Bosses & Employees

Dear Rink Rats:

Can bosses be friends with their employees? When I started my business at 22, I didn’t think about it. Since then, my opinion has been shaped and battered through 36 years of torture, disappointment, disbelief, inspiration, support and appreciation.

I now have 110 employees, many of whom have been with me for more than 15 years — with an average tenure of nine years. But do I consider them my friends? Sure, some. I would certainly say I am on friendly terms with all of them. Some owners call their employees their family. Is that better or worse than calling them friends? I guess it depends on how you feel about your family!

Signed,

Small Businessman in Glendora

Dear Small Businessman in Glendora:

Over the course of my career I had come to the conclusion that you can be friends with some of your employees — but not at the expense of being the boss. It has to be boss first, friend second. It is just like being a parent. Parent first, friend second.

But many employees don’t really need a boss. Yes, they may still need mentoring, and they may still make mistakes (just like the boss). But they take responsibility and try to do the right thing. They can be trusted. They look out for the best interest of the company. They work with you, not for you. They don’t need a boss in the worst sense of the word. But then there are always the “Facebook Employees” who have no common sense and require the supervision of a pre-schooler.

I am sure there are many business owners who would say that some of their employees are their best friends, and I am equally sure that many business owners would say you cannot be friends with your employees. So what is the right answer?

The answer depends largely on what your definition of a friend is. Sure, there might be a difference between a business friend and a lifelong friend. But in my case, I have numerous people who fit into both categories. And that makes me very happy and fortunate. Personally, I cannot imagine spending 50 some hours a week, dealing with the joys of victory and the agony of defeat, by myself.

Sincerely,

Rink Rats

JACK ASS OF THE MONTH - GOP presidential hopeful Ben Carson argued on Sunday that anyone with “big frontal lobes” could see that the U.S. must not accept refugees from Syria.

Following recent terrorist attacks in Paris, Carson vowed to reverse President Barack Obama’s policy of accepting up to 10,000 Syrian refugees.

“Bringing people into this country from that area of the world, I think, is a huge mistake,” Carson opined to Fox News host Chris Wallace. “Because why wouldn’t [ISIS] infiltrate [the refugees] with people who are ideologically opposed to us? It would be foolish for them not to do that.”

“We should use our expertise and resources to help get them resettled — over there — and to support them over there,” he said. “But to bring them here under these circumstances is a suspension of intellect.”

“You know that the human brain has these big frontal lobes, as opposed to other animals, because we can engage in rational thought processing.”

The former neurosurgeon noted that his advanced brain gave him the ability to “extract information from the past [and] present, process it, and project it into a plan.”

“Animals, on the other hand, have big brain stems and rudimentary things because they react,” Carson explained. “We don’t have to just react, we can think.”

For these insightful comments Mr. Carson is our Jack Ass of the Month.

OPEN SEASON - Moving toward its third year of full implementation, the Affordable Care Act’s strains are showing as the law starts to transform the insurance industry. This enrollment season will be a challenge: The Obama administration and insurers are trying to lure holdouts who haven’t previously signed up for ACA coverage, even as premiums for many products appear set to rise sharply. Behind those increases is a tough business reality: While the industry’s total U.S. revenue has expanded, much of that growth has been unprofitable. The health law remade the individual market and insurers struggled to predict their costs. Now, insurers are recalibrating their approach for 2016, with changes visible at all levels of the industry.

COLLEGE CHRONICLES – Racism Issue Continues: Dean of students at Claremont McKenna College steps down in response to protests over treatment of students of color. New York Times: http://nyti.ms/1ksTxMT

JAPAN RETURNS TO RECESSION - Japan is back in recession after its economy shrank at a worse-than-expected annualised rate of 0.8 percent in the third quarter. The figure, which came in well below expectations of a 0.3 percent fall, is a fresh blow to Prime Minister Shinzo Abe's efforts to end deflation and revitalise economic growth. .. Although there is little sign of the economy falling into a downward spiral, sluggish demand makes it harder to persuade companies to raise wages and investment next year. The Bank of Japan regards wage rises as essential for progress towards its goal of 2 percent inflation. ...

However, the breakdown of gross domestic product suggests there is still some momentum in the economy. Almost all of the decline was due to businesses running down inventory, which knocked 2.1 percentage points off annualised growth. By their nature, inventories can only fall so far. Meanwhile consumption contributed an annualised 1.2 percentage points to growth and net exports an annualised gain of 0.4 percentage point.

BIRTHDAYS THIS WEEK – Birthday wishes and thoughts this week to: Boutros Boutros-Ghali (93) Cairo, Egypt; Sam Waterson (75), Huntington, N.Y.; Neil Young (70), Toronto, Canada.

TEN QUESTIONS – Rink Rats continuing series asking ten questions to a Rink Rats follower, this week Ms. Jessica Naccache.

1). Jessica tells us about yourself; where did you grow up, go to high school, college?

I grew up in Covina, CA. I went to Sacred Heart for Elementary, St. Lucy’s Priory for High School, La Sierra University for undergraduate and University of La Verne for graduate.

2). What was your major in undergraduate and graduate study, and why did you select your majors?

