Instrumentation Control: Resistance Temperature Detectors

Instrumentation Control: Resistance Temperature Detectors Abstract Within manufacturing, process control is fundamental in order to routinely produce high quality parts. Process control is an engineering discipline which can be defined as maintaining the output of a specific process within a desired range. [1] Temperature regulation is omnipresent in the world we live, for example, every living creature has autonomous bodily functions to regulate temperature. Artificially, central heating systems work in the same way, the user sets the desired temperature and the system detects the current state and makes adjustments to the temperature. A resistance temperature detector (hereby referred to as an RTD) is a temperature sensor which exploits the basic principles of science to play a key role in process control. 1. Literature Review An RTD is a temperature sensor which contains a resistive element. As the elements temperature changes so does its value of electrical resistance. It is this predictable property which enables us to control the temperature of a chosen substance or environment. RTDs are well known for their accuracy, stability and repeatability. The electrical resistance related to the variation of temperature is given as the Callendar-Van Dusen equation: Within a basic RTD the change in resistance of the element is small in comparison to the change in temperature. Therefore a bridge circuit is used to allow the measuring of the voltage drop across the resistor when applying a small constant current. Once the sensing element (see figure 1, below) has been placed where the temperature needs to be monitored or controlled, it will reach thermal equilibrium with its environment. At that temperature, the element will exhibit a certain value of resistance, this resistance is calculated and converted into a temperature which is fed back to the end user. Any change to the temperature of the environment will be represented by the change in electrical resistance of the RTD. There are five different construction variants of RTD elements, these include: Carbon resistor elements- these elements are cheap and popular. At low temperatures these elements are at their most reliable and are highly reproducible. Another advantage is that carbon resistor elements often dont suffer from hysteresis. Strain free elements- used in SPRTs (the highest accuracy of all RTDs) and can work up to 961.78 °C. These elements consist of a wire coil surrounded by inert gas. Thin film elements- a very thin layer of resistive material is deposited onto a ceramic substratum and coated in epoxy. These elements are not as stable as wire-wound or coiled elements, and they are only effective over a small temperature range. However they are smaller and cheaper than the standard wire-wound elements. Wire-wound elements- have a greater accuracy over wider temperature ranges. They consist of a length of pure metal in the form of a wire, usually wrapped around a glass or ceramic core. The elements are usually very fragile, and therefore, need protecting with a sheath. The diameter of the coil minimises the strain on the element by compromising between mechanical stability and expansion of the material. Coiled elements- currently the technology of choice, replacing wire-wound elements. They consist of a stress free design which lets the coil expand and contract freely as the temperature changes. The housing is made from ceramic oxide and the coils are threaded through bores, which are packed with fine ceramic powder. These elements are effective up to 850 °C. The most common materials used as RTD elements are platinum, nickel, copper, balco and tungsten. Platinum is the most popular due to it being very repeatable and quite sensitive, balco and tungsten are very rarely used. Platinum, copper and nickel have temperature ranges of 650 °C, 300 °C and 120 °C respectively and exhibit strong linear properties over a wide range of temperature. (see figure 2, below). 2. PT100 Sensors The most common type of RTD used within industry is the PT100. This RTD has an element of pure platinum and has an electrical resistance of 100à ¢Ã¢â‚¬Å¾Ã‚ ¦ at 0 °C, hence the name PT100. The resistance of a typical PT100 RTD changes at 0.39à ¢Ã¢â‚¬Å¾Ã‚ ¦ per 1 °C. 2.1 Wiring Variations Two wire configuration: As the name suggests, this PT100 RTD uses two wires. However this configuration does include a possible source of error where the resistance of the connecting wires is added to the resistance of the sensor. Should a company or individual choose this configuration they can combat this source of error by mounting a temperature transmitter close to the element. This configuration is best used when high accuracy is not required. Three wire configuration: The three wire configuration is the most widely used minimises the effects of the lead resistances. The two leads to the sensor are on adjoining arms, in each arm there is a lead resistance which is cancelled out if the two lead resistances are accurately the same. Four wire configuration: The accuracy of the measurement of resistance is increased by using the four-wire configuration. Voltage drop in the measuring leads is eliminated using four-terminal sensing. 2.2 Properties of PT100 RTDs 2.2.1 Precision PT100 RTDs are extremely precise. A tolerance of  ±0.75 °C is applied up to 300 °C, for temperatures between 700 °C and 800 °C a tolerance of 1% is applied. 2.2.2 Stability A PT100 RTD has a long term stability of around  ±0.2% of the 0% value over a 1000 hour (one year span). This test was conducted in special ovens with air heated to 800 °C. This property is arguably the greatest property of an RTD. 2.2.3 Speed of Response Speed of response is measured by submerging the PT100 sensor in water or air moving at 1 m/s with a 63.2% step change (see figure x). Thermo-electra show that the response time for one of their PT100 sensors are as follows [5]: Resistance -element mineral insulated Resistance-element with protection tube and insert Diameter 3-6mm 9mm Insertion length 100-500mm 100-150mm Response time in water (s) 0.6-4 30 Response time in air (s) 26-55 140 3. References [1] B.R. Mehta, Y. Jaganmohan Reddy. (2014). Batch Automation Systems. In: B.R. Mehta, Y. Jaganmohan Reddy Industrial Process Automation Systems: Design and Implementation. -: Butterworth-Heinemann. 135. [2] Correge. (). Head- or cable type mineral insulated probes. Available: http://www.correge.fr/rtd-sensor-mineral-insulated.html. Last accessed 11th Dec 2016. [3] Various. (2016). Resistance Thermometer. Available: https://en.wikipedia.org/wiki/Resistance_thermometer. Last accessed 21/12/2016. [4] Acromag. (2011). CRITERIA FOR TEMPERATURE SENSOR SELECTION OF T/C AND RTD SENSOR TYPES . Available: https://www.acromag.com/sites/default/files/RTD_Temperature_Measurement_917A.pdf. Last accessed 21/12/2016. [5] Thermo-electra. (-). Sensor Response Times. Available: http://www.thermo-electra.com/en/producten/technische-informatie/response-times. Last accessed 21/12/2016. [6] electrical4u. (2012). Resistance Temperature Detector or RTD | Construction and Working Principle. Available: http://www.electrical4u.com/resistance-temperature-detector-or-rtd-construction-and-working-principle/. Last accessed 22/12/2016.

