June 19, 2013 reply from Lim K. Teoh

Not meant to be negative but here's an example of flipping failure that we could learn before going on this option:

http://www.emergingedtech.com/2013/05/my-flipping-failure/ 

Best wishes,
Lim

Google’s latest pet project, called Loon, is meant to deliver the Internet to new parts of the world via solar-powered balloons soaring through the stratosphere. Yet some technologists in Africa say the project may be unrealistic as a competitive networking solution for their continent.

For one thing, the service would only provide 3G connectivity, meaning that it would need to compete with cellular networks that are expanding and becoming ever cheaper to use. “In Kenya, most parts of the country have 3G access,” says Phares Kariuki, previously a technology consultant to the World Bank, who now leads an effort to build a supercomputing cluster at iHub, the tech startup space in Nairobi. 

And even if Google managed to deliver faster speeds from future balloon fleets, they’d be solving the wrong problem, Kariuki adds: “The barrier to Internet adoption is not so much the lack of connectivity. It’s the high cost of the equipment.” People in poor areas simply can’t afford laptops and smartphones, Kariuki says, and generally prefer cheap feature phones.

Google’s Loon project manager, Mike Cassidy, says that even if some countries like Kenya have substantial 3G coverage, many others don’t. “We don’t think there is any one solution or one company that will have a solution for the whole world,” he says. “We just think that from what we’ve seen, there are huge swaths of people who don’t have connectivity.”

 

"The 50 Rip-Off Charities: Give at Your Own Risk," by Morgan Brittany, Townhall, June 17, 2013 --- Click Here
http://finance.townhall.com/columnists/morganbrittany/2013/06/17/the-50-ripoff-charities-give-at-your-own-risk-n1621292?utm_source=thdaily&utm_medium=email&utm_campaign=nl

The List of 50 --- http://www.tampabay.com/americas-worst-charities/

"Canada Mayor Crisis Spreads: Montreal Mayor In Custody," by Josh Barro, Business Insider, June 17, 2013 ---
http://www.businessinsider.com/montreal-mayor-michael-applebaum-arrest-2013-6 

Bob Jensen's Fraud Updates ---
http://www.trinity.edu/rjensen/FraudUpdates.htm

Video
"NYU's Sweet Perks for Professors," The Wall Street Journal, June 21, 2013 --- Click Here
http://live.wsj.com/video/opinion-nyus-sweet-perks-for-professors/60920397-8E2F-4091-9392-DD6A3AFB0681.html?mod=djemEditorialPage_h#!60920397-8E2F-4091-9392-DD6A3AFB0681

"N.Y.U. Gives Its Stars (administrators and faculty) Loans for Summer Homes," by Ariel Kaminer and Alain Delaquerer, The New York Times, June 17, 2013 ---
http://www.nytimes.com/2013/06/18/nyregion/nyu-gives-stars-loans-for-summer-homes.html?hp&_r=1&

. . .

N.Y.U. has already attracted attention for the multimillion-dollar loans it extends to some top executives and professors buying homes in New York City, a practice it has defended as necessary to attract talent to one of the most expensive cities on earth. Mortgage loans to Jacob Lew, a former N.Y.U. executive vice president, part of which was eventually forgiven, became an issue during Mr. Lew’s confirmation hearings as treasury secretary this year.

Universities in similar circumstances, like Columbia and Stanford, also have helped professors and executives with home loans. Aid for vacation properties, however, is all but unheard-of in higher education, several experts in university pay packages say.

“That’s getting to be a little too sexy even for me, and I have a good sense of humor about these things,” said Stephen Joel Trachtenberg, a former president of George Washington University who has publicly defended high salaries for professors and university executives. “That is entertaining, actually. I don’t think that’s prudent. I don’t mind paying someone a robust salary, but I think you have to be able to pass a red-face test.”

Richard Revesz, who recently ended a decade as the dean of New York University Law School, lives with his wife, an N.Y.U. law professor, in a handsome West Village town house that was financed by N.Y.U. They also have a home on more than 65 acres near the Housatonic River in Litchfield County, also helped by an N.Y.U. loan, according to land records in both locales. According to the university’s most recently available tax return, they owe the university $5.7 million altogether.

Since the late 1990s, at least five medical or law school faculty members at N.Y.U. have received loans on properties in the Hamptons or Fire Island, in addition to Dr. Sexton. Martin Dorph, an executive vice president of N.Y.U., got a $200,000 loan on a home in Bucks County, Pa., that he already owned; the university said the loan, which is forgiven over time as long as he stays with N.Y.U., was in lieu of a raise.

“The purpose of our loan programs goes right to the heart of several decades of sustained and successful effort at N.Y.U.: to transform N.Y.U. from a regional university into a world-class research residential university,” John H. Beckman, the university spokesman, said in an e-mail. In some fields, he added, certain loans help retain faculty members who “can easily pursue a financially rewarding professional career instead of choosing the path of university scholarship and teaching.”

He said that only a small fraction of the more than 100 loans given by N.Y.U. (some of which were made by New York University itself and others by related foundations) were for second homes. He declined to comment on the terms of most of those loans, like interest rates and any provisions for forgiveness, citing the privacy of the parties.

In Dr. Sexton’s 11 years as president, N.Y.U. has raised its profile, expanded to campuses around the world and won approval for a major expansion in its home base, Greenwich Village. It has done so in part through aggressive spending and fund-raising.

The rapid change has won Dr. Sexton many admirers, both at N.Y.U. and throughout higher education. The board of trustees has raised his salary to nearly $1.5 million, with a $2.5 million “length of service” bonus to come in 2015, and has guaranteed him retirement benefits of $800,000 a year. The university also provides him an apartment by Washington Square.

But many faculty members have bristled at both his pay package and what they consider a top-down management style more fit for a corporation than a university. The faculties of five N.Y.U. schools have passed votes of no confidence in him this year. (The law school voted to support Dr. Sexton.)

Continued in article

Jensen Comment
I don't know anything about most of these loan deals provided by (mostly) private universities. Stanford leases land for almost nothing to employees to construct their own homes or buy those homes from other Stanford employees. I don't think the program is limited to faculty or to "stars" on the faculty. I rented tow of those homes in separate academic years from an associate professor of geology and an assistant professor of finance (who did not have tenure). Both weree rather modest homes on Stanford leased land. However, those older "modest" homes are now worth more 20 times their construction costs due to the explosion of sales prices even if the buyers must be employees of Stanford. It's all a matter of supply and demand.

One question I would like answered is how Palo Alto taxes these market-restricted properties. For example, one of the homes I rented was built for $33,500 in 1970. Today it's probably worth $700,000 if sold to another Stanford employee. Outside the campus in Palo Alto the same house might sell for $1.5 million. Under those circumstances, how will Palo Alto value the house for tax purposes? Recall that Prop 13 allows property tax increases to "fair value" for new buyers. What is "fair value" in this case for tax purposes?

Further complicating the situation is that Stanford built an elementary school for Stanford lease land housing. I don't know how property taxes are factored into paying for the operation of that school. The Stanford Elementary School was neat, while I was in a think tank for two years, in that my children could walk a short distance to that elementary school without ever having to walk on a street. There were beautiful walking trails leading to the school.

I don't think the teachers in that elementary school were Stanford employees. They probably were not allowed to buy homes on Stanford lease land.

In the case of the NYU loan deals, the NYU must report any difference between a favorable interest rate and the current market interest rate as taxable compensation to the employee. Stanford's tax deals are more complicated. If Stanford charges $1 per year to lease a lot that could be leased for $12,001 per year in an open market I suspect the IRS wants to treat the $12,000 as compensation. My understanding is that this was not the case in the 1970s.

Note that the tax situation gets even more complicated for employees that given free housing doe to requirements of their jobs that they live in the campus housing provided free to employees. Such employees can include the campus fire chief, the campus police chief, the university president, the university chaplain, etc.

Before I retired Bexar County (read that San Antonio) did not charge property taxes for campus homes for employees who were required by universities to live on campus. I think that has changed since I retired, but I'm not up to date on the details of the change. In the old days the school districts charged tuition for children of employees in tax-exempt housing. Universities negotiated what they paid for city and county services, like fire and police protection, that covered the entire campuses.

Some universities like NYU and Stanford also provide apartment rentals to faculty at very favorable rental rates. I suspect that the difference between rent paid and market rental rates is taxed by the IRS as compensation. What is more complicated is how campus apartment buildings for employees are valued for property tax purposes by NYC and Palo Alto.

The bottom line is that some employee benefits such as leased apartments, leased lots, and employee borrowing at favorable rates becomes complicated for taxing jurisdictions and employee relations with employees who were are not receiving such housing benefits. One way to simplify these compensation packages would be to give every employee a monthly cash benefit for housing. The university could then charge employees who take such benefits in kind rather than cash. For example, if an employee rents a campus apartment for $2,000 per month that would cost $3,000 per month off campus, the employee's cash benefit for housing would be reduced by $1,000 per month.

The problem of housing benefits arises mostly for campuses located where housing costs are very high (outliers) such as in New York City and Palo Alto where universities face an almost impossible task of hiring employees without some kind of incremental housing cost benefits. In other words there's an enormous difference between housing costs in New York City and Palo Alto versus Vermillion (South Dakota) ---
http://en.wikipedia.org/wiki/Vermillion,_South_Dakota

A luxury summer home ala NYU is another matter entirely.

RSS --- http://en.wikipedia.org/wiki/RSS

What Is RSS?  ---
http://techtalker.quickanddirtytips.com/what-is-rss.aspx

Great Lectures May Be Learning Losers
"Appearances can be deceiving: instructor fluency increases perceptions of learning without increasing actual learning," by Shana K. Carpenter, Miko M. Wilford, Nate Kornell, Kellie M. Mullaney, Springer.com, May 2013 ---
http://link.springer.com/article/10.3758%2Fs13423-013-0442-z

Abstract
The present study explored the effects of lecture fluency on students’ metacognitive awareness and regulation. Participants watched one of two short videos of an instructor explaining a scientific concept. In the fluent video, the instructor stood upright, maintained eye contact, and spoke fluidly without notes. In the disfluent video, the instructor slumped, looked away, and spoke haltingly with notes. After watching the video, participants in Experiment 1 were asked to predict how much of the content they would later be able to recall, and participants in Experiment 2 were given a text-based script of the video to study. Perceived learning was significantly higher for the fluent instructor than for the disfluent instructor (Experiment 1), although study time was not significantly affected by lecture fluency (Experiment 2). In both experiments, the fluent instructor was rated significantly higher than the disfluent instructor on traditional instructor evaluation questions, such as preparedness and effectiveness. However, in both experiments, lecture fluency did not significantly affect the amount of information learned. Thus, students’ perceptions of their own learning and an instructor’s effectiveness appear to be based on lecture fluency and not on actual learning.

Downfall of Lecturing --- http://www.trinity.edu/rjensen/Assess.htm#DownfallOfLecturing

• Working Paper 265 on Metacognition
  Metacognitive Concerns in Designs and Evaluations of Computer Aided Education and Training:
  Are We Misleading Ourselves About Measures of Success?
  http://www.trinity.edu/rjensen/265wp.htm
  
  
   
• Working Paper 255 on Asynchronous Learning Networks
  Using Asynchronous Network Courses to Bridge Gaps in the
  Teeth of a University Curriculum With Imported Gold: Bridgework
  May Be Optimally Effective Only by Incurring High Labor Expenses
  http://www.trinity.edu/rjensen/255wp.htm
   

Ruth Bender, Ph.D. is an accounting professor in the United Kingdom

June 17, 2013 message from Ruth Bender

I did the MOOC ‘A Beginner’s Guide to Irrational Behavior’ from Dan Ariely at Duke (it uses Coursera).  I registered just to see what it was like, with no expectation of doing the work.  I ended up doing all of the video lectures, all of the required readings, many of the optional readings, some of the optional videos, all of the tests, the written assignment, peer-reviews of others’ assignments… I even spent time swotting for the final exam!  And when I got my certificate, even though it is covered in disclaimers (they can’t know that I really am the one who did the work) I felt a real sense of achievement.

On the other hand, I also started a Strategy course, and lasted only one lecture. 

And I have just started a Finance course, but am struggling with it as it’s a bit tedious.  (Not sure how much of that relates to the fact that I understand the time value of money, and how much of it is due to style, with a presenter speaking to camera for long periods.)

I wrote down, for Cranfield colleagues, some features of the Ariely course.  Here  they are.

1.    A lot of time had been spent getting this right.  They reckoned, about 3000 hours.  The videos are very professional.  The cartoon drawings that accompany them every so often are quite nice as a (relevant) distraction.

2.    As well as Dan Ariely, they had two teaching assistants on the course to answer queries.

3.    I didn’t use the discussion for a or the live hangouts.  I don’t know about the hangouts, but I did occasionally browse the discussion for a to see how they were being used.  They seemed quite active.  Likewise, I didn’t participate in the course Wiki but it did seem active.

4.    There was a survey done before at the start of the course and at the start of every single week.  The surveys covered attitudes, to the course and the subjects covered.  (This is a psychology course, after all.)

5.    A final exercise, voluntary that I am not joining, is to write a group essay on the course.

6.    The videos ranged from 5 minutes to over 20.  The readings ranged from 1-2 pages through to academic working papers of about 40 pages.

7.    There are two tests each week – on the videos, and on the readings.  You can re-sit the tests up to 15 times

8.    The closing exam was closed-book.  People were selling revision notes, and also providing them for free.  Some very complex mind maps here – this was unexpected and very interesting. 

9.    A lot of interaction with Dan, including the weekly Q&A video.

Overall, I think it was a success because the material was interesting, and because it was presented really well.  They kept my interest with short-ish videos, and with quizzes.  Ariely is an entertaining presenter.  In order to get a grade you had to peer-review at least 3 other people’s written assignments.  I ended up reading 11, just because I wanted to see the standard.  A couple were dire, but most were high.

Hope this helps.  Happy to give more information if you like.

Ruth

---------------

Dr Ruth Bender
Cranfield School of Management

UK

"Why We Fear MOOCs," by Mary Manjikian, Chronicle of Higher Education, June 14, 2013 ---
http://chronicle.com/blogs/conversation/2013/06/14/why-we-fear-moocs/?cid=wc&utm_source=wc&utm_medium=en

How to Sign Up for a MOOC

Bob Jensen's threads on MOOCs and other shared tutorials, courses, videos, and course materials from prestigious universities ---
http://www.trinity.edu/rjensen/000aaa/updateee.htm#OKI

"Overview Of The New 3.8% Investment Income Tax, Part 3: Gains From The Sale Of Property," by Tony Nitti, Forbes, May 2013 --- Click Here
http://www.forbes.com/sites/anthonynitti/2013/05/01/overview-of-the-new-3-8-investment-income-tax-part-3-gains-from-the-sale-of-property/

. . .

We’ll be back with Part 4, in which we’ll discuss some additional considerations everyone should be aware of regarding the new net investment income tax.

