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Knowing how to secure your financial well-being is one of the most important things youll ever need in life. You dont have to be a genius to do it. You just need to know a few basics, form a plan, and be ready to stick to it. There is no guarantee that youll make money from investments you make. But if you get the facts about saving and investing and follow through with an intelligent plan, you should be able to gain financial security over the years and enjoy the benefits of managing your money. For more information, see the SECs publication Saving and Investing: A Roadmap To Your Financial Security Through Saving and Investing.

Part of our job at the SEC is to protect ordinary investors like you from fraud. Here's what we want all investors to know to avoid getting scammed.

If you have a question or concern about an investment, or you think you have encountered fraud, contact the organizations below or your state securities regulator.

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January 31, 2011 | ET Bureau

Periodically, companies chalk out plans to venture into new businesses or extend their existing businesses to achieve backward or forward integration aimed at either de-risking or achieving better economies of scale. Some diversifications turn out to be successful while others don't. This is because diversification comes with its own set of benefits and drawbacks. It is an enabling tool for companies intending to de-risk their businesses by...

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February 7, 2014 | BankBazaar

The second home buyer or investor normally falls into the dilemma when it comes to investing in land or an apartment. Both the investments have some merits and demerits, but there are a few important points that can help an investor arrive at a definite stand. Buying an independent land/floor means sovereign choice to build a house depending on one's own requirement and constraints. On the other hand, a flat apartment is a redesigned, multi-floored...

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April 11, 2011 | Shobhana Chadha , ET Bureau

Volatile markets may give sleepless nights to small investors, but mutual funds consider them as an opportunity to sell structured products. Given the uncertainty witnessed by the markets in the past few months, it's no surprise that nine capital protection-oriented funds have been launched since January this year and more such offerings are in the pipeline. But do these funds live up to their name and make for a good investment? Not necessarily. A capital protection...

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March 9, 2015 | Neha Pandey Deoras , ET Bureau

Thinking of investing in the PPF and fixed deposits for your little daughter's education or marriage? The Sukanya Samriddhi Yojana (SSY) could be a better alternative. The scheme, which was launched in January as part of the Prime Minister's Beti Bachao Beti Padhao initiative, was already eligible for deduction under Section 80C. The Budget has now made the income from the scheme tax free. The SSY is more attractive than the PPF because it offers a...

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August 24, 2012 | Ahona Ghosh , ET Bureau

MUMBAI: The year is 2004. Two top analysts of Rakesh Jhunjunwala's (RJ) Rare Enterprises are at the headquarters of Titan Industries in Bangalore. After two days of meetings with some 20 senior executives of the watches and jewellery marketer, the duo rushes back excitedly to Mumbai. The same night one of them makes a presentation of their findings to RJ, illustrating the bright prospects he foresaw for Titan, particularly in...

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Articles about Investment - timesofindia-economictimes

This website contains information about state retirement systems in Florida, including the FRS - the fourth largest public system in the nation. You can view and print our glossary() which provides definitions to help you understand retirement terms used throughout this website.

You may also want to visit the MyFRS website, which is a cooperative website of the Department of Management Services and the Florida State Board of Administration. It is part of the MyFRS Financial Guidance Program and offers online planning models and choice tools to help employees eligible for membership in the FRS to choose between the FRS Pension Plan and the FRS Investment Plan. The website also provides access to resources available under both plans.

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The FRS Pension Plan funding valuation takes place annually, available December 1st and was 86.6 percent funded, as of July 1, 2014. You can view a chart that compares the plan's actuarial liabilities to the plan's actuarial assets for the past five fiscal years. The annual benefit payments to FRS retirees and beneficiaries (shown in white on the chart) are a part of the overall plan liabilities. The market value of the total assets of the FRS Pension Plan is updated monthly and can be viewed on the MyFRS website.

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This is the best first level Yoga Teacher Training Course at Mysore TTC IYT 250+Hrs. It has been training exceptional quality teachers since 2005. Yoga Alliance authorized Registered Yoga School that has trained more than 550+ teachers from 60+countries. 4 week, full day programme that is both intense and comprehensive. Yogacharya Bharath Shetty and his assisting teachers conduct teacher Training Course.

Yoga Teacher Training Course of 8 weeks full day programme intense, holistic and showcasing the Yogic way of life. Yoga Alliance authorized RYS 500 awarded on successful completion of the course. First Month covers asana technique, practice, Prayers (slokas), chanting (kirtan), Pranayama, Anatomy, Philosophy and Ethics and Spiritual Trip.

Second month focuses on advanced asana technique, practice, Prayers (slokas), chanting (kirtan), Pranayama, Anatomy, Ayurveda, Philosophy with Patanjali Yoga Sutras, Karma Yoga in Bhagavad Gita, Nirvana Shataka and Ethics,Meditation, Bandhas, kriyas, mudra and Chakras.

Yogacharya Bharath Shetty and his assisting teachers conduct teacher Training Course.

A TTC, for teachers trained under IndeaYoga system seeking personal development by deepening their own practice and reaching the next Yoga Teacher Training level. Yoga Teacher training course Advance+ aims only at teachers with RYS 200 awarded by Aananda Yoga India. A 4-week, intensive-full day Yoga Teacher Training. Core Curriculum teaches techniques of educating teachers teach their students in asana adjustments relating to Foundation, Vinyasa and Innovation. Curriculum includes Prayers, Chanting, Pranayama, Meditation, and Anatomy. Yoga Therapy, Bandas, Kriya, Mudras and Philosophy-Patanjali Yoga Sutras, Karma Yoga in Bhagavad Gita, AtmaNivanaShataka. Yoga Alliance authorized RYS 500 awarded on successful completion of the course.

Yogic tradition says 8.4m species in the world have one asana for each; the Foundation series focuses on 83 important asanas. Hatha yoga is a set of physical exercises (known as Asanas or postures), and sequences of Asanas. Hatha Yoga helps understand the mechanics of the body and drive one's energy in specific directions. Designed to open the many channels of the body it eases the process of human growth.

At Aananda Yoga India, Yogacharya Bharath Shetty combines Ashtanga yoga, Iyengar yoga and Sivananda yoga systems and trains to prepare the body to ease out the process of human growth.

A dynamic personalized practice that develops an intelligent and systematic self-practice of Ashtanga, Innovation combined with Satsang for the practitioner. Yogacharya Bharth Shetty will lead through the power of flow yoga with series of poses that moves one through the power of inhaling and exhaling. Providing both physical and mental benefits Ashtanga Yoga Mysore Style classes will develop an intelligent, systematic and self-practice regime that would help yoga practitioner.

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Yoga Teacher Training

How It Works

Workout fads come and go, but virtually no other exercise program is as enduring as yoga. It's been around for more than 5,000 years.

Yoga does more than burn calories and tone muscles. It's a total mind-body workout that combines strengthening and stretching poses with deep breathing and meditation or relaxation.

There are more than 100 different forms of yoga. Some are fast-paced and intense. Others are gentle and relaxing.

Examples of different yoga forms include:

The intensity of your yoga workout depends on which form of yoga you choose. Techniques like hatha and iyengar yoga are gentle and slow. Bikram and power yoga are faster and more challenging.

Core: Yes. There are yoga poses to target just about every core muscle. Want to tighten those love handles? Then prop yourself up on one arm and do a side plank. To really burn out the middle of your abs, you can do boat pose, in which you balance on your sit bones and hold your legs up in the air.

Arms: Yes.With yoga, you don't build arm strength with free weights or machines, but with the weight of your own body. Some poses, like the plank, spread your weight equally between your arms and legs. Others, like the crane and crow poses, challenge your arms even more by making them support your full body weight.