Introduces her four major concerns illustrated in Silas Marner †Essay

Introduces her four major concerns illustrated in Silas Marner – namely village life. Within the very first paragraph on the book, Gorge Elliot introduces her four major concerns illustrated in Silas Marner – namely village life (of the late 18th century), superstition and belief, alienation and historical change (in this case specifically that caused by industrial revolution and the ending of the Napoleonic Wars). These concerns are closely woven together in the story (and in some cases real life) as can once again be seen in this opening two paragraphs and often can be looked at in relation to one another. Village life was probably Gorge Elliot’s primary focus when writing the novel and her anthropological investigations provide us with a fair deal of insight into it throughout the novel. The village of Raveloe is the setting for the majority of the story. The third line, while not introducing us to it per se, introduces us to the general idea of villages resembling it. It is said to be â€Å"far away among the lanes or deep in the bosom of the hills†. This is an important introduction, physically and psychologically distancing Victorian readers from Raveloe and making it seem totally different from the world they live in. In many ways, this difference is very real. Raveloe is still untouched by the effects of the industrial revolution that created the town Elliot’s readers are familiar with. It is Elliot’s objective to provide a comparison between Raveloe and such towns – represented in the novel by Lantern Yard. The opening paragraph also describes the villagers. They are described as â€Å"untraveled† and are very much uneducated. Knowledge to them is something suspicious, most likely due to the fact h... ...example of this would have to be the sentence â€Å"how was a man to be explained unless you at least knew somebody who knew his father or mother?† The point is that this is most certainly not true as a complete stranger new not be a dangerous or dishonest person. In this way Elliot lightly pokes fun at the attitudes of the villagers. Thus, it can be seen that within the opening two paragraphs, Elliot sets up the foundations of the primary concerns in this book. While, it is quite obviously not possible to go into anything resembling detail regarding any one of them, the paragraphs provide a platform upon which build up upon. The attitude and tone of the narrator, while not obviously apparent, can also be felt here. This opening basically serves as a generalization to which the life of Silas Marner, as detailed in the rest of the novel, is a specific example.

