Affects of Capital Punishment on Society Essay Example for Free

Affects of Capital Punishment on Society Essay To take a life when a life has been lost is revenge, not justice ( qtd. in Anti-Death Penalty). Capital punishment, or the death penalty, has been around in some sort of variation for centuries. It is enforced upon criminals who have been convicted of the most heinous crimes, such as homicide. There have been debates throughout time as whether or not the death penalty is appropriate punishment. Valid arguments of support and contradiction of capital punishment have come up over time, making citizens believe it is a tough decision for lawmakers to choose whether or not to allow the death penalty. The decision is simple. Capital Punishment should be abolished throughout the country because it is an unfair and unnecessary way of castigation that contains many flaws and serves no justice for those involved. Executions have been held in the United States as far back as history recognizes. Beginning in 1976, states have begun to come to their senses and finally abolish the death penalty. The number of American civilians who oppose the death penalty have also more than double since then, showing that more than one-third of the population now oppose capital punishment ( 2001Jost 948). Since 1976, more that 1,000 executions have occurred in the United States. Between the thirty-eight states that approve of the death penalty, and the thirty-two that have used in since 1976, there are five different execution methods that are available, each having their disadvantages ( Friedman 85). The first of these execution styles is death by hanging. Until the late 1800s, this type of murder was the primary execution type in the united states. Many states have since stopped hangings, but it has not been gotten rid of completely. Currently, it is still used in Delaware, Washington, and New Hampshire. The last record execution hanging dates back to January 25, 1996 in Delaware, when Billie Bailey was hung for being convicted of the murder of an elderly couple. Hanging is just one of the several disturbing ways in which justice is served in America ( Friedman 74). Another way of performing the death penalty is by the use of lethal gas. It is arguably the least violent of execution methods, and it does not mar, or disfigure, the body. There is little pain involved, and it takes minimal time to perform. Several states use this type of execution, including California, Maryland, Mississippi, and Wyoming. The latest recorded execution by lethal gas was in 1999 in Arizona ( Friedman 74). If there were such a thing as the best execution method, this would be the one. The rarest of type of performing capital punishment is by the use of a firing squad. First, the convicted is led into an execution room where he will sit upon a blood absorbing chair. He is placed before five gunmen, holding four bullet guns and a blank, so that the killers would not be identified. After being covered with a black hood, members of the firing squad aim for the heart, instantly killing the criminal. The latest firing squad execution was in January of 1996, when John Albert Taylor of Utah was sentenced to the death penalty. Death by firing squad is very uncommon and is used only upon an inmates request ( Friedman 74). The most currently used method of capital punishment is lethal injection. The performance consists of three drugs entering the bloodstream. They include sodium pentothal, which knocks out the person, pancuronium bromide, which causes widespread paralysis, and lastly, potassium chloride, which induces a heart attack, killing the convicted criminal. Death penalty supporters believe this type of injection is the most humane, because it is said that once the first drug enters the bloodstream, that the victim drifts off to sleep and feels no pain. However, there is no proof backing this theory up, and taking into the consideration of the strength of potassium chloride, it is nearly impossible to believe that the person does not feel any pain ( Friedman 77). Lastly, electrocution is the fifth and final type of execution. First introduced in the 1880s, it is currently the second most common type of criminal murder behind lethal injection. The process begins with the criminal being thoroughly shaved to avoid interference with the electrical current. Then they are strapped into an electrocution chair. A saline-moistened sponge is placed upon the persons head to conduct the electric current that flows throughout the body. This is then covered by a metal hat. The prisoner is then blindfolded. A flip is then switched, sending anywhere from 500-2000 volts of electricity through the body, hoping to kill the person within seconds. Ten states allow this type of execution, and it is the only type of execution permitted in Nebraska. It is by far the most cruel type of criminal punishment, due to the fact that the prisoner is caused an immense amount of pain. A specific case involving this occurred in Alabama