by Minimalism, which at the same time also examined the philosophical and theoretical guidelines of anti-rationalism, phenomenology and structuralism, by making use of the new industrial materials. The Land art can also be read as highly fundamental sculpture during 60s and 70s, if the association of phenomenological with immensity is recalled, in spit e of the formal differences of traditional sculpture and a reference to the ecological movements and the contemporary environment. CONCLUSION By determining the impact of Minimalism upon Post-Minimalist movements of the late 60s and 70s as well as Land Art, it is evident that though Minimalism was deprived off its stimulus during the late 1960s, the reactions as well as the ideas of the movement afflicted the forms which were assumed by the later sculpture. Morris in his essay Notes on Sculpture, explains that art undergoes constant changes in its structure and perception. His notion of the perpetual change is considered the best way of examining a basic impact of Minimalism upon the traditional notions of sculpture. The emergence of minimalism during 1960s also witnessed a rise of civil rights and feminist liberation. However, despite a change in the form, the idea of the process and the Vietnam war was regarded as a completely different era unlike the consumer -oriented and the conservative one. The 1960s object of primary importance was replaced by the notion of fragment and process. Minimalism had to suffer due to a re structuring of the probable relevance of the object. However in spite of the change in the form and implementing the new materials, the creations after 1960s used the knowhow of Minimalist aesthetic and hence the involvement and understanding of Minimalism and Land Artist , as well as Post-Minimalists describes the influence of radical Minimalism for creation of sculptures during the 1960s and 70s era.

A good man is hard to find paper -- essays research papers fc

â€Å"A Good Man Is Hard To Find† Flannery O’Connor’s â€Å" A Good Man Is Hard To Find† depicts a family’s encounter with a criminal escaped from a federal penitentiary and their essential relinquishment of life. The family that the story surrounds has planned a trip to Florida for a family vacation. Knowing but unconcerned about the criminal at large, also known as the Misfit, the family voyages onward towards their destination until the trip is abruptly stopped by a totally unnecessary exploration down an unkempt, hilly and dangerous road. The dangerous road combined with the unsuspecting attack of the driver from the grand mothers cat, Pitty Sing, lands the family in a ten-foot deep ditch and in need of help. The family frantically waves down the first car to pass and little do they know that the help that they were hoping to get will lead to an encounter with the Misfit and ultimately to their demise. O’Connor’s uses contrasting elements of literature to make the story â€Å"A Good Man Is Hard To Find† mysterious yet predictable, and undeveloped yet totally defined. Her use of third person unknowing keeps the reader wondering but her use of foreshadowing gives the reader insight to what may occur next. The use of these two elements together keeps the reader predicting, therefore leading to an involvement with the reader and the story. The narrator lets the reader know that a criminal is on the loose, â€Å"Here this fellow calls himself The Misfit is aloose from the Federal Pen and headed toward Florida and you read here what it says he did to these people† (302). The next sentence reads, â€Å" I wouldn’t take my children in any direction with a criminal like that aloose in it. I couldn’t answer to my conscience if I did† (303) which foreshadows what is to come later in the story. O’Connor also leaves many of the charac ters in the story very undefined except for the main two, The old woman, or the grandmother and the Misfit. O’Connor spent more time depicting the grandmothers outfit in the beginning of the story than she did with all of the undefined characters in the whole story combined, which gave insight to the way the grandmother was, the way she viewed herself and the way her family viewed her; an old, prude, egotistical woman. She did care for her family, but her intentions at heart were only for herself. The... ... Misfit are bound together by the mystery of life and death. The Misfit and grandmother are spiritually connected to each other by the blood and body of Christ that are said to be given in order to free one of sin. When the grandmother reaches out to touch The Misfit as like a hand of god the Misfit "springs back as if a snake had bitten him and shot her three times through the chest"(313). Flannery O’Connor’s background as a Christian influences the themes to her stories. In â€Å"A Good Man Is Hard To Come By† the relationship of God to his disciples, in this case to the grandmother is seen by his presence in her when she touches the Misfit. In the end the grandmother has gained redemption by coming to the acceptance of God and has in some way affected the Misfit. Although he has not accepted God in any way, the Misfit seems to be thinking, â€Å"The Misfits eyes were red rimmed and pale and defenseless looking† (313), maybe contemplating what he thinks about himself and the worth of practicing religion. Works Cited O’Connor, Flannery M. â€Å"A Good Man Is Hard To Find†. Literature: Reading, Reacting, Writing. 5th ed. Boston: Heinle, 2004.