I received a Bachelor of Science in Biochemistry and a Master of Business Administration with an emphasis in Accounting. I wanted to become a doctor and go to Loma Linda University. That is why I received my BS in Biochemistry. After completing a semester of medical school; I decided being a doctor was not for me. Even though I had been exposed to several medical conditions/procedures/treatments/etc. due to my family; it was completely different when my family wasn’t the patient. That is why I decided to go into healthcare administration. It would combine my passion of healthcare and my business intellect. I chose Accounting as my emphasis because I love numbers.

3). Tells us about your career thus far.

It was hard to start my career in healthcare administration. I started as an executive assistant and contract administrator for a community hospital. After that, I tried to focus on my love for number and went into a finance position. I left there after a year and returned to healthcare administration. I needed both, numbers and healthcare. Less than a year ago, Alta Hospitals System, LLC; a parent company of Prospect Medical Holdings, Inc.; gave me an opportunity to grow in my career as Manager of Finance Operations. I was very excited for the chance to grow and be exposed to several hospitals. At the end of August 2015; my boss, Corporate/Regional Director of Finance Operations, gave her resignation. In September 2015; I was promoted as the interim Corporate Director of Finance Operations. I oversee 7 hospitals currently and am building my team. Once I accomplish 2 major corporate projects and build my team successfully; I will be able to become a permanent (not interim) director.

4). What have been the most positive and negative aspects of your professional career thus far?

A positive aspect is that healthcare is a small community. I have met several people in my current role from my previous companies. They know my potential and strengths; so they support my growth. Another positive aspect is that healthcare is growing; there are so many opportunities to grow and learn. A negative aspect is that healthcare is a hard community. You have to prove yourself often to even have the opportunity to grow. Another negative aspect is that it is hard to jump into management in healthcare. You must show your potential. But once you do show your potential, there are tons of opportunities.

5). How do you see your career progressing?

I would like to run a hospital or a group of hospitals as an administrator initially and eventually as a CEO. It will take me time but that is how I see my career progressing.

6). How has education added to your life and career as of today?

Education has given me the tools to be able to do my job well. In my MBA curriculum, I was exposed to a lot of things. This helped me see the big picture and helped me know what it takes to run a company.

7). What is your perfect summer vacation?

A nice beach so I can swim, tan, and enjoy. Of course, some cocktails are necessary.

8). If you had some "mad money" what would you purchase and why?

I would invest it and spend the interest. I would do that so I could have the tax write off and still enjoy the money. With the interest, I would travel, buy a nice home, buy a nice car, and just enjoy life.

9). What are you currently reading?

Patients Come Second: Leading Change by Changing the Way You Lead by Paul Spiegelman

10). Define happiness.

Happiness is being able to wake up in the morning and thank God for everything He has given you in spite of all the negativity that may cloud the positivity.

LIKELY HEIR? - Vin Scully is (likely) heading into his final season with the Los Angeles Dodgers and on Wednesday, the team just might have hired his successor.

Joe Davis, currently with FOX Sports, where he calls Major League Baseball, college football and basketball games, will assume play-by-play duties alongside Orel Hershiser and Nomar Garciaparra. The 27-year-old will work 50 road games, with Charley Steiner handling the rest.

NFL PICK OF THE WEEK – Sunday 11/22, 5:30 PM NBC; Cincinnati Bengals (8-0) at Arizona Cardinals (6-2), Bengals will drop their first game; Cardinals 24 – 21. Season to date (5-5)

COLLEGE FOOTBALL PICK OF THE WEEK – Saturday 11/21, 12:30 PM ET ABC; #13 Michigan State Spartans (9-1) at #3 Ohio State Buckeyes (10-0), the winner moves on to more big games, the loser on to a minor bowl game. Sparty in an upset, 30 – 28. Season to date (7-4)

SMALL COLLEGE FOOTBALL PICK OF THE WEEK – Saturday 11/21, 1:00 PM ET HGTV; #1 Mount Union Purple Raiders (10-0) vs. St. Lawrence University Saints (8-2). The first round of the NCAA D-III playoffs, congrats to the Saints for their NCAA appearance but it will be a long Saturday afternoon in Alliance, Ohio: Mt. Union moves on 48 – 14. Season to date (10-1)

COLLEGE HOCKEY GAME OF THE WEEK – Saturday 11/21. 7:00 PM ET HGTV; #15 St. Lawrence University Saints (7-3-1) at #4 Quinnipiac University Bobcats (10-0-0), The Saints are off to a good start but a crucial four game road trip will test them, Bobcats take this one 4 – 2. Season to date (0-0).

THE SWAMI’S WEEK TOP PICKS –

(D-III playoffs, Nov. 21) University of La Verne Leopards (8-1) vs. #4 St. Thomas Tommies (10-0), congrats to ULV for their first SCIAC title since 1994, but don’t look for a warm climate or warm welcome in St. Paul, Minnesota: Tommies are too much 50 – 21.

Season to date (87-57)

DRIVING THE WEEK – Global markets today will continue to react to the events in Paris but large sustained falls seem unlikely ... President Obama is at the G20 meeting in Turkey and will attend a meeting on "enhancing resilience through financial regulation, international tax, anti-corruption and IMF reform" before multiple bilateral meetings and a press conference ... 

Treasury Secretary Jack Lew is also in Turkey for the G20 ... The American Bankers Association and the American Bar Association conference hold the 27th annual Money Laundering Enforcement Conference through Tuesday 17 ... House Financial Services has a hearing Wednesday at 10:00 a.m. on the SEC ... Consumer Prices at 8:30 a.m. Tuesday expected to rise 0.2 percent headline and core ... Industrial Production at 8:30 a.m. Tuesday expected to rise 0.1 percent ... FOMC Minutes out at 2:00 p.m. Wednesday ... Index of Leading Indicators at 10:00 a.m. Thursday expected to rise 0.5 percent.