Legs: Yes. Yoga poses work all sides of the legs, including your quadriceps, hips, and thighs.

Glutes: Yes. Yoga squats, bridges, and warrior poses involve deep knee bends, which give you a more sculpted rear.

Back: Yes. Moves like downward-facing dog, child's pose, and cat/cow give your back muscles a good stretch. It's no wonder that research finds yoga is good for relieving a sore back.

Flexibility: Yes. Yoga poses stretch your muscles and increase your range of motion. With regular practice, they'll improve your flexibility.

Aerobic: No. Yoga isn't considered aerobic exercise, but the more athletic varieties, like power yoga, will make you sweat. And even though yoga is not aerobic, research finds it's just as good as aerobic exercise for improving health.

Strength: Yes. It takes a lot of strength to hold your body in a balanced pose. Regular practice will strengthen the muscles of your arms, back, legs, and core.

Sport: No. Yoga is not competitive. Focus on your own practice and don't compare yourself to other people in your class.

Low-Impact: Yes. Although yoga will give you a full-body workout, it won't put any impact on your joints.

Cost. Varies. If you already know your way around a yoga mat, you can practice for free at home. Videos and classes will cost you various amounts of money.

Good for beginners? Yes. People of all ages and fitness levels can do the most basic yoga poses and stretches.

Outdoors. Yes. You can do yoga anywhere, indoors or out.

At home. Yes. All you need is enough space for your yoga mat.

Equipment required? No. You don't need any equipment because you'll rely on your own body weight for resistance. But you'll probably want to use a yoga mat to keep you from sliding around in standing poses, and to cushion you while in seated and lying positions. Other, optional equipment includes a yoga ball for balance, a yoga block or two, and straps to help you reach for your feet or link your hands behind your back.

There are many types of yoga, from the peaceful hatha to the high-intensity power yoga. All types take your workout to a level of mind-body connection. It can help you relax and focus while gaining flexibility and strength. Yoga can also boost your mood.

Even though there are many instructional books and DVDs on yoga, it is well worth it to invest in some classes with a good instructor who can show you how to do the postures.

Chances are, there's a type of yoga that suits your needs and fitness level. It's a great choice if you want a holistic approach to mind and body strength.

Yoga is not for you if you like a fast-moving, competitive workout. Be open-minded, since there are physical and mental benefits you can gain by adding some yoga into your fitness plan, even if it isn't your main workout.

Is It Good for Me If I Have a Health Condition?

Yoga is a great activity for you if you have diabetes, high blood pressure, high cholesterol, or heart disease. It gives you strength, flexibility, and mind-body awareness. You'll also need to do something aerobic (like walking, biking, or swimming) if you're not doing a fast-moving type of yoga.

If you have high blood pressure, diabetes, or heart problems, ask your doctor what you can do. You may need to avoid certain postures, like those in which you're upside down or that demand more balance than you have right now. A very gentle program of yoga, coupled with a light aerobic activity like walking or swimming, may be the best way to start.

Do you have arthritis? Yoga can help you stay flexible and strong without putting added stress on your joints. You get the added benefit of a mind-body approach that can help you relax and energize.

If you're pregnant, yoga can help keep you relaxed, strong, and in shape. If you're new to yoga, let your doctor know you want to give it a try. Look for an instructor who's experienced in teaching prenatal yoga.

You'll need to make some adjustments as your baby and belly grow and your center of gravity shifts. After your first trimester, dont do any poses that have you lying on your back. And dont try to stretch any further than you did before pregnancy. Your pregnancy hormones will loosen up your joints and make you more likely to get injured.

While you're pregnant, avoid postures that put pressure on your belly or low back. Don't do "hot" yoga, where the room temperature is very high.

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Yoga: Benefits, Intensity Level, and More

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In The Synthesis of Yoga Sri Aurobindo unfolds his vision of an integral (also called purna or complete) yoga embracing all the powers and activities of man. He provides an overview of the main paths of yoga, their primary methodologies and the necessity for integrating them into a complete, all-embracing and all-encompassing activity. The motto All Life Is Yoga is the theme of this text.

Sri Aurobindo points out that this is not intended as a fixed methodology: The Synthesis of Yoga was not meant to give a method for all to follow. Each side of the Yoga was dealt with separately with all its possibilities, and an indication as to how they meet so that one starting from knowledge could realise Karma and Bhakti also and so with each path. (pg. 899)

The final section begins to flesh out an integrative method which Sri Aurobindo called the yoga of self-perfection. While all the details of this approach were not completed to the extent desired, Sri Aurobindo has provided ample guidelines for the seeker to understand the direction and the path.

It is our goal to take up the systematic review of The Synthesis of Yoga in the following pages. All page number citations in this review are based on the U.S. edition of The Synthesis of Yoga published by Lotus Press, EAN: 978-0-9415-2465-0 Sri Aurobindo, The Synthesis of Yoga

Chapter headings and organization of the material follow The Synthesis of Yoga.

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Sri Aurobindos integral yoga has enormous implications for the time we find ourselves in. As we systematically destroy the basis of life on the planet, and wall off one another through ultimate fragmentation, we are left with the stark contrast of choosing between survival and destruction, life and death, growth or decline. Sri Aurobindo recognizes the necessity of the individual within the context of the collectivity, universality and the transcendent consciousness of Oneness. The individual is the nexus or hub of the evolutionary urge, but not separate from nor at the expense of the life of the cosmic whole.

We also have a daily twitter feed on Sri Aurobindos studies at http://www.twitter.com/santoshk1

We have systematically worked our way through The Life Divine as well as The Mother , Essays on the Gita and Rebirth and Karma. The newest posts appear near the top. If you want to start at the beginning, go to the oldest post and roll forward until you reach the final posts in July 2012.

Another option is to search for the chapter you would like to study and see all posts relating to that chapter. You may have to ask for older posts once you have the search results if you are looking for one of the earlier chapters.

We have separated the posts relating to each book into their own folder as an additional organisational tool.

Similarly you can use the search box to find specific concepts, terms or issues you are interested in. The results will show all posts that address those concepts or terms. You may have to click on older posts to find all the references here as well.

The next book we are taking up is The Synthesis of Yoga by Sri Aurobindo, following a similar format to that we have utilised for The Life Divine , The Mother, Essays on the Gita and Rebirth and Karma.

You may also want to visit our information site for Sri Aurobindo at Sri-Aurobindo.Com

Sri Aurobindos major writings are published in the US by Lotus Press.

The systematic studies on this blog have also been published as self-standing books by Lotus Press and are available in both printed formats and as e-books. There are 3 volumes encompassing Readings in Sri Aurobindos The Life Divine as well as 1 volume for Readings in The Mother by Sri Aurobindo, and Readings inSri AurobindosRebirth and Karma.

Both volumes of Readings in Sri Aurobindos Essays on the Gita have now been published as well.

Many of the major writings of Sri Aurobindo are now also accessible on the Amazon Kindle Platform. As of early 2015 we are actively at work to prepare editions for itunes, google play, kobo, and nook as well. We will notify when these additional platforms become available. Kindle e-book reader program is also available for PC, Laptop, iPad, Blackberry, Android, iPhone and many other platforms from Amazon without charge. You can find the current list of titles available by going to http://www.amazon.com , go to the kindle store and type in Aurobindo New titles are being added as they can be made ready. Many of the major books are already accessible by the Kindle Reader.

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The influence of the vital prana on the emotional mind overwhelms the ability to express pure, clear and undistorted emotional energy. The human being is thus dominated by the wash of conflicting emotional reactions, joy and sorrow, love and hate, anger, jealousy, as well as all kinds of hopes and dreams and aspirations. Because of the identification of the ego-personality with this array of emotions, the individual tends to treat this as an expression of his uniqueness, and of his soul.