If everyone is thinking alike, then somebody isn't thinking.
George S. Patton

"The Secret to Learning Anything: Albert Einstein's Advice to His Son," by Maria Popova, Brain Pickings, June 14, 2013 ---
http://www.brainpickings.org/index.php/2013/06/14/einstein-letter-to-son/

"Original Mad Man David Ogilvy on the 10 Qualities of Creative Leaders." by Maria Popova, Brain Pickings, June 11, 2013 ---
http://www.brainpickings.org/index.php/2013/06/11/david-ogilvy-10-qualities-of-creative-leaders/

Here’s Why Firefox is Still Years Behind Google Chrome --- Click Here
http://www.howtogeek.com/165264/heres-why-firefox-is-still-years-behind-google-chrome/?utm_source=newsletter&utm_medium=email&utm_campaign=140613

Why You Probably Aren’t Getting the Internet Speeds You’re Paying For (and How to Tell) --- Click Here
http://www.howtogeek.com/165321/why-you-probably-arent-getting-the-internet-speeds-youre-paying-for-and-how-to-tell/?utm_source=newsletter&utm_medium=email&utm_campaign=150613

NEW ENGLAND PATRIOTS OWNER: Vladimir Putin Stole My Super Bowl Ring, And George Bush Told Me To Forget About It  ---
http://www.businessinsider.com/putin-stole-robert-krafts-super-bowl-ring-2013-6

Vladimir Putin not only did not write a single word in his Ph.D. thesis, it's not clear that he ever read a single word in his Ph.D. thesis ---
http://www.trinity.edu/rjensen/Plagiarism.htm#Celebrities
Maybe he was too busy building his billion dollar house on the Black Sea.

List of common misconceptions --- http://en.wikipedia.org/wiki/List_of_common_misconceptions
Note all the footnotes.

To this we might add that Franciscan friar Luca Pacioli is not the father of accounting who wrote an accounting book originating the double-entry system called Summa de Arithmetica Geometria Proportionalita in 1494. This book Summa is an algebra book that uses double entry accounting equation as an algebra illustration. Double-entry bookkeeping existed for hundreds of years before 1494 and has unknown origins that are suspected to be Persian.

"A Brief History of Double Entry Book-keeping (10 Episodes) ," BBC Radio ---
http://www.bbc.co.uk/programmes/b00r401p

June 15, 2013 reply from Bob Jensen

I have gotten the sense from most Pacioli experts I have spoken to (I have attended an international conference on Pacioli held in Sansepolcro and Florence where many of the living accounting history experts gathered) that Pacioli WOULD be considered the father of double-entry bookkeeping. I think all the experts agree that he did not originate the technique but because of the publication by him of his Summa and its wide dissemination the adoption of the technique became much more wide spread. So as all fathers had their own father, I think that it would NOT be a misconception to call Pacioli the father of double-entry bookkeeping.

Jim McKinney, Ph.D., C.P.A.
Accounting and Information Assurance
Robert H. Smith School of Business
4333G Van Munching Hall
University of Maryland
College Park, MD 20742-1815
http://www.rhsmith.umd.edu

 

June 15, 2013 reply from Bob Jensen

Hi Jim,

I might agree if we correct the falsehood that Pacioli wrote the first book on double-entry accounting. He wrote the first book on the fundamental double-entry accounting equation.

There's a heated controversy in the news at the moment as to whether the Wright Brothers should be considered the Fathers of Aviation.

I suspect they will continue to be credited with this honor even though evidence is mounting that they did not build the first flying aircraft:

Connecticut senate passes bill saying the Wright Brothers were NOT the first to fly and German pilot beat them by two years --- Click Here
http://www.dailymail.co.uk/news/article-2337275/Connecticut-senate-passes-saying-Wright-Brothers-NOT-fly-German-pilot-beat-years.html 

Also see http://en.wikipedia.org/wiki/Wright_brothers#Smithsonian_feud

I suspect that the Wright Brothers will still be considered the Fathers of Aviation with some scholarly footnotes.

Respectfully,
Bob Jensen

 

"Google HR Boss Explains Why GPA And Most Interviews Are Useless," by Max Nisen, Business Insider, June 19, 2013 --- 
http://www.businessinsider.com/how-google-hires-people-2013-6

Jensen Comment
Adam Bryant is not speaking for all industries and companies. I'm not certain interviews are all that useless for CPA firms seeking interns and new employees. Grades are less useful due to grade inflation where the median grades in college courses are A- grades.

Also Adam Bryant is not speaking for other recruiters, most of whom put lots of faith in grades and interviews.

Success in a CPA firm might be defined as success in obtaining sufficient technical experience to get employed by clients when leaving the CPA firms before attaining partnership. Attaining partnership is complicated in CPA firms. It usually is more of a function of talent for obtaining and maintaining clients. Partners in CPA firms generally have a greater willingness for working nights and weekends at civic functions and conferences and charity events like golf outings. It's nearly impossible to predict whether a student still in school is truly partner material. Grades, interviews, and most any factors are not very predictive at that stage in time. There's also a lot of serendipity regarding being in the right places at the right times.

Bob Jensen's threads on careers are at
http://www.trinity.edu/rjensen/Bookbob1.htm#careers

"Record-Setting Demand Projected for Accounting Graduates: AICPA Report Accounting Graduates and Enrollments at Historic Levels, Continuing Upward Trend, AICPA, June 18, 2013 --- Click Here
http://www.aicpa.org/Press/PressReleases/2013/Pages/Record-Setting-Demand-for-Accounting-Graduates-AICPA.aspx

Jensen Comment
This increases demand for the relatively-miniscule number of accounting doctoral graduates in 2013 ---
http://www.jrhasselback.com/AtgDoctInfo.html

$53,300: The Average Starting Salary for New Accounting Grads (in 2013) ---
http://www.naceweb.com/salary-survey-data/?referal=research&menuID=71&nodetype=4

Jensen Comment
I think such starting salary surveys are highly misleading unless they also show cost of living adjustments. A starting salary of $53,300 will go a lot further in San Antonio than in San Francisco, NYC, Los Angeles, and Honolulu where people earning $53,300 should probably get food stamps and subsidized housing.

I would go to work for $20,000 if the starting job had world class training and exposures to clients thirsting to hire away CPAs from top accounting firms.

It's all about windows of opportunity that trump starting salaries in nearly every instance.

I would not opt for an MBA program were graduates have average starting salaries of $143,800 (and a high standard deviation and kurtosis) relative to a Masters of Accounting Program where average starting salaries are $53,300 with a small standard deviation and negligible kurtosis. By kurtosis I mean that a few superstar graduates (such as those with whiz-kid computer science undergraduate degrees from elite universities) with starting salaries over $250,000 are skewing the average.

There are also misleading "expected" compensations contingent upon such things as sales. For example, a marketing or finance job may look great when told that last year's hires earned an average of $143,800 with commissions and bonuses thrown in. But what about those that came in below average because they just had a harder time selling products and services?

Please warn students that the most important thing about a new job is not the anticipated salary. It's the anticipated opportunity with a few other factors thrown in such as tension, long hours, geographic location, and constant travel. For example, a CPA firm may pay double for going to Moscow, but do you really want to start your career in Moscow where it's really dangerous on the streets and housing is rather Spartan?

Bob Jensen's threads on careers ---
http://www.trinity.edu/rjensen/Bookbob1.htm#careers

From TaxProf blog rankings on June 13, 2013 ---
http://taxprof.typepad.com/

Law Prof Blog Traffic Rankings

Below are the updated quarterly traffic rankings (page views and visitors) of the Top 35 blogs edited by law professors with publicly available SiteMeters for the most recent 12-month period (April 1, 2012 - March 31, 2013), as well as the percentage change in traffic from the prior 12-month period:

Jensen Comment
It makes no sense to me why Professor Althouse gets so many hits relative to the others. She's more conservative than most of the other top law bloggers ---  which should be a turn off for the liberal Academy. She has a lot of personal postings about her life and is not the best source for professional references. Just goes to show you that there's no accounting for taste in terms ob blog popularity. I like the TaxProf blog best.

From the Stanford Graduate School of Business

5 Attitudes of Successful Entrepreneurs, from Professor Irv Grousbeck ---
http://stanfordbusiness.tumblr.com/post/52905655004/5-attitudes-of-successful-entrepreneurs-from-professor

Jensen Comment
We must acknowledge that successful entrepreneurs, like successful CEOs of public companies, have flaws that are generally offset by tremendous offsetting traits. For example, I don't know of any analysts that credit Steve Jobs for skills in managing people. Steve was a genius at managing products.

Also too little credit is given to the serendipity of "success" that comes from being in the right place at the right time. A perfect combination of the five "attitudes" mentioned by Professor Grousbeck are only a small part of "success."

Nine Famous Whistle-Blowers: Where Are They Now?

This includes updates on Sherron Watkins (foul mouthed whistle blower who helped bring down Enron)
This includes updates on Cynthia Cooper (persistent internal auditor whistle blower that helped bring down Worldcom)

9 Famous Whistle-Blowers: Where Are They Now?
http://www.businessinsider.com/9-famous-whistle-blowers-2013-6?op=1

Bob Jensen's threads on Sherron (Smith) Watkins and Cynthia Cooper are at
http://www.trinity.edu/rjensen/FraudEnron.htm

Two types of speakers are popular on the convention circuit --- former whistle blowers and former fraudsters (after their prison years)
Both types usually write top selling books as well.
One problem with former fraudsters is that recidivism is somewhat high

"Recidivism and Risk Management: Barry Minkow Goes Back to the Slammer," by Jim Peterson, re:Balance, March 2011 --- Click Here
http://www.jamesrpeterson.com/home/2011/03/recidivism-and-risk-management-barry-minkow-goes-back-to-the-slammer.html

Bob Jensen's threads on whistle blowing ---
http://www.trinity.edu/rjensen/FraudConclusion.htm#WhistleBlowing

Can Ethics Be Taught?
"Crazy Eddie Revisited: Old Lessons for Today's Accountants," by Anthony H. Catanach Jr., Grumpy Old Accountant, June 7, 2013 ---
http://grumpyoldaccountants.com/blog/2013/6/7/crazy-eddie-revisited-old-lessons-for-todays-accountants

The biggest scandal in the history of the SEC is probably how it botched the Bernie Madoff Ponzi scandal. But there are other areas in need of reform at the SEC and reforms instigated by the SEC.

Teaching Case
From The Wall Street Journal Accounting Weekly Review on June 14, 2013

A Reform Beginning at the SEC
by: WSJ Opinion Page Editors
Jun 05, 2013
Click here to view the full article on WSJ.com
 

TOPICS: Accounting For Investments, Banking, Cost-Basis Reporting, Mark-to-Market, SEC, Securities and Exchange Commission

SUMMARY: Some money market mutual funds may be allowed to 'break the buck' in their financial reports. "A unanimous commission voted to propose floating share prices for...money-market funds catering to large institutional investors and holding corporate debt...The idea is to underline for investors that money-fund values can fluctuate, and a modest decline is no reason to panic...." During the financial crisis, "after bad bets on Lehman Brothers debt caused the underlying assets of one fund, Reserve Primary, to slip below $1, institutional investors began fleeing Reserve and other 'prime' funds that held corporate debt. The federal government responded by slapping a temporary guarantee around the whole industry. After the crisis, much of the fund industry still resisted floating asset values." The article reports that the SEC proposal closely tracks a plan proposed in 2012 by one who has taken a different stance from the industry on this issue, Charles Schwab CEO Walt Bettinger.

CLASSROOM APPLICATION: The article may be used in a course on banking or in any financial reporting class covering investments, particularly in comparing amortized cost for bond investments instead of fair market value. NOTE TO INSTRUCTOR: REMOVE THE FOLLOWING INFORMATION PRIOR TO DISTRIBUTING TO STUDENTS AS IT ANSWERS SEVERAL QUESTIONS AND THE PROPOSED GROUP ASSIGNMENT. Amortized cost is the accounting method allowed for money market mutual funds in order to present their net asset values as $1 per share. This presentation is labeled "accounting fiction" in the article. Resources for the instructor from the SEC's web site: "Money Market Mutual Fund Reform: Opening statement at the SEC Open Meeting" by Norm Champ, Director, Division of Investment Management, U.S. SEC, 06/05/13, available on the SEC web site at http://www.sec.gov/news/speech/2013/spch060513nc.htm " Rule 2a-7 under the Investment Company Act allows money market mutual funds to maintain this stable $1.00 share price by allowing them to use certain pricing and valuation conventions. In return, the funds must adhere to certain credit quality, maturity, liquidity, and diversification requirements designed to reduce the likelihood of fluctuations in their value." Rule 2a-7 excerpts, from the SEC web site at http://www.sec.gov/rules/final/21837.txt "To maintain a stable share price, most money funds use the amortized cost method of valuation ("amortized cost method") or the penny-rounding method of pricing ("penny-rounding method") permitted by rule 2a-7. The 1940 Act and applicable rules generally require investment companies to calculate current net asset value per share by valuing portfolio instruments at market value or, if market quotations are not readily available, at fair value as determined in good faith by, or under the direction of, the board of directors. Rule 2a-7 exempts money funds from these provisions, but contains conditions designed to minimize the deviation between a fund's stabilized share price and the market value of its portfolio." NOTES: -[5]-A money fund is required to disclose prominently on the cover page of its prospectus that: (1) the shares of the fund are neither insured nor guaranteed by the U.S. Government; and (2) there can be no assurance that the fund will be able to maintain a stable net asset value of $1.00 per share. ... -[6]-Under the amortized cost method, portfolio securities are valued by reference to their acquisition cost as adjusted for amortization of premium or accretion of discount. Paragraph(a)(1) of rule 2a-7, as amended. -[7]-Share price is determined under the penny-rounding method by valuing securities at market value, fair value or amortized cost and rounding the per share net asset value to the nearest cent on a share value of a dollar, as opposed to the nearest one tenth of one cent.

QUESTIONS: 
1. (Advanced) What is a money market mutual fund?

2. (Advanced) How is a money market fund's net asset value determined?

3. (Introductory) According to the article, what are investors' perceptions of money market funds when their net asset values are presented at a constant $1 per share?

4. (Introductory) What is the "accounting fiction" described in the article?

5. (Advanced) How could accounting rules support presentation of $1 net asset values "even if the underlying assets of a fund were worth slightly more or less"?
 

SMALL GROUP ASSIGNMENT: 
Assign question 6 as an in class group activity, having the students search the SEC web site to find the accounting requirements for money market mutual funds. The results can then be used to lean into a comparison of amortized cost and market value accounting methods for investments.

Reviewed By: Judy Beckman, University of Rhode Island

 

"A Reform Beginning at the SEC," by WSJ Opinion Page Editors, June 5, 2013 ---
http://online.wsj.com/article/SB10001424127887323844804578527462489392582.html?mod=djem_jiewr_AC_domainid

Is the taxpayer safety net under American finance finally, just possibly, starting to shrink? On Wednesday the Securities and Exchange Commission took a step toward reform, even as it reminded taxpayers how far it has to go to ensure that the 2008 rescue of money-market mutual funds is never repeated.