Next week: What is on the iPad? Holiday Movies.

Until Next Monday, Adios.

Claremont, CA

November 16, 2015

#VI-19-281

CARTOON OF THE WEEK – 

Financial Aid 101

So let’s start here: The awarding of financial aid is a mix of science and art. For many Colleges and Universities financial aid is one of the key components in the annual bidding war for high school students.

The process begins with filling out the Free Application for Federal Student Aid, otherwise known as Fafsa. Once you do, the federal government determines your Expected Family Contribution, or E.F.C. The government gives away money in the form of Pell and other grants, but most people who have the ability to save a decent amount for college probably earn too much to qualify for those.

So that means you will be seeking grant money from the college itself, which may have its own additional forms for you to fill out and numbers it will run. It uses its own discretion in awarding its money. The E.F.C. formula is intricate and requires 35 pages for the federal government to explain, but the things it emphasizes are clear. Your income matters much more than your savings. The E.F.C. will suggest that you should devote a sliding amount up to 47 percent of your income to college expenses in any given year (birth control anyone), though it will count only up to 5.64 percent of your parent’s assets, like those in a 529 college savings plan.

According to 2013-14 estimates from the College Board, students and their families borrowed $106 billion during that period, compared with the $48 billion that schools gave away in grant money. (Lower-income students, veterans and others got another $49 billion in grants from the federal government.)

Your child will then need to win admission to the college even to have a shot at getting grants, and this is where things start to get more interesting, and also more unpredictable. Many colleges award something called “merit aid,” which has nothing to do with a family’s financial need. Instead, they hand out discounts to students who raise the profile of the entering class – the better to improve the college rankings that determine where so many people apply in the first place.

Finally, here is another factor: The private colleges (and public universities seeking out-of-state students) hope to sway families that wouldn’t pay $30,000 or $40,000 more each year than what their flagship state university costs but might pay $10,000 or $20,000 more, especially if the college identifies the student as especially meritorious.

The College Board affirmed today what college students are already feeling. College tuition prices went up again this school year. Tuition and fee prices rose roughly 3 percent across the higher education sectors this fall compared to last year, keeping pace at about the same rate as it has the last two years, the College Board said in its annual pricing trends report. These increases may seem modest, but do add up. It costs 40 percent more this year to attend a public four-year institution than 10 years ago; nearly 30 percent more to attend a two-year public school; and 26 percent more to go to a private nonprofit.

So what does it cost? On average, tuition and fees to attend a two-year public school for an in-district student are $3,435. For public, four-year schools, the average in-state student faces a $9,410 sticker price and an out-of-state student faces a $23,893 price tag. The average price tag is $32,405 to attend a private college and $15,610 to go to a for-profit one. Of course, posted prices are different than net prices that students pay after grant aid is considered. When grants are taken into account, typical prices went down from the 2005-2006 school year to the 2010-2011 one as federal aid expanded, but since then have been rising.

Also notable was a decline in student borrowing, the College Board says in a separate report focused on financial aid trends. It says that total education loan volume declined by 6 percent in 2014-2015 and was 14 percent lower than in 2010-2011. Average federal loan per undergraduate also declined by 6 percent. It's the fourth consecutive year that borrowing by student declined.

What does this all mean, have your son or daughter be the absolute best at hitting, catching, shooting, or running after a ball, puck, or the clock. OR, get all A’s and manage the local chapter of any charity organization.

COLLEGE CHRONICLES – RACISM AND FOOTBALL IN MISSOURI : A boycott by 32 black football players at the University of Missouri - calling for the resignation or dismissal of the university's president - captivated national attention over the weekend and pushed a long-simmering campus debate into a full-blown crisis. Students have been campaigning against President Tim Wolfe for weeks, accusing him of failing to respond to a climate of racism. The athletic department is backing the football players, and on Sunday canceled practices until a student protester ends his hunger strike. Bowing out of next Saturday's game would cost the university more than $1 million. Sen. Claire McCaskill called for officials to make "an unqualified commitment to address racism on campus." Wolfe wasn't giving in Sunday to the calls for resignation, promising to "create the safe space for a meaningful conversation that promotes change."

The threat of a boycott by the Missouri football team dealt the highest-profile blow to the president, Timothy M. Wolfe, and the chancellor, R. Bowen Loftin, but anger at the administration had been growing since August, when the university said it would stop paying for health insurance for graduate teaching and research assistants.

It reversed course, but not before the graduate assistants held demonstrations, threatened a walkout, took the first steps toward forming a union and joined forces with students demonstrating against racism. But it was charges of persistent racism, particularly complaints of racial epithets hurled at the student body president, who is black, that sparked the strongest reactions, along with complaints that the administration did not take the problem seriously enough.

Mr. Wolfe, 57, was hired in 2012 from the corporate world, an outsider brought in to cut costs in the four-campus system. That was no recipe for popularity, but the last three months left him particularly isolated. He announced his resignation just before a meeting of the university’s governing body, the Board of Curators, amid speculation that it might try to oust him.

Mr. Wolfe said he took responsibility for the anger and frustration on campus, asserting that conversations with community leaders, students, faculty, donors and others led him to his decision, more than just the football players’ threatened boycott.