Exam practice question and answer Essay

Marketing can be defined as an organization function and a set of process foe creating, communicating and delivering value to the customer and for managing customer relationship in a way that it benefits the organization and its stakeholders. In order to understand the marketplace and customer needs and wants, marketers need to identify the needs of the consumer, which is defined as the state of felt deprivation, such as hunger and self-actualization needs. Next, it advanced into wants, which is defined as the form of human need that is shaped by culture and individual personality. To satisfy ones hunger, they may opt to eat either rice or noodles depending on their preference. Demand, the human wants that are backed by buying power indicates a person’s financial ability to buy their wants. Organizations need to identify its microenvironment and macroenvironment to identify forces or actors in the business environment that can have effect on the organization’s marketing and business activities. Microenvironment of a company is made up of the company itself, its competitors, the suppliers, customers, marketing intermediaries and the publics. The publics are those people or organization that affect the operations of the organization. There are seven publics in total, which is made up of financial publics, media publics, citizen-action publics, government publics, local publics, general publics and internal publics that affects the marketing operation of an organization. Financial publics are banks and insurance companies that affect the company success in obtaining loan. Macroenvironment is the larger societal force that affects the whole environment. In an organizations macroenvironment, it consist of demographic environment, economic environment, natural environment, technological environment, political environment and cultural environment. Demographic environment is mainly made up of the changing age structure in the population, the changing family, geographical shift in population, better educated and white collar population and increased in ethnic diversity. A changing age structure means that as a person’s age grows, their needs and wants for a certain product will change according to their life cycle. After identifying the environment, marketers will undergo marketing research process. The first step of marketing research process is to define the problem and research objectives, which contains of exploratory, descriptive and causal research objectives. Next, the process will be continued by the development of the research plan from secondary source and primary source. Then it will decide on the research approaches it will utilize whether it is observational, experimental, ethnographic or survey type of research. Then, it researcher will decide on the contact method through mail, telephone, personal and group interviews or online marketing research. Then it will proceed to sampling plan and research instruments like mechanical devices and questionnaire. The processes are completed by implementing the plan and report it to the management. After research, marketers need to identify the factors that influence a consumers purchasing behavior. The factors that determine the buyer decision are personal factors, social factors, psychological factors and cultural factors. Social factors consist of age and life cycle, reference groups and roles and status in the society. For example, according to the age and life cycle of everyone, the needs and wants of an individual differs as their age grows, an old man require a walking stick. In buying a product, consumer may display one of the four buying behavior, which consist of complex buying behavior, dissonance-reducing buying behavior, habitual buying behavior and variety-seeking buying behavior depending on the involvement and the perceived brand difference from the consumers. In buying an item, consumers may go through stages such as problem recognition, information search, evaluation of alternatives, purchase decision and post-purchase behavior. Then, marketers will move on to the next step of the marketing process of designing customer-driven marketing strategy. To create a marketing strategy, marketers need to identify the segments in a particular market. A market is a set of potential and actual buyers of a product. Market segmentation can be divided into four variables, which consist of geographical, demographic, psychographic and behaviorial. But then, there are some criteria in assessing the effectiveness of the segmentation by looking into the measurable, accessible, substantial, differentiable and actionable in the segmented groups. After segmentation, marketers will proceed to market targeting, defined by evaluating segment attractiveness and selecting one or more segments to enter. In evaluating market segments, marketers need to look into the segment size and growth, the structural attractiveness of the segment and the company’s objectives and resources. The companies can decide to use a range of market-coverage strategies such as differentiated marketing, undifferentiated marketing, concentrated marketing or micromarketing depending on the product they offers. After targeting, the company can differentiate their offering by giving superior value from several aspects, product, service, image or personnel differentiation. Customer value is the difference between the benefits gain from using and owning a product and cost of obtaining it. Thus consumer tend to purchase what they perceived as the highest value. Marketer will make their offering superior than of competitors by offer more value in its current offering to justify high price or lower price to compensate for low perceived value. Organizations need to have its own marketing offering in order to deliver value to customers. Marketing offering is a combination of product, service, information and experience that is offered to a market to satisfy a need or wants. Product is anything that can be offered into a market for attention, acquisition, use or consumption that might satisfy a need of wants. Products are classified into three different levels, which consist of core products, actual product and augmented products. Next, marketer will determine whether the product falls into the different categories of the consumer markets such as convenience goods, shopping goods, specialty goods and unsought goods. Or if it is industrial goods, the category of materials and parts, capital items and supplies and services. In service, its characteristic is intangible, inseparable, perishable and variable. Price is sum of value that the customer exchanges for the benefits from using or having a product or services. The internal factors that affect pricing are the marketing objectives, the marketing mix strategy, cost and organizational consideration while the external