in 1983. John Louis Evans caught fire whi le being executed, and it took over 14 minutes before he was finally pronounced dead. All types of the death penalty are brutal murders, but electrocution by far is the worst ( Friedman 75). Because the current death penalty law, while neutral on its face, is applied in such a manner that people of color and the poor are disproportionately condemned to die, the law is legally and morally invalid ( qtd. in Friedman 61). Capital Punishment is a heinous type of punishment as it is, and the fact the majority of cases are unfair makes it even worse. If the death penalty is to continue, a better effort at least needs to be made to make sure that only defendants that by the lawmakers standards deserve to be killed shall be executed. Whether the situation involves racism, the region in which the crime is committed in, financial wealth, or mental capacity, the death penalty is being unfairly applied upon too many individuals. Racism is one of the most common ways in which Capital punishment is unfairly enforced. In the year 2000, a series of studies was done by the United States Department of Justice. Results from the study show that Caucasians were more than twice as likely to receive plea-bargains in homicide cases than black defendants. A separate study showed that it was at least twice as likely that the prosecution would seek the death penalty if a black person killed a white person, than if a white person killed a black person. A similar 3,900 case study by Jack Boger, a law professor at the University of North Carolina, confirms the statement that if a white human is murdered, it is twice as likely the prosecution will seek the death penalty ( Progressive 135-36). The amount of black criminals that are on death row are beyond all imaginations. Richard Dieter, executive director of the Washington Death Penalty Information Center, did a studying on criminal cases in which capital punishment was sought by the prosecution. Results showed that 72% of these cases involved a black defendant. Amnesty International is also one of the many organizations that believe too that the death penalty is racist. The organizations evidence shows that since 1977, the amount of black and white murder victims are nearly equal. However, over 80% of these homicides that received the death penalty involved having a white victim ( 2001Jost 952). Black people are unfairly treated when it comes to capital punishment, but they are definitely not the only ones. Secondly, the unfairness of capital punishment is brought out by a defendants wealth. Poor defendants receive attorneys who are inexperienced, underpaid, and unmotivated, giving them slim chances of having a chance of innocence. A statement from the United Nations Human Rights Commission stated that an poverty-stricken criminals chances of receiving the death penalty increase immensely compared to a rich person, only because of a poor defensive argument ( Parks 57). Amnesty International also reports that 95% of inmates on death row are not even wealthy enough to afford their own attorney, possibly being the reason that they are there ( 2010Jost 973). Although it is said that money cannot buy happiness, it sure has the ability to keep a convicted criminal alive. Over the past few decades, it has been evident that many parts of the country overuse the death penalty quite a bit. In a 2004 study by the Federal Bureau of Investigation, it shows that that the south has carried out 85% of the nations executions, with over half of executions in the United States coming from Virginia, Florida, and Texas, who leads the nation with over 375 executions since 1976 ( 2005Jost 789). Also, out of the top ten states in which capital punishment is used most, the furthest north is the state of Virginia. With all the evidence pointing towards the south becoming a safer place by executing vicious criminals, it is actually the exact opposite. The south has the highest crime rate throughout the country by far, and is the most dangerous region to live in. On the other hand, the northeast has performed the least number of executions. The region also has the lowest murder rate in the country ( Friedman 37). Evidence clearly shows that the south is executing way too many people, and it part of the explanation as to why the south has so many homicides. We shall never execute anybody who is mentally retarded (qtd. in Progressive 132). This quote made by President George W. Bush shows that the debate of whether or not mentally retarded criminals should be up for execution continues today. Before 2002, 36 states had prohibited the use of capital punishment on mentally retarded defendants. In June of 2002, the supreme court issued a ruling, ending the execution of those with intellectual disabilities. Although this may sound like good news, it still is not nearly enough. Regulations for states classification of an intellectual disabled person include a significantly limited amount of functioning and behavior, and some states