Sri Aurobindo observes that this surface reaction is not actually the true soul in man: But the real soul, the real psychic entity which for the most part we see little of and only a small minority of mankind has developed, is an instrument of pure love, joy and the luminous reaching out to fusion and unity with God and our fellow-creatures. This psychic entity is covered up by the play of the mentalised Prana or desire-mind which we mistake for the soul; the emotional mind is unable to mirror the real soul in us, the Divine in our hearts, and is obliged instead to mirror the desire-mind.

This is an important distinction as the more deeply the individual attaches himself to this surface play of emotional reactions, the less is he able to channel the pure energy stemming from the divine standpoint and respond with an equal and radiant goodwill to all. We can see the action of the vital energy infiltrating the emotional sheath of the being as the cause of this mis-identification. This understanding can aid the seeker in eventually discovering the true soul and heeding its quiet promptings in all fields of life and action.

The ancient texts define the soul as no bigger than the thumb of a man, and residing deep in the inner heart, for the most part unseen, unheard, and unheeded in the outward rush of the senses, the vital reactions, the emotions and the mind.

Sri Aurobindo, The Synthesis of Yoga, Part Two: The Yoga of Integral Knowledge, Chapter 8, The Release from the Heart and the Mind, pg. 336

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Desire, a key attribute of the vital being of man, is considered by many to be necessary as the motivating force of action. We frequently hear that without desire, there would be no impetus for action and there would be no possibility of progress. Sri Aurobindo acknowledges the current role of desire, yet at the same time, takes care to point out that desire is not the only possible spur to action and in fact, it is not the true and proper guide for our human journey.

Desire is at once the motive of our actions, our lever of accomplishment and the bane of our existence. If our sense-mind, emotional mind, thought-mind could act free from the intrusions and importations of the life-energy, if that energy could be made to obey their right action instead of imposing its own yoke on our existence, all human problems would move harmoniously to their right solution.

If desire is not to interfere with the actions of mind, then we need to find an appropriate relationship between the mind and the vital being in man. The proper function of the life-energy is to do what it is bidden by the divine principle in us, to reach to and enjoy what is given to it by that indwelling Divine and not to desire at all. The proper function of the sense-mind is to lie open passively, luminously to the contacts of Life and transmit their sensations and the rasa or right taste and principle of delight in them to the higher function; but interfered with by the attractions and repulsions, the acceptances and refusals, the satisfactions and dissatisfactions, the capacities and incapacities of the life-energy in the body it is, to begin with, limited in its scope and, secondly, forced in these limits to associate itself with all these discords of the life in Matter. It becomes an instrument for pleasure and pain instead of for delight of existence.

Sri Aurobindo envisions here a vital being that, instead of making demands and coloring the scope and direction of action, actually follows the higher guidance and direction and impetus of the Divine Force carrying out its Will in the world. The impulsion to action, then, is not desire, but the channeling of the Divine intention into direct, undistorted energy in the world. The individual becomes the nexus or occasion for a specific action without biasing the action or the fruit of the action by personal gain or loss, desire or aversion.

Sri Aurobindo, The Synthesis of Yoga, Part Two: The Yoga of Integral Knowledge, Chapter 8, The Release from the Heart and the Mind, pp. 335-336

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Prana, the life-energy, supports the physical body as the physical prana, but it also supports the action of the mind as the psychic prana. The seeker, in order to overcome the limitations of the life-energy in its characteristic action, needs to appreciate and fully understand the action of the psychic prana.

Sri Aurobindo describes the three characteristics of the life-energy: The characteristics of Life are action and movement, a reaching out to absorb and assimilate what is external to the individual and a principle of satisfaction or dissatisfaction in what it seizes upon or what comes to it, which is associated with the all-pervading phenomenon of attraction and repulsion. These three things are everywhere in Nature because Life is everywhere in Nature. But in us mental beings they are all given a mental value according to the mind which perceives and accepts them. They take the form of action, of desire and of liking and disliking, pleasure and pain.

This vital action distorts to its own ends the understanding of the pure mental instrument, and leads to confusion and mis-direction. Desire plants a bias in our mental process. As the universal Divine Being, all-embracing and all-possessing, acts, moves, enjoys purely for the satisfaction of divine Delight, so the individual life acts, moves, enjoys and suffers predominantly for the satisfaction of desire.

The yogic process requires the seeker to leave behind the desire-mind and associate with the bliss or enjoyment of the Divine, in an equal and wide embrace of the entire existence. Understanding the way that the desire-mind embeds itself in the mental process and colors the thoughts and decisions is an important step in conquering the attachment to the life-energy which limits and retards the process of the yoga.

Sri Aurobindo, The Synthesis of Yoga, Part Two: The Yoga of Integral Knowledge, Chapter 8, The Release from the Heart and the Mind, pg. 335

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Yoga is very much a science of applied psychology, and a great deal of work has been done to distinguish and identify the various elements of the being in the development of the yogic science. The physical body is a framework that is inert without the action of the life energy, and thus, when the life energy, known as Prana, is withdrawn from the body, we say that the body dies. The prana provides all energy, both to the body and to the mental faculties, while taking various forms based on the action to be undertaken. The science therefore distinguishes between physical prana which operates the physical framework of the body, and psychic prana which enlivens the action of the mental being.

Sri Aurobindo emphasizes the importance of understanding the role of the Prana, because the loosening of the attachment to the body, and the rejection of its domination over the mental Purusha requires the seeker, at the same time, to reject and eliminate the impulsions of the pranic energy, which manifests as the various forms of desire, including physical drives such as hunger and thirst, and the vigor of the natural man in the forms of general health and outward drives of action, and the opposites in the form of fatigue and ill-health. The Taittiriya Upanishad has a lengthy exposition on the various sheaths that make up the life of man, starting with the gross outer physical body, the food sheath, and then the vital sheath constituted of the action of the prana, as well as further sheaths that become ever more subtle.

Practically, in drawing back from the body we draw back from the physical life-energy also, even while we distinguish the two and feel the latter nearer to us than the mere physical instrument. The entire conquest of the body comes in fact by the conquest of the physical life-energy.

Along with the attachment to the body and its works the attachment to life in the body is overcome. For when we feel the physical being to be not ourselves, but only a dress or an instrument, the repulsion to the death of the body which is so strong and vehement an instinct of the vital man must necessarily weaken and can be thrown away. Thrown away it must be and entirely. The fear of death and the aversion to bodily cessation are the stigma left by his animal origin on the human being. That brand must be utterly effaced.

At certain stages of the yogic development the seeker is directly confronted with the detachment of the consciousness from the life and body and the fear of death arises strongly at that moment. The first impulse is to shrink back from the experience that has brought this specific reaction, and if that impulse is followed, the seeker returns to the physical life of the body and does not pierce the barrier into a new realm of consciousness at that time. Eventually, this fear must be faced and overcome for the progress to continue and the evolutionary development beyond the bodily life to manifest.

Sri Aurobindo, The Synthesis of Yoga, Part Two: The Yoga of Integral Knowledge, Chapter 7, The Release From Subjection to the Body, pp. 333-334

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The Yoga of knowledge emphasizes the importance of withdrawal from action in order to focus the attention and achieve the necessary mental and vital stillness for the achievement of spiritual liberation. There can be no doubt that the seeker must at some point undertake this focus and the ability to withdraw from the outer worlds demands is clearly helpful, if not in fact totally necessary.

At the same time, the Yoga of knowledge has tended to treat the withdrawal or renunciation of the outer world of action as a goal unto itself, and has thus condemned the outer life as being either of lesser importance or reality, or an illusory existence from which the seeker must escape.

