Enron The Demise Of Enron - 1740 Words

Enron was a corporation that reached heights unknown, only to watch it fall apart from the inside out based on a foundation of falsehoods and cheating. Enron established a business culture that flourished on competition and was perceived in society as an arrogant corporation, mainly because of its corporate leadership. The fairytale of Enron actually ended as a nightmare with it destroyed by one of America’s largest bankruptcies in history. The demise of Enron impacted the livelihood and futures of numerous employees, their pensions, and in due course impacted Wall Street in a significant way. Even people today are amazed at how such a powerful company met its demise so rapidly. Enron’s end was a product of greed when certain executives of Enron were not eager to accept the failure of their company. The company utilized mark-to-market accounting that detailed the projected impending profits from a long-term deal (Lawry, 2015, p. 28) The results of the deals did not gene rate revenue as anticipated, but tremendous loss instead. This resulted in Enron accumulating enormous amounts of debt that they attempted to keep classified from the public. Ultimately the truth came to fruition. Presently, Assurant has many formal policies in place, but as with any Fortune 500 company, informally – there is much work to be done and improved upon. Assurant may not be founded on deceit per say, but the insurance business is â€Å"business† and leaves a bad taste in many people’s mouths. Documents,Show MoreRelatedEnron : The Leading Factor That Had Enron Into Its Demise Essay1608 Words   |  7 PagesThe leading factor that had Enron into its demise revolves around the notion that, â€Å"companies are often so concerned with appearance and damage control that they are unwilling to engage in the degree of examination required to root out the entrenched causes of trust violations† (Hurley, Gillespie, Ferrin Dietz, 2013). The historical performance of Enron’s rising share prices, coupled to the constant positive media attentions, only added fuel to the fire in terms of Enron’s competitive culture.Read MoreOrganizational Culture : The Dem ise Of Enron1489 Words   |  6 Pagescorporations but some, like Enron operate parallel to the all the good they portray but in a vacuum they operate with only their selfish desires and greed. Organizational culture can be difficult to define in a sense because it’s not a palpable concept. For example, culture is more like a tradition, belief, or something cultivated; surely it can be felt, but it can’t be grasped. Thus this paper will examine the definition of organizational culture, the demise of Enron, and discuss ways the leadershipRead MoreThe Ethical Dimension Of The Demise Of Enron Corporation1474 Words   |  6 PagesThis paper explores the ethical dimension of the demise of Enron Corporation an reflection of author, placed in hypothetical situations. Accounting Fraud and Management philosophy will be the main discussion topics, along with the motivations of fraud. The fall of Enron can be directly attributed to a violation of ethical standards in busines s. This makes Enron unique in corporate history for the same actions that made Enron on of the fastest growing and most profitable corporations, at the turnRead MoreEnron‚Äà ´s Demise ~ Where There Warning Signs?1408 Words   |  6 PagesStudy Analysis ~ Enron’s Demise ~ Where There Warning Signs? Janise Baldwin Management Decision Making-Summer 2013 C. Forest Guest July 14, 2013 Executive Summary Enron is a company which headquarters is located in Houston, Texas. Enron was first headed by Samuel F. Segnar. Enron was the result of InterNorth’s acquisition of Houston Natural Gas in 1985. Under the new terms of this acquisition, the company was headed by Kenneth Lay on the first day of 1997. Enron offered employment for 20Read MoreDescribe the Strategic Management Failure in Enron That Led It Into Its Demise?1155 Words   |  5 Pagessome research on the Internet about what has happened with Enron. Now apply the three questions used to test the merits of a winning strategy (text p13) to Enron. Describe the strategic management failure in Enron that led it into its demise? Enron was formed in 1986 from the merger of natural gas pipeline companies Houston Natural Gas and Internorth. At the time of filing for Chapter 11 Bankruptcy protection in December 2001, Enron had a portfolio of diversified activities ranging from the transportationRead MoreReasons for Enrons Business Failure1434 Words   |  6 PagesEnron - Reasons for Business Failure Abstract Various major companies in the past have witnessed unimaginable growth of their businesses, but some of them eventually had to succumb to downfall as their business models failed. Most of these businesses had been deemed as failures due to the management methods, leadership practices and flawed organizational structures. This research paper aims to focus on Enron, a large entity as a failed model of business. This would be achieved by discussing aboutRead MoreEssay on CaseAssignment21409 Words   |  6 PagesAssignment: Enron Case 9 Yesenia Garcia BUSI 472- B07 LUO Introduction In 1985 Ken Lay took over a couple of big name gas pipeline companies that came together and thus the infamous Enron Corporation began. They offered a variety