Urban Outfitters Continuing Case Study Essay Example | Topics and Well Written Essays - 1000 words

Urban Outfitters Continuing Case Study - Essay Example However, small businesses are an asset to any country and really enhance the overall GDP. Limited funds are a challenge as they have a direct effect on the growth of the business because there is pressure to pay off debts and concentration on growth is low. Even once the initial investment is made, there might not be enough cash to carry on with the daily operations, and hence, capital is always the main concern. The location is of utmost importance especially in the case of the retailer. In the case study Urban Outfitters decided to focus their store openings near colleges so that the students seeking for funky designs and used clothes can easily purchase in close proximity. Location in terms of clusters and target market are factors to be considered. The proximity and unique distribution creates exclusivity and helps companies with their niche marketing tactics. Employing efficient human resource is vital for creating an impact on consumers. In the case study, Richard and Belair, h ad entrepreuniral skills and a genuine interest in running their business, therefore they did a good job. Q2) Define what a "niche" product is. Give at least three examples of niche products.   A) A niche product is the one made and marketed for a small but profitable market. It is made for a high potential market which is small in size but profitable to cater. The specific product features designed are aimed to satisfy a specific market (Advantages of Niche Marketing 2009). In order to tap this sort of a potential market, the gap in the market has to be identified. These can be customized items too for example a cake shop customizing cakes for every individual according to their choice. Occasions are always brightened with some delicacy and catering to a customized market can be profitable. Catering to the elite by exclusively creating something can also be called a niche product for example a Rolls Royce. Catering to a particular demographics, class and personality all create ni ches. A case in point can be websites that provide services for specific categories for example finding your perfect match online, relationships and dating. Such services fulfill the needs of thousands of people but are very limited in its service and not mass marketed. Q3) Explain why a niche company might have an advantage in a market. Would price necessarily be an advantage? Explain why or why not.   A) Customization and exclusivity creates the importance of a niche market. Besides these factors, satisfying the needs of specific demographics in itself is an advantage because the customer feels his/her specific wants are been catered too. In the case study, the stores were located near colleges and the college students were being targeted, therefore, the sale of used clothes was identified as the missing gap for college students that have an economical budget. Therefore, the niche market allows the company to exert out energy on reaching out to the right people. resources are no t wasted in mass marketing but are instead focused on serving the small segment of loyal customers. Price may not necessarily be an advantage as seen clearly in this case study. Richard and Belair identified the needs of college students and then further increased their product line in order to synchronize the unique feel and look of each store. Many businesses in the world that operate in niche markets do have an advantage over price such as Lexus that produces limited cars and earns

Drug-Free Workplace Campaign Essay Example | Topics and Well Written Essays - 500 words

Drug-Free Workplace Campaign - Essay Example Through this mandate, the government has enjoined employers to enforce the drug laws and require employees to take the drug test. The government has also required its own work force, contractors and transport utilities to undergo the same. The 1977 National Household Survey on Drug Abuse (no latest data available) showed that 47% of respondents said their employers comply with drug testing. This report showed as many as 50 million drug tests are performed every year in the US, generating revenue of $1.5 billion. Several companies have credited drug-free workplace as a savings in its economic sense, although direct benefit relations cannot be arrived at. For instance, elaws, in 2008 report, noted that after implementing a drug-free workplace, Warner Corp. a small plumbing company in Washington, has saved $485,000 in one year. The company has attributed this savings from a decrease number of accidents in the workplace resulting to lower vehicle insurance premium and lower worker’s compensation cost. The drug-free atmosphere in the company has also attracted applicants and apprentices that has given the company additional savings. Employers who ascribed to this policy noticed a remarkable efficiency increase in the workplace. The US Dept. of Labor said that according to the American Management Association, that as a result of increased awareness on drug testing, human resource managers have assessed perceived effectiveness from â€Å"50 percent in 1987 to 90 percent in 1996†. Jacob Sultum, in a 2002 report, said that back in the 1990s when the news about the epidemic of drug abuse on America came out, employers became scared and started considering drug testing. They do not want some crazy people in the company doing catastrophe and killing someone Drug testing incurs some cost both for the employer and the employees. In 1995, the average annual cost for company sponsored testing for an employee is $26.59 and for $21.47 for

Types Of Securitization Instruments Finance Essay

Types Of Securitization Instruments Finance Essay Securitization defined as process by which loan is made into tradable security. It becomes tradable security when against it any negotiable instrument or bill of exchange is issued which is backed by the loan or receivables Securitization generally refers to the sale of assets, which generate cash flows, from the institution that owns them, to another company that has been specifically set up for the purpose, and the issuing of notes by this second company. These notes are backed by the cash flows from the original assets. The institution is called originator which issues the the same and own the assets backed by it. Another party to it is Special Purpose Vehicle which purchases the assets and that generate cash flows. The special purpose vehicle will hold the assets that are sold by originator to SPV as collateral which are later sold to investors. Structure of Securitization : The receiver of high net worth receivables sell them to specially formed company named Special Purpose Vehicle and it sells the same to other investors as sale mode transaction against the collateral of receivables. The SPV provides the security to investors in the process by issuing special note or bond or borrowing from bank as security to investor. The SPV pays the servicing fee to it and authorizes the originator to collect funds on behalf of special purpose entity which is used to pay the principal and cost