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Kodak Set to Pay $21.4 Million in Racial Discrimination Lawsuit
6:40 PMSep 4
Source: BV on Money
I'm not sure if the company's executives would consider this to be a Kodak moment, but it's certainly a moment in racial history. Kodak, the large film company based out of Rochester, New York, just had a racial discrimination suit settled for the ... Read More
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Regina King to the Emmys: Racist as Ever
6:00 AMSep 4
Source: Blackvoices Main
From The Huffington Post: Since the Emmy ceremony, I have been going back and forth about whether or not I should compose this letter. I try hard in my daily life not to engage in uncomfortable situations regarding race. But sometimes it's very ... Read More
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Tom Joyner Helps HBCUs to Start Online Programs
12:35 AMSep 4
Source: BV on Money
Radio show host Tom Joyner has decided to start making investments in the educational arena. Joyner has announced that he will help found a company designed to support Historically Black Colleges and Universities (HBCUs) in their quest to create ... Read More
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Sean Bell's Fiancee May Run for City Council
8:26 PMSep 3
Source: BV Black Spin
Nicole Paultre-Bell, the young woman who lost her unarmed, would-be husband Sean Bell on the day before their nuptials nearly four years ago in an out-of-control hail of police bullets, is mulling over possibly running for the position of Queens City ... Read More
Saturday, September 4, 2010
Kodak Pays $21 M for discrimination
Saturday, April 24, 2010
Boyce Watkins on ABC News - Love and Money Questions to ask Your Partner
by Dr. Boyce Watkins, Finance Professor - Syracuse University
As a Finance Professor, I find it incredibly ironic that many people get married without talking about money. They talk about every kind of compatibility from emotional, to spiritual, sexual, and professional, but they seldom take the time necessary to ensure that they can tolerate the idea of sharing their financial life with a person who may not be on the same page. This problem is compounded in black relationships, where many women describe economic hurdles as one of the reasons that black women have trouble finding the right mate.
Thursday, March 4, 2010
Dr. Boyce on Money: Checking Your Financial Security
by Dr Boyce Watkins, Syracuse University, Your Black World
I'd like to ask you a quick question that I ask my students here at Syracuse University. It is also a question I had to honestly ask myself when I thought I was on top of the world after spending 12 years going through college and graduate school to earn a PhD in Finance (which was unbelievably difficult). The question is this: Do you have financial security? If you don't have financial security, do you at least have job security? If you believe your job is secure, then how many jobs do you have?
If you are like most Americans, you probably have just one job. I am not here to tell you that this is wrong. But, I am here to tell you that you might want to rethink what it means to be economically secure.
At worst, economic security is not provided by just having a high income. In fact, in some ways, having a high income can make you less secure, since you are more likely to have higher monthly expenses. To some extent, having a high income from just one job can fool you into believing that you are financially secure, when the truth is that you might be one paycheck away from economic disaster.
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Brought to you by The Great Black Speakers Bureau, the top black speakers bureau in the world and Your Black World where you can get black news and black social commentary from Dr. Boyce Watkins and other leading black scholars.
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Tuesday, February 16, 2010
The Economic Policy Institute – 2/16/10
12/07/09
American Indians and the Great Recession—Economic Disparities Growing Larger
Issue Brief
11/12/09
Getting Good Jobs to People of Color
Briefing Paper
07/21/09
Unequal unemployment—Racial disparities in unemployment vary widely by state
Issue Brief
03/09/09
Stuck in Neutral: Economic Gains Stall Out for Asian Americans and Pacific Islanders in 2000s
Briefing Paper
10/31/08
Hispanics and the economy: Economic stagnation for Hispanic American workers, throughout the 2000s
Briefing Paper
09/18/08
Reversal of fortune: Economic gains of 1990s overturned for African Americans from 2000-07
Briefing Paper
01/18/08
What a recession means for black America
Issue Brief
Web-only Content
Date
Title
Type
12/16/09
A bleak future for black children
Analysis & Opinion
12/09/09
High unemployment: A fact of life for American Indians
Economic Snapshots
11/12/09
Reversing the Decline in Good Jobs [event]
Other
11/10/09
Jobs creation effort needs to focus on good jobs
Economic Snapshots
09/18/09
Three lessons about black poverty
Analysis & Opinion
07/08/09
African Americans see weekly wage decline
Economic Snapshots
04/22/09
Among college-educated, African Americans hardest hit by unemployment
Economic Snapshots
09/05/08
Jobs Picture, September 5, 2008 - Special Issue
Economic Indicators
08/04/08
Understanding the black jobs crisis
Viewpoints
06/10/08
Subprime mortgages are nearly double for Hispanics and African Americans
Wednesday, February 3, 2010
News: Homeowners Walking Away from Mortgages
updated 12:25 a.m. ET, Wed., Feb. 3, 2010
In 2006, Benjamin Koellmann bought a condominium in Miami Beach. By his calculation, it will be about the year 2025 before he can sell his modest home for what he paid. Or maybe 2040.