A unanimous commission voted to propose floating share prices for a large category of money-market funds. If commissioners enact a final rule later this year, funds catering to large institutional investors and holding corporate debt would be required to report accurate prices in real time, just as in other securities markets. The idea is to underline for investors that money-fund values can fluctuate, and a modest decline is no reason to panic or call the Treasury Secretary for help.

For decades, SEC rules have allowed fund companies to report fixed values of $1 per share, even if the underlying assets of a fund were worth slightly more or less. This accounting fiction encouraged investors to view their money funds as cash balances akin to guaranteed bank deposits.

To further encourage the illusion of risk-free investing, the SEC also required funds to invest only in assets rated highly by the government-approved credit ratings agencies, including Standard & Poor's, Moody's MCO +2.98% and Fitch. Come the financial crisis, investors learned that the idea that money funds never "break the buck" (never lose value) was a marketing slogan, not a federal law. After bad bets on Lehman Brothers debt caused the underlying assets of one fund, Reserve Primary, to slip below $1, institutional investors began fleeing Reserve and other "prime" funds that held corporate debt. The federal government responded by slapping a temporary guarantee around the whole industry.

After the crisis, much of the fund industry still resisted floating asset values. But last year Charles Schwab CEO Walt Bettinger broke with the industry by proposing in these pages to float the prices of institutional prime funds—ground zero in the 2008 panic. This week's SEC proposal closely tracks the Bettinger plan and is a significant reform.

Even better would be a requirement for floating asset values across the whole industry. It's true that funds holding government debt, as opposed to corporate debt, often perform better in times of market turbulence, but government debts can also cause such turbulence (see Europe). And there is the regulatory challenge of ensuring that institutions cannot simply split up their money-fund investments into various accounts if the retail end of the market still promises fixed asset values. But it's encouraging that at long last the SEC is moving toward clarifying that money funds are investments that can lose value, and not deposits backed by taxpayers.

More disappointing in the SEC's Wednesday proposal is that, almost two years after a legal deadline, the agency still hasn't removed from its money-fund rules its endorsements of credit-rating agencies. Forcing funds and by extension their investors to buy only assets deemed safe by the government's anointed credit judges was disastrous in 2008 and will be again if not reformed.

Continued in article

Bob Jensen's banking and related rotten to the core threads ---
http://www.trinity.edu/rjensen/FraudRotten.htm#InvestmentBanking

"Do You Trust Banks? Country by County Comparison," by Mike Shedlock, Townhall, June 15, 2013 --- Click Here
http://finance.townhall.com/columnists/mikeshedlock/2013/06/15/do-you-trust-banks-country-by-county-comparison-n1620658?utm_source=thdaily&utm_medium=email&utm_campaign=nl

Jensen Comment
Corruption in banking is so common that the public hardly takes notice anymore. For example, the LIBOR fraud committed by large U.K. banks was a much bigger deal than Enron. However, the media coverage of the LIBOR fraud is miniscule compared the the massive media coverage of the Enron fraud.

Also in the case of Enron, criminal executives eventually served prison terms. To my knowledge, no banking executive in the LIBOR fraud even was charged with a felony.

In searching statistics postings, I stumbled upon the following working paper at
http://www-stat.stanford.edu/~donoho/Lectures/AMS2000/Curses.pdf

"Apple Flatters Microsoft With Imitation," by Ashlee Vance, Bloomberg Businessweek, June 11, 2013 ---
http://www.businessweek.com/articles/2013-06-11/apple-flatters-microsoft-with-imitation

Marriage Penalty --- http://en.wikipedia.org/wiki/Marriage_penalty
For more details see http://www.lao.ca.gov/1999/121699_marriage_penalty.html
Note that words are misleading in that the intent is truly not to penalize marriage. Rather the intent is not to subsidize marriage at a huge expense to tax revenue collection. It is progressive with income levels of both parties contemplating marriage.

An inconvenient truth of marriage is that it often brings a tax increase compared with what the couple would pay as two single people. And the problem is only getting worse: Provisions taking effect this year will increase the "marriage penalty" for many high earners. ...
"Wedding Bell Tax Blues," by Laura Saunders, The Wall Street Journal, June 7, 2013 ---
http://online.wsj.com/article/SB10001424127887324069104578529521517818776.html

The current provisions are deeply rooted in the tax code and lawmakers would find them expensive to alter, so marriage penalties for two-earner couples will probably last longer than many marriages. Here are strategies that can help lower the bill.

• Reduce reported income
• Time income windfalls where possible
• Consider an IRA charitable rollover
• Consider filing separately
• Don't get married

Note that the marriage penalty is not necessarily eliminated by getting married and filing separately.

Bob Jensen's taxation helpers ---
http://www.trinity.edu/rjensen/Bookbob1.htm#010304Taxation

Research by Professors from Dartmouth and Warwick
"How Home Ownership Causes (Periodic) Unemployment," by John Carney, CNBC, June 7, 2013 ---
http://www.cnbc.com/id/100798861

Jensen Comment
What I think is lacking in this study is an in-depth look at the alternatives. In the USA the alternative is the rental market. The rental market is complicated. In NYC there's a huge shortage of rental housing caused in large measure by rent controls that discourage bringing supply closer to demand. In free markets like those in Las Vegas there's often a glut of rental housing because of massive overbuilding in economic booms.

In China there are now many towers of condo and rental apartments where the towers and their connecting malls are all vacant due to overbuilding by developers. It is possible for investors who build enormous housing complexes to make forecasting mistakes that are really devastating on the construction economy and its employment.

 There are many good things attributable to home ownership.

• Home owners generally (not always) take more pride in keeping up their homes. They're nearly always cleaning, repairing, and upgrading their properties. Landlords do this less often --- usually when they are seeking new tenants.
   
• Home owners are forced to save if they must make mortgage payments. Renters are more apt to consume earnings month-to-month such that when they retire they have no home equity savings.
   
• Home owners are apt to maximize housing that they can afford to own such that they may have a higher quality of home life than renters who are more apt to not be able to afford rents on such fine housing.
   
• In the USA there are still tax advantages in home ownership where renters are often forced to pay higher marginal tax rates every year.

There are also good things attributable to renting housing.

• Probably the best thing is liquidity of living. Although there may be some penalty for breaking a rental lease, it is usually miniscule in terms of the transactions cost and delays and tension of trying to sell a house.
   
• Home ownership may not be advisable (except in bubble markets) for non-tenured faculty until attainment of tenure since the transactions costs of buying and selling a home over a 2-7 year period can be huge, especially in a resale market with a glut of houses and condos for sale.
   
• Renters find it easier to upgrade to larger houses on an as-needed basis by renting a two bedroom apartment with no children, a three bedroom house with one child, a four bedroom house when another child is on the way, etc. However, a family of six or more may find it impossible to rent suitable housing.
   
• CPA auditors who rent will be less impacted if auditing firms are forced to rotate audit clients ever six years or so.

From the CFO Journal's Morning Ledger on June 14, 2013

SEC says Revlon misled investors, directors
Revlon agreed to pay $850,000 to settle SEC charges that it misled shareholders during a “going-private transaction,” and kept critical information from independent board members, the WSJ’s Serena Ng and Saabira Chaudhuri report. The company didn’t admit or deny the findings. The SEC complaint stemmed from Revlon’s attempt four years ago to go private. The move was part of a complicated plan by the heavily indebted company to pay down a loan from MacAndrews & Forbes, the holding company of Ronald Perelman, the billionaire who controls Revlon.

Bob Jensen's Fraud Updates
http://www.trinity.edu/rjensen/FraudUpdates.htm

"Another View of the Accounting Doctoral Shortage," by James Martin, MAAW Blog, June 10, 2013 ---
http://maaw.blogspot.com/2013/06/another-view-of-accounting-doctoral.html

Jensen Comment
Note that this posting focuses on a 2008 article where some of the recommendations have already been met.

Recommendations:

1.

2. Train Ph.D.s from other disciplines to teach accounting.
Jensen Comment
To date the AACSB Bridging Program has trained over one hundred PhDs in other disciplines for accountancy tenure track positions, although the R1 research universities are not inclined to give them tenure track positions. However, to teach accounting in tenure track positions at other colleges they must have had an accounting background that prepares them to teach the assigned accounting courses. For example, a CPA who also earned a history PhD can complete the AACSB briding program to qualify herself to obtin tenure in an accounting department. A computer science PhD who has qualified work experience in AIS may bridge to teach AIS courses.

 

3. Remove arbitrary AQ-PQ standards.
Jensen Comment
Just recently the AACSB expanded on other categories beyond the old AQ-PQ categories. The hope is that this will open tenure alternatives to those that previously have been denied tenure alternatives as PQ faculty.

 

4. Treat PQ faculty as collaborators in both research and teaching rather than as second-class citizens.
Jensen Comment
This varies among colleges and universities, but in top R1 accounting research universities the only PhDs in tenure tracks are  likely to hold doctorates in accounting, finance, mathematics, statistics, social scienc, or computer science. Humanities PhD holders need not apply for tenure-track positions in R1 universities except in very rare circumstances. Even then a mathematics PhD is not likely to teach intermediate and other undergraduate and masters accounting courses unless qualified in those subjects. For example, a mathematics PhD is more apt to only teach in the accounting doctoral program and supervise doctoral dissertations.

 

PQ faculty in R1 universities are not likely to be on tenure tracks and, when push comes to shove, they are second class citizens in most respects except teaching loads where they may see more students in a year than some of the research faculty see in a lifetime.

 

Accounting, Auditing, and Tax Humor Videos

Hi Linda,

Probably the best thing to do is to go to YouTube and search for "Auditing Humor" ---
http://www.youtube.com/

When I did that on YouTube a few possibilities emerged. For example, take a look at
The Fixed Assets Audit --- http://www.youtube.com/watch?v=PnWDEZdrmi4

You can also try other YouTube search words like "accounting humor," "bookkeeper humor," "SNL Accountant," "Tax Accounting Humor," "Tax Humor," "Accounting Nerds" and "Bob Newhart Accountant."

You might consider the movie "Hot Millions" with Peter Ustinov, Maggie Smith, and Karl Malden.
I never could find this on NetFlix so I bought it cheap from Amazon.

My sadly neglected threads on accounting novels, plays, and movies are at
http://www.trinity.edu/rjensen/AccountingNovels.htm
There's not much in the way of humor here.

Bob Jensen's threads on accounting and finance humor ---
http://www.trinity.edu/rjensen/FraudEnron.htm#Humor
There's not much in the way of video humor listed here.

Professor Roselyn Morris (University of South Texas) had a nice listing of ethics movies and some accounting movies on the Web. However, I don't think she included humor videos. The link to her Web page on this is now broken. You might contact her. If she has a newer URL to that page please send it to me.

Wikipedia has a page on
Hollywood Accounting --- http://en.wikipedia.org/wiki/Hollywood_accounting
But there's nothing funny here.

"Apple Announces Mac OS X 'Mavericks," by Dan Rowinski, ReadWriteWeb, June 10, 2013 ---
http://readwrite.com/2013/06/10/apple-announces-mac-os-x-mavericks

Apple senior vice president of software engineering Craig Federighi showed off the three biggest features of Mac OS X Mavericks: Finder Tabs, Tagging and Multiple Displays.

1. Finder Tabs: In Mac OS X, the finder is the primary point of contact for accessing apps and documents in the operating system. Finder Tabs brings a browser-like tab interface to Mac computers.
2. Tagging: Mac users can now “tag” documents, pictures or videos saved to their computers by topic. For instance, if you are saving pictures of your family, you can tag the pictures as “family.” Tags should make it much easier for users to search for documents and other content through the finder.
3. Multiple Displays: Mac OS X has always worked with multiple screens. Apple has just made it easier to organize your desktop across multiple displays by allow users to draw content from one screen to another without disrupting the content that is on the desktop 

Apple also announced several performance improvements to Mac OS X with Mavericks:

Improvements to the Safari Web Browser.  The changes include Nitro Tiered JIT and Fast Start technologies to speed performance, shared links in the redesigned sidebar that list links by people you follow on Facebook and Twitter and an updated Top Sites display.

Notifications. Get updated and respond to messages and calls without leaving the app you're in. 
 

iBooks for the Mac. Books you've downloaded to your iOS device will automatically appear on your Mac. Controls are similar, too, including the ability to "turn pages with a swipe, zoom in on images with a pinch, or scroll from cover to cover."

Apple Maps for the Mac. The best part, you can send your map directly to your iPhone for turn by turn directions.

Apple Calendar. Continuous scrolling and a new "event inspector." When you enter a location, "it shows your event’s location on a map, calculates travel time, and displays a weather forecast."

iCloud Keychain. Store and encrypt your website user names and passwords across all your Apple devices - then have them autofilled where needed. If you need help coming up with passwords, the new Password Generator will suggest them for you.

Advanced features. The ability to compress memory, put apps to sleep (App Nap) when not in use and save power by grouping low-level operations.  

 

"Apple Unveils iOS 7: Here's Everything That's About To Change On Your iPhone And iPad," by Steve Kovach, Business Insider, June 7, 2013 ---
http://www.businessinsider.com/apple-announces-ios-7-2013-6

Here's what we know so far:

• Typography in the lock screen is different.
• Backgrounds are animated.
• Tracks your motion as you move the device around and the background moves with you.
• Game Center looks new too. No more green felt!
• Actually, all the standard apps that come with you iPhone have changed.
• The lock screen has rounded buttons for the passcode entry.
• The weather app has animations that show the weather in the background. For example, there's snow, rain, blizzards, storms, etc.
• Calendar app looks great. Endless scrolling on the app.
• The Messages app has rounded bubbles for each new text message.
• You can store multiple pages of apps in one folder on your home screen.
• Mail shows you full screen, edge-to-edge photos of attached images.
• Notifications center looks cleaner too. There's a "Today" view so you can see current calendar events, friends' birthdays, etc. You can also access notifications from the lock screen.

There are 10 new features coming:

• Swipe up from the bottom of device to access Control Center, which lets you control standard settings like WiFi and Bluetooth.
• Multitasking: All apps will have full multitasking. The system is smart enough to let your apps run in the background without killing your battery.
• Safari: New full-screen view. Search field with access to all your favorite sites. Tabs have a cool 3D view for switching between windows.
• Control center: Lets you access basic functions like a flashlight, Bluetooth, and WiFi.
• AirDrop: Lets you swap files between other iPhones and iPads over WiFi.
• Camera: You can switch camera modes easier. There are also several Instagram-like filters built in.
• Photos app: Albums are organized automatically based on where and when you take your photos. You can quickly share photos on iCloud, Email, Facebook, or Twitter. You can also share video over iCloud.