of it for the funded loan. The proceeds are latter invested to earn return. The SPV is not the subsdiary of origniatory thus it is not the company whose shares are held by originator but the charitable trustee or any other than originator. To ensure the recieavles will be sufficient to repay the amount owed to investors on time, other arranegments are made to ensure sufficient liquidity in the process like Credit Enhancement or guarantee by third party or subordinated loan Rating agency often rates the note receivables or the process.The higher the rating, the higher would be funds obtainable. The SPV that generates the income through additional money earned through recieavles to originator to earn profit. SPV pays the same to originator as the fees Below is a figure which perfectly complements our summary: The originator is very important element of this process because it can be real person or legal one which basically initiates the process by sorting out the assets which are to be securitized against the same. Motives for Securitization: Advantages to issuer Funding cost: Depending upon the rating of the fund, cost of fund is charged at low. For Instance a cash flow is rated AA and second one is rated BB , the one with AA ratting will be charged lower than the latter one. Reduces  asset-liability mismatch: From the financial funding exposure point of view , securization offers great opportunity to elimate the issue of duration and pricing concerns at large.Securization offers high cost saver to issuer. For instance banks can utilize it efficiently because they have a large amounts of recievales and collaterials as securities thus they can issue securities backed by these assets and let them to be self funded asset book. Lower  capital  requirements: There are very stiff requirements of the regulatory and legal pertaining to leverage capitalization. The recieavles and assets under securization will considered earning assets and thus removing from balance sheets for accounting purpose. Profit: Given the fact that the specific business block for whose profit is not certain or not yet emerged then the assets of those can be securitized and immediate cash flow can be realized and thus locked in profit for this block results. Transfer of risk:  Securitization process makes it easy to transfer the credit, liquidity reinvestment easy to transfer to those who accept it on condition to receive profit. Off balance sheet: Securitization as implied by derivates which are referred as off balance sheet items which classifiy the same as zero sum impact on balance sheet. There is general requirement internationally that records the derivatives at fair value in the financial statements i.e Balance sheet. Earnings: Securitization makes the oringinator capable to bounce back without addition to the firm whereas the true sale takes place between the orginiatory and special purpose entity.It is to highlight that the earnings of the SPV increase the wealth with parent company. Admissibility of bad debt: Future cash flows may not result in perfect recovery because there is also some bad debt in the receivables. Securitization thus makes it possible to get the immediately cash against those too in advance. Liquidity: Securitization simply provides you the future cash flow now thus increasing the liquidity with the company.Thus it will be available with the company to spend and make investment from the same amount thereby increasing the reinvestment return Disadvantages to issuer May reduce portfolio quality: If the AAA risks, for example, are being securitized out, this would leave a materially worse quality of residual risk. Costs:There are costs involved in the securization process raning from legal fees, system cot, rating cost, underwriting fees and administrative cost. Size limitations: It involves huge amount of funds to structure the same to be efficient if otherwise the funds are less then the process with lesser funds. Risks: It is structured transaction thus it is vulnerable to risks such as prepayment, credit loss and reinvestment Advantages to investors A chance to earn higher rate of return It usually involves high quality assets back because there are very stiff requirements for securitization process, such as attaining high ratings, maintaining liquidity and diversified portfolio. Portfolio  diversification: It is worth narrating here that large institutional investors and corporate investors tend to invest in the securitized funds because returns from their this investment is not related to their equity or bond side investment due to un-correlation between the investment portfolio in the market. Isolation of credit risk from the parent entity: Securitization process desegregate the parent and SPV rating. Regardless the companys rating; SPV may be issued separate rating. Suppose the banks rating is not good but the portfolio of borrower of bank is of high quality thus there are less chances of default of the same and investors in securitized asset are more willing to have them in their portfolio. Risks to investors Liquidity risk(Credit/default) Defualt risk meant inability of borrower to repay the principal and interest payment on due period of time. An indicator of securitys high risk is its credit rating or credit worthiness. High risky portfolio of borrowers receives lower ratting then those of ones with less risky portfolio. Prepayment/reinvestment/early amortization: The securitized assets are always prone to early amortization and reinvestment risk. These risks arises out of huge payouts of the borrowers thus causing premature confession of liability and affecting the rate of return. This also affects the gap between the spread that bank pays and collects from borrowers and investors respectively. Contractual agreements: It is generally perceived that the manager who deals with investors and quote the rate which is solely dependent upon the performance of the underlying asset. Now question arises if the underlying assets become risky from the investors perspective i.e default ratio or high bad debt ratio then the price of portfolio. Types of Securitization Instruments Pass Through Securities: PTS is also called Participation Certificate because it bears ownership of the investors in the underlying asset. The amount received on account of the period payments including principal and interest payment which is collected by SPV and is passed on to the investors. Tranched Securities: In this type of security, the amount received as cash flows in tranches and the same is received as first priority with subsequent payments in latter tranches. Planned Amortization (PAC) Tranches: It is a type of security in which sinking fund is created which controls the prepayments that are beyond the limit thus ensures the stability of cash flows. This offers lower yields while comparing them with those without sinking fund. Z-Tranches or Accretion Bonds: In this type of security, interest payment is not paid in the period in which accrued interest is higher in lock out period. Once the period is over, it starts paying out the interest payments and principal. Principal Only (PO) Securities: These type of securities are