include that the defendant must have an IQ below 65 to be considered mentally retarded. These limitations may prevent some executions for mentally slow people, but certainly not all. One of the most nationwide known cases of this involved Virginias Earl Washington. In 1983, Washington, having an IQ of 69, was convinced by police that he was guilty of the rape and murder of a Virginia woman. After confessing he was sentenced to execution. In 2000, just days before his execution date, Earl was pronounced innocent and released from prison ( Intellectual Disability). This is just one of the many examples of unknown injustices that occur when mentally slow persons are available to receive the death penalty, no matter what their IQ is. It is believed that there are still over 600 people on death row that can be considered in some way, mentally retarded ( Ross 84). Capital punishment in the United States has numerous problems that hurts the justice system immensely. While real criminals are executed and taken off the street, the pros of execution do not outweigh the disadvantages of it. Cost, exoneration, time spent on death row, and the fact that capital punishment does not deter murder are all major issues that need to be understood so that people fully understand why the death penalty should be abolished. The extra money spent on the death penalty could be spent on other means of achieving justice and making the community safer: compensation for victims, better lighting in crime areas, more police on streets, or longer periods of incarceration for certain offenders ( Friedman 12). Cost is a big issue when it comes to the choice between capital punishment or keeping a criminal behind bars for life. Many believe that execution saves the country a great deal of money. It actually is the exact opposite, causing states such as Florida and Indiana an extra forty million dollars on executions annually for each state. The average cost of an execution in the United States ranges anywhere from 2-5 million dollars. This includes the time spent on death row, plus the execution itself. The cost to keep a criminal in prison until death is around $760,000. This surprises many individuals and knowing more information on the death penalty may changes the Capital Punishment views of Americans ( Fagan) . The United States is known for being the most active state when it comes to executions. Those who believe this statement are absolutely correct, because the United States has more death row inmates than any other country in the world ( American Civil Liberties Union 126). All of these people on death row also spend an incredibly long time on death row, which is a main reason that the cost of an execution is so much. In most cases, a death row inmate will spend 10-20 years on average in prison before they are executed. This is due to several things. One is that the government wants to be absolutely sure that the criminal is guilty as charged, even though innocent people have still been executed. Another reason is the numerous appeals that these possibly innocent people file, trying to convince others of their innocence. These issues are important in showing that death row is full of inmates for years, where instead, the inmates could be at normal prisons serving a life sentence ( Frie dman 11). In August of 1993, Ruben Cantu of Texas was executed on charges of robbery and homicide. Later, new evidence, as well as a signed statement by the confessed murder, proved Cantus innocence. Many death row inmates have been exonerated through the history of Capital Punishment, and Ruben Cantu is one of many who have been wrongly executed. Another case involved Frank Lee Smith, who was convicted of raping and murdering an eight-year-old girl. Smith spend fourteen years on death row and died of cancer. It was later proven that he was innocent of all charges. Since 1989, there have been more than 180 post conviction exonerations, thanks to the use of DNA technology. The average person who has been exonerated in one of the 31 states where they have occurred has wrongfully spent twelve years behind bars ( Friedman 21). That is more than 180 too many, and not one of those wrongful convictions was necessary.

ee cummings :: Essays Papers

â€Å"To be nobody but yourself in a world which is doing its best, night and day, to make you everybody else means to fight the hardest battle which any human being can fight; and never stop fighting,†-E.E. Cummings. E.E. Cummings was considered one of the most innovative poets of the twentieth century. Now I will tell you a little bit about him. Edward Estlin Cummings was born on October 14, 1884 in Cambridge Massachusetts. He spent his early years in Cambridge until he began to attend Harvard University in 1912. E.E. Cummings graduated in 1916 with an M.A. and a B.A. in English and classic literature. After graduating from Harvard, Cummings joined the Norton-Harjes Ambulance Corps, in France. He was an ambulance driver during World War I until he wrote letters back home criticizing the conduct of the war, and the nervous French censors had him arrested and sent him to a detention center, where he remained for three months before being released. While in the French prison Cummings wrote the basis of his first published book The Enormous Room. This book was considered one of the greatest literary works to come out of World War I. This book was written as a journal of Cummings prison stay. It is said to be heightened by an experimental prose style and a hatred of a bureaucracy that could treat helpless and innocent civilians so cruelly. Cummings was drafted into the U.S. Army in shortly after the 1918 Armistice. He depicts military life satirically in such poems as, â€Å"i sing of Olaf glad and big.