Read more: http://www.businessinsider.com/apple-announces-ios-7-2013-6#ixzz2VqBPTZDk
 

Law School Faculty Salary Links from Paul Carone on the TaxProf Blog on June 11, 2013

Following up on my recent post, Law Faculty Salaries, 2012-13:  Above the Law has blogged individual law faculty salaries at these Top 20 public schools:

• Virginia (#7 in U.S. News) (salary spreadsheet)
• Michigan (#9) (salary spreadsheet)
• UC-Berkeley (#9) (salary spreadsheet)
• Texas (#15) (salary spreadsheet)
• UCLA (#17) (salary spreadsheet)
• Minnesota (#19) (salary spreadsheet)

Jensen Comment
This is a better way to compare faculty salaries in top schools. Large surveys like those of the AAUP, Chronicle of Higher Education, and the AACSB are too skewed by small and low paying colleges.

Keep in mind that salary comparison in general can be like comparisons of apples and kangaroos. Things to consider are the many aspects of "compensation" contracts such as summer income assurances (research or teaching), expense budgets (that in prestigious schools may be near $20,000 allowances for travel, etc.), and most importantly access to additional consulting revenues. For example, faculty at the Harvard Business School may make more consulting with and teaching CPE credits in HBS alumni companies than they make from their Harvard salaries.

Just being on the faculty of a prestigious university also opens doors to lucrative expert witness offers, consulting offers, and textbook publishing deals where prestigious faculty are offered deals to publish with lesser known writers who write most of the books.

Some schools like Stanford, NYU, and Columbia offer faculty great housing deals such as relatively low rents or 100-year lot leases for a dollar a year.

FINRA --- http://en.wikipedia.org/wiki/FINRA
Something tells me Barry does not have a whole lot of respect for FINRA.

"The Latest Fuckery from FINRA," by Barry Ritholtz , June 17, 2013 ---
http://www.ritholtz.com/blog/2013/06/the-latest-fuckery-from-finra/

What kind of fuckery is this?
You made me miss the Slick Rick gig (oh Slick Rick)
You thought I didn’t love you when I did (when I did)
Can’t believe you played me out like that (Ahhh)

-Amy Winehouse,  Me & Mr Jones
Pop star drug addict who committed suicide

I have throughout my career in finance, studiously avoided having much to do with FINRA, WallStreet’s woefully corrupt self-regulatory entity.

I never got into trouble when I was on the Sell Side (i.e., series 7 licensed individual), so I never experienced their crony-flavored version of justice. But I was very much aware of their role in screwing investors — out of their legal rights to a trial (via mandatory arbitration) and thus out of their monies. If you want a primer on this, check out William Cohan’s series on FINRA arbitrations. It is astounding.

The latest nonsense from this wholly self serving cesspool of corruption is detailed by Susan Antilla, in Dealbook’s A Rise in Requests From Brokers to Wipe the Slate Clean. It turns out that bad brokers can have their records of misdeeds, if not expunged, well then cleaned up quite a bit. Try doing that with a felony or even misdemeanor if you are not a juvenile.

I cannot begin to express my disdain for this organization, which serves the interests of wirehouses and not investors. Indeed, I believe they have done immeasurable damage to individual investors over the decades — through their kangeroo (non)courts, and by the way the “Self” regulate, an inherent contradiction in terms if ever there was one.

Don’t take my word for it. Read Cohan’s series, and do some digging into their formation and background. Just don’t have a large meal first . . .

Bob Jensen's threads on rotten to the core brokers ---
http://www.trinity.edu/rjensen/FraudRotten.htm#InvestmentBanking

"Why Are Some Sectors (Ahem, Finance) So Scandal-Plagued?" by Ben W. Heineman, Jr., Harvard Business Review Blog,  January 10, 2013 ---
Click Here
http://blogs.hbr.org/cs/2013/01/scandals_plague_sectors_not_ju.html?referral=00563&cm_mmc=email-_-newsletter-_-daily_alert-_-alert_date&utm_source=newsletter_daily_alert&utm_medium=email&utm_campaign=alert_date

Greatest Swindle in the History of the World ---
http://www.trinity.edu/rjensen/2008Bailout.htm#Bailout

The trouble with crony capitalism isn't capitalism. It's the cronies ---
http://www.trinity.edu/rjensen/2008Bailout.htm#CronyCapitalism

Subprime: Borne of Greed, Sleaze, Bribery, and Lies (including the credit rating agencies) ---
http://www.trinity.edu/rjensen/2008Bailout.htm#Sleaze

History of Fraud in America --- 
http://www.trinity.edu/rjensen/415wp/AmericanHistoryOfFraud.htm

Rotten to the Core ---
http://www.trinity.edu/rjensen/FraudRotten.htm

Bob Jensen's Fraud Updates are at
http://www.trinity.edu/rjensen/FraudUpdates.htm

"Islamic Finance is Growing Fast but Faces the Form-Versus-Substance Debate (Video)," by Usman Hayat, CFA, Enterprising Investor, June 11, 2013 --- Click Here
http://blogs.cfainstitute.org/investor/2013/06/11/islamic-finance-is-growing-fast-but-faces-the-form-versus-substance-debate-video/ 

Bob Jensen's threads on Islamic Accounting ---
http://www.trinity.edu/rjensen/Theory01.htm#IslamicAccounting

Sometimes Amazon's Used Book Pricing Causes me to Scratch my Head

Berkshire Hathaway Letters to Shareholders [Paperback] --- Click Here
http://www.amazon.com/gp/product/1595910778/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=1595910778&linkCode=as2&tag=farnamstreet-20

This might be especially time saving when typing letters.
How to Total Rows and Columns in a Word 2013 Table --- Click Here
http://www.howtogeek.com/165464/how-to-total-rows-and-columns-in-a-word-2013-table/?utm_source=newsletter&utm_medium=email&utm_campaign=200613

6 Things You Shouldn’t Do With Solid-State Drives --- Click Here
http://www.howtogeek.com/165472/6-things-you-shouldnt-do-with-solid-state-drives/?utm_source=newsletter&utm_medium=email&utm_campaign=200613

This might make a good lease versus buy case for accounting students.

Chains such as Rent-a-Wheel and Rimco are seeing business boom. Many consumers pay double or triple the cost of buying and face aggressive repossession policies.
"High prices are driving more motorists to rent tires," by Ken Bensinger, Los Angeles Times, June 8, 2013 ---
http://www.latimes.com/business/autos/la-fi-rent-a-tire-20130609,0,2490443,full.story

How to Share Data and Files Between Your Android Phone and PC --- Click Here
http://www.howtogeek.com/165017/how-to-share-data-and-files-between-your-android-phone-and-pc/?utm_source=newsletter&utm_medium=email&utm_campaign=100613

Why You Don’t Need to Install a Third-Party Firewall (And When You Do) --- Click Here
http://www.howtogeek.com/165203/why-you-dont-need-to-install-a-third-party-firewall-and-when-you-do/?utm_source=newsletter&utm_medium=email&utm_campaign=110613

Employee Stock Options (ESOs) versus Restricted Stock Units (RSUs) ---
http://moneygirl.quickanddirtytips.com/what-are-employee-stock-options-rsu.aspx

Jensen Comment
Most employees still like stock options, but their employers mostly lost enthusiasm of this type of compensation when the FASB revised FAS 123 into FAS 123R that changed the rules regarding when employers must expense these options.

The Controversy Over Employee Stock Options as Compensation ---
http://www.trinity.edu/rjensen/theory/sfas123/jensen01.htm  

From MIT's Technology Review
Seven Must-Read Stories (Week Ending June 21, 2013) --- Click Here
http://www.technologyreview.com/view/516346/seven-must-read-stories-week-ending-june-21-2013/?utm_campaign=newsletters&utm_source=newsletter-daily-all&utm_medium=email&utm_content=20130621

Not Wanting to Waltz With Matilda
Traders Are Massively Betting Against The Australian Dollar [CHART] ---
http://www.businessinsider.com/the-market-is-massively-short-the-australian-dollar-2013-6

Australia is Not the Only Loser During the Rise in the Value of the Dollar
"Citigroup Facing $7 Billion Hit on Dollar Gain," by Donal Griffin, June 11, 2013 ---
http://www.bloomberg.com/news/2013-06-11/citigroup-facing-7-billion-currency-hit-on-dollar-peabody-says.html

Darrell Duffie: Big Risks Remain In the Financial System
A Stanford theoretician of financial risk looks at how to fix the "pipes and valves" of modern finance
Stanford Graduate School of Business, May 2013
Click Here
http://www.gsb.stanford.edu/news/headlines/darrell-duffie-big-risks-remain-financial-system?utm_source=Stanford+Business+Re%3AThink&utm_campaign=edfd4f11fb-Stanford_Business_Re_Think_Issue_Thirteen5_17_2013&utm_medium=email&utm_term=0_0b5214e34b-edfd4f11fb-70265733&ct=t%28Stanford_Business_Re_Think_Issue_Thirteen5_17_2013%29

. . .

In March, Duffie and the Squam Lake Group proposed a dramatic new restriction on executive pay at “systemically important” financial institutions. Duffie argues that top bank executives still have lopsided incentives to take excessive risks. The proposal: Force them to defer 20 percent of their pay for five years, and to forfeit that money entirely if the bank’s capital sinks to unspecified but worrisome levels before the five years is up.

“On most issues,” Duffie said, “the banks would be glad to see me go away.”

Jensen Comment
Squam Lake and its 30 islands is in the Lakes Region of New Hampshire --- http://en.wikipedia.org/wiki/Squam_Lake
It is better known as "Golden Pond" after Jane Fonda, her father (Henry) and Katherine Hepburn appeared in the Academy Award winning movie called "On Golden Pond" that was filmed on Squam Lake. Professor Duffie now has some "golden ideas" for finance reforms.

Possible Team Project in Cost Accounting Courses
Have students compare costs of building and owning swimming pools under various conditions like nearby tall trees and various types of pools

I had two swimming pools in my life (in Florida and in Texas), I will never ever buy a home in the future with a swimming pool. In Florida my main problem was towering nearby pine trees that shed needles so heavily I could almost walk on water at times. In Texas my main problem was towering live oak trees that shed surface-staining acorns and leaves into my pool. Live oaks dribble acorns and leaves all winter long.

The kids enjoyed the pools, especially son Marshall who became a championship swimmer in his school. But as an empty-nester I would bury a swimming pool if I had a swimming pool.

Apart from my tree debris removal troubles it seemed to cost a fortune to maintain these pools, and I don't much enjoy swimming.

When grading the student team projects on swimming pool costs, downgrade them for not mentioning electricity costs. I never took the trouble, but I shudder to think about what it cost to power up two big 300-watt lights under each end of our pools. Actually, the lights in the night were what I enjoyed most about our pools. But when I think about it, these lights burning for hours each night are an unnecessary use of electricity when nobody is using the pool.

When my new neighbor down the road in Florida decided to put in a new pool, the excavating machine encountered a buried swimming pool. After moving to a second spot in his back yard the excavating machine dug into a second swimming pool buried underground.

"Here's The Real Cost Of Owning A Home With A Swimming Pool," Brian O'Connell, Business Insider, June 9, 2013 ---
http://www.businessinsider.com/the-cost-of-swimming-pool-ownership-2013-6

8 Obscure College Degrees That Lead To High-Paying Jobs ---
http://www.businessinsider.com/the-most-uncommon-high-paying-degrees-2013-6

Jensen Comment
About a mile down the road a family moved in from Oregon after he retired (as a search and rescue helicopter pilot) from the U.S. Coast Guard. His wife earns a great deal (six figures) as a technical writer for one of the most prestigious global consulting firms. She never has to leave her desk where she sits behind giant twin monitors.

Another college degree leading to high-paying jobs that I never thought much about is mortuary science.

Keep in mind that one of the things that makes some of these eight obscure college degrees lucrative is the fact that they remain relatively obscure. If we graduated as many mortuary science graduates and elementary teachers the job opportunities for mortuary science would die.

Another Socialism Failure
"The Big Money Is Bailing On Argentina, Again, Over Fears Of Fresh Crisis," by Brian Winter, Business Insider, June 13, 2013 ---
http://www.businessinsider.com/investors-are-leaving-argentina-2013-6

More than a decade after Argentina's epic financial collapse of 2001-02, many investors are rushing for the door once again.

From big Chinese and Brazilian companies like miner Vale do Rio Doce SA, to small-business owners and savers, the fear of a new crisis has led to canceled investments and suitcases of cash leaving the country.

The mass exodus, which has been limited only by leftist President Cristina Fernandez's capital controls, is threatening to undermine Latin America's No. 3 economy even further by leaving it short of hard currency and new jobs.

The underlying problems range from Fernandez's hostile treatment of the private sector, to severe financial distortions such as a parallel exchange rate, to the general feeling that Argentina is due for one of the periodic spasms that have racked the country every 10 years or so going back to the 1930s.

Some say such worries are overblown, arguing that Argentina has defied doomsday predictions for the past decade, which was by some measures its best economic run since World War Two.

Yet for many, the feeling is of a gathering storm.

"The end of this story has already been written, and it ends in crisis," said Roberto Lavagna, who as economy minister from 2002 to 2005 helped create Argentina's current export-driven policy framework, and is still widely respected on Wall Street.

While everyone agrees any crisis won't be as bad as the 2001-02 meltdown - which saw nationwide riots, two presidents quit, and the economy shrink by one-fifth - it could still be enough to severely disrupt lives and business plans.

By relying on short-term fixes such as price controls and bans on Argentines buying dollars, Fernandez may just be delaying the inevitable while piling up even more problems.

"The longer they try to delay things, the worse they will be," said Lavagna, who worked for Fernandez's late husband and predecessor, Nestor Kirchner, before falling out over what he saw as the couple's increasingly anti-business agenda.

"You can't have growth without investment."

Continued in article

   

Another Capitalism Success
Miracle in Chile --- http://en.wikipedia.org/wiki/Miracle_of_Chile
Note that Chile did not end the wealth gap in Chile nearly as much as it raised the levels of income and opportunity for the poor higher than the rest of Latin and South America. The rich got richer and the poor got richer.

Also see where the Chilean state lends a hand ---
http://link.springer.com/article/10.1007/BF02719329

Programs for New Small Businesses in Chile ---
http://startupchile.org/

"IBM Has Started To Lay Off Thousands Of Workers Worldwide," by Kevin McLaughlin, Business Insider, June 12, 2013 ---
http://www.businessinsider.com/ibm-begins-layoffs-2013-6

"Markets Are Falling After Crash In Japan And Horrible Night In Asia," by Joe Weisenthal, Business Insider, June 13, 2013 ---
http://www.businessinsider.com/morning-markets-june-13-2013-6

"Is Following the Law the Same as Being Ethical?" by Steven Mintz, Ethics Sage, June 12, 2013 ---
http://www.ethicssage.com/2013/06/is-following-the-law-the-same-as-being-ethical.html

All this points to another and related tension. This is the tension between the ideology view and the concept of the rule of law, the centrepiece of a liberal legal order. At their most basic, the terms the rule of law, due process, procedural justice, legal formality, procedural rationality, justice as regularity, all refer to the idea that law should meet certain procedural requirements so that the individual is enabled to obey it. These requirements center on the principle that the law be general, that it take the form of rules. Law by definition should be directed to more than a particular situation or individual; the rule of law also requires that law be relatively certain, clearly expressed, open, prospective and adequately publicised.