issued on discount such as T-Bills. Thereof investors receive their principal in installments. The bonds are issued at huge discount rate and thus remaining amount is paid till the differential payment is made till the face value. Interest Only (IO) Securities: These type of securities have no any specific face value thus they offer only interest components to the investors while cash flows diminishes and is repaid. Floater and Inverse Floater Securities: They are securities which pay interest payments which is dependent upon the performance of any index or benchmark i.e Kibor. Floater and Inverse floater are two opposite type of securities. In Floater, the interest payment moves in exactly the same direction as benchmark rate moves and opposite is true for Inverse Floater securities. Types of Securitization Structures There are several types of Securitization structures: type of securitization structures include: Cash vs. Synthetic Structures: Cash structure is the worlds most followed structure in this field of specialization. In cash Structure, originator sell its assets in exchange of cash immediately. In Synthetic structure, the originator keeps the title with itself and investment is unaffected on the assets. In simple words, he does not put their assets on sale rather the risk/reward is merely transferred being derivative transaction. True sale and Secured Loan Structure: In true sale structure, originator sale the assets in true sprit which involve transfer of title and legal interest in the assets. In SLS, issuer takes the secured lending as loan. Fixed and floating charges are issued to investors to protect their stake and rights over the undertaking of issuer and trustee is empowered to take the possession of assets. Pass Through vs. Collateral Structure: The SPV issues participation certificates to investors that represent the direct participation of them thus they are exposed to performance of assets. Investors receive return when there is any cash generation from those assets and so is true for risk involved in these assets.To mitigate the risk of delay payment credit enhancement is opted. Pay through/Collateralized mortagge obligation(CMO) is another name of collateral structure in which SPV keeps the assets with it whereas charge is given to investors only not the assets. The special purpose entity issues the debt against those assets which are transferred by issuer. Discreet Trust vs. Master Trust: It is a type of structure in which Special purpose vehicle identifies a specificil pool of assets for investors to participates and thereby earn from cash flow pool thus it is called discreet. While Master trust is creation of larger fund backed by many pools which are transferred for several investors in which funds raised are not greater than the assets transferred this also covers the repayemtn structural and tenure issue to reciprocate. Conduit vs. Standalone Transactions: In this type of structure the purchaser or originator collects the assets from different orignators and keeping them backed to debt he issues commericial paper. It is for short term duration and thus it requires short term financing frm the banks. In stand alone strucute, the conduit sources the assets from single originator thus securities are issued keeping in view the maturity of asset pool. ISLAMIC SECURITIZATION Islamic securitization can best be defined as process which satisfy the conventional asset backed securitization and parallel adherence to Islamic laws of economic finance.The rights of cash flows are transferred to SPV from originator thereby issue notes to investors as sold. In this system, SPV becomes the trust and thus holds the assets in capacity of fund manager. The security issued through Islamic securitization is called Sukuk in official terms which is issued by SPV and the income is derived from the funds being received against the funds hold as underlying asset. Islamic finance encourages dealing in assets not the cash as commodity, therefore it is permissible under Islamic finance to securitize the assets provided they adhere to the guidelines of Islamic Finance. The theme is that Islamic securitization can replicate the process of conventional securitization with joint supervision of Shariha and Fund manager.If any thing which is not in compliance to Islamic law then regardless if the process is crystal clear, the securitization stands null and void in the eyes of Shariha. For example, if underlying assets are credit cards and conventional mortgages and income from them will be shared with investors soon shall it realized, the process is null as credit cards income do not comply with Shariha because it has interest bearing instruments attached with it. If investors are investing in assets then the ownership of the same be transferred to them too if it has to comply with Shariha guidelines.It must be noted that transfer of title to assets is not necessary or compulsory but the rights to collect them, access them and right to know them is given to investors that justifies the shariha rules. Investors are supposed to bear risk of loss and profit to underlying asset as they are enterning into ownership contract. Adapting the Principles of Islamic Finance to Securitization Islamic securitization requires two stage evaluation.Firstly Shariha compliance of assets/portfolio and returns from the same, secondly the structure of transaction which includes credit enhancement and liquidity management. The first standing principle is simple Islamic securitization in no way accepts the income that involves interest bearing. It has to be structured in such a way that the investors are exposed to some sort of business risk in relation to their share in investment. Therefore it is made compulsory for the investors that the return must be commensurate to the risk they bear. Islam disallow debt trading, management of prepayment risk and other conventional tools which can cause customers who are income only-centered not to invest with them. Shariha requires procedural and objective evaluation of securitization process to carry on process and prohibits elements of gharar, interest, haram and encourages real economic participation with mutual risk sharing, profit sharing and benefit of entire society. Securitiziation has to adhere to following princples of Islam to be shariha compliant: The purpose of raising funds through securitization must be genuine as not to defraud the investors. And the assets which are under lying in the process must be clearly identifiable and revenue from them must be separable from those which are not under umbrella of securitization. The assets under consideration must not be consumable. Each investor must receiver their share commensurate to their share of investment and risk exposure in the assets. Therefore if assets earn profit, that is sharable other wise you can not fix the rate of return on their investment. The security must not be backed bu the debt or prohibited activity as prohibited by Shariha. It must not be involved in any kind of haram, unethical or exploitation of natural resources with or without non-productive investment The transaction must involve the risk factor