Sri Aurobindo observes that for the integral Yoga, which accepts the reality of the world and its spiritual purpose, a total abandonment of that world is neither necessary nor desired. The seeker of the integral state of knowledge must be free from attachment to action and equally free from attachment to inaction. He goes on to state that with the withdrawal a tendency toward inertia may arise, and this must be counteracted, as it is a rising up of tamas, and is not beneficial to the spiritual development. The ideal poise is one in which the body-life-mind act purely as instruments of the forces of Nature put to work by the will of the Purusha carrying out the spiritual intention of the Divine.

He therefore counsels, until a state of higher perfection can be realized, a course of moderation of action: When we attain to this perfection, then action and inaction become immaterial, since neither interferes with the freedom of the soul or draws it away from its urge towards the Self or its poise in the Self. But this state of perfection arrives later in the Yoga and till then the law of moderation laid down by the Gita is the best for us; too much mental or physical action then is not good since excess draws away too much energy and reacts unfavourably upon the spiritual condition; too little also is not good since defect leads to a habit of inaction and even to an incapacity which has afterwards to be surmounted with difficulty.

Still, periods of absolute calm, solitude and cessation from works are highly desirable and should be secured as often as possible for that recession of the soul into itself which is indispensable to knowledge.

Sri Aurobindo, The Synthesis of Yoga, Part Two: The Yoga of Integral Knowledge, Chapter 7, The Release From Subjection to the Body, pp. 332-333

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The influence of the three Gunas, the qualities of Nature, cannot be underestimated for all action that takes place in the world generally. This includes the practice of Yoga until such time as the seeker has attained the status that is beyond the three Gunas (trigunatita). It is a basic tenet of the Yoga of knowledge as practiced historically that the seeker, in order to attain the refined states that are the object of the practice, must withdraw from active life in the world as much as possible.

Sri Aurobindo observes that there is a natural tendency, when adopting the poise of the Witness Self, to back off of the frenetic activity that characterizes the normal life of humanity. At the same time, he clarifies that if this becomes an opening for the action of tamas, through indolence, lassitude, indifference and sloth, rather than an inactivity that is based on a concentrated force of light and energy through tapas, then it will not yield the desired result, and is in fact, not the recommended approach.

The true status of inaction comes about through an intensity of focused energy, not a degradation of the energy. The power to do nothing, which is quite different from indolence, incapacity or aversion to action and attachment to inaction, is a great power and a great mastery; the power to rest absolutely from action is as necessary for the Jnanayogin as the power to cease absolutely from thought, as the power to remain indefinitely in sheer solitude and silence and as the power of immovable calm. Whoever is not willing to embrace these states is not yet fit for the path that leads towards the highest knowledge; whoever is unable to draw towards them, is as yet unfit for its acquisition.

Sri Aurobindo, The Synthesis of Yoga, Part Two: The Yoga of Integral Knowledge, Chapter 7, The Release From Subjection to the Body, pg. 332

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We may observe that most people, including the Western scientific community, will look upon the idea of changing the historical and customary relationship between mind and body as something either impossible or imbalanced. The touchstone of Western psychology for instance is the idea of bringing people to the state of being normal, which is defined essentially as abiding by the habitual lines of understanding and action and not exceeding them.

Sri Aurobindo observes that this is contradictory to the very approach of physical science which constantly seeks to overcome the established laws of nature and find ways to exceed, develop and enhance the basic actions of nature.

Yoga seeks to apply the concept of evolutionary progress to the realm of psychology and thereby must, by definition, work toward the upsetting of the normal relations of mind and body. The result here can be seen as madness and insanity if it leads to pure fantasies, but it can also lead to a breakthrough in human psychology and understanding. Western psychological researchers have also commented on the link between genius and madness with the difference being the ability of the genius to integrate the new experiences and understanding into a consistent and effective formation, while the mad person loses that basic sense of integration.

Sri Aurobindo comments: Suffice it to say here once for all that a change of mental and physical state and of relations between the mind and body which increases the purity and freedom of the being, brings a clear joy and peace and multiplies the power of the mind over itself and over the physical functions, brings about in a word mans greater mastery of his own nature, is obviously not morbid and cannot be considered a hallucination or self-deception since its effects are patent and positive. In fact, it is simply a willed advance of Nature in her evolution of the individual, an evolution which she will carry out in any case but in which she chooses to utilise the human will as her chief agent, because her essential aim is to lead the Purusha to conscious mastery over herself.

Sri Aurobindo, The Synthesis of Yoga, Part Two: The Yoga of Integral Knowledge, Chapter 7, The Release From Subjection to the Body, pp. 331-332

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Original post:
Sri Aurobindo Studies | Sri Aurobindo's Integral Yoga

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Center for Health and Healing .: Yoga Schedule :. Toms ...

Self-worth leads to Personal Empowerment

Contingencies of self-worth comprise those qualities a person believes he or she must have in order to class as a person of worth and value; proponents claim the contingencies as the core of self-esteem.

Contingencies of self-worth can motivate well, but often have great costs to relationships, learning, autonomy, self-regulation, and mental and physical health. Using their contingencies of self-worth, people attempt to validate or prove their abilities and qualities to themselves and to others.

In the field of social psychology, Jennifer Crocker has carried out major research on the topic of contingencies of self-worth. She says that her research "explores what it is that people believe they need to be or do to have value and worth as a person, and the consequences of those beliefs". She claims that people pursue self-esteem by trying to prove that they have worth and value, and this pursuit affects "the satisfaction of the fundamental human needs for learning, relationships, autonomy, self-regulation, and mental and physical health" (Crocker, 2007). Crocker argues that this pursuit of self-worth affects not only the individual, but everyone around the person as well.

According to the "Contingencies of Self-Worth model" people differ in their bases of self-esteem. Their beliefs beliefs about what they think they need to do or who they need to "be" in order to class as a person of worth form these bases. Crocker and her colleagues (2001) identified six "domains" in which people frequently derive their self-worth, including:

1. virtue 2. support of family 3. academic competence 4. physical attractiveness 5. gaining others' approval

Individuals who base their self-worth in a specific domain leave themselves much more vulnerable to having their self-esteem threatened when negative events happen to them within that domain (such as when they fail a test at school). A 2003 study by Crocker found that students who based their contingency of self-worth on academic criteria had a greater likelihood of experiencing lower-state self-esteem, greater negative affect, and negative self-evaluative thoughts when they did not perform well on academic tasks, when they received poor grades, or when graduate schools rejected them.

Research by Crocker and her colleagues also suggests that contingencies of self-worth have self-regulatory properties. Crocker et al. define successful self-regulation as the willingness to exert effort toward ones most important goals, while taking setbacks and failures as opportunities to learn, identify weaknesses and address them, and develop new strategies toward achieving those goals. Since many individuals strive for a feeling of worthiness, it makes sense that those people would experience special motivation to succeed and actively to avoid failure in the domains on which they base their own self-worth. Accordingly, successful self-regulation can prove difficult for people aiming to maintain and enhance their self-esteem, because they would have to actually embrace failure or criticism as a learning-opportunity, rather than avoid it. Instead, when a task which individuals see as fundamental to their self-worth proves difficult and failure seems probable, contingencies of self-worth lead to stress, feelings of pressure, and a loss of intrinsic motivation. In these cases, highly contingent people may withdraw from the situation. On the other hand, the positive emotional affect following success in a domain of contingency may become addictive for the highly contingent individual. Over time, these people may require even greater successes to achieve the same satisfaction or emotional high. Therefore, the goal to succeed can become a relentless quest for these individuals.