† After the war, Cummings devoted himself entirely to his writing and painting, publishing 11 books of poems. He also published a second antibureaucracy journal entitled Eimi (Greek for "I Am"), in 1933. Besides being a poet, Cummings was a playwright, prose writer, and painter. Most of the time, however, he was a poet. Cummings received the Bollingen Prize for poetry in 1957. He also received the Shelley Memorial Award for poetry in 1944, along with being awarded the Charles Eliot Norton Professorship at Harvard for the academic year 1952-1953. Cummings life ended on September 3, 1962 at the age of 80. Cummings poetry, noted for its eccentricities of typography, language, and punctuation, usually seeks to convey a joyful, living awareness of sex and love was the first of its kind. ee cummings :: Essays Papers â€Å"To be nobody but yourself in a world which is doing its best, night and day, to make you everybody else means to fight the hardest battle which any human being can fight; and never stop fighting,†-E.E. Cummings. E.E. Cummings was considered one of the most innovative poets of the twentieth century. Now I will tell you a little bit about him. Edward Estlin Cummings was born on October 14, 1884 in Cambridge Massachusetts. He spent his early years in Cambridge until he began to attend Harvard University in 1912. E.E. Cummings graduated in 1916 with an M.A. and a B.A. in English and classic literature. After graduating from Harvard, Cummings joined the Norton-Harjes Ambulance Corps, in France. He was an ambulance driver during World War I until he wrote letters back home criticizing the conduct of the war, and the nervous French censors had him arrested and sent him to a detention center, where he remained for three months before being released. While in the French prison Cummings wrote the basis of his first published book The Enormous Room. This book was considered one of the greatest literary works to come out of World War I. This book was written as a journal of Cummings prison stay. It is said to be heightened by an experimental prose style and a hatred of a bureaucracy that could treat helpless and innocent civilians so cruelly. Cummings was drafted into the U.S. Army in shortly after the 1918 Armistice. He depicts military life satirically in such poems as, â€Å"i sing of Olaf glad and big.† After the war, Cummings devoted himself entirely to his writing and painting, publishing 11 books of poems. He also published a second antibureaucracy journal entitled Eimi (Greek for "I Am"), in 1933. Besides being a poet, Cummings was a playwright, prose writer, and painter. Most of the time, however, he was a poet. Cummings received the Bollingen Prize for poetry in 1957. He also received the Shelley Memorial Award for poetry in 1944, along with being awarded the Charles Eliot Norton Professorship at Harvard for the academic year 1952-1953. Cummings life ended on September 3, 1962 at the age of 80. Cummings poetry, noted for its eccentricities of typography, language, and punctuation, usually seeks to convey a joyful, living awareness of sex and love was the first of its kind.

Modus Operandi Essay

Modus Operandi is a term used in a criminal investigation to describe a way in which a defender goes about committing a crime. Usually it defines a pattern of activities driven by the offenders, thought and behavior processes, before, during, and after the crime. It is also used in criminal profiling, where it can assist with obtaining clues regarding an offender’s psychology. It consists of examining the actions used by the offender to execute the crime, prevent its detection and/or facilitate escape. (Vronsky, 2004)A criminal’s MO pertains to facts gathered from a crime scene, giving investigators insight into how, when and where the crime was committed. For example, a criminal may use a particular weapon or focus on certain type of people, time of day, or a particular neighborhood. All which support his modus operandi. The signature is the way in which a criminal leaves his mark on the crime scene. This can include, posing or branding his victim in a certain way or c arrying out his crime in a manic obsession such as torture of disfigurement, using props and/or securing souvenirs such as clothing, to relive the crime. An offender’s signature alerts profilers to the emotional and psychological aspects of the offender that are the driving forces of an offender’s crime.