and not just the mere return. It must involve compensation for the investor and exposure to risk in the assets under securitization.It must not hold debt as underling security and mere exchange of money and interest on that. It means transaction must not be mere debt and risk free exchange of return. Investors must hold unsecured payment obligation and that be unconditional investment. The principal cannot be guaranteed that the same will be redeemed in full or in part. Investors must be given hand in the ownership of underlying assets The proceeds from investors can not be invested in cash based instruments or interest bearing notes. Without any exception, even the return from that can not be reinvested in any short term cash based instruments or interest based debts(bonds). The turnover must be kept low to avoid any un-utilization of assets.Speculation of underlying assets and payment obligation is to be prohibited without any exception. Islamic takaful should be sought instead of conventional insurance for the credit enhancemenet and liquidity management. There must be Transfer of ownership and direct participation in the assets Exclusive linkage between the cash flows and underlying asset has to be developed. Islamic scholars are of view that credit enhancement be allowed on condition that does not change the over all structure of securitization process. In conventional securitization there is tranche subordination which is not allowed in Islamic law but there is option in Islamic Law the lease-buyback(Ijaraha) transaction. The issuer gives partial ownership rights of underlying assets to investors with respect to risk exposure of their investment in the portfolio thereby leasing back the same in exchange for fixed rental payments which is conditional on repurchasing the portfolio at already specified price on future date. This covers the reinvestment risk of the portfolio. Islamic finance ruled out that interest bear financing instruments are allowed on the basis of partnership not on interest bassis. The point is to refute the concept of interest in all the ways. It is creation of sukuk which shows evidence of ownership on assets i.e tangible and intangilble, fixed or revolving what ever they be but must be productive cash flows within finite period of time. Structure of Islamic Securitization There are following parties involved in the Islamic securitization transaction process. The Originator: It is the issuer of sukuk and is authorized to use the funds against selling of assets to SPV. It may delegate any other institutuons to carry on the issue as under writer. SPV: It is referred as Issuer of the securitization issue. It is entitity established to manage issue and purchases the assets from originator from the funds thereby issuing sukuk. Investment banks: They are agents and underwriters of the sukuk. They manage to raise funds on commission only base. Subscribers of Sukuk : They can be like any thing for instance banks, non financial institutions who basically invests in the sukuk. In its basic concept, originators would sell existing or future revenues from lease receivables (asset-based), sale-back profit (debt-based) or private equity from a portfolio of Islamically acceptable assets to a special purpose vehicle (SPV),30 which refinances itself by issuing unsecured securities to market investors, who are the capital market corollary to a singular lender in Islamic finance (see Figure 3). They assume the role of a collective financier whose entrepreneurial investment does not involve guaranteed, interest-based earnings. If we look at the structure of both conventional and Islamic securitization there it can be depicted there exists no any difference from structural point of view involving parties to it. Originator sells the assets (existing or future ) from a portfolio of Islamically aacceptable assets to SPV, which then refinance itself by issuing securities to investors that are unsecured by nature. The proceeds are then passed on to originator. Like in Ijara sukuk, SPV raises funds to purchase the assets and the same must be equal to purchase price. Investors have equity interest in the SPV in Ijaraha sukuk structure in other words they have direct ownership in the assets. The SPV thereafter leases back to originator. SPV must match the payments with its obligation under Ijarah sukuk and it receives lease payments from seller. Upon maturity, special purpose entitity redeems the assets to originator and liabilities are deducted at source because they are owned by SPV.If any portion of income earne d is categorized as haram or unethical then the same be given in charity without any objection to it. Figure Process of Islamic securitization: Following figure depicts the process of Islamic securitization based on Ijaraha: Islamic securitization will best be categorized as monetization of assets underlying in the securitization process where as conventional counter parts best be defined as mere sale of debts. The process of issuing sukuk is kind of sale of share in assets. Islamic alternative offers almost the same benefits as conventional ones have to offer for instance enhanced asset liability management, term structure transformation, better management and control over assets.

Flying Solo :: Flying Planes Personal Narratives Essays

Flying Solo Today is the day of my first flying lesson. For the last month I have been putting together a model of the Spirit of St. Louis, the plane Charles Lindbergh used to fly from to New York to Paris in May of 1927, the first transatlantic flight. I love putting together models; I love the intense concentration it requires, the knot of tension that forms at the back of my neck, the dizzying smell of glue. Charles Lindbergh was not the first pilot to attempt this flight, but he was the first to attempt it alone. All those who went before him had gone with flight crews and enormous quantities of equipment, and all of them had failed or died trying. Lindbergh had no crew, no radio, no parachute, no life raft, no food, one quart of water. He told reporters, "If I make it to Paris I won't need anything more, and if I don't make it I won't need anything more either. He even cut the borders off of his map with a razor blade. It was this simplicity that enabled him to succeed. I w ant to find that simplicity in my own life, to pare everything down to the bare essentials. But I can’t. Small pieces, spare parts, keep turning up in corners and under furniture. I think flying will lift me up and away from all the things that clutter up a life. When I arrive at Pulliam airport and look out over the rows of airplanes I feel so light that I might float away. I pay for the lesson with my Visa and shove the receipt into the pocket of my jeans. The waiting room is filled with orange plastic chairs. Waiting always takes on the same quality, no matter where I am or what I am waiting for. It’s the feeling of being trapped in time, removed from the rest of life. No matter what I do, like a reading a book or magazine, I can never forget that I’m waiting. I used to wait for my father every Sunday afternoon, sitting and staring out the window while time froze all around me.