factors are market and demand, competitors price and offer and other factors such as economic conditions and government regulations. Some of the approaches in pricing are cost-based pricing, value-based pricing and competition-based pricing and price skimming and penetration for new innovative products. Promotion is an act that persuades the publics about the products or brands merits. In influencing the consumers to buy its products, marketers can utilize integrated marketing communication tools such as advertising, direct marketing, personal selling, sales promotion and public relation. For example, marketer can use sales promotion in the form of tools such as coupons, rebates and discounts that act as sort-term incentives to build add-in value to encourage people to buy it products. The next tool is place where it describes how the product is made available to customer. Marketer can examine the number of marketing intermediaries where it consists of intensive distribution, exclusive distribution and selective distribution. For example, the goods that run on intensive distributions are normally fast moving consumer goods that are stocked in as many outlets as possible. It is available anywhere and anytime. Process involves the process that is part of the service. For example, if a car owner who experience poor customer service during one of his regular service, then he or she will not recommend the company to others and is less likely to rebuy the brand. People in an organization determine the success of the organization’s process in delivering superior value and satisfaction. Example, a lack-trained employee may mislead a customer into buying the wrong needs. Physical evidence is the quality of services in physical feature the customer can see, such as brochures and facilities. Without the presence of lecture halls, one could doubt the presence of the university whether it is a place for academic learning. In building profitable customer relationship, one must look into the customer satisfaction, which is defined as customer evaluation of the product or service feature, or the product or service itself. Customer satisfaction prompt repeat purchase thus is important. Satisfaction is influenced by the customer’s past buying experience from the company or its competitors, the information given and promises by the company or its competitors and what the customer thinks of a fair value in the price they paid. Feedbacks, mystery shoppers and exit interviews set a platform to improve the customer satisfaction which then strengthens the bond between the company and the customer thus leading to higher customer loyalty. After accessing satisfaction, marketers need to concern by building and maintaining profitable customer relationship by delivering superior customer value and satisfaction. Retaining current customer relationship is cheaper than to attract new customer. In retaining customers, marketers can implement club and frequency marketing program to strengthen bonds with the customers. By building strong customer relationship, a company can capture value from customer in the form of loyalty, profits and the spread of word of mouth from them. When the company produces superior value to the customers, most likely it will generate high customer satisfaction. High satisfaction lead building long lasting relationship with the customer gaining the loyalty of these customers in a long period, profits will eventually grow. Companies aim to achieve lifetime customer value, share of customer and customer equity from the customers.. All in all, by creating, delivering superior value and developing a strong customer profitable relationship, one can achieve returns like profits and sales, a monetary return and brand loyalty from the loyal customers. Q3. The six forces in an organization’s macroenvironment is cultural environment, political environment, economic environment, technological environment, demographic environment and natural environment. Demographic environment is based on the utility of demography, which is defined as the study of human population in terms of size, religion, occupation, age, sex and education. The changing age structure of the population is one of the factors that affect the macroenvironment. People of different age have different wants and needs and will continue to change as their age varies. The increase in aging population because of low birth rates and higher life expectancy has change the demand for certain products in the market. For example, youths wants products that match their lifestyle of cool and adventurous like game consoles, skateboards and smartphones while those baby boomers typically in their 50s now wants products like vacation, massage chair and antique vase. Geographical shift in population is also one of the factors. It can be categorized into movement between states, movement from rural to urban areas and movement from city to suburbs and back again. For example, the need for air-conditioning is more likely to be in demand in the Northern Territory, which is very hot than the demand in Sydney, which is cooling. A better-educated and more white-collar population has trigger the demand for formal attires such as a suit and corporate skirt. Next, an increasing of ethnic diversity in Malaysia has trigger the rising demand for wasabi and rice from the Japanese population that migrated to Malaysia. Every group of people has their specific wants depending on their attitude, behavior and buying habits too. Q6. Consumer product is made up of convenience products, shopping products, specialty products and unsought products. Convenience products are consumer products and services that the customer usually buys frequently, immediately and with minimum comparison and buying effort. It can be relate to habitual buying behavior too when the purchase of a product is made without much consideration and it is cheap despite widely available. Examples are washing powder and broom. Shopping products are less frequently purchased consumer products and services that customers compare carefully on suitability, price, quality and style. Consumers spend considerable amount of time and effort to access information about the products. It is classified as in complex buying behavior. Examples are television and laptops. Specialty products are consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase purpose. It is classified under the buying behavior of complex buying behavior and dissonance reducing buying behavior. This kind of product is purchase without much comparison with other brands. Examples are a Gucci handbag and a luxury car. Unsought goods are consumer products and services that the consumers either doesn’t know about it or knows but do not consider buying it. These products need intensive marketing such as promotions and advertising. Examples are funeral services and life insurance.