(Keppel,1997) Signature behaviors suggest clues regarding a criminal’s past, personality, emotions, mental state and intelligence. Criminal psychological profiling is an investigative tool utilized by experts to examine details of a crime, in the attempt to categorize, understand and predict the behavior of certain type of offenders based on behavioral clues they provide. Criminal psychological profiling is also referred to as â€Å"criminal profiling†, â€Å"criminal profiling† and â€Å"behavioral profiling.†Criminal profiling is a behavioral composite of the unknown, put together after analyzing the crime scene and other important information pertaining to the crime. This can include the autopsy report, autopsy and crime scene photos, as well as initial police reports. Also included in crimi nal profiling, is a detailed analysis of the victim. (Douglas, et al, 1992) Additional data, such as geographical areas beyond the immediate crime scene, the method of which the offender traveled to and from the crime scene and the relevant aspects of the residential location of the victim are also examined. In addition, the relationship between the perpetrator and the victim is also analyzed. Criminal profiling is not necessarily useful in every case, yet in some cases, it can assist with narrowing down the search for an offender when used in repeated crimes committed by a specific offender, such as serial rape or murder. Knowledge gained from profiling, can aide in the interrogation process of an offender and can assist with identifying and protecting potential victims before the perpetrator gains the opportunity to offend again. Although there are many opponents against utilizing the criminal profiling techniques, the goal of criminal profiling is to deduce enough behavioral, personality and physical characteristics about an offender so that she or he may be apprehended. (Berg, 2008) Several FBI special agents have written books noting their positive experiences with utilizing their skills of a criminal profiler.FBI profiler, Robert Ressler, assisted with popularizing the field of profiling. His book, Whoever Fights Monsters, has often been credited with creating much of the public’s fascination with psychological profiling. Berg, B. L. (2008). Criminal Investigation. New York: Mc Graw – Hill. Douglas, J. E.., Burgess, A.W., Burgess A.G., & Ressler, R.K.(1992).Crime classification manual: A standard system for investigating and classifying violent crimes. San Francisco: Jossey-Bass. Keppel, R.D., & Birnes, W. J(1997). Signature killers: Interpreting the calling cards of the serial murderer. New York: Pocket Books. Vronsky, R. (2004). Serial Killer. New York: Berkley Publishing Group I felt that way.See when uve had a life filled with trauma,ur normal response is to â€Å"panic†,get excited,go into overdrive,defensive,loud talkn etc.Side note.I realize that alot our ppl in the hood,respond that way all the time.Not understanding their responses, are trauma responses.Normal responses based on what theyve been through.Of course they dont no that, bcuz they are always in survival,†Fight or flight† mode.Two traumatized ppl wont make it bcuz, they trigger each other.Unless, they r content with the â€Å"normalcy of it all.You no,ppl who claw@each other daily?Tear each other down,then make up as if nothin is wrong.That’s trauma to one’s spirit.Ater a while, some is gonna have to pay for that(she/he jst snapped one day).No, it was building.I need a cool calm and collected, who understands that its not personal.That my barr none attitude,is the outcome. Its the normal response baby,from being on my own at 16,DV for many yrs,dispised and unloved by my first teacher.Yea, it has to go somewhere.lol But,I work on me everyday. Truth b told, I wouldnt want to b anybody else.I felt that way.See when uve had a life filled with trauma,ur normal response is to â€Å"panic†,get excited,go into overdrive,defensive,loud talkn etc.Side note.I realize that alot our ppl in the hood,respond that way all the time.Not understanding their responses, are trauma responses.Normal responses based on what theyve been through.Of course they dont no that, bcuz they are always in survival,†Fight or flight† mode.Two traumatized ppl wont make it bcuz, they trigger each other.Unless, they r content with the â€Å"normalcy of it all. You no,ppl who claw@each other daily?Tear each other down,then make up as if nothin is wrong.That’s trauma to one’s spirit.Ater a while, some is gonna have to pay for that(she/he jst snapped one day).No, it was building.I need a cool calm and collected, who understands that its not personal.That my barr none attitude,is the outcome. Its the normal response baby,from being on my own at 16,DV for many yrs,dispised and unloved by my first teacher.Yea, it has to go somewhere.lol But,I work on me everyday.Truth b told, I wouldnt want to b anybody else.