Locke and Shakespeare

It is important to note that Locke’s â€Å"Second Treatise on Government† is fully rooted on something ideological and taking parts of it can be considered inappropriate, specially, because the circumstances Locke laid on his work varies form that of Richard II.   Knowing this, Richard II can only be analyzed with reference to some concepts found on Locke’s philosophy rather than an actual application or portrayal of such. Following the flow of Locke’s work, I will start with his concept of the â€Å"state of war.†Ã‚   Locke indicated that a state of war is in contrast with the natural tendency of men to preserve life.   On the other hand, there are certain factors that may threaten a person and may lead him to war or destruction, but never license him to do so.   He supposes that proper implementation of the law and punishment can prevent war. During the onset of the play, it is clear that Richard II has made an erroneous error in not being able to settle and rule a fair judgement on the dispute between Bolingbroke and Mowbray.   When there is a clear indication that law has been broken and that punishment has no basis or bearing and thus, altered, questions will arise and later bring forth war. More of this can be discussed when I go into the detail of political and civil society and the dissolution of the government later in this paper.   My point here is that Richard II’s mercy of reducing Bolingbroke’s sentence to 6 years, no matter how justified, is an act outside of the law that he, himself, should inculcate and practice.   Not to add that the trial by combat that was set for Bolingbroke and Mowbray did not take place upon the king’s discretion. I understand that at the time this play was written, the King is someone ordained by Heaven to rule and so, has the right to grant mercy, create laws, wage war, etc†¦ I believe, on the other hand, perhaps, in one way, or another, similar to Locke, that power is a gift that should never be abused and should always be used for the benefit of the â€Å"natural man.†   A state of nature has existed and can never be repelled from.   In a lawful stage, at this time, that seems very unlikely, and so it does, in Richard II, and so, the next turn of events. The next is Locke’s concept on property.   He pre-supposes that man’s right on land came from the fact that he needs it to survive and he will work to own and maintain it for himself.   Knowing that there was a lot of land for everyone, he assumes that each can be afforded an equal share and that people are not supposed to take more than needed.   He discussed that the value attributed to land, i.e. gold, silver or diamonds is nothing compared to the main purpose – survival. The application of this concept is obvious in consideration of the fact that during the time the play was written; colonization and acquisition of land, in the name of the King was like a trend.   My point in mentioning this though is that improper allocation of funds, seizure of property as well as the war to Ireland are all part of the picture that led Richard II to his tragic ending. While the priorities of the king is largely different from that of the common man, the main truth in surrendering one’s fate to the king is for reasons of survival.   Locke has discussed that a man’s title for property is his own labor.   The king however, thinks otherwise.   I think that a king believes that everything under his â€Å"kingdom† is considered his possession. In the ideal sense, this is true because knowing that the king holds the title to everything means the king has to protect, nurture and make sure that his â€Å"kingdom† is living the good life.   In Richard II’s case, it seems different.   Well, maybe, for that entire period, expanding the land and winning over governance is the main aim of the king.   The bottom line is that while the king is busy making sure he owns and rules a larger â€Å"kingdom,† the people are busy criticizing what the king should do. Moving on, Locke’s discussion on the political and civil society and the dissolution of government is the main theme of Richard II as well as of this assignment.   Locke primarily said that a government exists when people decides to resign their individual rights to the government.   He however, explicitly points out that there is no place for absolute monarchy in a civil society.   This is because having the rights of all depend on one or few people means that judgement is overseen. Knowing that the ruler is also the maker and implementer of laws mean that the ruler is not subjected to any judge – the ruler cannot judge himself, perhaps only by conscience, but seemingly, the ruler becomes above of everything he has set.   And so, such may lead to anarchy, rebellion and the disintegration of the government. The type of government alone is already a subject of discussion for if Locke doesn’t believe in monarchy, then the governance of Richard II is already considered a true government.   Perhaps that was the reason why anarchy, as Locke has discussed, took place later on. Earlier in this paper, I’ve mentioned that the king’s priorities are different from the common man.   It is important to note that even Locke agrees that the common man will not understand this.   The common man’s concern is simply his/her survival – it doesn’t matter how, where, when, as long as they have the right to land and live well, then all should be well. I think this is where Richard II failed as a king.   He understands the need for war (land), the ways (funds) and even the need for strong governance (resolving conflict and â€Å"politics†) but he did not see things in a bigger picture, he did not use Locke’s simple interpretation of things.   He didn’t listen to the needs of the people and focused only on his needs as king. The way the play has progressed revealed how all of Locke’s descriptions and/or principles come into perfect merge with the eventual ending.   As I have discussed with his principles on the state of war and of property, it is clear that Richard II has brought his fate upon himself when he acted upon his assumptions.   If he hasn’t ordered the death of the Duke of Gloucester, Henry wouldn’t have had the opportunity to accuse Mowbray with treason (diversion of funds and the Duke’s death). If he has chosen to let the law decide on the fate of both, he wouldn’t have faced the dilemma of banishment.   Perhaps it was guilt, for Henry’s accusation was true, perhaps, it was because he failed to foresee the course of evens and thought that banishing Henry will be a good-of-a-solution to keep his popularity with the commoners from increasing, or perhaps, it was simply because he was just a weak king. Locke also discussed that the dissolution of the government as a result of rebellion does not necessarily mean that the government will cease to exist.   It means that change is needed and a new governance is required.   Perhaps, this is why Richard II chose to step down without the need for violence and allowed Henry to rule.   Come to think of it, if he didn’t step down, he wouldn’t have had enough power and manpower to protect him anyway, for even his own army was easily swayed with rumor that he was dead. It is on that change of governance that Locke finished his discussion.   The play however progressed further into the tragedy it is known for – the murder of Richard II.   I think this part can be associated to Locke’s early discussion on man’s state of nature.   It is quite funny that in spite of the fact that a political and civil society (at least if we are to forego the fact that it’s a monarchy) already exists in Richard II, man’s state of nature – where he believes that he has power over someone weak and/or has the right to subject someone who has offended him – will always be part of it. And so, Sir Pierce killed Richard II, thinking it is what Henry desires, which is actually true, but in any case, has caused his banishment.   This simply proves that man – no matter what state he or she is, will always be man, just as Locke attempted to base when he discussed his theory. If you’ll come to think of it, this last scenario is not so much different with the onset of the play where Mowbray was accused of murder and was banished.   The irony of such similarity may simply mean that unless the government is changed, the process will repeat.   