Segmentation criteria for 2 products bottled water and breakfast cereal.

Segmentation criteria for 2 products bottled water and breakfast cereal. Marketing. ¢Ã‚€Â ¢Segmentation criteria for 2 products bottled water and breakfast cereal.Marketers segment markets because it helps them to match their products better to their customers, as every customer is different (age, sex, etc.) and has differing needs and wants dividing the market into segments helps the marketer focus on these subgroups leading to a 'target market'.This target market can then be selected and a marketing mix can be made especially for them. This can save a business time and money as it can be planned well as it is aimed straight at potential customers. Also a greater understanding of who these customers are and what their needs are can enable the business to gain a competitive advantage.This is different from undifferentiated marketing where one marketing mix is made for the whole market (mass marketing). (Brassington Pettitt, 2006).Consumer markets can be segmented in a few ways to group together customers with similar characteristics and needs.Englis h: Images of bottled waterMore than one segmentation variable can be used (multivariable segmentation.). ¢Ã‚€Â ¢Geographic location - This is based on that certain characteristics of people are assumed to be similar within certain countries and regions i.e. religion / culture. They will be affected by the same climate, may have similar income and influenced by the natural geography of the area and country. ¢Ã‚€Â ¢Demographically - This is based on the different characteristics found within the population. Age (e.g. clothing) and gender (e.g. beauty products). Family size (e.g. size of products) and Ethnic background (e.g. food). Life cycle stage (e.g. types of holidays, Saga /Club18-30). ¢Ã‚€Â ¢Psychographic and Behavioural - This is based on what people think and how this affects how they want to live their lives.Social class, this can be divided by social stratification showing differences in purchasing power and patterns of behaviour.

Free Essays on War Of 1812

Perhaps I’m being idealistic about the motivations of our early political leaders but I do think that the primary reason behind the war of 1812 were patriotism and honor. The way Madison justified the war, in his war message 1 June 1812, was by highlighting the British aggression on the seas; primarily impressments, British cruisers hovering near ports, blockades and the orders-in-council. The Americans also believed the Brits guilty of inciting Indian uprisings. The United States attempted to avoid engaging in this European conflict through peaceable negotiations and economic coercion. But they could not ignore obvious British disrespect for their sovereignty. The British impressed thousands of sailors from American ships and obviously did think American retaliation to be a real threat. â€Å"No nation mindful of its diplomatic fences would have kidnapped 3,800 neutral aliens of one nationality.†(Smelser 224). England forced the United States to choose between submission and war. They treated American grievances like internal problems, again not respecting the sovereignty they had fought to earn. The decision to declare war was not made lightly. Madison was not a war monger like Napoleon, but honor compelled him to act, as well as the desire to not see America reduced to a British protectorate. Madison believed he was protecting what he called, â€Å"the last and fairest experiment in favor of the rights of human nature.†, what we might call the American way of life. The American decision to go to war with England but not France is further evidence that honor and patriotism were the guiding reasons behind entering the war. It would have foolish to enter a war with the whole of Europe, which engaging both countries would surely do, but there were ample grievances against both (Coles). Henry Clay justified the decision to proceed with war against Britain but not France by saying, â€Å"As to France we have no complaint†¦ but of th... Free Essays on War Of 1812 Free Essays on War Of 1812 Perhaps I’m being idealistic about the motivations of our early political leaders but I do think that the primary reason behind the war of 1812 were patriotism and honor. The way Madison justified the war, in his war message 1 June 1812, was by highlighting the British aggression on the seas; primarily impressments, British cruisers hovering near ports, blockades and the orders-in-council. The Americans also believed the Brits guilty of inciting Indian uprisings. The United States attempted to avoid engaging in this European conflict through peaceable negotiations and economic coercion. But they could not ignore obvious British disrespect for their sovereignty. The British impressed thousands of sailors from American ships and obviously did think American retaliation to be a real threat. â€Å"No nation mindful of its diplomatic fences would have kidnapped 3,800 neutral aliens of one nationality.†(Smelser 224). England forced the United States to choose between submission and war. They treated American grievances like internal problems, again not respecting the sovereignty they had fought to earn. The decision to declare war was not made lightly. Madison was not a war monger like Napoleon, but honor compelled him to act, as well as the desire to not see America reduced to a British protectorate. Madison believed he was protecting what he called, â€Å"the last and fairest experiment in favor of the rights of human nature.†, what we might call the American way of life. The American decision to go to war with England but not France is further evidence that honor and patriotism were the guiding reasons behind entering the war. It would have foolish to enter a war with the whole of Europe, which engaging both countries would surely do, but there were ample grievances against both (Coles). Henry Clay justified the decision to proceed with war against Britain but not France by saying, â€Å"As to France we have no complaint†¦ but of th...