MAKE THE GRADE - Colleges and universities have become one of the most effective lobbying forces in Washington, beating back dozens of government proposals to measure their successes and failures, including a federal ratings system. The higher-education industry employed more lobbyists last year than any other industries except drug manufacturing and technology. The political pressure is rooted in a simple but vexing question: Is the government getting a good return on the money it is pouring into the U.S. college system? There are few clear metrics to determine if schools are succeeding or failing, but colleges and their lobbyists say many of the proposed requirements they opposed would have made it more difficult for colleges to serve students of all different abilities and economic means.

POLITICS 101 - THE ROAD AHEAD: What's ahead in long grind: Nov. 14: The next Democratic debate, a Saturday night in Iowa ... Dec. 15: Republicans ... debate in Nevada ... Dec. 19: Another Saturday debate for the Democrats, in New Hampshire ... Jan. 17: The Democratic debaters, ... with the Congressional Black Caucus as one of the sponsors, in South Carolina. Two more Democratic matchups are expected in February and March. ...

Feb. 1: ... Iowa caucuses ... Feb. 9: ... New Hampshire primary ... Feb. 20: The Republican South Carolina primary ... and the Nevada Democratic caucuses. ... Feb. 23: Nevada Republican caucuses. ... Feb. 26: A planned Republican primary debate in Texas ... Feb. 27: Democratic South Carolina primary.

March 1: ... Super Tuesday [SEC Primary] ... contests ... in 13 states ... March 15: ... primaries in Illinois, Ohio, North Carolina, Missouri and Florida. ... July 18-21: Republican National Convention, Cleveland ...July 25-28: ... Democrats, in Philadelphia ... Sept. 26: The first of three [nominee debates], in Ohio ... Oct. 4:The running mates debate, [at Longwood University in Farmville, Va., 3 hours from D.C.] ... Oct. 9: The second presidential debate, St. Louis. ... Oct. 19: The last presidential debate, Las Vegas. ... Nov. 8: Election Day.

TWO IN CHINA - China has said it would formally end its notorious one-child policy, which was intended to curb a surging population but has since been blamed for looming demographic problems. In a brief statement, China’s official Xinhua News Agency said all Chinese would be allowed to have two children. It didn’t provide a time frame or any other details.

FIRST DAY OF BUSINESS FOR HP SPINOFFS - After more than a year orchestrating a split, the two companies spun out from the old Hewlett-Packard begin their separate operations today. Former HP CEO Meg Whitman, now head of Hewlett Packard Enterprise, will kick off the occasion by ringing the bell at the New York Stock Exchange this past Monday morning (the new company will trade as HPE). That company will focus on tech for the business sector, offering IT services, cloud computing, data analytics and more. The other company, HP Inc., will be run by CEO Dion Weisler and contains the old company's printer and PC business. The old HP had a tough run on the stock market in recent years, but Whitman said in a statement that HPE "has the vision, financial resources and flexibility to help customers win while generating growth and long-term value for our shareholders."

BIRTHDAYS THIS WEEK – Birthday wishes and thoughts this week to: Jane Alexander (76) New Rochelle, NY; Kate Capshaw (62) Montecito, CA; Michael Collins (85) Houston, TX; Tim Cook (55) Palo Alto, CA; Charlie Daniels (79) Irving, TX; Bill Gates (60) Redmond, WA; Bob Gibson (80) St. Louis, MO; Mary Hart (65) Malibu, CA; Carrie Lewis …famous philanthropist; Dennis Miller (62) New York, NY; Brian Doyle-Murray (70) Scarsdale, NY; Markie Post (65) Glendora, CA; Morley Safer (84) Huntington, NY.

CONGRATS TO UNIVERSITY OF LA VERNE - Cool small school story about California’s University of La Verne winning its first league championship in 20 years and only its second playoff appearance in a century. The D3 program is one of the sweeter stories in college football this season and has received a boost from new Defensive Coordinator Oscar Rodriguez, who has beaten cancer twice in his life.

NFL PICK OF THE WEEK – Sunday 11/15, 5:30 PM NBC; Cincinnati Bengals (8-0) at Arizona Cardinals (6-2), Bengals will drop their first game; Cardinals 24 – 21. Season to date (4-5)

NFL HALF WAY POWER RANKINGS –

1). Patriots (8-0), 2). Bengals (8-0), 3). Panthers (8-0), 4). Broncos (7-1), 5). Packers (6-2),

6). Cardinals (6-2), 7). Seahawks (4-4), 8). Vikings (6-2), 9). Steelers (5-4), 10). Rams (4-4)

COLLEGE FOOTBALL PICK OF THE WEEK – Saturday 11/14. 4:30 PM Fox; Oregon Ducks (6-3) at #7 Stanford Cardinal (8-1), Cardinal over the Ducks 38 – 30. Season to date (7-3)

SMALL COLLEGE FOOTBALL PICK OF THE WEEK – Saturday 11/14, 12:00 PM HGTV; Cortland State Red Dragons (7-2) at Ithaca College Bombers (4-5), always a big game in the Southern Tier no matter the records. Red Dragons win 38 – 20. Season to date (9-1)

THE SWAMI’S WEEK TOP PICKS –

(SCIAC, Nov. 14) California Lutheran Kingsmen (4-4) at University of La Verne Leopards (7-1), onward to the playoffs for Coach Krich’s team: La Verne 38 Cal Lutheran 28.