of services that were not limited to natural gas but also included electricity, communications, and many energy related services. Together, CEO Jeffrey Skilling, Chairman Ken Lay, and CFO Andrew Fastow were able to bring transformation to Enron. They createdRead MoreTaking a Look at the Enron Scandal1270 Words   |  5 Pagesreal cash flow had not come to the company yet. Moreover, cause when Enron come to the long term contract, they would assumed that there were long term declines in spot prices (Page 6, journal of economics), there would be the risk of loss if there were the increase in the price of gas in the future and it does not recognize in the financial statement; therefore, to make the income statement made more sense in economics term, Enron had created an accounting structure that help the company to stableRead MoreThe Ethics Of The Enron Scandal1441 Words   |  6 Pagesinfluenced by others. However, in the business world, the influence of power and money has cost people their livelihoods as well as compromised their self-dignity on many levels. One highly publicized scandal that many have known and read about is the Enron Scandal. The motive behind what a person will do remains endless as it is seen in this unfortunate tale of lies and greed in one corporation. The part that many question even to this day is when the story unfolded it was announced that several peopleRead MoreThe Collapse Of Enron And Enron1736 Words   |  7 PagesAbstract Fortune used to rank Enron as the most successful business in the United States. The collapse of Enron was shocked the whole world energy trading market. It caused significant losses to investors. In this paper shows analysis reason of factors that lead to Enron demise and also lessons can be learnt from Enron case study. The approach which have used in this paper to respond, the case study question are the background of the case organization and how business structure had been use by the

Essay on Balanced Scorecard for Ford Motor Inc. - 4105 Words

The Balanced Scorecard for Ford’s North American Business Unit Table of Contents Executive Summary†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.2 Mission Statement†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦2 Balanced Scorecard†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.3 Financial Perspective†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦......5 Customer Perspective†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦....10 Internal Business Process Perspective†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.12 Learning Growth Perspective†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..14 Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦.16 References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..17 Executive Summary The Ford Motor Company, founded in 1903 by Henry Ford, is synonymous with American innovation and capitalism. With iconic branding and revolutionary†¦show more content†¦The Balanced Scorecard for Ford’s North American Business Unit Financial Objectives |Metric |2009 |2010 |2011 |Target | |Revenue Growth |Annual Rate of Growth |-19.02% |10.90% |5.67% |5.5% - 6.0% | |Operating Profit Growth |% EBIT/Sales |0.72% |1.11% |1.13% |= or 1.13% | |Solvency |Net Profit + depreciation/Total Liabilities |1.4% |4% |12.3% |13 -14.5% | | Customer Objectives |Metric |2009 |2010 |2011 |Target | |Customer Satisfaction |Global Quality Research System customer satisfaction (3 months in service), percent satisfied1 |n/a |n/a |68 |75 | |Value to Customers |Ford U.S. fleet fuel economy, combined car and truck, miles per gallon (higher mpg reflects improvement) |27.1 |26.9 |27.8 |30 | |Quality/Safety |Percent of Nameplates Achieving IIHS Top Safety Pick by Manufacturer |n/a2 |52% - for 2011 models |75% - for 2012 models |80% for 2013 models | | Internal Business Process Objectives |Metric |2009 |2010 |2011 |Target | |Outsell competition |US Market Share |15.3% |16.4% |16.5% |=16.5% | |Sustainability |Ford U.S. fleet CO2 emissions, combined car and truck, grams per mile (lower grams per mile reflects improvement) |326 |329 |318 |315 or less | |Innovation |U.S. Utility Patents Issued to Ford and Subsidiaries |325 |430 |444 |450 | | Learning Growth Objectives |Metric |2009 |2010 |2011 |Target | |Employee Satisfaction |Pulse survey, overall,Show MoreRelatedTesla Analysis1467 Words   |  6 PagesExecutive Brief for Tesla Motors Inc. To: Elon Musk, CEO of Tesla Motors, Inc. From: Yuan Gao (kiki) Re: Strategic Improvements for Current Situation Date: 5th Aug, 2012 Executive Summary Tesla Motors is a relatively new Silicon-Valley based company that designs and produces electronic vehicles. The company aims at producing consumer affordable price electronic automobiles with zero emissions in the next decade. Currently the CEO Musk is working on introducing the new electronicRead MoreCatalytic2759 Words   |  12 PagesCatalytic Solutions, Inc. Company History Catalytic Solutions, Inc. (CSI) was founded in Santa Barbara, California, in 1996 by Steve Golden and Bill Anderson. Being a young company, CSI is still in a â€Å"pre-profit† stage of operation that is why its performance measurement and incentive systems are primarily based on nonfinancial. 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Letter to Client Advising on the Tax Impact of Sale of Property by Installments Free Essays