Financial management Assignment Example | Topics and Well Written Essays - 500 words - 2

Financial management - Assignment Example The completion of the acquisition marks the first step in bringing these two organizations together as one team (Microsoft, 2014). Where do Nokia and Microsoft go from here? Since the deal was first announced last September, it was evident that this was a win-win situation for both sides. Nokia can get on with growing its solutions and networks division without the albatross of its money-losing mobile phone unit around its neck (fool.com, 2014). For Microsoft, a late transition to  the 21st  century will be realized in the next couple of days. Its about time. The completion of the Nokia Devices and Services business acquisition April 25 will enable Microsoft to accelerate its share of smart phones and feature phones in developed and emerging markets, and increase its role as a devices and services company. (Local news now, 2014). Microsoft will target the affordable mobile devices market, a $50 billion annual opportunity, delivering the first mobile experience to the next billion people while introducing Microsoft services to new customers around the world (Microsoft, 2014).   Microsoft will continue to deliver new value and opportunity, and it will work closely with a range of hardware partners, developers, operators, distributors and retailers, providing platforms, tools, applications and services that enable them to make exceptional devices. With a deeper understanding of hardware and software working as one, the company will strengthen and grow demand for Windows devices overall (marketwatch, 2014). Industry watchers thought it was a "win-win solution" for both of the enterprises. "Microsoft has always been trying to expand its mobile Internet market, and Nokia, whose manufacturing technology for handsets is advanced, urgently needs to look for a savior," Cao Yujie, director of consultants for IT market research agency CCW Research, told the Global Times. Forgoing the

Current Ethical Issue in Business Paper Research

Current Ethical Issue in Business - Research Paper Example When Merrill Lynch put bad mortgages in hedge funds than sold them for a year with the promise of a return, the logic was the investors knew the risk. Lita Epstein (2007) explains: Merrill investors had no idea how bad its situation was until it finally came clean about its losses and took a $7.9 billion write-down on these risky securities, one of Wall Streets largest write-downs ever, plus another $463 million write-down of deal-related lending commitments for a total of $8.4 billion. (Epstein 2007). The result of Merrill Lynch and other hedge fund managers was Congress stepping in with new legislation. This means stricter laws and taxes in the United States and Europe. Merrill Lynch did not learn from their mistakes. Instead of operating in the United States and Europe, â€Å"Bank of America Merrill Lynch is helping to establish more than a dozen hedge funds in Asia as industry regulation grows tougher in America and Europe† (Cooper 2010). Clearly this suggests that Merrill Lynch cares more about a profit than the investor. The ground rules that manifested this situation were greed, deception, irresponsible borrowing, and portfolio importance. The hedge funds were there to make money by taking risks. The deception of transferring bad mortgages to the hedge fund created the situation. Irresponsible borrowing, a hedge fund can borrow up to thirty percent over their assets, led to defaulted mortgages. Finally the annual financial report had to meet certain goals to be acceptable to stockholders. The truth never had a chance. Merrill Lynch was guilty of defrauding their stockholders. Although after taking the write down no penalties were given, Merrill Lynch should have learned about the right way to run a hedge fund. The fact that Merrill Lynch wants to operate in Asia should make investors run. This company puts money and success over ethics and investors. This case scenario is not a good example of ethics. Investor should not trust their pennies, much