Season to date (84-56)

MARKET WEEK – The bond market is booming again, a sign of investors' faith in the resilience of the U.S. economy. U.S. bond sales by companies with good credit ratings hit $103 billion in October, a record for the month, according to deal tracker Dealogic. Corporate-bond sales in the U.S. are on track for their fourth straight annual record, according to data from the Securities Industry and Financial Markets Association. ... Many analysts say they expect bond sales to continue at a vigorous pace through the end of the year, reflecting steady economic growth ...

Microsoft Corp. sold $13 billion in new bonds on Thursday, a day after the Fed said it might raise rates this year for the first time since 2006. Earlier in the week, insurer ACE Ltd. sold $5.3 billion and NikeInc. sold $1 billion, its first debt sale in more than two years. Oil-field services giant Halliburton Co. is planning a large bond sale that could hit the market as early as this week.

On Wall Street, the blockbuster October jobs reporting showing a gain of 271,000 jobs means the Federal Reserve is almost certain to raise interest rates for the first time in nearly a decade next month, potentially transforming the political landscape heading into the 2016 election in highly unpredictable ways. 'The votes are now there for Janet Yellen to raise interest rates whenever she is ready to pull the trigger," said David Kotok, chief investment officer at Cumberland Advisors.

"Markets could take the first hike - likely to be just a quarter of a percentage point - as a vote of confidence in the American economy and react positively. That would benefit Democrats, especially presidential front-runner Hillary Clinton ... But the first rate hike since George W. Bush was in the White House and Shakira's "Hips Don't Lie" was the top song in America could still cause chaos in markets accustomed - if not deeply addicted - to rock bottom rates and vast piles of cheap money.

REMEMBERING FRED THOMPSON - Thompson, a former U.S. senator from Tennessee, GOP presidential candidate, Watergate attorney and actor who starred on the television drama 'Law and Order,' died on Sunday in Nashville. He was 73. Mr. Thompson died after a recurrence of lymphoma ... Standing at least 6 feet, 5 inches with a booming voice, Mr. Thompson ... as an attorney ... helped lead to the resignation of President Richard Nixon.

Next week: Dear Rink Rats and Jack Ass of the Month.

Until Next Monday, Adios.

Claremont, CA

November 10, 2015

#VI-18-280

CARTOON OF THE WEEK – “High card gets to tell the students…”

Investment Dogs With Fleas

Published by Fortune magazine, the Fortune 500 is a yearly list that ranks businesses in the United States by total revenue for each company’s respective fiscal year. Public companies and privately held companies with revenues available to the public are eligible to make the list.

Making the Fortune 500 list is widely considered a marker of substantial achievement and is often heavily publicized by included companies. It is also often considered a kind of seal of approval for investors looking to make profitable investments.

However, making the Fortune 500 list is no guarantee of longevity. Among the most famous and regularly listed Fortune 500 companies that no longer exist are Compaq, MCI WorldCom, Eastern Airlines, Enron, Woolworth’s and Trans World Airlines.

1) Compaq

During the 1980s and 1990s, Compaq was among the largest sellers of personal computers in the world. The company came to an end in 2002 after its merger with Hewlett-Packard Corporation. In relative terms, Compaq had a short life, lasting from 1982 to 2002. The chief executive officer (CEO) of Hewlett-Packard at the time, Carly Fiorina, sought and oversaw the merger and ultimate takeover of Compaq to facilitate her strategy to make HP’s market share larger than it had ever been.

2) MCI WorldCom

WorldCom began in 1983 as Long Distance Discount Services. In the following decade, the company underwent several massive mergers that transformed and updated the corporation. In 1998, the company was rechristened MCI WorldCom. Shortly thereafter, the telecom industry began what eventually became a prolonged downward trend. The management team at WorldCom resorted to tricks with accounting techniques to make it appear that the company’s stocks were still viable. In 2002, the elaborate accounting fraud scheme was revealed, and WorldCom declared bankruptcy and shortened its name to MCI. Verizon purchased MCI in 2006, and MCI’s operations are performed under Verizon Business.

3) Eastern Airlines

Eastern Airlines started in the 1920s and operated primarily as a mail carrier for the U.S. Postal Service. During the following several decades, Eastern Airlines made numerous acquisitions and expanded its company, eventually dominating a significant portion of domestic air travel along the East Coast by the 1950s. Into the 1970s, Eastern Airlines was largely successful and remained one of the top four major airline companies in the U.S. The Air Transportation Deregulation Act of 1978, which took away political control of the airline industry, caused Eastern to struggle. The company was driven into bankruptcy in 1989 and finally ceased all operations in 1991.

4) Enron

Enron may have caused one of the largest business scandals in the last 100 years, one that ultimately led to its own demise. Based in Houston, the energy company had a meteoric rise, grew to employ over 20,000 workers and claimed over $100 billion in revenues in 2000. Shortly thereafter, the company’s massive accounting fraud scheme was exposed. Enron was forced into the largest bankruptcy in U.S. history in 2001. Today, the company is generally seen as the symbol for corporate corruption and fraud.