Merger of JP Morgan Chase Co - Free Essay Example

Sample details Pages: 8 Words: 2485 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Executive Summary This paper on the Banking industry consist the merger of JP Morgan Chase Co. It argues that the experience of Banking industry in the US is unique and also the impact of the merger in JP Morgan Chase Co. It is not paradigmatic also tells that all banks are not driven efficiently. The paper talks about the merger of JP Morgan Chase Co. using The Porters The Fishbone Model. Table of Contents Executive Summary 1 Table of Contents 2 1. INTRODUCTION 3 1.1 Overview of Banking Industry in US 3 1.2 Overview of JP Morgan and Chase 3 2. STUDY OF MERGER BETWEEN JP MORGAN CHASE (2000) 4 2.1 Purpose of the study 5 2.2 Significance of this study 5 2.3 Limitations 5 3.RESEARCH MODEL 6 3.1. The Fish Bone Model 6 3.2 Elements of the Model 7 3.3. Previous Research Findings 8 3.4. Critics for the Previous Research 8 4.PREVIOUS RESEARCH METHODOLOGY 9 5.CONCLUSION 10 Don’t waste time! Our writers will create an original "Merger of JP Morgan Chase Co" essay for you Create order 1. INTRODUCTION 1.1 Overview of Banking Industry in US This paper on the Banking industry consist the mergers of banks with a special emphasis on the US banks. It argues that the experience of Banking industry in the US is unique and it is not paradigmatic also tells that all banks are not driven efficiently. Mergers in banks arise because of macro structural circumstances and shifts to strategic motives in a period of time (Benston, Hunter, Wall, 1995). Over the few years, bank mergers and acquisitions have been occurring at a very high rate. During the recent decades the US banking system is experiencing an intense structural change which is happening at a very rapid place. When banks document deposits made by customers create credit evaluations and move funds they process information. The banks and the financial services industries entrants have been very much affected by the current information processing revolution. The banks are moderately transforming themselves from intermediaries that have loans, deposits and securities in their balance sheets into brokers who originate loans and then allocate them to others who obtain securitized assets. This change has occurred due to rapid increase of the technical advancements in processing information. 1.2 Overview of JP Morgan and Chase JPMorgan Chase Co. is one of the worlds largest, oldest, and best-known financial institutions. Since their founding in New York in the year 1799, they have succeeded and grown by listening to their customers and also by meeting their needs. Being a global financial services firm and with operations in more than 50 countries, JPMorgan Chase Co. combines two of the worlds best and premier financial brands: J.P Morgan and Chase. JPMorgan Chase Co. is a leader in financial services for consumers; investment banking; financial transaction processing; small business and commercial banking; private equity and asset management. JPMorgan Chase Co. serves millions of consumers in the United States and also the worlds most prominent corporate, institutional and government clients. JPMorgan Chase Co. is built on the foundation of more than 1,000 predecessor institutions that has come together over the years to form todays company. Their many well-known heritage banks include J.P Morga n Co., The Chase Manhattan Bank, The First National Bank of Chicago, Manufacturers Hanover Trust Co., Bank One, Chemical Bank and National Bank of Detroit, each closely tied in its time for innovations in finance and for the growth of the United States and global economies. (The History of JP Morgan Chase Co., 2008) 2. STUDY OF MERGER BETWEEN JP MORGAN CHASE (2000) On examining, there are four main paths are identified which explains explains the reasons behind the mergers activity. These paths are related to (1) creating economies of scales, (2) expanding in geographically means, (3) increasing the combined capital base (size) and product offerings, and (4) gaining the market power. In examining these paths, it appears that, at a much higher level in Porters fishbone framework, the mergers are driven by cost reductions than increasing the gross revenue. Global consolidation and Downsizing allowing banks in increasing its size and market capabilities while creating some technological efficiencies largely responsible for the cost savings of mergers. The research results on the financial performance of the merged banks have resulted in conflicting conclusions. While some research has found that bank acquisitions are not improving the financial performance of the combined banks (Baradwaj, Dubofsky, Fraser, 1992). When Chase Manhattan anno unced its merger with J.P. Morgan in September 2000, the companys shares were selling at $52. (Palia, 1994). Today, they make around $30, and the press is filled with reports of the companys performance. Getting bigger has not helped Chase Manhattan to get better. Nor has it helped other companies. The Wall Street Journal recently reported that the share prices of the 50 biggest corporate acquirers of the 1990s have fallen three times as much as the Dow Jones Industrial Average. (Toyne Tripp, 1998). The size counts, especially in addressing the complex problems that span geographies and functions. But bigger doesnt make a company better at serving customers. Chase is the product of two megadeals that came earlier, its mergers