“People like me are beginning to feel like suckers,” Mr. Koellmann said. “Why not let it go in default and rent a better place for less?”
After three years of plunging real estate values, after the bailouts of the bankers and the revival of their million-dollar bonuses, after the Obama administration’s loan modification plan raised the expectations of many but satisfied only a few, a large group of distressed homeowners is wondering the same thing.
Saturday, January 9, 2010
Financial News: Jobs Come and then Go
NEW YORK (CNNMoney.com) -- Employers once again slashed a substantial number jobs off their payrolls in December, according to adisappointing report from the government Friday. But there was a small glimmer of hope as well.
The payroll number for November was revised to a net gain of 4,000 jobs. That's the first increase in jobs in nearly two years. The government had previously indicated that 11,000 jobs were lost in November.
Click to read.Thursday, January 7, 2010
Dr. Towanna Freeman: How do you find a way to be happy?
| The following is an excerpt from the book, “The Millionaire Mentor” by Towanna Freeman (click her name to buy the book) Happiness is a Choice You Make |
| If you are not a happy person that is a choice you are making. You have full control over your life and the decisions that you make. There are many factors which people measure happiness. Some people think money is happiness however they may absolutely miserable with what they do on a daily basis to make their money. |
| You might look at people who have absolutely everything and you strive to be like them. These things may be wealth, possessions, status, or even the position you hold at work. These things don’t create happiness. Happiness is a choice. |
| There are many people who have wealth and a high status who are completely miserable. They may be lonely, divorced and more. Happiness comes from within. These people may be working jobs they absolutely hate but just have a knack for making money. |
| Happiness is Subjective |
| There are things in life that can make you happy that are subjective. They are subjective because happiness comes differently for everyone. |
| You might find joy and happiness seeking thrills through rides like roller coasters and bungee jumping. This thrill may be more than torture for someone with a fear of heights who would never step foot on a roller coaster or ever be brave enough to jump from a bridge suspended by a bungee cord. |
| Everyone seeks happiness in their own way. What makes you happy is a natural high that you deserve to seek. There is nothing wrong with the things that you find joy in. You may be told you are crazy but that is because of the subjectivity. |
Monday, December 21, 2009
Dr. Boyce Money – The Latest – 12/21/09
Dr. Boyce Money
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How a Happy Meal Can Cost You Half a Million Dollars
Many of us don't spend much time thinking about retirement planning. We figure that it's something ...
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Sinbad: Comedian Files for Bankruptcy After Going Broke
It turns out that Sinbad is broke. The comedian declared bankruptcy on December 11th of this year, ...
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Man Gambles Away $127 Million Dollars - Dr. Boyce Money
Terrance Watanabe has a serious problem. The 52-year old man went into Harrah's casino, got drunk ...
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Gatorade Drops Tiger Woods Drink: Dr. Boyce Money
Gatorade has dropped Tiger Woods, well, at least they dropped his drink. The new Gatorade drink, ...
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Prosperity Gospel and the Black Church: Legitimate or Not?
Nearly every African American knows just how important the black church is to our community. We ...
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Inner City Schools: Funding Should be Equal Across the Board
The following is an excerpt from the book, "Black American Money." I saw some random "expert" on a ...
Monday, September 28, 2009
Black Financial News: Ebony Magazine is About to Be Sold
by Dr. Boyce Watkins, MSNBC’s TheGrio.com, Your Black World
The black journalism students here at Syracuse often come to me to find out how the industry works. They sometimes instinctively wonder if their professors' stories about being in a CBS newsroom in 1982 are going to help them survive in a world run by Twitter, Myspace and Facebook. The answer is a resounding "probably not."
While respecting the journalism professors teaching their classes, I simply use examples like Ebony Magazine to help them realize that black media is changing, and sites like theGrio.com, BlackVoices.com, and TheRoot.com, are examples of how black media has evolved. In fact, a journalist who doesn't understand technology and business models is in danger of starting his/her career as a dinosaur.