Heart of Darkness Essay

Explore the narrative techniques used in the opening of Heart of Darkness Heart of Darkness opens with a sense of opportunity and adventure, which instantly created in the first paragraph by imagery of the Nellie, waiting for the turn of the tide; The idea of a river and the sea creates a sense of journey. However whilst there is an atmosphere of excitement, there is also sense of underlying tension. One way in which these conflicting impressions are created, is by contrasting the idea of opportunity through the river to London which is described as oppressive,. For example in the second paragraph, Conrad describes that the sea reach of the Thames stretched like an interminable waterway† whilst the â€Å"air was dark above Gravesend, and condensed into a mournful gloom, brooding motionless. Here the idea of an interminable waterway seems to suggest freedom, and journey which is juxtaposed by the oppressive atmosphere created by the words â€Å"gloom and brooding†. The oppressive atmosphere of London and the freedom of the river is reinforced through reiteration of gloom and darkness which contrasted against imagery of light. For example, the river is described as â€Å"shining pacifically, the sky without a speck was benign immensity of unstained light.† Imagery of unstained light, on water is one of beauty and also gives a sense of purity, and adventure; On the other hand the gloom brooding motionless seems creates a sense of foreboding Conrad uses repetition of the word â€Å"gloom† and â€Å"brooding† throughout to reinforce this ominous atmosphere. Further in the opening Conrad personifies the gloom and describes how it was â€Å"brooding over the upper reaches, became sombre every minute, as if angered by the approach of the sun.† That London is untouchable by the sun makes London seem unnatural and consequently reinforces a sense of unease especially when contrasted again. The idea of the natural and the unnatural is used throughout to emphasise a sense of unease about; London is described as â€Å"a monstrous town marked ominously on the sky/ a lurid glare under the stars.† Even against the vastness of the sky, London stands out making it seem menacing. In addition the imagery of the stars convey natural beauty which clashes against London which is described as â€Å"monstrous†. Another example is that the sea and sky are described as being welded together without a joint; The use of welded makes it seemed and forced reiterating a sense of something being incongruent about the scene. Arguably, the reason for this contrasting imagery is not only to create a feeling of suspense to the journey but also represents Conrad’s feelings towards colonisation; On the one hand there is the sense that colonisation is positive, it creates opportunity, yet there is also a notion that colonisation was corrupt. An important motif in the opening of the text which seems to epitomise both these notions is personification of the river Thames. The river Thames represents the power of London as it was the centre of trade and thus on one level, references to the river flowing remind the reader there is much to be gained by the journey. This is demonstrated as Conrad makes references to its historical past. Conrad describes † it had borne all those ships whose names are like jewels flashing in the night of time/, what greatness had not floated on the ebb of that river into the mystery of an unknown earth,† language such as the â€Å"an unknown earth†, makes it see that the journey will be mysterious and exciting as all journeys have started from the river Thames; There is a sense that history will be repeated. This is emphasised by a sense of constant movement of the river which is created by alliteration and the very structure of the opening. Joseph Conrad describes â€Å"we looked at the venerable stream not in the vivid flush of a short day that comes and departs forever but in the august light of abiding memories† The alliteration makes the sentence flow emphasising the idea of the river being continuous rather than a † vivid flush† and emphasising an idea of endless opportunities which can add to the â€Å"august of abiding memories†. This all adds to a feeling of optimism and idea of colonialism being positive. The very structure of the text also seems to mimic the continuity of the river by switching from the past to present, creating a nostalgic feel. For example, after the paragraph about the adventures of the men who had made the nation proud, the next paragraph switches to the sun setting. However, the use of the river as representing the power of London also reminds the reader of the † monstrous town† thus creating a negative impression. Like references to London being marked against the sky, the idea of the river continually flowing reinforces London’s power. Conrad could be insinuating that whilst there are some positive elements to colonisation such as freedom and adventure, there is something unnatural and corrupt about it as it is based on blood shed.. This idea is epitomised, by the idea of the sun setting and turning from flowing white to a dull red without rays and without heat. Here the imagery of the sun setting, reinforces the idea of a new journey, but the white to red also could be symbolic of the blood shed about to come and blood shed which made London so great.