Jensen Comment
The question is where do ethics codes fit in between law's rules and ideology. Also at issue is how rule-like codes of ethics become become laws over time. Also at issue are sanctions. With rules of law there are procedural requirements for enforcing those rules. Ethics seems to fit more into a gray zone when rules of laws are not broken but morality standards (ideologies) have been violated.

An interesting aspect of this thread would be examples where laws are not broken but ethics codes are violated. For example I don't think there are statutes dictating that a supervisor cannot date or have sexual relations with an employee being supervised. Many business firms and governmental agencies, however, consider this to be unethical and actually have rules against such behavior even if it is not illegal in the statutes.

There are no statutes to my knowledge that college instructors cannot campaign for particular political candidates in their classrooms. However, the AAUP and most colleges consider this a breach of ethics in the classroom. Instructors can and have been suspended for such political activism in classrooms. But more often than not the instructor is simply advised not to campaign in the classroom. Further actions are taken if the instructor repeatedly and egregiously ignores the advice.

The ideology in this case is that instructors should teach but not indoctrinate. Ethics codes become somewhat specific regarding what constitutes indoctrination. But the sanctions are often vague. Laws become even more specific what constitutes violation of law such as offering bribes or making physical threats. Such laws are enforceable to a point where the courts rather than the employer decides on the punishments. And the sentencing guidelines can be quite specific.

Question
What's the difference between Japanese miniskirts and the Nikkei stock price index?

Answer
Miniskirts have an upper bound.

Meet The Japanese Girlband Whose Skirts Get Shorter When The Nikkei Goes Up --- Click Here
http://www.businessinsider.com/meet-the-japanese-girlband-whose-skirts-get-shorter-when-the-nikkei-goes-up-2013-6

Special Robotics (Robot) Feature Article from MIT's Technology Review --- Click Here
"How Technology Is Destroying Jobs," by David Rotman, MIT's Technology Review, June 12, 2013
Note the 60 comments to date
http://www.technologyreview.com/featuredstory/515926/how-technology-is-destroying-jobs/?utm_campaign=newsletters&utm_source=newsletter-daily-all&utm_medium=email&utm_content=20130613

Jensen Comment
This makes me recall a science fiction movie years ago. Handsome people feeding, frolicking, and "working" at whatever they wanted like painting landscape pictures above ground for no pay lived very well (sort of like what Carl Marx viewed as the ultimate communism state). The genetics of illness, including mental illness, was cured. Everything was wonderful except for the unlucky few now and then that were hauled off to slaughter houses to feed the ugly trolls living in dark caverns below ground, trolls that really controlled the world.

"Fed Up with Flickr? Considering TroveBox," by Jason B. Jones, Chronicle of Higher Education, June 12, 2013 --- Click Here
http://chronicle.com/blogs/profhacker/fed-up-with-flickr-considering-trovebox/50143?cid=wc&utm_source=wc&utm_medium=en

"The Truth About Paying Down Your Mortgage Early," Business Insider, June 21, 2013 ---
http://www.businessinsider.com/paying-off-mortgage-with-leftover-money-2013-6

Jensen Comment
Much depends on what your intend to do with the funds that you would otherwise use to pay down part or all of your mortgage. If it all goes to wine, women, and casino gambling then pay down at least part of your mortgage. If it goes to buy gold coins then pay down your mortgage (I'm against buy gold coins in any circumstances since the transactions costs on resale are so high).  If it goes for home improvements the answer is uncertain and depends upon your particular real estate market and how much those improvements add to the monetary and personal value of your home.

Of course your particular income, savings, and tax situation trumps almost everything.

I have an enormous refinanced mortgage that will not be paid off until I'm nearly 100 years of age. My strategy is to carry a jumbo mortgage for tax purposes and invest in an insured tax-exempt fund where the after-tax returns of my annual tax-exempt cash flow exceed the after-tax cash outflow of my mortgage costs. Of course this is not a good strategy for everyone because there are risks in tax-exempt fund values, and tax-exempt bonds are not good inflation hedges. Old guys like me don't worry so much about inflation. Young investors should worry about inflation.

What I'm saying is that your outlook on investments and life change with the seasons of your life. When I was young I always purchased the highest price home with the biggest mortgage that I could possibly afford. When on the faculty at the University of Maine in the 1970s  I had a big and beautiful house in town plus a cottage on 12 acres of ocean front. In those days real estate values just kept going up and up and up.

Two things have changed in my life. One is that I'm no longer young with worries about inflation and home real estate values. My children will inherit enough to a point that I'm not worried about inflation or the value of my home over the next 20 years --- Ka Sara Sara!

The other thing that has changed in my lifetime is the real estate market. Up in the mountains where I now live expensive property is just not selling. The market is also limited for other types of property since northern New England is in an economic and population growth slump. Also the market for second (vacation) homes is changing --- in part due to higher risk of losing money on these investments. I sold an Iowa farm a few years ago. This is a totally different type of investment where values have been rising in large measure because of the corn ethanol disaster for consumers. Today, however, I think Iowa farm land is a better investment for farmers who actually drive the tractors on Iowa farm land relative to far away landlords with no intent to farm the land themselves. Having said that, farm land is a pretty good long-term inflation hedge for investors not needing much interim cash flow. At the moment Iowa farm land may be too high priced. Who really knows? Nobody!

My point is that both your economic and personal situation changes with seasons of life and states of the economy and tax reforms that might finally get enacted. Advice is cheap and possibly misleading. It's best to study your particular situation to a point where you can advise yourself.

Bob Jensen's personal finance helpers ---
http://www.trinity.edu/rjensen/Bookbob1.htm#InvestmentHelpers

Seasons of Life
The mindset of each incoming class at Beloit College over the years (since 1994 for the Class of 1998) --- http://www.beloit.edu/mindset/

 

The Mindset List for the Class of 2016 ---
http://www.beloit.edu/mindset/2016/

1. The people starting college this fall across the nation were born in 1980.
2. They have no meaningful recollection of the Reagan era, and did not know he had ever been shot.
3. They were prepubescent when the Persian Gulf War was waged.
4. Black Monday 1987 is as significant to them as the Great Depression.
5. There has only been one Pope. They can only remember one other president.
6. They were 11 when the Soviet Union broke apart, and do not remember the Cold War.
7. They have never feared a nuclear war. "The Day After" is a pill to them—not a movie.
8. They are too young to remember the Space Shuttle Challenger blowing up.
9. Their lifetime has always included AIDS.
10. They never had a polio shot, and likely, do not know what it is.
11. Bottle caps have not always been screw off, but have always been plastic. They have no idea what a pull top can looks like.
12. Atari pre-dates them, as do vinyl albums.
13. The expression "you sound like a broken record" means nothing to them.
14. They have never owned a record player.
15. They have likely never played Pac Man, and have never heard of "Pong."
16. Star Wars looks very fake to them, and the special effects are pathetic.
17. There have always been red M&Ms, and blue ones are not new. What do you mean there used to be beige ones?
18. They may never have heard of an 8-track, and chances are they've never heard or seen one.
19. The compact disc was introduced when they were one year old.
20. As far as they know, stamps have always cost about 32 cents.
21. They have always had an answering machine.
22. Most have never seen a TV set with only 13 channels, nor have they seen a black & white TV.
23. They have always had cable.
24. There have always been VCRs, but they have no idea what Beta is.
25. They cannot fathom what it was like not having a remote control.
26. They were born the year Walkmen were introduced by Sony.
27. Roller-skating has always meant in-line for them.
28. "The Tonight Show" has always been with Jay Leno.
29. They have no idea when or why Jordache jeans were cool.
30. Popcorn has always been cooked in the microwave.
31. They have never seen Larry Bird play, and Kareem Abdul-Jabbar is a football player.
32. They never took a swim and thought about Jaws.
33. The Vietnam War is as ancient history to them as WWI and WWII or even the Civil War.
34. They have no idea that Americans were ever held hostage in Iran.
35. They can't imagine what hard contact lenses are.
36. They don't know who Mork was, or where he was from.
37. They never heard the terms "Where's the Beef?", "I'd walk a mile for a Camel" or "De plane, de plane!"
38. They do not care who shot J.R. and have no idea who J.R. is.
39. The Titanic was found? I thought we always knew where it was.
40. Michael Jackson has always been white.
41. Kansas, Boston, Chicago, America, and Alabama are all places—not music groups.
42. McDonald's never came in Styrofoam containers.
43. There has always been MTV, and it has always included non-musical shows.

 

The Mindset List for the Class of 2016 ---
http://www.beloit.edu/mindset/previouslists/2002/

For this generation of entering college students, born in 1994, Kurt Cobain, Jacqueline Kennedy Onassis, Richard Nixon and John Wayne Gacy have always been dead.

1. They should keep their eyes open for Justin Bieber or Dakota Fanning at freshman orientation.
2. They have always lived in cyberspace, addicted to a new generation of “electronic narcotics.”
3. The Biblical sources of terms such as “Forbidden Fruit,” “The writing on the wall,” “Good Samaritan,” and “The Promised Land” are unknown to most of them.
4. Michael Jackson’s family, not the Kennedys, constitutes “American Royalty.”
5. If they miss The Daily Show, they can always get their news on YouTube. 
6. Their lives have been measured in the fundamental particles of life: bits, bytes, and bauds.
7. Robert De Niro is thought of as Greg Focker's long-suffering father-in-law, not as Vito Corleone or Jimmy Conway.
8. Bill Clinton is a senior statesman of whose presidency they have little knowledge.
9. They have never seen an airplane “ticket.”
10. On TV and in films, the ditzy dumb blonde female generally has been replaced by a couple of Dumb and Dumber males.
11. The paradox "too big to fail" has been, for their generation, what "we had to destroy the village in order to save it" was for their grandparents'.
12. For most of their lives, maintaining relations between the U.S. and the rest of the world has been a woman’s job in the State Department.
13. They can’t picture people actually carrying luggage through airports rather than rolling it.
14. There has always been football in Jacksonville but never in Los Angeles.
15. While still fans of music on radio, they often listen to it on their laptops or replace it with music downloaded onto their MP3s and iPods.
16. Since they've been born, the United States has measured progress by a 2 percent jump in unemployment and a 16 cent rise in the price of a first class postage stamp.
17. Benjamin Braddock, having given up both a career in plastics and a relationship with Mrs. Robinson, could be their grandfather.
18. Their folks have never gazed with pride on a new set of bound encyclopedias on the bookshelf.
19. The Green Bay Packers have always celebrated with the Lambeau Leap.
20. Exposed bra straps have always been a fashion statement, not a wardrobe malfunction to be corrected quietly by well-meaning friends.
21. A significant percentage of them will enter college already displaying some hearing loss.
22. The Real World has always stopped being polite and started getting real on MTV.
23. Women have always piloted war planes and space shuttles.
24. White House security has never felt it necessary to wear rubber gloves when gay groups have visited.
25. They have lived in an era of instant stardom and self-proclaimed celebrities, famous for being famous.
26. Having made the acquaintance of Furby at an early age, they have expected their toy friends to do ever more unpredictable things.
27. Outdated icons with images of floppy discs for “save,” a telephone for “phone,” and a snail mail envelope for “mail” have oddly decorated their tablets and smart phone screens.
28. Star Wars has always been just a film, not a defense strategy.
29. They have had to incessantly remind their parents not to refer to their CDs and DVDs as “tapes.”
30. There have always been blue M&Ms, but no tan ones.’
31. Along with online viewbooks, parents have always been able to check the crime stats for the colleges their kids have selected.
32. Newt Gingrich has always been a key figure in politics, trying to change the way America thinks about everything.
33. They have come to political consciousness during a time of increasing doubts about America’s future.
34. Billy Graham is as familiar to them as Otto Graham was to their parents.
35. Probably the most tribal generation in history, they despise being separated from contact with their similar-aged friends. 
36. Stephen Breyer has always been an Associate Justice on the U.S. Supreme Court.
37. Martin Lawrence has always been banned from hosting Saturday Night Live.
38. Slavery has always been unconstitutional in Mississippi, and Southern Baptists have always been apologizing for supporting it in the first place.
39. The Metropolitan Opera House in New York has always translated operas on seatback screens.
40. A bit of the late Gene Roddenberry, creator of Star Trek, has always existed in space.
41. Good music programmers are rock stars to the women of this generation, just as guitar players were for their mothers.
42. Gene therapy has always been an available treatment.
43. They were too young to enjoy the 1994 World Series, but then no one else got to enjoy it either.
44. The folks have always been able to grab an Aleve when the kids started giving them a migraine.
45. While the iconic TV series for their older siblings was the sci-fi show Lost, for them it’s Breaking Bad, a gritty crime story motivated by desperate economic circumstances.
46. Simba has always had trouble waiting to be King.
47. Before they purchase an assigned textbook, they will investigate whether it is available for rent or purchase as an e-book.
48. They grew up, somehow, without the benefits of Romper Room.
49. There has always been a World Trade Organization.
50. L.L. Bean hunting shoes have always been known as just plain Bean Boots.
51. They have always been able to see Starz on Direct TV.
52. Ice skating competitions have always been jumping matches.
53. There has always been a Santa Clause.
54. NBC has never shown A Wonderful Life more than twice during the holidays.
55. Mr. Burns has replaced J.R.Ewing as the most shot-at man on American television.
56. They have always enjoyed school and summer camp memories with a digital yearbook.
57. Herr Schindler has always had a List; Mr. Spielberg has always had an Oscar.
58. Selena's fans have always been in mourning.
59. They know many established film stars by their voices on computer-animated blockbusters.
60. History has always had its own channel.
61. Thousands have always been gathering for “million-man” demonstrations in Washington, D.C.
62. Television and film dramas have always risked being pulled because the story line was too close to the headlines from which they were ”ripped.”
63. TheTwilight Zone involves vampires, not Rod Serling.
64. Robert Osborne has always been introducing Hollywood history on TCM.
65. Little Caesar has always been proclaiming “Pizza Pizza.”
66. They have no recollection of when Arianna Huffington was a conservative.
67. Chronic Fatigue Syndrome has always been officially recognized with clinical guidelines.
68. They watch television everywhere but on a television.
69. Pulp Fiction’s meal of a "Royale with Cheese" and an “Amos and Andy milkshake” has little or no resonance with them.
70. Point-and-shoot cameras are soooooo last millennium.
71. Despite being preferred urban gathering places, two-thirds of the independent bookstores in the United States have closed for good during their lifetimes.
72. Astronauts have always spent well over a year in a single space flight.
73. Lou Gehrig's record for most consecutive baseball games played has never stood in their lifetimes.
74. Genomes of living things have always been sequenced.
75. The Sistine Chapel ceiling has always been brighter and cleaner.