Researchers such as Crocker believe that people confuse the boosts to self-esteem resulting from successes with true human needs, such as learning, mutually supportive relationships, autonomy, and safety. Crocker claims that people do not seek "self-esteem", but basic human needs, and that the contingencies on which they base their self-esteem has more importance than the level of self-esteem itself.

Wikipedia, the free enclyclopedia © 2001-2008 Wikipedia Contributors This article is licensed under the GNU Free Documentation License

More:
Definition: Personal Empowerment - SelfGrowth.com

By Nada Salem Abisamra http://www.nadasisland.com

Group for Discussions on Facebook: Nada's ESL Island.(Join us there! Post your questions)

Nada's Master's THESIS: "The Role of Motivation, Gender, and Language Learning Strategies in EFL Proficiency" (Html / References)

Presentation: Content

"The Creator gathered all of creation and said, 'I want to hide something from the humans until they are Ready for it. It is the Realization that They Create their Own Reality.' The eagle said, 'Give it to me, I will take it to the moon.' The Creator said, 'No. One day they will go there and find it.' The salmon said, 'I will hide it on the bottom of the ocean.' 'No. They will go there too.' The buffalo said, 'I will bury it on the Great Plains.' Then Grand-mother Mole, who lives in the breast of Mother Earth, and who has no physical eyes but sees with spiritual eyes, said, 'Put it Inside them.' And the creator said, 'It is done.' " Sioux Legend

What do we infer from this "Legend?"

As Rogers said while talking about mainstream educational institutions, "They have focused so intently on the cognitive and have limited themselves so completely to 'educating from the neck up' , that this narrowness is resulting in serious social consequences." (1975:40-41) .

Motivation is like food for the brain. --Peter Davies http://www.quotelady.com/subjects/motivation.html

Life takes on meaning when you become motivated, set goals and charge after them in an unstoppable manner. -- Les Brown -- http://www.motivation123.com/quotations.html

Everybody needs motivation. Everybody needs to have a reason for action. It is a sad fact that most people in this world underachieve because they don't believe they are capable of fulfilling their dreams. We, teachers, need to be committed to offering students the opportunity to believe in themselves and achieve great things.

Krashen's Theory of Second Language Acquisition consists of five main hypotheses:

1- Natural order hypothesis:

'We acquire the rules of language in a predictable order'

What we conclude then is that Affect plays a very important role in second language acquisition. It needs to be taken into consideration by L2 teachers so they make sure that the students' affective filter is low at all times in order for learning to take place. Since this presentation is only related to Motivation, it will not cover the two other variables: self-confidence and anxiety.

Before we start by defining motivation, mentioning its sources and different theories/models and their implications, we believe it is worth asking one question that seems to guide all theorists' and researchers' work: "Why do people learn a second or foreign language? In other words, what is their Goal?

1- Why Do People Learn a Second/Foreign Language?

This seems to be the key question in all kinds of research! And of course, the reasons vary from a person to another.

2- Definitions of L2

3- Good L2 Learners

Some of those strategies:

Rubin (1975) suggested that good L2 learners

4- Definitions of Motivation

Here are a few that I have found in the literature:

According to the Webster's, to motivate means to provide with a motive, a need or desire that causes a person to act.

According to Gardner (1985), motivation is concerned with the question, "Why does an organism behave as it does? Motivation involves 4 aspects:

Motivation is a desire to achieve a goal, combined with the energy to work towards that goal. Many researchers consider motivation as one of the main elements that determine success in developing a second or foreign language; it determines the extent of active, personal involvement in L2 learning. (Oxford & Shearin, 1994)

Patience, persistence and perspiration make an unbeatable combination for success. --Napolean Hill --

5- Sources of Motivation

"Without knowing where the roots of motivation lie, how can teachers water those roots?" (Oxford & Shearin, 1994- p.15)

Note: Conation = inclination to act purposefully; impulse. (Webster's) "It is an intrinsic 'unrest' of the organism, almost the opposite of homeostasis. A conscious tendency to act... a conscious striving." (English & English, 1958)

Note: Vicarious learning = the acquisition of knowledge or ability through indirect experience and observation, rather than direct experience or practice. (Harcourt Academic Press Dictionary of Science and Technology)

6- Theories of Motivation

Since this formula states that the three factors of Expectancy, Instrumentality, and Valence or Value are to be multiplied by each other, a low value in one will result in a low value of motivation. Therefore, all three must be present in order for motivation to occur. That is, if an individual doesn't believe he or she can be successful at a task OR the individual does not see a connection between his or her activity and success OR the individual does not value the results of success, then the probability is lowered that the individual will engage in the required learning activity. From the perspective of this theory, all three variables must be high in order for motivation and the resulting behavior to be high. => An individual will act in a certain way based on the expectation that the act will be followed by a given outcome and on the attractiveness of that outcome to the individual.

In a teaching/learning environment, it is important to assist the learner to develop a self-attribution explanation of effort (internal, control). If the person has an attribution of ability (internal, no control) as soon as the individual experiences some difficulties in the learning process, he or she will decrease appropriate learning behavior. If the person has an external attribution, then nothing the person can do will help that individual in a learning situation (i.e., responsibility for demonstrating what has been learned is completely outside the person). In this case, there is nothing to be done by the individual when learning problems occur. .

According to the Webster's, cognitive dissonance is a psychological conflict resulting from incongruous beliefs and attitudes held simultaneously.

Cognitivists explain motivation in terms of a person's active search for meaning and satisfaction in life. Thus, motivation is internal.

D- Achievement Motivation Theories

One aspect of this theory is that individuals are motivated to either avoid failure (more often associated with performance goals) or achieve success (more often associated with mastery goals). In the former situation, the individual is more likely to select easy or difficult tasks, thereby either achieving success or having a good excuse for why failure occurred. In the latter situation, the individual is more likely to select moderately difficult tasks which will provide an interesting challenge, but still keep the high expectations for success.

According to Maslow, an individual is ready to act upon the growth needs if and only if the deficiency needs are met.

The remaining four levels (Growth Needs) are:

Maslow recognized that not all personalities followed his proposed hierarchy. While a variety of personality dimensions might be considered as related to motivational needs, one of the most often cited is that of introversion and extroversion. Reorganizing Maslow's hierarchy based on the work of Alderfer and considering the introversion/extroversion dimension of personality results in three levels, each with an introverted and extroverted component. This organization suggests there may be two aspects of each level that differentiate how people relate to each set of needs. Different personalities might relate more to one dimension than the other. For example, an introvert at the level of Other/Relatedness might be more concerned with his or her own perceptions of being included in a group, whereas an extrovert at that same level would pay more attention to how others value that membership.

A Reorganization of Maslow's and Alderfer's Hierarchies

Edward L. Deci

H- Transpersonal / Spiritual Theories

Most of the transpersonal or spiritual theories deal with the meaningfulness of our lives or ultimate meanings.

Theories of Motivation Summary

Behaviorists explain motivation in terms of external stimuli and reinforcement. The physical environment and actions of the teacher are of prime importance.

Cognitivists explain motivation in terms of person's active search for meaning and satisfaction in life. Thus motivation is internal.

Humanists stress the need for personal growth. They place a great deal of emphasis on the total person, along with the related news of personal freedom, choice and self-determination.

7- Models of Motivation

In the context of language learning, instrumental motivation refers to the learner's desire to learn a language for utilitarian purposes (such as school/university requirement, employment or travel), whereas integrative motivation refers to the desire to learn a language to integrate successfully into the target language community.

Researchers challenged the social psychological approach claiming that it does not include the cognitive aspects of learning motivation (Oxford & Shearin, 1994; Dornyei, 1994), it is not practical and does not benefit L2 learning since it is too broad to help L2 educators generate practical guidelines (Dornyei, 1990).