I would like to bring to your attention the tax ramifications of your expressed consideration to sell your estate to us. But before I can do that, I consider it very essential for you to understand how ABC Trusts work. This will require initial knowledge of how the more common AB Trusts work. We will write a custom essay sample on Letter to Client Advising on the Tax Impact of Sale of Property by Installments or any similar topic only for you Order Now AB Trust: An AB Trust offers creditor, lawsuit, divorce and bankruptcy protection for the surviving spouse in addition to similar protection for ones heirs when they take charge of their inheritances. The death of the first spouse makes the Living Trust be divided into two distinct Trusts. Trust A is held in the name of the living spouse while trust be is in the name of the deceased spouse. Both the two trusts are meant to be for the benefit of the surviving as long as they are alive, but in the end the assets will go to the spouses’ heirs. The surviving spouse, to a pre-agreed and stipulated level, controls Trust B though it belongs to the beneficiaries named in the Trust. All the assets and properties in Trust B pass to the originally stated beneficiaries upon the death of the surving spouse. The properties and assets in Trust B are considered not to be the surving spouse’s property and for that reason they are usually not subject to tax. ABC Trust: An ABC Trust has clauses that direct the trustee the revocable Living Trust, upon the occurrence of the first spouse’s death, to divide the Trust into three distinct and separate Trusts as opposed to two in an AB Trust. This has the effect of providing a even greater protection from creditors for the living spouse. Just as is the case with AB Trust, the A Trust is a revocable Living Trust for the living spouse. The Band C Trusts are irrevocable and are usually meant to benefit the surviving spouse while they are alive, but the assets in both Trusts eventually transfer to the deceased’s heirs on passing on of the surving spouse. Currently, $3. 5 million is the tax exempt amount per individual and $7million for a couple. Trust C holds any overflow over and above the $7million for couples, and this is contrary to AB Trust where the overflows of Income go to Trust A. This extends the creditor, bankruptcy, divorce and lawsuit protection to the surviving spouse in addition to the same protection offered to heirs, if they wish so. Taxation of installment sales In certain situations the installment sale of property method allows a sale of property without requiring the seller to recognize and report gains made on the property until the actual receipt of the payment. The rules that govern installment sales are well laid down. In addition the gain deferral achieved though installment sale treatment, in particular circumstances, and enables the transferor to spread gain over the period of payment of installments depending on the proportion the gross profit on sale carries to the price of the contract. If the seller and the buyer make an agreement to specifically allocate installments, then tax deferrals can be maximized. The rule for eligibility for installment sale treatment, the seller must receive not less than one payment after the end of year of tax in which the sale occurs . However, there are a number of ineligible transactions, which include among others transactions where the overall sale results into a loss and where transaction involves sale of inventory. Generally speaking, the Taxpayer Relief Act of 1997 (TRA ’97) had the impact of reducing the maximum capital gains rate to twenty per cent. However, some other changes have been made to the taxation of gains on depreciable real property. Complexities have often arose in administration of these new provisions to depreciable real estate sold subject. This however is of little concern for you because your property is non-depreciable. Considering the facts regarding the matter as laid down above, I am pleased to inform you that your effort of reducing the amount of tax that would be due as gain on sale is likely to succeed because the sale will be done at market value thus no losses shall be realized on the sale, in addition to the fact that the property is not an inventory. Furthermore, the tax will de deferred to the beneficiaries of your estate and thus will likely be spread and shared among several beneficiaries and thus the tax burden will be spread among several shoulders as well. The fact that your estate is held in an ABC Trust is even good news because the level of protection provided to the estate, as well as the beneficiaries if they so wish, against lawsuits and creditors after the grantor passes is significantly high. I therefore strongly recommend that you go ahead with the sale as you stand to gain a lot in from such a sale. How to cite Letter to Client Advising on the Tax Impact of Sale of Property by Installments, Papers

Letter to Client Advising on the Tax Impact of Sale of Property by Installments Free Essays