 

The Economist Dean of the Columbia University Business School is Not a Fan of Ben Bernanke or Paul Krugman

"Glenn Hubbard Explains The Doomsday Scenario That America Will See In 20 Years If There's No Change In Spending," by Joe Weisenthal, Business Insider, June 24, 2013 ---
http://www.businessinsider.com/glenn-hubbards-doomsday-scenario-2013-6

We recently had Glenn Hubbard, dean of the Columbia Graduate School of Business, into discuss his book Balance: The Economics of Great Powers from Ancient Rome to Modern America.

Hubbard's main argument is that the US must reduce its long-term deficit, and that if it's not addressed, then within 20 years the US will see a "doomsday scenario" of virtually no social spending and monstrous taxes.

Watch the video

Bob Jensen's threads on entitlements ---
http://www.trinity.edu/rjensen/Entitlements.htm

Being a great CFO entails more than being great in finance and accounting
From the CFO Journal's Morning Ledger on June 11, 2013

As the CFO role becomes more strategic, some traditional finance skills carry less weight. Some companies looking to cut costs have shifted some of their more-basic finance functions, such as processing transactions and managing payments, to shared-services centers or “centers of excellence” that serve multiple divisions, write Emily Chasan and Maxwell Murphy in today’s Marketplace section. But as companies centralize more functions, the traditional steppingstone roles where budding finance executives could hone their technical and people skills are “lost today,” says Jeffrey Garrity, formerly a divisional CFO at NCR Corp.

CFOs are increasingly seen as chief executives-in-waiting, so larger companies are rotating rising finance stars through more operational and strategic roles, such as the chief operating officer or president of a division, says Peter Crist, chairman of recruiting firm Crist|Kolder Associates. Nearly half of big-company CFOs appointed in the past three years have strategy and corporate-development experience on their résumés, up from just 22% of those appointed more than three years ago, according to a study by Russell Reynolds Associates.

Finance staffs are also more focused on business analysis and big data, so CFOs who lack those skills may find themselves unprepared, Jabil Circuit CFO Forbes Alexander says. Jabil Circuit is halfway through a project to use big data to hone its global supply chain, and Mr. Alexander said finance employees with traditional accounting backgrounds aren’t always prepared to mine the data and interpret the results.

 

Stories from Around the Web (Week Ending June 7, 2013) --- Click Here
A roundup of the most interesting stories from other sites, collected by the staff at MIT Technology Review.
http://www.technologyreview.com/view/515841/stories-from-around-the-web-week-ending-june-7-2013/?utm_campaign=newsletters&utm_source=newsletter-daily-all&utm_medium=email&utm_content=20130610

This one especially caught my eye:

Iowa City to Ban Red-light Cameras, Drones, and License Plate Readers, Too
Iowa is banning drones and other forms of privacy intrusions.
—Dave Talbot, chief correspondent

Note: 
Red-lights are traffic lights and not a the same as hooker signals.

I wonder how many innocent people will have to be killed or badly injured before Iowa City comes to its senses, like all of Germany came to its senses, about traffic cameras. The thing about traffic cameras around traffic lights is that the benefits stem mostly from deterring speeding up on yellow lights.

I'm glad I don't walk or drive in Iowa City.

But then I happened to think that Iowa City is the most liberal city in Iowa. Now I'm not so depressed (just joking Zafar).

Now the Patriots have a prayer to win the NFL Super Bowl ---
http://www.businessinsider.com/pats-sign-tim-tebow-2013-6

"Fed Up with Flickr? Considering TroveBox," by Jason B. Jones, Chronicle of Higher Education, June 12, 2013 --- Click Here
http://chronicle.com/blogs/profhacker/fed-up-with-flickr-considering-trovebox/50143?cid=wc&utm_source=wc&utm_medium=en

From the Scout Report on May 24, 2013

Converseen --- http://converseen.sourceforge.net/ 

If you are looking for a way to convert, resize, rotate and flip an unlimited number of images, Converseen is worth a look. It's an open source program that supports over 100 image formats and the user interface is easy to use. The site for the program includes a FAQ area and this version is compatible with Windows and Linux operating systems.

---

Twitonomy --- http://www.twitonomy.com/ 

For Twitter users, this handy application is a great way to get detailed and visual analytics on their tweets, and for that matter, anyone else's tweets. Visitors can use the application to browse, search, filter, and get insights on the people they follow, along with backing up their own tweets for future reference. Also, the application allows visitors to browse, search, and filter their lists. This version of Twitonomy is compatible with all operating systems.

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At the conclusion of the annual Eurovision song contest, controversy erupts
Russia says it was robbed in Eurovision song contest
http://www.latimes.com/news/world/worldnow/la-fg-wn-russia-eurovision-20130521,0,1712159.story

Eurovision: Azerbaijan probes Russian 'nul points'
http://www.bbc.co.uk/news/world-europe-22600892

Eurovision organizers respond to media reports on voting
http://www.eurovision.tv/page/news?id=87553&_t=eurovision_organisers_respond_to_media_reports_on_voting

Germans blame Angela Merkel for poor Eurovision Song Contest performance
http://www.independent.co.uk/arts-entertainment/music/news/germans-blame-angela-merkel-for-poor-eurovision-song-contest-performance-8623289.html

Eurovision Song Contest
http://www.eurovision.tv/page/timeline

History of the Eurovision Song Contest
http://www.eurovision.tv/page/history

 

From the Scout Report on June 14, 2013

PDF Mergy --- http://pdfmerge.w69b.com/

Merging pdf files just got much easer with PDF Mergy. This application gives users the ability to just drag and drop files that need to be merged into a handy window. Users move the documents into the desired order, click Merge, and download the single-file version. This Web app is compatible with all operating systems.

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Google Scholar --- http://scholar.google.com/schhp?hl=en 

For scholars young and old, Google Scholar is a great way to find key academic resources from all over the world. The homepage features a basic search engine, along with the ability to look through millions of patents and legal documents. Visitors can use the My Citations area to craft their own set of resources and they are also welcome to use the Metrics area for rigorous data. The advanced search options, links to articles citing the pieces users find, and connections to pdfs and local university libraries make Google Scholar an indispensable aid in conducting literature reviews. This version is compatible with all operating systems.

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Mayor Bloomberg announces a bold plan to protect New York's waterfront
Bloomberg's Brilliant Waterfront Defense Plan
http://nymag.com/daily/intelligencer/2013/06/bloombergs-brilliant-waterfront-defense-plan.html?mid=google

Bloomberg's race to protect NY from climate change
http://www.washingtonpost.com/opinions/dana-milbank-bloombergs-race-to-protect-ny-from-climate-change/2013/06/11/5f06265c-d2d9-11e2-a73e-826d299ff459_story.html

Bloomberg unveils sweeping disaster protection plan for New York
http://www.latimes.com/news/nation/nationnow/la-na-nn-bloomberg-climate-change-20130611,0,7933233.story

Cities 'Must Lead Climate Initiatives'
http://www.iol.co.za/scitech/science/environment/cities-must-lead-climate-initiatives-1.1528390

New York City Panel on Climate Change: Climate Risk Information 2013
http://www.nyc.gov/html/planyc2030/downloads/pdf/npcc_climate_risk_information_2013_report.pdf

World Bank: Guide to Climate Change Adaptation in Cities
http://web.worldbank.org/WBSITE/EXTERNAL/TOPICS/EXTURBANDEVELOPMENT/0,,contentMDK:23026256~menuPK:337198~pagePK:148956~piPK:216618~theSitePK:337178~isCURL:Y,00.html

From the Scout Report on June 21, 2013

My Study Life --- https://www.mystudylife.com/ 

Some young scholars may ask the question: "What time do I need to be at general chemistry?" or "When does my review group meet?" Keeping track of such matters is a snap with My Study Life, a free online planner. Visitors can color-code each activity for easy visual recognition and insert various tasks that might be due on any given day. Unlike more conventional calendars, this one integrates classes, tasks, and exams to give students and teachers a full picture of what remains to be done. This program is available for Chrome, Windows 8, Windows Phone, and Android, and will soon be available for iOS.

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Skype Recorder --- http://im.simkl.com/ 

In an increasingly connected world, it's often necessary to conduct interviews, customer support, and more over Skype. Simkl is a good way to keep track of conversations users need to reference later. The conversations can be stored on any computer or to the cloud. Additionally, visitors can use the same application to record IM conversations. The program is available in over a dozen languages and it is compatible with all operating systems

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Politicians call for closer consideration of the planned merger between
US Airways and American Airlines
Senators urge scrutiny of American Airlines and US Airways merger
http://www.latimes.com/business/money/la-fi-mo-senators-inquiry-american-us-airways-merger-20130618,0,7109590.story

American and US Airways name merged airline leadership
http://www.usatoday.com/story/todayinthesky/2013/06/10/american-airlines-us-airways-leadership-merger/2407605/

How A Merger Could Affect Congress' Favorite Airport
http://www.npr.org/2013/06/19/191106900/how-a-merger-could-affect-congress-favorite-airport

New American Arriving
http://newamericanarriving.com/

CNN Money: Airline mergers and bankruptcies
http://money.cnn.com/infographic/news/companies/airline-merger/

American Airlines: Company History
http://www.aa.com/i18n/amrcorp/newsroom/company-history.jsp

Free online textbooks, cases, and tutorials in accounting, finance, economics, and statistics --- http://www.trinity.edu/rjensen/ElectronicLiterature.htm#Textbooks

Education Tutorials

"Teacher Prep Review Finds Most Teacher Education Dismal," by Dian Schaffhauser, T.H.E. Journal, June 19, 2013 ---
http://thejournal.com/articles/2013/06/19/teacher-prep-review-finds-most-teacher-education-dismal.aspx?=THENU

Google Glass --- http://en.wikipedia.org/wiki/Google_Glass

"Professors Envision Using Google Glass in the Classroom," by Sara Grossman, Chronicle of Higher Education, June 20, 2013 --- Click Here
http://chronicle.com/blogs/wiredcampus/professors-envision-using-google-glass-in-the-classroom/44401?cid=wc&utm_source=wc&utm_medium=en

Bob Jensen's threads on Google Glass ---
http://www.trinity.edu/rjensen/000aaa/thetools.htm#GoogleGlass

Download 60 Free History Courses from Great Universities ---
http://www.openculture.com/2013/06/download_60_free_history_courses_from_great_universities.html

Bob Jensen's threads on general education tutorials are at http://www.trinity.edu/rjensen/Bookbob2.htm#EducationResearch

University of Washington Yearbooks and Documents --- https://content.lib.washington.edu/uwdocsweb/

Subject Guides at Dalhousie University --- http://dal.ca.libguides.com/

Bob Jensen's bookmarks for multiple disciplines ---
http://www.trinity.edu/rjensen/Bookbob2.htm

Engineering, Science, and Medicine Tutorials

Inside Science (Science News) --- http://www.insidescience.org/

National Science Foundation: Current --- http://www.nsf.gov/news/newsletter/

National Science Foundation: Science of Innovation --- http://www.nsf.gov/news/special_reports/innovation/

Science and Engineering Library: Columbia University Libraries --- http://library.columbia.edu/locations/science-library.html

MicroMatters: Microbiology (biology online) ---
http://www.bioedonline.org/lessons-and-more/resource-collections/micromatters-microbiology/

Microbe Library: Visual Media Briefs Collection --- http://www.microbelibrary.org/about/5

The Virtual Lab Book (microbiology, biology) --- http://delliss.people.cofc.edu/virtuallabbook/

MetLink: Weather and Climate Resources --- http://www.metlink.org/

National Weather Service: Weather Education --- http://www.weather.gov/om/edures.shtml

An Animated History of the Tulip ---
http://www.openculture.com/2013/06/an_animated_history_of_the_tulip.html

National Science Foundation: Publications http://www.nsf.gov/publications/

Scitable (free library of science) ---  http://www.nature.com/scitable

National Institutes of Health: Science Education: Research & Training ---
http://nih.gov/science/education.htm

The Concord Consortium: Projects (science education) ---  http://concord.org/projects

Nuclear Systems Design Project
http://ocw.mit.edu/courses/nuclear-engineering/22-033-nuclear-systems-design-project-fall-2011/

Atomic Energy & Nuclear History Learning Curriculum ---
http://osulibrary.oregonstate.edu/specialcollections/omeka/exhibits/show/atomic

National Institutes of Health: Curriculum Supplement Series ---
http://science.education.nih.gov/customers.nsf/WebPages/CSHome

National Institute of General Medical Sciences: Inside Life Science --- 
http://publications.nigms.nih.gov/insidelifescience/

Microscopy Society of America --- http://www.microscopy.org/

Visible Body --- http://www.visiblebody.com/

National Geographic Education: Ecosystems ---
http://education.nationalgeographic.com/education/topics/ecosystems/?ar_a=1&audiences=1

Environmental Health Risk Assessment --- http://serc.carleton.edu/research_education/healthrisk/index.html

Interactive Lectures (earth science_ --- http://serc.carleton.edu/sp/library/interactive/

Earth Science World Image Bank ---  http://www.earthscienceworld.org/imagebank/index.html

Teaching Issues and Experiments in Ecology --- http://tiee.esa.org/index.html

Climate Literacy & Energy Awareness Network --- http://cleanet.org/

Integrating U.S. Climate, Energy, and Transportation Policies --- http://www.rand.org/pubs/conf_proceedings/2009/RAND_CF256.pdf

From Auburn University:  Industrial Design History ---  http://www.industrialdesignhistory.com/

The Nash Collection of Primates in Art and Illustration --- http://uwdc.library.wisc.edu/collections/PCLArts

Bob Jensen's threads on free online science, engineering, and medicine tutorials are at --- http://www.trinity.edu/rjensen/Bookbob2.htm#Science

Social Science and Economics Tutorials

Knight Foundation (Journalism, Newspapers, Media, Writing, Reporting) ---  http://www.knightfoundation.org/

Knight Digital Media Center: Presentations and Webcasts --- http://multimedia.journalism.berkeley.edu/presentations/

Resident-Centered Community Building: What Makes It Different?
 http://www.aspeninstitute.org/sites/default/files/content/docs/pubs/CCLE-Report_3-14-13_Reduced.pdf

Immigrant Assimilation into US Prisons, 1900-1930 --- http://www.nber.org/papers/w19083

U.S. Conference of Mayors: Best Practices --- http://usmayors.org/bestpractices/

Center for Civic Education --- http://www.civiced.org/index.php?page=home

William J. Clinton Presidential Library --- http://www.clintonlibrary.gov/

History and Government of Delaware --- http://www.lib.udel.edu/digital/HistoryOfDE/

Demos: A/V (politics, media, broadcasting) ---  http://www.demos.co.uk/av

International Development in Practice: What Works in Development? --- http://ocw.nd.edu/political-science/international-development

Sophia Smith Collection: Population and Reproductive Health Oral History Project (birth control, planned parenthood, population control) ---
http://www.smith.edu/libraries/libs/ssc/prh/prh-intro.html

Dartmouth Flood Observatory --- http://www.dartmouth.edu/~floods/index.html 

Risk and Resilience in Coastal Regions
http://www.uli.org/wp-content/uploads/ULI-Documents/CoastalRegions.pdf

USDA: The People's Garden --- http://www.usda.gov/wps/portal/usda/usdahome?navid=PEOPLES_GARDEN