Questions the learner asks him/herself:

C- Schumann (1978, 1986): Acculturation Model- Schumann examined the effects of personal variables such as relative status, attitude, integration, amount of time in the culture, size of the learning group, and cohesiveness of the group on adult language learning.

Schumann suggested three strategies taken by adult learners:

Gardner (1985) describes core second language learning motivation as a construct composed of three characteristics:

According to Gardner, a highly motivated individual will

"An integratively oriented learner would likely have a stronger desire to learn the language, have more positive attitudes towards the learning situation, and be more likely to expend more effort in learning the language (Gardner, 1985).

The Gardnerian theory of SLA motivation is based on the definition of motivation as "the extent to which the individual works or strives to learn the language because of a desire to do so and the satisfaction experienced in this activity" (Gardner, 1985).

The micro level involves the cognitive processing of L2 input. At the micro level learner motivation is evidenced by the amount of attention given to the input. The classroom level includes the techniques and activities employed in the classroom. The syllabus level refers to the choice of content presented and can influence motivation by the level of curiosity and interest stimulated in the students. Finally, factors from outside the classroom involve informal interaction in the L2 and long term factors.

Crookes & Schmidt (1991) also suggested that motivation to learn a language has both internal and external features:

1- Interest in L2 (based on attitudes, experience, background knowledge) 2- Relevance (perception that personal needs --achievement, affiliation, power-- are being met by learning the L2. 3- Expectancy of success or failure. 4- Outcomes (extrinsic or intrinsic rewards felt by the learner.) .

1- Decision to choose, pay attention to, and engage in L2 learning. 2- Persistence 3- High activity level

* beliefs about self (i.e., expectancies about one's attitudes to succeed, self-efficacy, and anxiety)

* goals (perceived clarity and relevance of learning goals as reasons for learning)

* involvement (i.e., extent to which the learner actively and consciously participates in the language learning process)

* environmental support (i.e., extent of teacher and peer support, and the integration of cultural and outside-of-class support into learning experience)

* personal attributes (i.e., aptitude, age, sex, and previous language learning experience).

2. the instrumental/pragmatic dimension;

3. the macro-context-related dimension (multi-cultural/ intergroup / ethnolinguistic relations);

4. the self-concept-related dimension (generalised/ trait-like personality factors);

5. the goal-related dimension;

6. the educational context-related dimension (learning/ classroom/ school environment);

7. the significant others-related dimension (parents, family, friends).

Models of Motivation Summary

8- Factors that Affect Motivation .

9- Instruments for Motivation Assessment:

10- Implications & Strategies for L2 Learners' Motivation:

Check Matching Exercise

The greatest motivational act one person can do for another is to listen.--Roy E. Moody

Dornyei (1994) suggests

Dornyei (1998:131) suggests "Ten Commandments for Motivating Language Learners

Oxford & Shearin (1996:139) also offer Practical Suggestions for Teachers:

1. Teachers can identify why students are studying the new language.

3. Teachers can help students improve motivation by showing that L2 learning can be an exciting mental challenge, a career enhancer, a vehicle to cultural awareness and friendship and a key to world peace.

4. Teachers can make the L2 classroom a welcoming, positive place where psychological needs are met and where language anxiety is kept to a minimum.

5. Teachers can urge students to develop their own intrinsic rewards through positive self-talk, guided self-evaluation, and mastery of specific goals, rather than comparison with other students. Teachers can thus promote a sense of greater self-efficacy, increasing motivation to continue learning the L2.

Keller (1983).Hepresents an instructional design model for motivation that is based upon a number of other theories. His model suggests a design strategy that encompasses four components of motivation:

The ARCS Model identifies four essential strategy components for motivating instruction:

Follow this link:
Affect in Language Learning: Motivation

An investment bank is a financial institution that assists individuals, corporations, and governments in raising financial capital by underwriting or acting as the client's agent in the issuance of securities (or both). An investment bank may also assist companies involved in mergers and acquisitions (M&A) and provide ancillary services such as market making, trading of derivatives and equity securities, and FICC services (fixed income instruments, currencies, and commodities).

Unlike commercial banks and retail banks, investment banks do not take deposits. From 1933 (GlassSteagall Act) until 1999 (GrammLeachBliley Act), the United States maintained a separation between investment banking and commercial banks. Other industrialized countries, including G7 countries, have historically not maintained such a separation. As part of the DoddFrank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act of 2010), the Volcker Rule asserts full institutional separation of investment banking services from commercial banking.[citation needed]

The two main lines of business in investment banking are called the sell side and the buy side. The "sell side" involves trading securities for cash or for other securities (e.g. facilitating transactions, market-making), or the promotion of securities (e.g. underwriting, research, etc.). The "buy side" involves the provision of advice to institutions concerned with buying investment services. Private equity funds, mutual funds, life insurance companies, unit trusts, and hedge funds are the most common types of buy side entities.

An investment bank can also be split into private and public functions with an information barrier which separates the two to prevent information from crossing. The private areas of the bank deal with private insider information that may not be publicly disclosed, while the public areas such as stock analysis deal with public information.

An advisor who provides investment banking services in the United States must be a licensed broker-dealer and subject to U.S. Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) regulation.[1]

The first company to issue publicly traded stock was the Dutch East India Company (Verenigde Oostindische Compagnie, or "VOC"), which traded on the Amsterdam Stock Exchange.

Investment banking has changed over the years, beginning as a partnership form focused on underwriting security issuance, i.e. initial public offerings (IPOs) and secondary market offerings, brokerage, and mergers and acquisitions, and evolving into a "full-service" range including securities research, proprietary trading, and investment management. In the modern 21st century, the SEC filings of the major independent investment banks such as Goldman Sachs and Morgan Stanley reflect three product segments: (1) investment banking (fees for M&A advisory services and securities underwriting); (2) asset management (fees for sponsored investment funds), and (3) trading and principal investments (broker-dealer activities including proprietary trading ("dealer" transactions) and brokerage trading ("broker" transactions)).[2]

In the United States, commercial banking and investment banking were separated by the GlassSteagall Act, which was repealed in 1999. The repeal led to more "universal banks" offering an even greater range of services. Many large commercial banks have therefore developed investment banking divisions through acquisitions and hiring. Notable large banks with significant investment banks include JPMorgan Chase, Bank of America, Credit Suisse, Deutsche Bank, Barclays, and Wells Fargo. After the financial crisis of 200708 and the subsequent passage of the Dodd-Frank Act of 2010, regulations have limited certain investment banking operations, notably with the Volcker Rule's restrictions on proprietary trading.[3]

The traditional service of underwriting security issues has declined as a percentage of revenue. As far back as 1960, 70% of Merrill Lynch's revenue was derived from transaction commissions while "traditional investment banking" services accounted for 5%. However, Merrill Lynch was a relatively "retail-focused" firm with a large brokerage network.[3]

Investment banking is split into front office, middle office, and back office activities. While large service investment banks offer all lines of business, both "sell side" and "buy side", smaller sell-side investment firms such as boutique investment banks and small broker-dealers focus on investment banking and sales/trading/research, respectively.