I would like to bring to your attention the tax ramifications of your expressed consideration to sell your estate to us. But before I can do that, I consider it very essential for you to understand how ABC Trusts work. This will require initial knowledge of how the more common AB Trusts work. We will write a custom essay sample on Letter to Client Advising on the Tax Impact of Sale of Property by Installments or any similar topic only for you Order Now AB Trust: An AB Trust offers creditor, lawsuit, divorce and bankruptcy protection for the surviving spouse in addition to similar protection for ones heirs when they take charge of their inheritances. The death of the first spouse makes the Living Trust be divided into two distinct Trusts. Trust A is held in the name of the living spouse while trust be is in the name of the deceased spouse. Both the two trusts are meant to be for the benefit of the surviving as long as they are alive, but in the end the assets will go to the spouses’ heirs. The surviving spouse, to a pre-agreed and stipulated level, controls Trust B though it belongs to the beneficiaries named in the Trust. All the assets and properties in Trust B pass to the originally stated beneficiaries upon the death of the surving spouse. The properties and assets in Trust B are considered not to be the surving spouse’s property and for that reason they are usually not subject to tax. ABC Trust: An ABC Trust has clauses that direct the trustee the revocable Living Trust, upon the occurrence of the first spouse’s death, to divide the Trust into three distinct and separate Trusts as opposed to two in an AB Trust. This has the effect of providing a even greater protection from creditors for the living spouse. Just as is the case with AB Trust, the A Trust is a revocable Living Trust for the living spouse. The Band C Trusts are irrevocable and are usually meant to benefit the surviving spouse while they are alive, but the assets in both Trusts eventually transfer to the deceased’s heirs on passing on of the surving spouse. Currently, $3. 5 million is the tax exempt amount per individual and $7million for a couple. Trust C holds any overflow over and above the $7million for couples, and this is contrary to AB Trust where the overflows of Income go to Trust A. This extends the creditor, bankruptcy, divorce and lawsuit protection to the surviving spouse in addition to the same protection offered to heirs, if they wish so. Taxation of installment sales In certain situations the installment sale of property method allows a sale of property without requiring the seller to recognize and report gains made on the property until the actual receipt of the payment. The rules that govern installment sales are well laid down. In addition the gain deferral achieved though installment sale treatment, in particular circumstances, and enables the transferor to spread gain over the period of payment of installments depending on the proportion the gross profit on sale carries to the price of the contract. If the seller and the buyer make an agreement to specifically allocate installments, then tax deferrals can be maximized. The rule for eligibility for installment sale treatment, the seller must receive not less than one payment after the end of year of tax in which the sale occurs . However, there are a number of ineligible transactions, which include among others transactions where the overall sale results into a loss and where transaction involves sale of inventory. Generally speaking, the Taxpayer Relief Act of 1997 (TRA ’97) had the impact of reducing the maximum capital gains rate to twenty per cent. However, some other changes have been made to the taxation of gains on depreciable real property. Complexities have often arose in administration of these new provisions to depreciable real estate sold subject. This however is of little concern for you because your property is non-depreciable. Considering the facts regarding the matter as laid down above, I am pleased to inform you that your effort of reducing the amount of tax that would be due as gain on sale is likely to succeed because the sale will be done at market value thus no losses shall be realized on the sale, in addition to the fact that the property is not an inventory. Furthermore, the tax will de deferred to the beneficiaries of your estate and thus will likely be spread and shared among several beneficiaries and thus the tax burden will be spread among several shoulders as well. The fact that your estate is held in an ABC Trust is even good news because the level of protection provided to the estate, as well as the beneficiaries if they so wish, against lawsuits and creditors after the grantor passes is significantly high. I therefore strongly recommend that you go ahead with the sale as you stand to gain a lot in from such a sale. How to cite Letter to Client Advising on the Tax Impact of Sale of Property by Installments, Papers

Coney Island and Victorian Culture free essay sample