Michigan's Copper Country in Photographs (Native American History) ---  http://digarch.lib.mtu.edu/

The Bill and Melinda Gates Institute for Population and Reproductive Health --- http://www.jhsph.edu/gatesinstitute/
PATH --- http://www.path.org/index.php

From the Scout Report on June 14, 2013

Mayor Bloomberg announces a bold plan to protect New York's waterfront
Bloomberg's Brilliant Waterfront Defense Plan
http://nymag.com/daily/intelligencer/2013/06/bloombergs-brilliant-waterfront-defense-plan.html?mid=google

Bloomberg's race to protect NY from climate change
http://www.washingtonpost.com/opinions/dana-milbank-bloombergs-race-to-protect-ny-from-climate-change/2013/06/11/5f06265c-d2d9-11e2-a73e-826d299ff459_story.html

Bloomberg unveils sweeping disaster protection plan for New York
http://www.latimes.com/news/nation/nationnow/la-na-nn-bloomberg-climate-change-20130611,0,7933233.story

Cities 'Must Lead Climate Initiatives'
http://www.iol.co.za/scitech/science/environment/cities-must-lead-climate-initiatives-1.1528390

New York City Panel on Climate Change: Climate Risk Information 2013
http://www.nyc.gov/html/planyc2030/downloads/pdf/npcc_climate_risk_information_2013_report.pdf

World Bank: Guide to Climate Change Adaptation in Cities
http://web.worldbank.org/WBSITE/EXTERNAL/TOPICS/EXTURBANDEVELOPMENT/0,,contentMDK:23026256~menuPK:337198~pagePK:148956~piPK:216618~theSitePK:337178~isCURL:Y,00.html

Bob Jensen's threads on Economics, Anthropology, Social Sciences, and Philosophy tutorials are at http://www.trinity.edu/rjensen/Bookbob2.htm#Social

Law and Legal Studies

Bob Jensen's threads on law and legal studies are at http://www.trinity.edu/rjensen/Bookbob2.htm#Law

Math Tutorials

Bob Jensen's threads on free online mathematics tutorials are at http://www.trinity.edu/rjensen/Bookbob2.htm#050421Mathematics

History Tutorials

Historic New England --- http://www.historicnewengland.org/

The National Gallery Makes 25,000 Images of Artwork Freely Available Online --- Click Here
http://www.openculture.com/2013/06/the_national_gallery_makes_25000_images_of_artwork_freely_available_online_.html

40,000 Artworks from 250 Museums, Now Viewable for Free at the Redesigned Google Art Project ---
http://www.openculture.com/2013/06/redesigned_google_art_project.html

Canada Council for the Arts --- http://www.canadacouncil.ca/

From Auburn University:  Industrial Design History ---  http://www.industrialdesignhistory.com/

Towson State University History:  Albert S. Cook Library: Special Collections and Archives ---
http://cooklibrary.towson.edu/spcoll/

Delaware Historical Society --- http://www.hsd.org/

History and Government of Delaware --- http://www.lib.udel.edu/digital/HistoryOfDE/

Herman Miller Consortium Collection (furniture history) ---  http://dlxs.lib.wayne.edu/cgi/i/image/image-idx?c=hmcc

The Work of Charles and Ray Eames (furniture design) --- http://www.loc.gov/exhibits/eames

Vandermaelen Atlas Universel (maps, data) ---
http://libweb5.princeton.edu/visual_materials/maps/websites/vandermaelen/home.htm

Listen to T.S. Eliot Recite His Late Masterpiece, the Four Quartets ---
http://www.openculture.com/2013/06/listen_to_ts_eliot_recite_his_late_masterpiece_the_ifour_quartetsi.html

On Bloomsday, Hear James Joyce Read From his Epic Ulysses, 1924 ---
http://www.openculture.com/2013/06/on_bloomsday_hear_james_joyce_read_from_his_epic_iulyssesi_1924.html

Historical Society of Michigan --- http://www.hsmichigan.org/

Michigan's Copper Country in Photographs (Native American History) ---  http://digarch.lib.mtu.edu/

Ross Archive of African Images --- http://raai.library.yale.edu/

Ward Morgan Photography, Southwest Michigan 1939-1980 ---
http://digitalcollections-wmich.cdmhost.com/cdm/search/collection/p124301coll2/page/2

Download 60 Free History Courses from Great Universities ---
http://www.openculture.com/2013/06/download_60_free_history_courses_from_great_universities.html

University of Washington Yearbooks and Documents --- https://content.lib.washington.edu/uwdocsweb/

ArtNC (Concept Map, North Carolina History, Immigration) ---  http://artnc.org/
Bob Jensen's threads on concept maps --- http://www.trinity.edu/rjensen/000aaa/thetools.htm#ConceptMaps

William J. Clinton Presidential Library --- http://www.clintonlibrary.gov/

Digital Encyclopedia: George Washington's Mount Vernon --- http://www.mountvernon.org/encyclopedia

Sophia Smith Collection: Population and Reproductive Health Oral History Project (birth control, planned parenthood, population control) ---
http://www.smith.edu/libraries/libs/ssc/prh/prh-intro.html

The Bill and Melinda Gates Institute for Population and Reproductive Health --- http://www.jhsph.edu/gatesinstitute/
PATH --- http://www.path.org/index.php

Rare Letter from Martha to George Washington Returns to Mount Vernon
http://www.mountvernon.org/visit/plan/index.cfm/pid/508/ 

Mr. Magoo’s Cartoon Version of William Shakespeare’s Comedy, A Midsummer Night’s Dream --- Click Here
http://www.openculture.com/2013/06/mr_magoos_cartoon_version_of_william_shakespeares_comedy_ia_midsummer_nights_dreami.html

Folger Shakespeare Library --- http://folger.edu/index.cfm 

Mr. Magoo’s Cartoon Version of William Shakespeare’s Comedy, A Midsummer Night’s Dream --- Click Here
http://www.openculture.com/2013/06/mr_magoos_cartoon_version_of_william_shakespeares_comedy_ia_midsummer_nights_dreami.html

And There's the Humor of it: Shakespeare and the Four Humors http://www.nlm.nih.gov/exhibition/shakespeare/index.html

Remembering George Whitman, Owner of Famed Bookstore, Shakespeare & Company --- Click Here
http://www.openculture.com/2011/12/remembering_george_whitman.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+OpenCulture+%28Open+Culture%29

Shakespeare in the Parlor (Art, Illustrations, Drawings) ---
http://www.americanantiquarian.org/Exhibitions/Printsinparlor/shakespeare/index.htm

And There's the Humor of it: Shakespeare and the Four Humors http://www.nlm.nih.gov/exhibition/shakespeare/index.html

In Search of Shakespeare: Shakespeare’s Sonnets Lesson Plan ---
http://www.pbs.org/shakespeare/educators/language/lessonplan.html

Video
James Earl Jones Reads Othello at White House Poetry Jam --- Click Here
http://www.openculture.com/2011/03/james_earl_jones_reads_othello_at_white_house_poetry_jam.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+OpenCulture+%28Open+Culture%29

Shakespeare's Staging --- http://shakespeare.berkeley.edu/

Arden: World of William Shakespeare --- http://swi.indiana.edu/arden/gi_specs.shtml

From the Scout Report on June 8, 2012

Remains of Shakespeare-associated Curtain Theatre found in London Early theater of Shakespeare is unearthed in London http://artsbeat.blogs.nytimes.com/2012/06/06/early-theater-of-shakespeares-is-unearthed-in-london/  

Does the rediscovery of Shakespeare's Curtain theatre matter? Absolutely.
http://www.guardian.co.uk/culture/2012/jun/07/rediscovery-shakespeare-curtain-theatre-matters?newsfeed=true 

Developers plan 'performance space' near remains of Shakespeare's Curtain Theatre
http://www.independent.co.uk/arts-entertainment/theatre-dance/news/developers-plan-performance-space-near-remains-of-shakespeares-curtain-theatre-7827694.html  

Curtain up on Shakespeare's lost theatre
http://www.archaeology.co.uk/articles/news/curtain-up-on-shakespeares-lost-theatre.htm  

Shakespeare's Globe virtual tour
http://www.shakespearesglobe.com/about-us/virtual-tour 

Shakespeare Online
http://www.shakespeare-online.com/

Bob Jensen's threads on history tutorials are at http://www.trinity.edu/rjensen/Bookbob2.htm#History
Also see http://www.trinity.edu/rjensen/ElectronicLiterature.htm  

Language Tutorials

Bob Jensen's links to language tutorials are at http://www.trinity.edu/rjensen/Bookbob2.htm#Languages

Music Tutorials

Sheet Music Consortium --- http://digital2.library.ucla.edu/sheetmusic/

Temple Sheet Music Collections --- http://digital.library.temple.edu/cdm4/browse.php?CISOROOT=%2Fp15037coll1

University of South Carolina School of Music: Sheet Music Collection --- http://sheetmusic.library.sc.edu/Default.asp

The Music, Art, and Life of Joni Mitchell Presented in Superb 2003 Documentary --- Click Here
http://www.openculture.com/2013/06/the_music_art_and_life_of_joni_mitchell_presented_in_superb_2003_documentary.html

From the Scout Report on May 24, 2013

At the conclusion of the annual Eurovision song contest, controversy erupts
Russia says it was robbed in Eurovision song contest
http://www.latimes.com/news/world/worldnow/la-fg-wn-russia-eurovision-20130521,0,1712159.story

Eurovision: Azerbaijan probes Russian 'nul points'
http://www.bbc.co.uk/news/world-europe-22600892

Eurovision organizers respond to media reports on voting
http://www.eurovision.tv/page/news?id=87553&_t=eurovision_organisers_respond_to_media_reports_on_voting

Germans blame Angela Merkel for poor Eurovision Song Contest performance
http://www.independent.co.uk/arts-entertainment/music/news/germans-blame-angela-merkel-for-poor-eurovision-song-contest-performance-8623289.html

Eurovision Song Contest
http://www.eurovision.tv/page/timeline

History of the Eurovision Song Contest
http://www.eurovision.tv/page/history

Bob Jensen's threads on free music tutorials are at
http://www.trinity.edu/rjensen/Bookbob2.htm#050421Music

Bob Jensen's threads on music performances ---
http://www.trinity.edu/rjensen/music.htm

Writing Tutorials

Italo Calvino on Writing: Insights from 40+ Years of His Newly Released Letters ---
http://www.brainpickings.org/index.php/2013/06/10/italo-calvino-on-writing/

"Nabokov on Inspiration and the Six Short Stories Everyone Should Read," by Maria Popova, Brain Pickings, June 17, 2013 ---
http://www.brainpickings.org/index.php/2013/06/17/nabokov-inspiration-1972/

Lesson 121 from Bryan A. Garner and LawProse <lawprose@bridgemailsyst

What's the difference between guarantee and guaranty?

ANSWER: Guarantee, the broader and more common term, is both a verb and a noun. The narrower term, guaranty, today appears mostly in banking and other financial contexts; it seldom appears in nonlegal writing.

Bob Jensen's helpers for writers are at http://www.trinity.edu/rjensen/Bookbob3.htm#Dictionaries

Updates from WebMD --- http://www.webmd.com/

June 11, 2013

• U.S. Ends Effort to Limit Access to 'Morning-After' Pill
• Heading Soccer Balls Tied to Damaging Brain Changes
• Annual Dental Cleaning May Be Enough for Some
• Nerve Stimulation Might Ease Fibromyalgia Pain
• Junk Food Bans Help Schoolkids Avoid Unhealthy Snacks: Study
• Low BP May Weaken Brains of Some Heart Patients
• Tweaking Diet Might Boost Prostate Cancer Survival
• Low Blood Sugar May Raise Dementia Risk in Diabetics: Study
• Designated Drivers Often Drink Themselves: Study
• Kids With Past Concussions Take Longer to Recover

June 12, 2013

• Will New Gout Findings Get a Toehold?
• Standard RA Therapy as Good as Costlier Newcomer?
• CDC: 87 Now Sickened in Hepatitis A Outbreak Tied to Frozen Berry Mix
• 5% of Restroom Patrons Wash Hands Properly: Study
• Heading Soccer Balls Tied to Damaging Brain Changes
• Heavier Pregnant Women Tend to Deliver Prematurely
• Sleep Apnea May Boost Risk of Sudden Cardiac Death
• The Social Toll of Hearing Loss
• U.S. Ends Effort to Limit Access to 'Morning-After' Pill
• Blood Tests May Predict COPD Flare-Ups

June 13, 2013

• Pesticide Exposure Tied to Fetal-Movement Changes
• Will New Gout Findings Get a Toehold?
• More Evidence Links BPA to Childhood Obesity
• Restless Legs Syndrome Tied to Earlier Death Risk
• New Clues to Early Onset Alzheimer's
• CDC: 87 Now Sickened in Hepatitis A Outbreak Tied to Frozen Berry Mix
• Heading Soccer Balls Tied to Damaging Brain Changes
• The Social Toll of Hearing Loss
• U.S. Ends Effort to Limit Access to 'Morning-After' Pill
• Standard RA Therapy as Good as Costlier Newcomer?

June 14, 2013

• Volunteering May Be Good for the Heart in More Ways Than One
• Steroid Injections for Back Pain: Fracture Risk?
• Supreme Court: Human Genes Can't Be Patented
• Baldness Drug Propecia May Curb Thirst for Alcohol
• Did Men's Yen for Younger Women Cause Menopause?
• Dads Who Bond With Kids Help Keep Marriage Strong
• Brain Stimulation as Last-Ditch Obesity Treatment?
• Restless Legs Syndrome Tied to Earlier Death Risk
• Pesticide Exposure Tied to Fetal-Movement Changes
• More Evidence Links BPA to Childhood Obesity

June 15, 2013

• Steroid Injections for Back Pain: Fracture Risk?
• Volunteering May Be Good for the Heart in More Ways Than One
• Dads Who Bond With Kids Help Keep Marriage Strong
• Endoscopes Not Always Cleaned Properly: Study
• Supreme Court: Human Genes Can't Be Patented
• Baldness Drug Propecia May Curb Thirst for Alcohol
• Did Men's Yen for Younger Women Cause Menopause?
• Brain Stimulation as Last-Ditch Obesity Treatment?
• Will New Gout Findings Get a Toehold?
• 'Hands-Free' Devices Unsafe While Driving: Report

June 17, 2013

• Steroid Injections for Back Pain: Fracture Risk?
• Volunteering May Be Good for the Heart in More Ways Than One
• Early, Severe Flu Season Caused Big Rise in Child Deaths: CDC
• Dads Who Bond With Kids Help Keep Marriage Strong
• Endoscopes Not Always Cleaned Properly: Study
• Supreme Court: Human Genes Can't Be Patented
• Baldness Drug Propecia May Curb Thirst for Alcohol
• Did Men's Yen for Younger Women Cause Menopause?
• Brain Stimulation as Last-Ditch Obesity Treatment?
• Will New Gout Findings Get a Toehold?