Investment banks offer services to both corporations issuing securities and investors buying securities. For corporations, investment bankers offer information on when and how to place their securities on the open market, an activity very important to an investment bank's reputation. Therefore, investment bankers play a very important role in issuing new security offerings.[3]

Front office is generally described as a revenue generating role. There are two main areas within front office, i.e. Investment Banking and Markets:

Corporate finance is the traditional aspect of investment banks, which involves helping customers raise funds in capital markets and giving advice on mergers and acquisitions (M&A); this may involve subscribing investors to a security issuance, coordinating with bidders, or negotiating with a merger target. A pitch book of financial information is generated to market the bank to a potential M&A client; if the pitch is successful, the bank arranges the deal for the client. The investment banking division (IBD) is generally divided into industry coverage and product coverage groups. Industry coverage groups focus on a specific industry such as healthcare, public finance (governments), FIG (financial institutions group), industrials, TMT (technology, media, and telecommunication), P&E (power & energy), consumer/retail, food & beverage, corporate defense and governance and maintains relationships with corporations within the industry to bring in business for the bank. Product coverage groups focus on financial products such as mergers and acquisitions, leveraged finance, public finance, asset finance and leasing, structured finance, restructuring, equity, and high-grade debt and generally work and collaborate with industry groups on the more intricate and specialized needs of a client.

On the behalf of the bank and its clients, a large investment bank's primary function is buying and selling products. In market making, traders will buy and sell financial products with the goal of making money on each trade. Sales is the term for the investment bank's sales force, whose primary job is to call on institutional and high-net-worth investors to suggest trading ideas (on a caveat emptor basis) and take orders. Sales desks then communicate their clients' orders to the appropriate trading rooms, which can price and execute trades, or structure new products that fit a specific need. Structuring has been a relatively recent activity as derivatives have come into play, with highly technical and numerate employees working on creating complex structured products which typically offer much greater margins and returns than underlying cash securities. In 2010, investment banks came under pressure as a result of selling complex derivatives contracts to local municipalities in Europe and the US.[4]Strategists advise external as well as internal clients on the strategies that can be adopted in various markets. Ranging from derivatives to specific industries, strategists place companies and industries in a quantitative framework with full consideration of the macroeconomic scene. This strategy often affects the way the firm will operate in the market, the direction it would like to take in terms of its proprietary and flow positions, the suggestions salespersons give to clients, as well as the way structurers create new products. Banks also undertake risk through proprietary trading, performed by a special set of traders who do not interface with clients and through "principal risk"risk undertaken by a trader after he buys or sells a product to a client and does not hedge his total exposure. Banks seek to maximize profitability for a given amount of risk on their balance sheet. The necessity for numerical ability in sales and trading has created jobs for physics, computer science, mathematics and engineering Ph.D.s who act as quantitative analysts.

The securities research division reviews companies and writes reports about their prospects, often with "buy", "hold" or "sell" ratings. Investment banks typically have sell-side analysts which cover various industries. Their sponsored funds or proprietary trading offices will also have buy-side research. While the research division may or may not generate revenue (based on policies at different banks), its resources are used to assist traders in trading, the sales force in suggesting ideas to customers, and investment bankers by covering their clients. Research also serves outside clients with investment advice (such as institutional investors and high-net-worth individuals) in the hopes that these clients will execute suggested trade ideas through the sales and trading division of the bank, and thereby generate revenue for the firm. Research also covers credit research, fixed income research, macroeconomic research, and quantitative analysis, all of which are used internally and externally to advise clients but do not directly affect revenue. All research groups, nonetheless, provide a key service in terms of advisory and strategy. There is a potential conflict of interest between the investment bank and its analysis, in that published analysis can impact the performance of a security (in the secondary markets or an initial public offering) or influence the relationship between the banker and its corporate clients, thereby affecting the bank's profits.

Risk management involves analyzing the market and credit risk that an investment bank or its clients take onto their balance sheet during transactions or trades. Credit risk focuses around capital markets activities, such as loan syndication, bond issuance, restructuring, and leveraged finance. Market risk conducts review of sales and trading activities utilizing the VaR model and provide hedge-fund solutions to portfolio managers. Other risk groups include country risk, operational risk, and counterparty risks which may or may not exist on a bank to bank basis. Credit risk solutions are key part of capital market transactions, involving debt structuring, exit financing, loan amendment, project finance, leveraged buy-outs, and sometimes portfolio hedging. Front office market risk activities provide service to investors via derivative solutions, portfolio management, portfolio consulting, and risk advisory. Well-known risk groups in JPMorgan Chase, Goldman Sachs and Barclays engage in revenue-generating activities involving debt structuring, restructuring, loan syndication, and securitization for clients such as corporates, governments, and hedge funds. J.P. Morgan IB Risk works with investment banking to execute transactions and advise investors, although its Finance & Operation risk groups focus on middle office functions involving internal, non-revenue generating, operational risk controls.[5][6][7]Credit default swap, for instance, is a famous credit risk hedging solution for clients invented by J.P. Morgan's Blythe Masters during the 1990s. The Loan Risk Solutions group[8] within Barclays' investment banking division and Risk Management and Financing group[9] housed in Goldman Sach's securities division are client-driven franchises. However, risk management groups such as operational risk, internal risk control, legal risk, and the one at Morgan Stanley are restrained to internal business functions including firm balance-sheet risk analysis and assigning trading cap that are independent of client needs, even though these groups may be responsible for deal approval that directly affects capital market activities. Risk management is a broad area, and like research, its roles can be client-facing or internal.

This area of the bank includes treasury management, internal controls, and internal corporate strategy.

Corporate treasury is responsible for an investment bank's funding, capital structure management, and liquidity risk monitoring.

Internal control tracks and analyzes the capital flows of the firm, the finance division is the principal adviser to senior management on essential areas such as controlling the firm's global risk exposure and the profitability and structure of the firm's various businesses via dedicated trading desk product control teams. In the United States and United Kingdom, a comptroller (or financial controller) is a senior position, often reporting to the chief financial officer.

Internal corporate strategy tackling firm management and profit strategy, unlike corporate strategy groups that advise clients, is non-revenue regenerating yet a key functional role within investment banks.

This list is not a comprehensive summary of all middle-office functions within an investment bank, as specific desks within front and back offices may participate in internal functions.[10]

This involves data-checking trades that have been conducted, ensuring that they are not wrong, and transacting the required transfers. Many banks have outsourced operations. It is, however, a critical part of the bank.

Every major investment bank has considerable amounts of in-house software, created by the technology team, who are also responsible for technical support. Technology has changed considerably in the last few years as more sales and trading desks are using electronic trading. Some trades are initiated by complex algorithms for hedging purposes.

Firms are responsible for compliance with local and foreign government regulations and internal regulations.

There are various trade associations throughout the world which represent the industry in lobbying, facilitate industry standards, and publish statistics. The International Council of Securities Associations (ICSA) is a global group of trade associations.

In the United States, the Securities Industry and Financial Markets Association (SIFMA) is likely the most significant; however, several of the large investment banks are members of the American Bankers Association Securities Association (ABASA),[12] while small investment banks are members of the National Investment Banking Association (NIBA).

In Europe, the European Forum of Securities Associations was formed in 2007 by various European trade associations.[13] Several European trade associations (principally the London Investment Banking Association and the European SIFMA affiliate) combined in 2009 to form Association for Financial Markets in Europe (AFME).

In the securities industry in China (particularly mainland China), the Securities Association of China is a self-regulatory organization whose members are largely investment banks.

Global investment banking revenue increased for the fifth year running in 2007, to a record US$84 billion, which was up 22% on the previous year and more than double the level in 2003.[14] Subsequent to their exposure to United States sub-prime securities investments, many investment banks have experienced losses. As of late 2012, global revenues for investment banks were estimated at $240 billion, down about a third from 2009, as companies pursued less deals and traded less.[15] Differences in total revenue are likely due to different ways of classifying investment banking revenue, such as subtracting proprietary trading revenue.