Coney Island at the turn of the century was a bustling and growing place. People of all classes traveled from New York City as well as other parts of the world to take part in the famous amusements that helped to loosen the tight corsets of Victorian gentility. Inspired by the Columbian Exposition in 1893 George Tilyou began to build a park on Coney Island beginning with the Ferris Wheel similar to that featured at the exposition which was designed by the Pennsylvania Steel Company. By 1895 Tilyou opened Steeplechase Park and began to fill it with acts and side shows thus inspired by his travels a few years prior. While concentrating on the appeal to all walks of life Tilyou acquired A Ride to The Moon from Fredric Thompson and Elmer Dundy who built the ride specifically for the Pan-American Exposition in Buffalo, New York. A short season later in 1902 Thompson and Dundy left Steeplechase to create Luna Park taking the amusement with them. Playing off the most popular sport on Coney Island, Tilyou obtained a mechanical horse race that took riders on a thirty second ride around a track complete with hills and sharp turns. Other attractions added to the park included the Human Roulette Wheel which threw riders in all directions and Earthquake Stairs which jostled climbers and challenged them to descend a shaking stair case. These attractions as well as the wild side shows caused people to throw off all conventionality and made them rub elbows with other classes while having unrestricted fun. While Steeplechase drew visitors to the peninsula it also increased in the popularity of swimming or bathing as it was referred to in Victorian speak. People on a hot New York day adventured to Steeple Chase and the beach by various means of transportation. Donning the latest in bathing fashions people enjoyed more unrestricted fun regardless of any class system in the water. Although Victorians looked down their noses at the amusements and public bathing, people still flocked to the beaches and splashed in the chilly waters of the Atlantic Ocean. Ruckus rides and the ability to socialize appealed to the younger generations looking to toss off the oppressive garbs of Victorian gentility and just have plain unrestrictive fun. In 1907 tragedy struck Steeplechase as fire ravaged the park leaving a smoking ruin. In the efforts to still turn a dollar Tilyou charged admission to the ruins of the once great park. During the rebuilding, Luna Park benefited from the loss and treated guests to a modern park with rides to thrill everyone. The â€Å"old-fashionedness† of Steeplechase was challenged as Luna Park, the most modern of it’s time dazzled park goers with electric lights and tall white towers bathed in bright bulbs. This enabled the park to operate at night. But still people remained loyal to the original amusement park they knew so well even though built anew from smoldering ruins. George Tilyou sadly passed away in 1914 after seeing his park through another fire in 1911 which claimed Dreamland. Luckily enough the winds shifted and spared his park from a second disaster. By 1914 the amusement park began to fall out of favor. The once well loved and most visited park suffered a loss in the visitors during the hot New York summers. Steeplechase continued to operate and help people socialize and essentially come out of the tight bonds of gentility by offering a carefree time with out restrictions. Then on New Year’s Eve 1964 the last light was turned off for the final time at the ill fated old fashioned park. Luna Park on the other hand was not as popular as the original park but provided new wonders for those curious and daring enough to seek it out. Created after the Beaux-Arts movement of the time Thompson an erratic architect began to design the park as a world where someone could be lost in fantasy. By opening day on May 16th 1903 Luna Park opened its doors to the wonderment of many people seeking out entertainment and new amusements to help them shed the conventionality of the structured Victorian world. Here we can clearly see where still Steeplechase was cherished like a child hugs a ragged teddy bear but the new adventure which was named Luna was embraced for its latest technologies that Steeplechase clearly was lacking. With over 1 million lights, long distance telephone service, telegraph and radio services Luna Park became a city with in a city. With Thompson and Dundy’s success in creating illusion rides for the park guests they still relied on others as well. When they left the employment of Tilyou after the 1902 season they brought their famed â€Å"Ride to the Moon† amusement with them. Counting on its fame from Steeplechase park and the illustrious past of being featured at the Pan-American Exposition in 1901 the creators hoped it would bring the crowds in. With more and more people seeking a day at the park and on the beach both parks helped make Coney Island known world wide and soon became a top tourist destination. At a time when high society still held restrictions of how men and women should act in public in high regards, more and more people used these parks as a way to shed the restrictions of society and seek titillating amusements and fill curiosities each other had that Victorian culture had suppressed over the years with rules and barriers against those who dared to go against the prim and proper societies. Technology in these times were changing and what better place to display these but at amusement parks and expositions. Younger Victorians embraced these changes and viewed them as a move toward the future. We can clearly see where walls were broken down between classes while all walks of life frolicked on the beaches of Coney Island, screamed on the same rides, and traveled faster than they ever had in their lives. Luna Park and Steeplechase side by side were wonderful examples of old an new. While people still embraced