with Chemical Manufacturers Hanover and. J.P. Morgan is the part of the venerable House of Morgan which was traditionally a commercial bank, but has aggressively entered the investment banking business. After flirting with other merger partners from Europe and elsewhere, it finally offered the famous name and blue-chip client roster to its fellow New Yorker for about $36 billion in stock. (Madura Wiant, 1994) 2.1 Purpose of the study The history before the acquisition is very important to consider the enormity of the product. In 1991, Chemical Banking Corp. merged with Manufacturers Hanover Corp., keeping the name Chemical Banking Corp., then the second largest banking institution in the United States. In 1995, First Chicago Corp. merged with NBD Bancorp Inc., forming First Chicago NBD Corp., the largest banking company based in the Midwest. In 1996, Chemical Banking Corp. merged with The Chase Manhattan Corp., keeping the name The Chase Manhattan Corp. and creating what then was the largest bank holding company in the United States. 2.2 Significance of this study In 2000, The Chase Manhattan Corp. merged with J.P.Morgan Co. Incorporated, in effect combining four of the largest and oldest money center banking institutions in New York City (Morgan, Chase, Chemical and Manufacturers Hanover) into one firm called JPMorgan Chase Co. In 2004, Bank One Corp. merged with JPMorgan Chase Co., keeping the name JPMorgan Chase Co. In 2008, JPMorgan Chase Co. acquired The Bear Stearns Companies Inc., strengthening its capabilities across a broad range of businesses, including prime brokerage, cash clearing and energy trading globally. 2.3 Limitations It becomes abundantly clear that there is no clear direction in terms of the mergers and acquisitions that JPMorgan Chase Co. performed in before and after the marriage of the giants happened. The merger was hailed and appreciated at the time when one of the largest mergers was in a vogue. The merger seemed to have happened through lots of pressure from competition more than anything else. Even after these so many years of being together, it is not very easy to tell if the individual entities are acting as one. (Wilson, 2003) The problem faced is really because of cohesiveness and integration. Although the merger went through the lack of a proper regulatory authority to oversee such mergers leads to situations such as the sub-prime crisis of 2007-2008. RESEARCH MODEL 3.1. The Fish Bone Model The coding scheme adopted for the content analysis that was conceptualized in the Porter strategic model (Porter, 1980) as operationalized in a fishbone analysis framework (Nolan, Norton Company, 1986). The coding of the content of application approximates the use of a standardized questionnaire. Hence, content analysis has the advantage of both ease and high reliability, but it may be more limited in terms of content validity to the extent that the applications reflect the underlying stated merger decision rationale. These four paths are related to creating economies of scales, expanding geographically, increasing the combined capital base (size) and product offerings, and gaining market power. This appears that decreasing costs than increasing gross revenue drives much of the merger activity at a higher. Many of the applications stated that the reduction of costs as a reason for the merger. In addition to it, many of the applications went further than a general statement of cost reduction explaining that the combined institution would create economies of scales which would result in a reduction in costs as justification for their merger/acquisition request. 3.2 Elements of the Model -Location -Product -Competitors -Market Trends However, since the merger/acquisitions within the banking industry should provide certain data (i.e. Community Reinvestment Act compliance or Herfindahl Indexes) to reinforce the merger/acquisition stated rationale, there is more validity in the stated rationale for mergers/acquisitions of this industry than in others using this approach (Cornett De, 1991). The use of the widely accepted Porter strategic model provides an appropriate framework for both inductive and deductive conclusions. 3.3. Previous Research Findings The model provides a tight linkage to the strategy literature for validity of the coding categories. More than that, the use of multiple coders and a referee insure a high degree of reliability in coding effort. For each application, two coders independently code each paragraph and the results are entered into a spreadsheet for data management purposes. The results of the two coders were then compared, and, if there was any disagreement, the referee discussed the differences with the other coders and made a final determination. For each application, a resultant tabulation was created and overlaid upon the fishbone for visual inspection. Hence, this model contains the total numerical count of the entire sample. 