Fool Chapter 18

EIGHTEEN KITTEN'S CLAWS We entered Castle Gloucester in stealth, which does not suit me, as you might guess. I am better suited to entering a room with a series of somersaults, a clack-stick, rude noise, and a â€Å"top o' the mornin' to ye, tossers!† I'm fitted out in bells and puppets, for fuck's sake. All this sneaking and subterfuge was wearing on me. I followed the Earl of Gloucester through a secret hatch in the stable and into a tunnel that passed under the moat. We waded through a foot of cold water in the dark, making for a slosh in my step as well as a jingle. I'd never fit Drool through the narrow passage, even if I could chase the dark with a torch. The tunnel opened through another hatch in the floor of the dungeon. The earl took his leave in the very torture chamber where I had met Regan. â€Å"I'm off to arrange the passage for your master to Dover, fool. I still have a few servants who are true to me.† I felt indebted to the old man for helping me into the castle, especially given his former bitterness toward me. â€Å"Steer clear of the bastard, your grace. I know he is your favored son, but not rightly so. He's a villain.† â€Å"Don't disparage Edmund, fool. I know your conniving ways. Only last evening he stood with me in protest against Cornwall's treatment of the king.† I could tell Gloucester about the letter I'd forged in Edgar's hand, about the bastard's plan to usurp his brother, but what could he do? Likely he'd storm into Edmund's quarters and the bastard would murder him on the spot. â€Å"Right, then,† said I. â€Å"Be careful, my lord. Cornwall and Regan are a four-fanged viper, and if they should turn their venom on Edmund, you must let him go. Do not come to his aid, lest you, too, are scratched with poisonous pricks.† â€Å"My last true son. Shame on you, fool,† said the earl. He scoffed and hurried out of the dungeon and up the stairs. I thought to prevail upon one god or another to protect the old man, but if the gods were working in my favor, they would continue unbidden, and if they opposed, there was no need to alert them to my cause. It pained me, but I took off my shoes and hat and tucked them into my jerkin to still the bells. Jones had remained back at the hovel with Lear. The laundry lay in the lower levels of the castle, so I made my way there first. The laundress with the aforementioned knockers of the smashing persuasion was hanging a basketload of shirts by the fire when I entered. â€Å"Where's Drool, love?† I asked. â€Å"Hidden,† she said. â€Å"I know he's bloody hidden, otherwise asking would have been superfluous, wouldn't it?† â€Å"Just want me to give him up, then? How do I know you're not out to kill him? That old knight who brought him here said not to let anyone know where he was.† â€Å"But I'm here to get him out of the castle. Rescue him, as it were.† â€Å"Aye, you say that, but – â€Å" â€Å"Listen, you bloody tart, give up the git!† â€Å"Emma,† said the laundress. I sat down on the hearth and rested my head in my hands. â€Å"Love, I've spent the night in a storm with a witch and two raving nutters. I've a brace of wars to see to, as well as the summary violation of two princesses and consequent cuckolding of a pair of dukes. I'm heartbroken, aggrieved for the loss of a friend, and the great drooling lummox that is my apprentice is evidently wandering the castle in search of a mortal chest wound. Pity a fool, love – another non sequitur may dash my brittle sanity to splinters.† â€Å"My name is Emma,† said the laundress. â€Å"I'm right here, Pocket,† said Drool, standing up in the great cauldron. A pile of laundry on his head had been concealing his great empty melon as he lurked in the water. â€Å"Knockers hided me. She's a love.† â€Å"You see,† said Emma. â€Å"He keeps calling me Knockers.† â€Å"It's a compliment, love.† â€Å"It's disrespectful,† she said. â€Å"My name's Emma.† I will never understand women. The laundress, it would seem, dressed in a manner that accentuated, indeed, celebrated her bosoms – a tightly cinched waist pushing bits up until they bloomed out of a swooping neckline – yet a chap notices and the lady takes offense. I will never understand it. â€Å"You know he's a complete nitwit, don't you, Emma?† â€Å"Just the same.† â€Å"Fine. Drool, apologize to Emma for saying how smashing her knockers are.† â€Å"Sorry about your knockers,† said Drool, bowing his head so his laundry hat dropped back into the drink. â€Å"Satisfied, Emma?† I asked. â€Å"I suppose.† â€Å"Good. Now, do you know where Captain Curan, the commander of King Lear's knights might be?† â€Å"Oh yes,† said Emma. â€Å"Lord Edmund and the duke consulted me this morning on all the military matters, as they are wont to do – me being a laundress and having access to all the best bloody tactics and strategies and the lot.† â€Å"Sarcasm will make your tits fall off,† said I. â€Å"Will not,† said she, her arm going to a support position. â€Å"It's a known fact,† I said, nodding earnestly, then looking to Drool, who also nodded earnestly and said, â€Å"It's a known fact,† note for note in my voice. â€Å"That's bloody spooky.† Emma shuddered. â€Å"You lot can get out of my laundry.† â€Å"Very well, then,† said I. I motioned for Drool to climb out of the cauldron. â€Å"I thank you for looking after the Natural, Emma. I wish there were something I could – â€Å" â€Å"Kill Edmund,† she said. â€Å"Pardon?† â€Å"The son of a guild builder were going to marry me before I came to work here. A respected man. Edmund took me against my will and bragged about it in the village. My lad wouldn't have me then. No one worth his salt will have me, except the bastard, and him whenever he wants. ‘Tis Edmund who commanded that I wear this low frock. Says he'll set me out with the pigs if I don't give him service. Kill him for me.† â€Å"But lass, I'm just a fool. A clown. A small one at that.† â€Å"There's more to you than that, you black-hatted rascal. I've seen them wicked daggers at your back, and I can see who's pulling the strings round this castle, and it ain't the duke or the old king. Kill the bastard.† â€Å"Edmund beated me,† said Drool. â€Å"And she do have smashing knockers.† â€Å"Drool!† â€Å"Well, she do.