Criminal Justice System of America and Britain Research Paper

Criminal Justice System of America and Britain - Research Paper Example Still, there are many differences and similarities between the judicial systems in these countries. The first difference occurs, when American lawyers are defense attorneys, notwithstanding that they prefer to call themselves â€Å"trial lawyers†. British lawyers name them â€Å"solicitors, representing people’s legal needs and barristers, who take the cases to civil or criminal courts† (Carter, 2001). The differences should be found not at the verbal level, but at much deeper conceptual and historical levels. Similarities and differences between the US and UK legal systems As far as we can see, there can be found a lot of parallels between English Common Law and the American legal system, many differences exist as well. It is relevant to trace the deep historical roots of legal system of these countries, because â€Å"the life of the law has not been logic, it has been experience...the law embodies the story of a nation's development through many centuries..." (Carter, 2001). There is no Supreme Court in the Great Britain and a government is positioned as a totally separated unity from the legal process. The House of Lords performs a function of the highest justice and represents the â€Å"court of highest appeal†. (Carter, 2001) In America, state courts are separated from federal courts, but in Britain the lowest criminal courts â€Å"Magistrate's Courts† exist.... In England there is Home Secretary, who is responsible for the criminal justice system and Wales and advising the Queen on the royal prerogative of mercy to pardon exercise given to a person who is convicted of a crime. In accordance with the US Constitution, the President has a power of a pardon (of course, this mainly happens on the basis of political considerations about the cases). Therefore, it is evident that legal and judicial systems are more separated from each other in the US. On the basis of the difference of the legal systems in Britain and America, it is clearly seen that the US Constitution is the leading legal document in America. The Judiciary has the control over its own actions and the Executive or Legislative branches can obtrude in this process. Another interesting fact is that the Executive branch is responsible for appointments of federal judges and judges in the Supreme Court. The Congress has a right to either approve or disapprove such kind of appointment. Th erefore, on the basis of these facts the independence of the American judiciary can be questioned. The differences between judicial systems between these two countries occurred after the Revolution, when â€Å"American law became, in some ways, More than less English....The law later needed was not to be found in the colonial past....Only England had a supply that American lawyers could use without translation or transformation." (Knight, 1996) Still, the majority of lawyers and critics claim that the development of the judicial system should be a more dynamical process. In order to accommodate republican versus monarchial system of Britain, America

Money Market Mutual Funds Essay Example | Topics and Well Written Essays - 1250 words

Money Market Mutual Funds - Essay Example Money market funds are viewed widely as investments that are as safe as deposits in the bank that provide returns that are higher than those of bank deposits are. Money market funds often store money that at the time is not in current investment due to the funds high liquidity. In the United States, the first money market fund was the brainchild Henry B. R. Brown and Bruce R. Bent in 1971 in the form of The Reserve Fund. It offered investors an opportunity of earning small rates on their cash, preserved in the fund (Scott-Quin). The rates were paid out in form of dividends to the investors. Many more money market funds sprung up in the United States thereafter. The Investment Company Act of 1940 of the Securities and Exchange Commission deals with regulating the money market funds within the United States. The act contains guidelines that restrict the maturity, diversity, and quality of money market funds’ investments. A money fund buys the debt that is the highest rated with a maturity of less than thirteen months. A weighted average maturity of at most 60 days and a maximum of 5% investing for every issuer excluding repurchase agreements and securities of the government constitute the portfolio (U.S Congress 21). A FIDC insured account is an account in a bank involved in the FIDC program that has met the required standards needed for insurance by the Federal Deposit Insurance Corporation (FIDC). There are a number of account types that can qualify for this program, ranging from money market deposit and certificate of deposit to savings, NOW, and checking accounts. Deposits made in these accounts are FIDC-insured deposits and a maximum of $250,000 for every account is insurable by the FIDC. These deposits have some similarities as well as differences to the money market mutual funds. Both money market mutual funds and FIDC-insured deposits have high liquidity and flexibility levels (Garman and Forgue 154). Access of the money in the accounts in both typ es of investments is possible through making ATM withdrawals and writing checks whenever the money has needs. Money market mutual fund shares are redeemable at any time on a daily basis, though the fund may require a minimum account balance. The funds also often allow shareholders to write checks reflected on their individual account balances availing the use of shares for transactions. The FDIC insured investments, also known as money market deposit accounts give access to money in the accounts to the investors without charging penalties for early withdrawals. The two investments are both considered investment options with low risks. The accounts pay an interest rate that is higher than that of a passbook savings account (Thomas 208). In case the investment goes wrong, the FDIC, in the case of FDIC insured bank deposits, steps in and compensates for the loss in terms of insurance payments. Though it is not an investor’s right, if the money market mutual fund investment fails , there is a rare occurrence called â€Å"Breaking the buck† where the dividend per share paid to shareholders is the standard $1 per share with the losses covered . The key difference between these two types of market accounts is the insurance of the accounts. The Federal Deposit Insurance Corporation is a government agency that insures banks and bank accounts. Money market deposits in banks that