3.4. Critics for the Previous Research Previous literature finds an empirical evidence of links between mergers and financial performance, measured in terms of either profitability or operating efficiency (Berger, Demsetz, Strahan, 1999). The US experience cannot be a global paradigm because US banks has dominance in the global financial arena. Prior to the US bank merger wave, the banks that operated with long standing geographic restrictions, could not expand their branch networks when market opportunities arose outside their market areas. Hence, a sustained period of banking distress began in 1981. The thrift industry collapsed; many banks experienced distress in the early 1980s due to credit problems ranging from Latin American loans, loans in oil-rich domestic areas, loans for corporate mergers and commercial real estate. The failing or troubled institutions were often are taken over by expansion-oriented commercial banks; Nations bank grew through astute acquisitions during the period. Government-assisted merg ers accounted for majority of the bank mergers in the United States between 1982 and 1989. This period of distress mergers led to a shift in regulatory philosophy. Until this period, regulators guided by the antitrust law and the Bank Holding Company Acts of 1956 and 1970 placed some restrictions on bank activities and expansion, using the criteria that firms with monopolistic power will exploit it. In this period, many regulatory economists adopted Chicago new learning approach, which shifted the attention from monopoly position to contestability. Regulatory test for market power was weakened, that permitted federal regulators to override product-line and geographic restrictions in approving distress mergers. The Federal Reserve used regulatory flexibility to force modernization in U.S. banking laws. Bank regulators increasingly operated on the premise that the industry is overbanked and financial innovations has made capital and credit universally available. One approach was th e emergence of an upscale retail banking strategy. PREVIOUS RESEARCH METHODOLOGY The Banks using this approach identify a preferred customer base to which they can deliver both traditional banking services-short-term consumer loans, long-term mortgages, depository services-and nontraditional services such as mutual funds, insurance, and investment advice. The second and related approach was a shift away from maturity transformation and interest-based income, towards maturity matching, secondary market sales, and fee-based income. Much of the revenue from upscale households take the form of fees, encouraged by the growth of secondary loan markets and of banks involvement in the household portfolio management. The proportion of interest expenses within banks overall expenses is declined since 1982; noninterest income has been an increasing share of bank income since 1978 (DeYoung, 1994). Large banking firms have led to the second phase of the U.S. bank merger wave because they have most aggressively pursued upscale-retail and fee-based strategies. Since the banks are not more efficient or more profitable than the smaller banks they purchase, earnings increase have not financed these acquisitions, while Wall Street has. Wall Streets analysts have adopted the concept of banking industry excess capacity; and brokers and underwriters have earned the substantial fees from the equity issues that have provided the cash needed to sweeten offers for target banks equity shares (Serwer, 1995) (Chong, 1991). CONCLUSION Although there are many frameworks used for analysis of other industries, they often do not work within the banking industry because of the imposed regulatory constraints; the model reveals that the Porter Model will be suitable in this case for examining the rationale behind the merger/acquisition activity for the banking industry. There are four main paths, for the period examined that explains the reasons behind the mergers/acquisitions activity. Utilizing the synergies between the two partners is a common phrase found throughout the applications. The usual scenario is that the smaller partners will combine with the larger partners in order to develop the economies of scale and also to reduce their combined costs. The remaining three paths are related to increasing gross revenue but at a much lower level on the fishbone framework. Most of the applications justified the merger either directly or indirectly by referencing the combined banks ability to expand geographically i nto various markets that the individual banks had not previously had a market presence. As a result, through the geographical expansion, the bank would be able to decrease the total risk as well as increase the sales of the products and, thus, increase overall gross revenue. Many of the merger/acquisition either directly or indirectly justified their mergers through the fact that the combined asset base (size) would be larger and, thus, allowing the banks to make loans to companies that the individual banks could not have previously serviced due to capital base lending regulatory restrictions. In essence, the larger capital base allowed the merged institutions to offer a new product (jumbo loans) to an existing customer or to gain new customer through the new product offering. In addition, on the same path many of the applications justified the merger through the ability to offer a greater array of products. The smaller partner (usually) would be able to offer products already carried by the larger partner and that previously due to the smaller partners size they had not able to offer. In both cases, the merger would allow the combined institution to offer a greater product array increasing their sales and, thereby, increasing gross revenue. The last path deals with the, often, indirect merger justifications of increasing market power. Through the merger, the merged banks would be better able to compete with banks within their market, increasing their product sales, and, thus, their gross revenue.