† â€Å"All right, then,† said I, taking the laundress's hand. â€Å"But in time. We've things to accomplish first.† I bowed over her hand, kissed it, then turned on my heel and padded barefoot out of the laundry to set history. â€Å"Heinous fuckery,† Drool whispered to the laundress with a wink. I hid Drool in the gatehouse among the heavy chains that I had used for my escape when I pursued Lear into the storm. Getting the lummox up on the wall and to the gatehouse undetected was no small task, and he left a dripping trail on the stones until we gained the castle exterior, but the guard was light in the tempest, so most of the way we went across the top of the walls unseen. My feet felt as if they'd been set in ice by the time I came back in to a fire, but there was no other way. Drool in the tight space of the secret tunnel, with his fear of the dark was not something I would wish on an enemy. I found a woolen blanket and wrapped the lout in it to await my return. â€Å"Guard my shoes and my satchel, Drool.† I made my way, dodging from nook to cranny, through the kitchen, to the servants' entrance into the great hall, hoping I might get a moment with Regan there. The hall's massive fireplace would be an enticement for the princess on such a frigid day, for as much as she took to the activities of a dungeon, she was drawn to heat like a cat. Because Castle Gloucester had no curtain wall, even the great hall was fitted with arrow loops, so the edifice might be defended at all levels from an attack by water. The arrow loops, while shuttered, were notoriously drafty, so arrases[40] were hung over the alcoves against the wind – the perfect place for a fool to watch, warm himself, and find his moment. I slipped into the room behind a brace of serving girls and into the alcove nearest the fireplace. She was there, by the fire, in a heavy, hooded, black fur robe, only her face revealed to the world. I pulled the tapestry aside and was about to call to her when the latch was thrown on the hall's main doors and the Duke of Cornwall entered, wearing his usual finery with the red lion crest on his chest, but more pointedly, Lear's crown – the one the old man had thrown on the table that fateful night at the White Tower. Even Regan seemed startled to see it on the head of her husband. â€Å"My lord, is it prudent to wear the crown of Britain when our sister is still in the castle?† â€Å"Right, right, we must keep up appearances as if we don't know that Albany raises an army against us.† Cornwall took the crown off and hid it under a cushion by the hearth. â€Å"I am to meet Edmund here and lay a plan for the duke's undoing. One hopes that your sister can be kept out of harm's way.† Regan shrugged. â€Å"If she throws herself under destiny's hooves, who are we to save her brains from being pulped?† Cornwall took her in his arms and kissed her passionately. Oh lady, thought I, push him away lest you debase your lovely lips with villainy. Then it occurred to me, and perhaps rather later than it should have, that she would no more taste villainy than a garlic eater will taste the stinking rose on another. The lady had evil on her breath already. Even as the duke held her tight and professed his adoration of her, she wiped her mouth on her sleeve behind his back. She pushed the duke away when the bastard Edmund entered the hall. â€Å"My lord,† said Edmund, only nodding to Regan. â€Å"Our plans for Albany must be delayed. Look at this letter.† The duke took the parchment from Edmund. â€Å"What?† said Regan. â€Å"What, what, what?† â€Å"France has landed forces. He knows of unrest between ourselves and Albany and has hidden forces in coastal cities all over Britain.† Regan snatched the parchment out of Cornwall's hand and read it for herself. â€Å"This is addressed to Gloucester.† Edmund bowed in false contrition. â€Å"Aye, milady, I found it in his closet and brought it here as soon as I saw its contents.† â€Å"Guard!† called Cornwall. The great doors opened and a soldier looked in. â€Å"Bring me the Earl of Gloucester. Give no deference to his title, he is a traitor.† I looked for a way back to the kitchen, to perhaps find Gloucester and warn him of the bastard's treachery, but Edmund faced the alcove where I was hiding and there was no getting out undiscovered. I opened the shutter to the arrow loop. Even if I could manage to wiggle through it, the wall was a sheer drop to the lake below. I palmed the shutter closed and latched it. The latch on the main doors clanked again and I returned to the gap between the wall and the tapestry, from which I saw Goneril enter, trailed by two soldiers who held Gloucester by the arms. The old man looked as if he had given up already and hung between the soldiers like a drowned man. â€Å"Hang him,† said Regan, turning to warm her hands by the fire. â€Å"What is this?† said Goneril. Cornwall handed her the letter and stood looking over her shoulder while she read. â€Å"Pluck out his eyes,† she said, making an effort not to look at Gloucester. Cornwall took the letter gently from her hand and put his hand on her shoulder in brotherly support. â€Å"Leave him to our displeasure, sister. Edmund, keep our sister company and see her safely home. Lady, tell your duke we must unite against this foreign force. We'll send dispatches quickly between us. Go now, Earl of Gloucester, you do not want to see the dealings with this traitor.† Edmund couldn't conceal a smile upon being addressed by the title he had lusted after for so many years. â€Å"I will,† said Edmund. He offered his arm to Goneril, who took it. They started out of the hall. â€Å"No!† said Regan. Everyone stopped. Cornwall stepped between Regan and her sister. â€Å"Lady, now is the time when we must all be united against the foreign power.† Regan gritted her teeth and turned back to the fire, waving them away. â€Å"Go.† Edmund and Goneril left the hall. â€Å"Bind him to that chair, then leave us,† Cornwall commanded his soldiers. They tied the old earl to a heavy chair and stood back. â€Å"You are my guests,† said Gloucester. â€Å"Do me no foul play.