the old curious onlookers sought out attractions that displayed futuristic gadgets. By the creation of the final park Dreamland in 1904 tourism and the shedding of Victorian genteel ways were in full swing. Dreamland brought more pleasure seekers to the peninsula and more bathers to the sea shore. The park was built by William Reynolds who is best known for his crooked dealings with Tammany Hall. Dreamland became the park to rival the other 2 on the peninsula. It is said that the park would be anything unlike the modern world has seen. The main tower of Dreamland had a beacon that shined out to sea and confused many ships coming into port. The amusement park sparkled as guests promenaded through the many attractions and thrill rides. With Dreamland promising amusement in a more dignified way the creators tried to offer Culture to those who visited the park. Providing a grand ballroom and upscale restaurants from around the world Dreamland attempted to cater to the upper class leaving lower classes to attend the older less dignified parks. The developers still provided rides and attractions that rivaled the other parks and even stole ideas from them as well. Americans were fascinated by disasters. Fighting the Flames was a good example of this as New Yorkers were most familiar with tenements catching fire and many people dying. People could identify with this ride. As tenement style buildings covered in asbestos were set ablaze, firefighters came to the rescue of the tenants who jumped to their safety in huge nets below. With rides like Shoot the Chutes guests at Dreamland were still treated to rides that caused them to throw off all conventionalities. Dreamland with its intentions to preserve all that is roper and dignified still provided outrageous outlets that caused people to smile and scream like they never had before. Sideshows still prevailed like Bostock’s Circus and Captain Bonavita’s Lion Show. They treated guests to clowns, wild animals, and daring stunts which caused people to gasp and look on in awe. Dreamland gave people a look at the world in their own backyard. Rides like Touring the Alps which provided ride rs with a simulated ride through the Alps complete with blasts of cold air to the Japanese Tea Room which gave people a look at cultures foreign to their own. The achievements of creating an atmosphere of wonderment and awe like that of the previous expositions held in Chicago and Buffalo, Reynolds achieved ultimate success in helping people question their hum drum ways and rules that bound them tightly. On May 27 1911 the wonderment that was known as Dreamland came to an end when it burned to the ground. Complaints by the fire departments that fought the flames were low water pressure. It was said that Reynolds built the park so fast that he built over fire hydrants. The mistakes and rush to greed cost him his park only seven short years later. The fire although sparing because of the winds did not leave Thompson’s railway alone. Sadly but fortunately that was one of a few external victims of the fire caused by greed. Fred Thompson found General Manager Samuel Gumpertz staring blankly at the ruins. Reynolds decided not to rebuild the park and Gumpertz opened a freak show in a large tent. This was the beginning of the end of Coney Island, the most famous playground of the early 20th century. Luna Park and Steeplechase continued to operate through many changes of attractions. The 1920’s ushered in rides like The Wonder Wheel and The Cyclone. It is joked immigrants who came to this country saw The Wonder Wheel first before seeing the Statue of Liberty. Still The Wonder Wheel is a wonderful example of freedom through good times and laughter and the shedding of old ways to a new life. By the close of the season of 1946 Luna Park could no longer afford to keep its gates open to the dwindling visitors. That which was new and exciting became old and worn out. Steeplechase continued to operate and pride itself of being risen from the ashes still provided visitors with aging and familiar rides. By the opening of Astro Park in 1962 this began to spell the end of the turn of the century amusements. At the stroke of midnight New Years Eve 1964 the last light was turned out on the oldest amusement park of the time leaving behind a legacy of fun and a little known waltz written for the opening of Dreamland entitled â€Å"Meet Me Tonight in Dreamland†. By looking at the amusement parks of the early 20th century we can clearly see where proper Victorians were given the opportunity to shed the constrictions of a culture that forced them into a protected part of society. Here creators of parks provided a person all types of amusements and bathing which for proper Victorians swimming with people of the opposite sex was just scandalous. Many of the older generations still held fast to their convictions of manners and proper ways. In many ways Coney Island was a petrie dish for societies and cultures. Could they truly leave behind the tight corsets and stiff collars to have fun with all folks of all classes with out concern for class stratification due to wealth, power or even dress? The writer of this believes yes. This was a place where society began to leave behind their constrictions and just have plain fun. Therefore unmaking Victorian culture as it was known.