In terms of total revenue, SEC filings of the major independent investment banks in the United States show that investment banking (defined as M&A advisory services and security underwriting) only made up about 15-20% of total revenue for these banks from 1996 to 2006, with the majority of revenue (60+% in some years) brought in by "trading" which includes brokerage commissions and proprietary trading; the proprietary trading is estimated to provide a significant portion of this revenue.[2]

The United States generated 46% of global revenue in 2009, down from 56% in 1999. Europe (with Middle East and Africa) generated about a third while Asian countries generated the remaining 21%.[14]:8 The industry is heavily concentrated in a small number of major financial centers, including City of London, New York City, Frankfurt, Hong Kong and Tokyo.

According to estimates published by the International Financial Services London, for the decade prior to the financial crisis in 2008, M&A was a primary source of investment banking revenue, often accounting for 40% of such revenue, but dropped during and after the financial crisis.[14]:9 Equity underwriting revenue ranged from 30% to 38% and fixed-income underwriting accounted for the remaining revenue.[14]:9

Revenues have been affected by the introduction of new products with higher margins; however, these innovations are often copied quickly by competing banks, pushing down trading margins. For example, brokerages commissions for bond and equity trading is a commodity business but structuring and trading derivatives has higher margins because each over-the-counter contract has to be uniquely structured and could involve complex pay-off and risk profiles. One growth area is private investment in public equity (PIPEs, otherwise known as Regulation D or Regulation S). Such transactions are privately negotiated between companies and accredited investors.

Banks also earned revenue by securitizing debt, particularly mortgage debt prior to the financial crisis. Investment banks have become concerned that lenders are securitizing in-house, driving the investment banks to pursue vertical integration by becoming lenders, which is allowed in the United States since the repeal of the Glass-Steagall Act in 1999.[16]

According to the Financial Times, in terms of total advisory fees for the whole of 2014, the top ten investment banks were:[17]

The above list is just a ranking of the advisory arm (M&A advisory, syndicated loans, equity capital markets and debt capital markets) of each bank and does not include the generally much larger portion of revenues from sales and trading and asset management.

Mergers and acquisitions and capital markets are also often covered by The Wall Street Journal and Bloomberg.

The 2008 financial credit crisis led to the collapse of several notable investment banks, such as the bankruptcy of large investment bank, Lehman Brothers; and the hurried sale of Merrill Lynch and the much smaller Bear Stearns to much larger banks which effectively rescued them from bankruptcy. The entire financial services industry, including numerous investment banks, was rescued by government loans through the Troubled Asset Relief Program (TARP). Surviving U.S. investment banks such as Goldman Sachs and Morgan Stanley converted to traditional bank holding companies to accept TARP relief.[18] Similar situations occurred across the globe with countries rescuing their banking industry. Initially, banks received part of a $700 billion TARP intended to stabilize the economy and thaw the frozen credit markets.[19] Eventually, taxpayer assistance to banks reached nearly $13 trillion, most without much scrutiny,[20] lending did not increase[21] and credit markets remained frozen.[22]

The crisis led to questioning of the business model of the investment bank[23] without the regulation imposed on it by Glass-Steagall.[neutrality is disputed] Once Robert Rubin, a former co-chairman of Goldman Sachs, became part of the Clinton administration and deregulated banks, the previous conservatism of underwriting established companies and seeking long-term gains was replaced by lower standards and short-term profit.[24] Formerly, the guidelines said that in order to take a company public, it had to be in business for a minimum of five years and it had to show profitability for three consecutive years. After deregulation, those standards were gone, but small investors did not grasp the full impact of the change.[24]

A number of former Goldman-Sachs top executives, such as Henry Paulson and Ed Liddy were in high-level positions in government and oversaw the controversial taxpayer-funded bank bailout.[24] The TARP Oversight Report released by the Congressional Oversight Panel found that the bailout tended to encourage risky behavior and "corrupt[ed] the fundamental tenets of a market economy".[25]

Under threat of a subpoena, Goldman Sachs revealed that it received $12.9 billion in taxpayer aid, $4.3 billion of which was then paid out to 32 entities, including many overseas banks, hedge funds and pensions.[26] The same year it received $10 billion in aid from the government, it also paid out multimillion-dollar bonuses; the total paid in bonuses was $4.82 billion.[27][28] Similarly, Morgan Stanley received $10 billion in TARP funds and paid out $4.475 billion in bonuses.[29]

The investment banking industry, and many individual investment banks, have come under criticism for a variety of reasons, including perceived conflicts of interest, overly large pay packages, cartel-like or oligopolic behavior, taking both sides in transactions, and more.[30] Investment banking has also been criticised for its opacity.[31]

Conflicts of interest may arise between different parts of a bank, creating the potential for market manipulation, according to critics. Authorities that regulate investment banking, such as the Financial Conduct Authority (FCA) in the United Kingdom and the SEC in the United States, require that banks impose a "Chinese wall" to prevent communication between investment banking on one side and equity research and trading on the other. Critics say such a barrier does not always exist in practice, however.

Conflicts of interest often arise in relation to investment banks' equity research units, which have long been part of the industry. A common practice is for equity analysts to initiate coverage of a company in order to develop relationships that lead to highly profitable investment banking business. In the 1990s, many equity researchers allegedly traded positive stock ratings for investment banking business. Alternatively, companies may threaten to divert investment banking business to competitors unless their stock was rated favorably. Laws were passed to criminalize such acts, and increased pressure from regulators and a series of lawsuits, settlements, and prosecutions curbed this business to a large extent following the 2001 stock market tumble after the dot-com bubble.

Philip Augar, author of The Greed Merchants, said in an interview that, "You cannot simultaneously serve the interest of issuer clients and investing clients. And its not just underwriting and sales; investment banks run proprietary trading operations that are also making a profit out of these securities."[30]

Many investment banks also own retail brokerages. During the 1990s, some retail brokerages sold consumers securities which did not meet their stated risk profile. This behavior may have led to investment banking business or even sales of surplus shares during a public offering to keep public perception of the stock favorable.

Since investment banks engage heavily in trading for their own account, there is always the temptation for them to engage in some form of front running the illegal practice whereby a broker executes orders for their own account before filling orders previously submitted by their customers, thereby benefiting from any changes in prices induced by those orders.

Documents under seal in a decade-long lawsuit concerning eToys.com's IPO but obtained by New York Times' Wall Street Business columnist Joe Nocera alleged that IPOs managed by Goldman Sachs and other investment bankers involved asking for kickbacks from their institutional clients who made large profits flipping IPOs which Goldman had intentionally undervalued. Depositions in the lawsuit alleged that clients willingly complied with these demands because they understood it was necessary in order to participate in future hot issues.[32]Reuters Wall Street correspondent Felix Salmon retracted his earlier, more conciliatory, statements on the subject and said he believed that the depositions show that companies going public and their initial consumer stockholders are both defrauded by this practice, which may be widespread throughout the IPO finance industry.[33] The case is ongoing, and the allegations remain unproven.

Investment banking is often criticized for the enormous pay packages awarded to those who work in the industry. According to Bloomberg Wall Street's five biggest firms paid over $3 billion to their executives from 2003 to 2008, "while they presided over the packaging and sale of loans that helped bring down the investment-banking system." [34]

The highly generous pay packages include $172 million for Merrill Lynch & Co. CEO Stanley O'Neal from 2003 to 2007, before it was bought by Bank of America in 2008, and $161 million for Bear Stearns Co.'s James Cayne before the bank collapsed and was sold to JPMorgan Chase & Co. in June 2008.[34]

Such pay arrangements have attracted the ire of Democrats and Republicans in the United States Congress, who demanded limits on executive pay in 2008 when the U.S. government was bailing out the industry with a $700 billion financial rescue package.[34]

Writing in the Global Association of Risk Professionals, Aaron Brown, a vice president at Morgan Stanley, says "By any standard of human fairness, of course, investment bankers make obscene amounts of money." [30]

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