June 18, 2013

• Steroid Injections for Back Pain: Fracture Risk?
• Volunteering May Be Good for the Heart in More Ways Than One
• Brain Stimulation as Last-Ditch Obesity Treatment?
• Endoscopes Not Always Cleaned Properly: Study
• Did Men's Yen for Younger Women Cause Menopause?
• Dads Who Bond With Kids Help Keep Marriage Strong
• Supreme Court: Human Genes Can't Be Patented
• Early, Severe Flu Season Caused Big Rise in Child Deaths: CDC
• Baldness Drug Propecia May Curb Thirst for Alcohol
• Medicine Might Help Shield Drug Abusers From HIV

June 19, 2013

• Concussion Damage Looks Like Early Alzheimer's
• Polluted Air Linked to Autism Risk
• Lots of Americans Want Health Care Via Smartphone
• Could 'Moderate' Drinking Be Safe During Pregnancy?
• Blood Test May Predict Type 1 Diabetes in Children
• Fewer Young Americans Lack Health Care Coverage
• Gene Variants May Play Role in Obesity
• Statins May Not Mix Well With Certain Antibiotics
• BPA Exposure Tied to Undescended Testicles in Boys
• Red Meat Linked to Increased Diabetes Risk

June 20, 2013

• Blood Test for Colon Cancer Shows Promise
• 1 in 4 Stroke Survivors Suffers From PTSD: Study
• Day Care May Help Kids of Depressed Moms
• A Deadly Form of Diabetes That Doctors Sometimes Miss
• U.S. Doctors' Group Labels Obesity a Disease
• Polluted Air Linked to Autism Risk
• Fewer Young Americans Lack Health Care Coverage
• Lots of Americans Want Health Care Via Smartphone
• Could 'Moderate' Drinking Be Safe During Pregnancy?
• Blood Test May Predict Type 1 Diabetes in Children

June 21, 2013

• Some Infertile Men Show Higher Cancer Risk: Study
• Iron Supplements May Prevent Anemia During Pregnancy
• Knee Replacement Often Beneficial for RA: Study
• FDA OK's Sale of Morning-After Pill Minus Age Limit
• Timing Is Everything When Eating Fruits, Vegetables
• How Estrogen May Help Prevent UTIs After Menopause
• Music Doesn't Hurt Driving Performance, Study Suggests
• U.S. Doctors' Group Labels Obesity a Disease
• Day Care May Help Kids of Depressed Moms
• 1 in 4 Stroke Survivors Suffers From PTSD: Study

June 22, 2013

• Look Beyond the Sun for Skin Cancer Culprits
• Some Infertile Men Show Higher Cancer Risk: Study
• Quicker Infant Growth Tied to Higher IQ Later
• Iron Supplements May Prevent Anemia During Pregnancy
• Knee Replacement Often Beneficial for RA: Study
• Music Doesn't Hurt Driving Performance, Study Suggests
• Timing Is Everything When Eating Fruits, Vegetables
• How Estrogen May Help Prevent UTIs After Menopause
• FDA OK's Sale of Morning-After Pill Minus Age Limit
• A Deadly Form of Diabetes That Doctors Sometimes Miss

June 24, 2013

• Kids' Sinusitis Might Not Need Antibiotics, New Guidelines Say
• Minority Kids Less Likely to Be Diagnosed With ADHD?
• Injuries From Ocean Waves More Common Than Thought
• New Insulin Pump Cuts Odds of Overnight Hypoglycemia
• Look Beyond the Sun for Skin Cancer Culprits
• Some Infertile Men Show Higher Cancer Risk: Study
• Quicker Infant Growth Tied to Higher IQ Later
• Iron Supplements May Prevent Anemia During Pregnancy
• Knee Replacement Often Beneficial for RA: Study
• Music Doesn't Hurt Driving Performance, Study Suggests

June 25, 2013

• Exercise Alone May Help Those With Type 2 Diabetes
• Screen All Baby Boomers for Hepatitis C: Experts
• Kids' Sinusitis Might Not Need Antibiotics, New Guidelines Say
• Focus on Health, Not Fat, in Food Talks With Kids
• Minority Kids Less Likely to Be Diagnosed With ADHD?
• Injuries From Ocean Waves More Common Than Thought
• New Insulin Pump Cuts Odds of Overnight Hypoglycemia
• Look Beyond the Sun for Skin Cancer Culprits
• Some Infertile Men Show Higher Cancer Risk: Study
• Quicker Infant Growth Tied to Higher IQ Later

The Problem With Psychiatry, the ‘DSM,’ and the Way We Study Mental Illness ---
http://www.psmag.com/health/real-problem-with-dsm-study-mental-illness-58843/ 

Psychiatry is under attack for not being scientific enough, but the real problem is its blindness to culture. When it comes to mental illness, we wear the disorders that come off the rack.

Researchers pinpoint how smoking causes osteoporosis --- http://medicalxpress.com/news/2013-06-osteoporosis.html 

MetLink: Weather and Climate Resources --- http://www.metlink.org/

"Brain Scans Predict Treatment Outcome in Depression Patients: A biomarker could cut the trial-and-error of finding a patient’s best therapy," by Susan Young, MIT's Technology Review, June 12, 2013 --- Click Here
http://www.technologyreview.com/view/516071/brain-scans-predict-treatment-outcome-in-depression-patients/?utm_campaign=newsletters&utm_source=newsletter-daily-all&utm_medium=email&utm_content=20130613

What Athletes Looked Like Before And After They Used Steroids ---
http://www.businessinsider.com/what-athletes-looked-like-before-and-after-they-used-steroids-2013-6

"Walgreen in $80 Million Settlement (with Feds) Over Painkillers," by Timothy W. Martin, The Wall Street Journal, June 11, 2013 ---
http://online.wsj.com/article/SB10001424127887324904004578539743775320834.html?mod=djemCFO_h

Disease Outbreak Threatens the Future of Good Coffee ---
http://www.wired.com/wiredscience/2013/06/coffee-rust-epidemic/

Nutrition Tips for Men --- http://nutritiondiva.quickanddirtytips.com/nutrition-for-healthy-prostate.aspx

Jensen Comment
Real men prefer burgers and beer.

A Bit of Humor

The Most Embarrassing Missed Dunks Of The NBA Season ---
http://www.businessinsider.com/worst-missed-dunks-of-the-nba-season-2013-6

Humor
The GOP will never recover if they continue to rely on leaders who come up short ---
http://www.businessinsider.com/tall-nba-player-regular-people-2013-6

The Most Embarrassing Missed Dunks Of The NBA Season ---
http://www.businessinsider.com/worst-missed-dunks-of-the-nba-season-2013-6

The (Humor) Challenge: Zachary Quinto vs. Leonard Nimoy ---
http://www.ritholtz.com/blog/2013/06/the-challenge-zachary-quinto-vs-leonard-nimoy/

Want to Know What Makes the Troops Laugh? Comedian Louis CK in Afghanistan (Quite NSFW) --- Click Here
http://www.openculture.com/2013/06/want_to_know_what_makes_the_troops_laugh_comedian_louis_ck_in_afghanistan_quite_nsfw.html

Mr. Magoo’s Cartoon Version of William Shakespeare’s Comedy, A Midsummer Night’s Dream --- Click Here
http://www.openculture.com/2013/06/mr_magoos_cartoon_version_of_william_shakespeares_comedy_ia_midsummer_nights_dreami.html

Tidbits Archives --- http://www.trinity.edu/rjensen/TidbitsDirectory.htm

Click here to search Bob Jensen's web site if you have key words to enter --- Search Site.
For example if you want to know what Jensen documents have the term "Enron" enter the phrase Jensen AND Enron. Another search engine that covers Trinity and other universities is at http://www.searchedu.com/

Online Distance Education Training and Education --- http://www.trinity.edu/rjensen/Crossborder.htm
For-Profit Universities Operating in the Gray Zone of Fraud  (College, Inc.) --- http://www.trinity.edu/rjensen/HigherEdControversies.htm#ForProfitFraud

Shielding Against Validity Challenges in Plato's Cave ---
http://www.trinity.edu/rjensen/TheoryTAR.htm

• With a Rejoinder from the 2010 Senior Editor of The Accounting Review (TAR), Steven J. Kachelmeier
• With Replies in Appendix 4 to Professor Kachemeier by Professors Jagdish Gangolly and Paul Williams
• With Added Conjectures in Appendix 1 as to Why the Profession of Accountancy Ignores TAR
• With Suggestions in Appendix 2 for Incorporating Accounting Research into Undergraduate Accounting Courses

The Cult of Statistical Significance: How Standard Error Costs Us Jobs, Justice, and Lives ---
http://www.cs.trinity.edu/~rjensen/temp/DeirdreMcCloskey/StatisticalSignificance01.htm

How Accountics Scientists Should Change: 
"Frankly, Scarlett, after I get a hit for my resume in The Accounting Review I just don't give a damn"
http://www.cs.trinity.edu/~rjensen/temp/AccounticsDamn.htm
One more mission in what's left of my life will be to try to change this
http://www.cs.trinity.edu/~rjensen/temp/AccounticsDamn.htm 

What went wrong in accounting/accountics research?  ---
http://www.trinity.edu/rjensen/theory01.htm#WhatWentWrong

The Sad State of Accountancy Doctoral Programs That Do Not Appeal to Most Accountants ---
http://www.trinity.edu/rjensen/theory01.htm#DoctoralPrograms

AN ANALYSIS OF THE EVOLUTION OF RESEARCH CONTRIBUTIONS BY THE ACCOUNTING REVIEW: 1926-2005 ---
http://www.trinity.edu/rjensen/395wpTAR/Web/TAR395wp.htm#_msocom_1

Bob Jensen's threads on accounting theory ---
http://www.trinity.edu/rjensen/theory01.htm

Tom Lehrer on Mathematical Models and Statistics ---
http://www.youtube.com/watch?v=gfZWyUXn3So

Systemic problems of accountancy (especially the vegetable nutrition paradox) that probably will never be solved ---
http://www.trinity.edu/rjensen/FraudConclusion.htm#BadNews

World Clock --- http://www.peterussell.com/Odds/WorldClock.php
Facts about the earth in real time --- http://www.worldometers.info/
Interesting Online Clock and Calendar --- http://home.tiscali.nl/annejan/swf/timeline.swf
Time by Time Zones --- http://timeticker.com/
Projected Population Growth (it's out of control) --- http://geography.about.com/od/obtainpopulationdata/a/worldpopulation.htm
         Also see http://users.rcn.com/jkimball.ma.ultranet/BiologyPages/P/Populations.html
         Facts about population growth (video) --- http://www.youtube.com/watch?v=pMcfrLYDm2U
Projected U.S. Population Growth --- http://www.carryingcapacity.org/projections75.html
Real time meter of the U.S. cost of the war in Iraq --- http://www.costofwar.com/ 
Enter you zip code to get Census Bureau comparisons --- http://zipskinny.com/
Sure wish there'd be a little good news today.

Free (updated) Basic Accounting Textbook --- search for Hoyle at
http://www.trinity.edu/rjensen/ElectronicLiterature.htm#Textbooks

CPA Examination --- http://en.wikipedia.org/wiki/Cpa_examination
Free CPA Examination Review Course Courtesy of Joe Hoyle --- http://cpareviewforfree.com/

Rick Lillie's education, learning, and technology blog is at http://iaed.wordpress.com/

Accounting News, Blogs, Listservs, and Social Networking ---
http://www.trinity.edu/rjensen/AccountingNews.htm

Bob Jensen's Threads --- http://www.trinity.edu/rjensen/threads.htm 
Current and past editions of my newsletter called New Bookmarks --- http://www.trinity.edu/rjensen/bookurl.htm
Current and past editions of my newsletter called Tidbits --- http://www.trinity.edu/rjensen/TidbitsDirectory.htm
Current and past editions of my newsletter called Fraud Updates --- http://www.trinity.edu/rjensen/FraudUpdates.htm

Online Books, Poems, References, and Other Literature
In the past I've provided links to various types electronic literature available free on the Web. 
I created a page that summarizes those various links --- http://www.trinity.edu/rjensen/ElectronicLiterature.htm

Accounting program news items for colleges are posted at http://www.accountingweb.com/news/college_news.html
Sometimes the news items provide links to teaching resources for accounting educators.
Any college may post a news item.

Many useful accounting sites (scroll down) --- http://www.iasplus.com/links/links.htm

Bob Jensen's Sort-of Blogs --- http://www.trinity.edu/rjensen/JensenBlogs.htm
Current and past editions of my newsletter called New Bookmarks --- http://www.trinity.edu/rjensen/bookurl.htm
Current and past editions of my newsletter called Tidbits --- http://www.trinity.edu/rjensen/TidbitsDirectory.htm
Current and past editions of my newsletter called Fraud Updates --- http://www.trinity.edu/rjensen/FraudUpdates.htm

Some Accounting History Sites

Bob Jensen's Accounting History in a Nutshell and Links --- http://www.trinity.edu/rjensen/theory01.htm#AccountingHistory
 

Accounting History Libraries at the University of Mississippi (Ole Miss) --- http://www.olemiss.edu/depts/accountancy/libraries.html
The above libraries include international accounting history.
The above libraries include film and video historical collections.

MAAW Knowledge Portal for Management and Accounting --- http://maaw.info/

Academy of Accounting Historians and the Accounting Historians Journal ---
http://www.accounting.rutgers.edu/raw/aah/

Sage Accounting History --- http://ach.sagepub.com/cgi/pdf_extract/11/3/269

A nice timeline on the development of U.S. standards and the evolution of thinking about the income statement versus the balance sheet is provided at:
"The Evolution of U.S. GAAP: The Political Forces Behind Professional Standards (1930-1973)," by Stephen A. Zeff, CPA Journal, January 2005 --- http://www.nysscpa.org/cpajournal/2005/105/infocus/p18.htm
Part II covering years 1974-2003 published in February 2005 --- http://www.nysscpa.org/cpajournal/2005/205/index.htm 

A nice timeline of accounting history --- http://www.docstoc.com/docs/2187711/A-HISTORY-OF-ACCOUNTING

From Texas A&M University
Accounting History Outline --- http://acct.tamu.edu/giroux/history.html

Bob Jensen's timeline of derivative financial instruments and hedge accounting ---
http://www.trinity.edu/rjensen/FraudRotten.htm#DerivativesFrauds

History of Fraud in America --- http://www.trinity.edu/rjensen/415wp/AmericanHistoryOfFraud.htm
Also see http://www.trinity.edu/rjensen/Fraud.htm

Bob Jensen's Threads ---
http://www.trinity.edu/rjensen/threads.htm

More of Bob Jensen's Pictures and Stories
http://www.trinity.edu/rjensen/Pictures.htm

All my online pictures --- http://www.cs.trinity.edu/~rjensen/PictureHistory/

Professor Robert E. Jensen (Bob) http://www.trinity.edu/rjensen
190 Sunset Hill Road
Sugar Hill, NH 03586
Phone:  603-823-8482 
Email:  rjensen@trinity.edu