† â€Å"Filthy traitor,† said Regan. She took the letter from her husband and threw it in the old man's face. She grabbed a pinch of Gloucester's beard and yanked it out. The earl yowled. â€Å"So white, and such a traitor,† she said. â€Å"I am no traitor. I am loyal to my king.† She pulled another pinch from his beard. â€Å"What letters do you have late from France? What is their plan?† Gloucester looked at the parchment on the floor. â€Å"I have only that.† Cornwall charged up to Gloucester and pulled the old man's head back by the back of his hair. â€Å"Speak now, to whose hands have you sent the lunatic king? We know you've sent him aid.† â€Å"To Dover. I sent him to Dover. Only a few hours ago.† â€Å"Why Dover?† said Regan. â€Å"Because I would not see your cruel nails pluck out his old eyes or your sister tear his flesh with her boarish fangs. Because there are those who would care for him there. Not put him out in the storm.† â€Å"He lies,† said Regan. â€Å"There's a smashing torture chamber in the dungeon, shall we?† But Cornwall would not wait. In a second he was sitting astraddle the old man and was digging his thumb into Gloucester's eye socket. Gloucester screamed until his voice broke and there was a sickening pop. I reached for one of my throwing daggers. The main door to the hall cracked and heads popped up in the stairwell from the kitchen. â€Å"Why Dover?† said Regan. â€Å"Thou carrion bird!† said Gloucester with a cough. â€Å"Thou she-devil, I'll not say.† â€Å"Then you'll not see light again,† said Cornwall, and he was on the old man again. I would not have it. I drew back my dagger to cast it, but before I could, a band like ice encircled my wrist and I looked to see the girl ghost right beside me, staying my throw, in fact, paralyzing me. I could move only my eyes to look back on the horror playing out in the great hall. Suddenly a boy brandishing a long butcher knife ran out of the kitchen stairwell and leapt on the duke. Cornwall stood and tried to draw his sword, but could not get it clear of the scabbard before the boy was on him, plunging the knife into his side. As the lad pulled back to stab again Regan drew a dagger from the sleeve of her robe and plunged it into the boy's neck, then stepped back from the spray of blood. The boy clawed at his neck and fell. â€Å"Away!† Regan shrieked, waving the dagger at the servants in the kitchen stairwell and the main door and they all disappeared like frightened mice. Cornwall climbed unsteadily to his feet and plunged his sword into the boy's heart. Then he sheathed his sword and felt his side. His hand came away bloody. â€Å"Serves you right, you scurvy vermin,† said Gloucester. With that Cornwall was on him again. â€Å"Out, foul jelly!† he shouted, digging his thumb into the earl's good eye, but in that instant Regan's dagger snapped down and took the eye. â€Å"Don't trouble yourself, my lord.† Gloucester passed out then from the pain and hung limp in his bonds. Cornwall stood and kicked the old man's chest, knocking him over backward. The duke looked on Regan with adoring eyes, filled with the warmth and affection that can only come from watching your wife dirk another man's eye out on your behalf, evidently. â€Å"Your wound?† said Regan. Cornwall held his arm out to his wife and she walked into his embrace. â€Å"It glanced across my ribs. I'll bleed some and it pains me, but if bound, it'll not be mortal.† â€Å"Pity,† said Regan, and she plunged her dagger under his sternum and held it as his heart's blood poured over her snowy-white hand. The duke seemed somewhat surprised. â€Å"Bugger,† he said, then he fell. Regan wiped her dagger and her hands on his tunic. She sheathed the blade in her sleeve, then went to the cushion where Cornwall had hidden her father's crown, pulled back her hood, and fitted it on her head. â€Å"Well, Pocket,† said the Duchess, without turning to the alcove where I was hidden. â€Å"How does it fit?† I was somewhat surprised (although somewhat less so than the duke). The ghost released me then, and I stood behind the tapestry, my knife still poised for the throw. â€Å"You'll grow into it, kitten,† said I. She looked to my alcove and grinned. â€Å"Yes, I will, won't I? Did you want something?† â€Å"Let the old man go,† I said. â€Å"King Jeff of France has landed his army at Dover, that's why Gloucester sent Lear there. You'd be wise to set a camp farther south. Rally your forces, with Edmund's and Albany's at the White Tower, perhaps.† The great doors creaked and a head peeked in, a helmeted soldier. â€Å"Send for a physician,† Regan called, trying to sound distressed. â€Å"My lord has been wounded. Throw his attacker on the dung heap and cast this traitor out the front gate. He can smell his way to Dover and his decrepit king.† In a moment the chamber was filled with soldiers and servants and Regan walked out, casting one last look and a sly smile to my hiding place. I have no idea why she left me alive. I suspect it's because she still fancied me. I slipped out through the kitchen and made my way back to the gatehouse. The ghost stood over Drool, who was cowering under his blanket in the corner. â€Å"Come on, you lovely brute, give us a proper snog.† â€Å"Leave him be, wisp!† said I, although she was nearly as solid as a mortal woman. â€Å"Balls up[41] your jaunty murdering for the day, did I, fool?† â€Å"I might have saved the old man's second eye.† â€Å"You wouldn't have.† â€Å"I might have sent Regan to join her duke in whatever hell he inhabits.† â€Å"No, you wouldn't have.† Then she held up a ghostly finger, cleared her throat, and rhymed: â€Å"When a second sibling's base derision, Proffers lies that cloud the vision, And severs ties that families bind, Shall a madman rise to lead the blind.† â€Å"You've said that one, already.† â€Å"I know. Bit prematurely, too. Sorry. I think you'll find it much more relevant now. Even a slow git like yourself can solve the riddle now, I reckon.† â€Å"Or you could just fucking tell me what it means,† said I. â€Å"Sorry, can't do it. Ghostly mystery and whatnot. Ta.† And with that she faded away through the stone wall. â€Å"I dinna shag the ghost, Pocket,† wailed Drool. â€Å"I dinna shag her.† â€Å"I know, lad. She's gone. Get up now, we've got to monkey down the drawbridge chains and find the blind earl.†