5) Trans World Airlines

Trans World Airlines (TWA) was founded in 1930 and rose to become the major U.S. competitor to Pan Am for international air travel. As was true for Eastern Airlines, deregulation laws and a lack of investments in new aircraft had a significantly negative impact on the airline. Through a brutal takeover in 1985, Carl Icahn acquired TWA and eventually took the company private in 1988 after burdening the airline with over $500 million in debt. In 1992, the company finally declared bankruptcy after several years of being unable to cover its debt payments. American Airlines purchased TWA in 2001.

COLLEGE CHRONICLES – Position Opening; Advancement Business Intelligence & Reporting Specialist, Pomona College, Claremont, California

In the desert landscape that was inland Southern California in 1887, it took audacity to imagine "a college in a garden." Yet far from the ivied halls of the Northeast, Pomona's founders envisioned "a college of the New England type," with small classes, close relationships between students and faculty, and a green jewel of a campus. From that beginning, Pomona has grown to be one of the nation's premier liberal arts colleges. Located in Claremont, Calif., on a campus where ivy and palm trees coexist under habitually sunny skies, Pomona offers an environment for intellectual development and personal growth that is second to none. (Please)

The Advancement Business Intelligence and Reporting Specialist functions in a team environment, working closely with Advancement users throughout the division. This position acts as a business analyst and applies expertise in data warehousing and reporting; investigates and analyzes the feasibility of program requirements and develops data warehouse specifications; analyzes needs, designs, writes and tests dimensional models, dashboards and reports; and is responsible for the overall lifecycle management of the Advancement data warehouse and reporting infrastructure.

Requirements:

    Bachelors degree in MIS or a related field or equivalent combination of education and experience is required

    Experience with Data Warehouse design and implementation, data warehousing life cycle and dimensional modeling

    Advanced Structured Query Language (SQL) programming experience including DTS and ETL

    Solid data warehouse skills and knowledge of data warehouse methodologies; solid business analyst skills

    Ability to complete complex analysis, design and programming projects

    Excellent written and oral communication skills; ability to multi-task and set task prioritizations

    Minimum of two years of experience with Cognos and/or Tableau is preferred

    Experience at an academic institution is preferred

    Deploy professional skills in Cognos, Tableau, and language (SQL) programming, in collaboration with colleagues, to best promote the Advancements strategic interests

    Demonstrate effective, accurate and clear communication with excellent verbal, written, interpersonal, and customer service skills

    Operate computers proficiently with basic Microsoft Office software (such as Word, Excel, Outlook) and associated professional software

    Use assigned technology/devices/equipment to achieve annual goals and maintain confidentiality

    Working knowledge of report design methodology

    Experience with Business Analysis and Process redesign

    Advanced Structured Query Language (SQL) programming experience including DTS and ETL

    Demonstrate solid data warehouse implementation and maintenance skills and methodologies

    Must understand and communicate the mission and history of the Colleges liberal arts environment

AGING WITH STUDENT DEBT: The Education Department and some congressional Democrats seem to agree that more should be done to protect Social Security recipients who have their monthly payment garnished to pay student loan debt. The question is who should take the responsibility. Congressional Progressive Caucus Co-chairs Reps. Keith Ellison and Raúl Grijalva teamed with organizations such as the AFL-CIO, Alliance for Retired Americans, Student Debt Crisis, and Social Security Works on Thursday to present to the Education Department a letter signed by nearly 40 members and a petition urging the government to stop the garnishments. "Halting this troubling policy will ensure greater economic security for the most vulnerable Americans, and promote the value of investing in higher education," said the letter addressed to leaders at the Social Security Administration, and the Education and Treasury departments.

- The Education Department agrees it's an issue that needs to be addressed but says Congress should act. Department spokeswoman Denise Horn noted that Congress in 1996 required the department to refer defaulted student loan debt to Treasury for collection. Horn said the department has increased outreach to these borrowers about their options. "We have also called on Congress to better protect Social Security from garnishment,' Horn said. "We urge Congress to take up this proposal, and the other legislative recommendations in the recent Student Aid Bill of Rights report, as we continue working to improve protections for student loan borrowers."

- The number of people whose Social Security benefits were offset to pay student loan debt increased about five-fold between 2002 and 2013, from about 31,000 to 155,000, according to the GAO. In 2013, the government collected about $150 million. The GAO said about 80 percent of seniors' debt was for their own education, while the rest was for loans they cosigned to help out others, like their children.

NO GO JOE - Vice President Joe Biden last Wednesday ended months of breathless will-he-or-won't-he speculation about a potential presidential run, saying he's concluded that he's simply "out of time" to mount a real and winnable campaign. The announcement, in the Rose Garden, with Biden flanked by President Barack Obama and his wife, Jill, means the vice president is foregoing what would have been a third run and likely the last chance to fulfill a lifelong quest to the highest office in the nation.

BIDEN ON WHY HE SAID NO - "I've said all along what I've said time and again to others: that it may very well be that that process, by the time we get through it, closes the window on mounting a realistic campaign for president: that it might close. I've concluded that it has closed." RR would of liked to see Joe run, just for the fact it would be good theatre versus Hillary.

POLITICS 101 - INSIDE THE CAMPAIGNS -- Bush slashes costs as campaign gasps:  Starting on Nov. 1, the campaign will cut payroll costs by 40 percent, downsize its Miami headquarters by more than 50 percent, reduce travel costs by 20 percent and cut 45 percent of spending on things other than media and voter contact. Even if those moves ease financial pressures, ... they only reinforce the prevailing narrative about a candidate, not long ago viewed as a front-runner, in freefall.