Amaranth Advisors

Amaranth Advisors LLC was created in 2000 as a multi-strategy hedge fund with approximately $600 million in capital. It sought to employ a diverse group of arbitrage trading strategies particularly featuring convertible bonds, mergers and utilities. In 2002, Amaranth added energy commodity trading to its slate of strategies with JP Morgan Chase clearing Amaranth’s commodity trades. A multi-strategy fund runs several different strategies in-house that contribute to the total performance of the fund. A single-strategy fund concentrates the whole portfolio on one strategy. Amaranth was long natural gas futures. They enjoyed huge profits from natural gas futures and option trades in 2005 and early 2006. Brian Hunter used borrowed money to double-down on his bets. Buying more futures contracts of this same kind supported their price by increasing demand, which then increased the price gains. It seemed that Brian Hunter was acting on his own entity and that there was little to no communication between the star trader and the management team. Even though the firm emphasized that its fund was multi-strategy, most of the recent losses were driven by adverse natural gas trades. Prior to this debacle, most investors who viewed reports from this firm saw no reason to worry about its performance although some privy to their portfolio positions expressed concern. Amaranth’s misfortunes were solely a result of poor risk management. Also, even though the firm lost over $6 billion in a matter of days, the losses had minimal impact in the industry as a whole. The hearings on natural gas speculation by the permanent subcommittee on investigations of the Senate Committee on Homeland Security and Governmental Affairs clearly demonstrate that the Amaranth debacle could have been easily avoided had ICE like NYMEX had the ability to limit Amaranth positions. In 2006, NYMEX examined Amaranth’s positions and calculated that Amaranth held about 51% of the open interest in the September natural gas futures contract which would expire at the end of the month. NYMEX determined that this was too large and on August 8 NYMEX compliance officials notified Amaranth of their concerns. During a follow up notification on August 9 NYMEX further notified Amaranth that they should not reduce September positions simply by shifting those positions to the October contract. Amaranth complied with NYMEX’s directions and subsequently reduced its September and October positions. However, at the same time Amaranth increased its positions in September and October in ICE contracts and as a results increased their overall positions in natural gas. The events that followed in late August and September led to huge losses with Amaranth losing significant value. The losses were created due to overconfidence, lack of transparency, and lack of risk management. Amaranth enjoyed huge profits and thought prices would just keep rising. There was no communication between Hunter and the management team. Also, investors had no knowledge that the majority of the portfolio was invested in natural gas positions. Leverage played a huge role in the losses. A hedge fund will typically borrow money, with certain funds borrowing sums many times greater than the initial investment. If a hedge fund has borrowed $9 for every $1 received from investors, a loss of only 10% of the value of the investments of the hedge fund will wipe out 100% of the value of the investor's stake in the fund, once the creditors have called in their loans. Risk management at Amaranth failed in August and September of 2006, resulting in the massive loss of over $5 billion in about a week. In the commodities markets only 10 percent was required as collateral for margin calls. Amaranth could also borrow at up to eight times assets to achieve massive amounts of leverage. Amaranth’s systems didn’t appear to measure correctly how much risk it faced and what steps would limit losses effectively. The risk models use historic data but the natural gas markets were more volatile in 2006, which made models useless. Amaranth used spread trades in natural gas futures and options markets to hedge their bets and control risk. Still, these spreads can widen and losses can increase. Going forward, appropriate due diligence should be done by the management team to make sure this does not happen again. Amaranth could have also protected with better downside protection such as put options.