According to donors, some of whom called for Bush to rein in its spending, the campaign's assurances about its organizational and financial advantages have worn thin; and the third-quarter financial report, filed last week, gave further definition to their growing concerns about the state of a big-spending campaign failing to deliver results. ... [One bundler:] 'There's a lot of frustration that a lot of money's been spent and it hasn't moved anything.' 

Bush's team didn't know the depths of its problems until it got to look at the other campaigns' finance reports. The just-ended quarter - the first full period in which all the major candidates had announced and campaigned - set off alarms in Miami. ... [A Bush staffer]: 'Suddenly Marco's campaign had about as much money as we did, but it wasn't as big.

This past weekend, Bush went to Houston for a weekend meeting with his father and brother, an event conceived as a reward - a pep rally of sorts - for major donors but one that now serves to further underline the campaign's reliance on an old network of family funders ...

The anxiety inside Bush's Miami headquarters was running high ... as staffers met with their bosses to discuss possible reassignments. As local reporters and photographers gathered outside the building, staffers were encouraged not to speak to the press when leaving and to remove their ID badges before walking out. ... During ... meetings with division directors, senior adviser Sally Bradshaw and [campaign manager Danny] Diaz, staffers were given the option of transferring to jobs in the early-voting states ...

After months of insisting that no one state is of critical importance to what was billed as a national campaign, it's clear that New Hampshire is increasingly Bush's top priority. ...

Of all the GOP presidential candidates, Bush ... spent the most on early state ads ($9.8 million), consulting services ($2 million), charter-air service ($922,000), and payroll ($1.7 million) on the biggest staff (134).

Days until the 2015 election: 7. Days until the 2016 election: 378.

BIRTHDAYS THIS WEEK – Birthday wishes and thoughts this week to: Stephanie Abrahms (37) New York, NY; Dodie Bracken ….famous UCLA graduate; James Carville (71) Atlanta, GA; Hillary Rodham Clinton (68)  New York, NY; Bob Knight (75) Bloomington, IN; Katy Perry (31) Los Angeles, CA; Gary Player (80) Johannesburg, South Africa; Juli Roberts ….famous academic administrator; Jaclyn Smith (70) Houston, TX.

HARD DRIVE - Private Preferred: The IPO parade is marching on, but without many tech firms. Technology companies’ share of U.S. initial public offerings has fallen to a seven-year low, and a number of once-hot IPOs have underperformed recently including Chinese e-commerce giant Alibaba and social-media site Twitter. There are now at least 117 private companies valued by venture firms at $1 billion or more, nearly double the number from a year ago. The current trend threatens the outlook for what has been one of the most robust segments of the U.S. investment landscape. That said, some of the most valuable startups are intentionally holding off IPOs and growing at rates that could be eagerly welcomed by public investors.

Keys to the Future: Most notebook computers are likely to be replaced by devices with optional keyboards, writes WSJ’s tech columnist Christopher Mims in his column on why tablets are the future computing. “I’m willing to bet that the iPad Pro will only help sales of the Surface, and its competitors, by doing what Apple has always done best: convincing the masses that what seems like a strange new category of gadget is in fact a must-have,” he notes. Elsewhere in the tech world, Google is ready to turn its self-driving car technology into a business and has hired an auto-industry veteran to run it. And Facebook is working on a stand-alone video app that would support 360-degree videos, allowing users to change their viewing perspective by tilting their phones.

Risky Business: Michael Dell is pressing ahead with an ambitious and risky deal that would require massive debt financing at a time when credit markets have become less hospitable to mergers. Negotiations have advanced for a $50 billion-plus acquisition of data-storage giant EMC and could produce an agreement by next week, according to people familiar with the matter. The deal marks an attempt by Mr. Dell to craft a future for a company caught between the shift toward mobile devices and fierce competition among providers of storage capacity and computing power. The recent rebound in markets has lent urgency to the talks. U.S. stocks climbed again yesterday after minutes from September’s Federal Reserve meeting were released.

GOOD READS – “The Lost Art of Listening," by Anna Goldsworthy in The Monthly: "Has classical music become irrelevant?" http://bit.ly/1LSGD4P

-"Ten Borders," by Nicholas Schmidle in The New Yorker: "One refugee's epic escape from Syria." http://nyr.kr/1kAvUld

A HEADY BREW - After weeks of back and forth, SABMiller’s board has agreed on key terms of a sweetened takeover proposal by Anheuser-Busch InBev, setting the stage for the creation of a brewing behemoth. A $104.2 billion combination of the world’s two biggest brewers would redraw the map of the global beer industry and is likely to trigger higher prices for consumers around the world. The pending deal would also bring radical cultural change to SABMiller and will reduce AB InBev’s dependency on the U.S. market. The acquisition, however, still requires regulatory approval, and would almost certainly involve the company selling off operations in the U.S. and maybe China.

TEARJERKER - StoryCorps thought Thanksgiving was the perfect time to put the app into use. "Essentially, students who are studying US history would have an opportunity to discover the history in their own family, their own backyard," said Kate Duff, director of the initiative. Duff, herself a history major, emphasized how the Great Listen can be a teaching tool. She said recording the conversation allows students to create a primary source, as well as assign archive titles, summaries and keywords - "the very elements that future historians will use to browse the Library of Congress," Duff said. "To our knowledge, nothing like this has ever been done before."

- StoryCorp is working with several education partners, including the NEA, National Council for the Social Studies and Teach for America, to get the word out and encourage teachers to involve their students.

YOU GOTTA’ LOVE SPORTS – This week all four major sports are on the scene: NFL is in week 8, NHL is in week 4, MLB has the World Series, and the NBA begins its’ 2015-16 schedule.

WORLD SERIES LOOKAHEAD - BBQ or bagels? A tasty World Series set, Royals meet Mets: The pitching-rich New York Mets, boosted by Daniel Murphy's power surge. The plucky Kansas City Royals, aiming to atone for last year's near-miss. ... They start Tuesday night in Kansas City. ... [By coincidence,] opening day in the majors next April 4 is Mets at Royals. ... One team wearing blue is about to end a long drought.

The Royals, who lost ... in Game 7 ... last October, haven't won the crown since George Brett and Bret Saberhagen ... in 1985. The Mets' most recent title came in 1986, led by Darryl Strawberry and Dwight Gooden. ... The teams have met only nine times since interleague play began in 1997, with the Royals holding a 5-4 edge. The Mets haven't ... visited Kansas City since 2004. RR likes The Metropolitans to win in five games.

NFL PICK OF THE WEEK – Sunday 11/1, 5:30 PM ET NBC: A big one; Green Bay Packers (6-0) at Denver Broncos (6-0). It has been awhile in the NFL for two 6-0 teams to meet, The Pack has no problem with Denver, 24 – 14. Season to date (3-4)

COLLEGE FOOTBALL PICK OF THE WEEK – Saturday 10/31, 5:00 PM ET ABC: #9 Notre Dame Fighting Irish (6-1) visit #21 Temple Owls (7-0), this will be closer than you think Irish 30 Owls 27. Season to date (5-3)

SMALL COLLEGE FOOTBALL PICK OF THE WEEK – Saturday 10/31, 2:10 PM ET HGTV: #7 St. Thomas Tommies (7-0) at #17 Concordia-Moorhead Cobbers (7-1), a huger MIAC battle for first place. We like The Tommies 35 - 28. Season to date (7-1)

THE SWAMI’S WEEK TOP PICKS –

(SCIAC, Oct. 31) Chapman University Conservatives (2-4) at University of La Verne Leopards (5-1), La Verne wins this one a league title is in site – Leopards 32 Chapman 24.

Season to date (80-51)

MARKET WEEK – U.S. stock futures were lower this morning. This week's big drivers include the Fed's two-day meeting, which begins tomorrow, and the continued flood of earnings, including Apple (AAPL) after the bell tomorrow. 

With a week to go in October, Wall Street has, thus far, had its best month in four years. The Dow is coming off its fourth straight week of gains for the first time this year.

Quarterly profits and revenue at big American companies are poised to decline for the first time since the recession. The drag on earnings and sluggish growth projections for 2016 come as the Federal Reserve considers raising interest rates for the first time in nine years, and could strengthen the case of those in favor of postponing any rate increase until next year. The global economy’s troubles are casting a long shadow over this week’s Fed policy meeting, as investors see a growing likelihood that there will be no rate increase this year. Meanwhile, another third of the S&P 500 are expected to report their results this week, including Apple, United Parcel Service and Exxon Mobil Corp.

It’s been more than seven years since the Federal Reserve began its extraordinary measures to aid the U.S. economy and as 2016 approaches, pressure is on the central bank and Janet Yellen to better manage expectations for interest rates and the U.S. economy. Bank officials are widely expected to announce Wednesday that short-term interest rates will remain near zero, leaving mid-December as the central bank’s last chance to raise rates this year. The timetable poses challenges for Ms. Yellen, including deciding whether the U.S. economy is ready for an interest-rate increase, and signaling central bank intentions without causing further market confusion.

DRIVING THE WEEK -  T-minus 12 days till the debt limit deadline. Clean hike remains the likely outcome but getting there could be ... scary. ... House expected to vote on measure to fund the Ex-Im bank ... Treasury Secretary Jack Lew this morning will join Secretary Kerry at the U.S. - Qatar Economic and Commercial Dialogue at the State Department ... CNBC debate on Wednesday night in Colorado will focus on jobs and the economy ... US Chamber on Tuesday holds its 16th annual Legal Reform Summit ... SEC at 09:30 a.m. Tuesday holds a meeting of the Equity Market Structure Advisory Committee ... First American Financial at 11:45 a.m. Tuesday hosts the "Achieving the American Dream" leadership forum ... Senate Banking at 10:00 a.m. on Wednesday holds a hearing on "The State of Rural Banking: Challenges and Consequences" ... New homes sales Monday at 10:00 a.m. expected to dip to 550K from 552K ... Case-Shiller home prices at 9:00 a.m. Tuesday expected to rise 0.1 percent ... Consumer Confidence at 10:00 a.m. Tuesday expected to dip to 102.8 from 103 ... FOMC Announcement at 2:00 p.m. Wednesday expected to feature no rate hike but any change to the growth outlook? ... First read on Q3 GDP at 8:30 a.m. Thursday expected to show growth of 1.9 percent.

Next week: Financial Aid 101, Dear Rink Rats, Fall in the Garden, and Jack Ass of the Month.

Until Next Monday, Adios.

Claremont, CA

October 27, 2015

#VI-17-279

CARTOON OF THE WEEK – The New Yorker