When it comes to recent reports about Ebony Magazine being offered for sale, I admit that I was saddened, but not surprised. The Ebony Fashion Fair has become one of the most celebrated events in black America, and the magazine has been nothing less than a tremendous source of national pride since its creation in 1945. But in the age of the web, oversized bureaucracies can be crushed under the weight of their own arrogance. Bloated payrolls, pompous corporate functions and a sense of entitlement make them easy prey for quick, hungry and rapidly evolving competition.
In spite of the tremendous love we have for Ebony/Jet, the truth must be confronted when realizing that it is what radio was to TV or what the train was to the airplane. Like radios and trains, there is still a place for print media, but that role is no longer dominant. The current economic climate only accelerated the inevitable, since advertisers were eventually going to stop spending $50,000 for magazine ads when they can buy the same number of eyeballs for $5,000 or less.
I present the following 5 questions I'd like to ask out loud about both Ebony Magazine and the state of African American media:
Visit Your Black World for the latest in Black News
Thursday, September 24, 2009
Ever Thought Hard about Property Insurance? Well, you need to think again
Most of us know very little about the ins and outs of property insurance. Christopher Chestnut is not in that category. As a prominent attorney out of Florida, Mr. Chestnut has taken on multi-million dollar cases and handled some of the most complex lawsuits imaginable. As one of the leading young black attorneys in America, Chestnut has been recognized by President Obama for his outstanding accomplishments.
I spoke to Chris this week about Property Insurance and what it can do to make your life a little simpler. Here is what he had to say:
1) If you rent, make sure you have renter's insurance. Also, make sure your landlord has homeowner's insurance, since renter's insurance only includes the contents that are INSIDE the house
2) Check your landlord's insurance regarding injuries on your rented property. Most people are unaware of the fact that the homeowner is liable in the event that someone is injured on their property. Even if the children across the street climb the fence to get into your yard, you are liable if one of them gets hurt. Find out how your landlord's homeowner's insurance would cover you if someone has an accident.
Sunday, March 15, 2009
Genma Holmes: Tavis Smiley Must Be Held Accountable Also
by Genma Holmes
While I was reading the lawsuit filed by the NAACP for predatory lending practices, my eyes kept returning to Wells Fargo. My something-smells-funny nose kept sniffing until I looked across my desk and saw the program guide from the recent State of the Black Union (SOTBU). In large font was the Wells Fargo logo, titlesponsor of the event. I wondered if the NAACP had any dialogue with Tavis Smiley prior to the lawsuit being filed. The bank that is being sued for institutionalized racism sponsors a think tank for black folks. (You cannot make this stuff up.)
Wells Fargo has sponsored the SOTBU for several years. SOTBU was the brainchild of Tavis Smiley and birthed from his weekly commentary on the Tom Joyer Morning Show. Tavis Smiley quit the TJMS in April of last year and moved on to other projects that needed more of his attention. One of those projects is to hold President Obama accountable for his political record and campaign promises made on the campaign trail as outlined in his recent book.
From his book:
“During the run-up to the 2008 presidential election, while I was still the resident political commentator on the Tom Joyner Morning Show, I caused quite a stir among the listeners, who are largely African-American, by insisting that we hold then Senator Barack Obama accountable for both his political record and his campaign promises. I wasn’t singling him out, but rather applying the same standard to him that we should apply to all.
I feel now, as I did then, that it is our responsibility as engages citizens to expect now-President Barack Obama to live up to the promises that made him an appealing candidate… As Martin Luther King, Jr.’s Letter from Birmingham Jail reminds us, ‘Human progress never rolls in on wheels of inevitability; it comes from the tireless efforts of men willing to be coworkers with God, and without this hard work, time itself becomes an ally of the forces of social stagnation.’
So, let us take Dr. King’s lead… and go forth and make real the promise of our democracy.” -- Excerpted from the Foreword (pages xii-xiii)
The SOTBU website states "Some of the most influential thinkers, entertainers, and political leaders of our time gather each year to discuss the State of the Black Union during Black History Month. Presented annually in February by Tavis Smiley Presents, the symposium was created to educate, enlighten and empower America by bringing people together and engaging them in thoughtful dialogue, leading the way to constructive action."
The man who has written a book titled Accountable, has accepted sponsorship for years from a bank that is being accused of forcing blacks into subprime mortgages while whites with identical qualifications got lower rates. Class-action lawsuits were filed against Wells Fargo and HSBC in federal court in Los Angeles. Los Angeles was also the host city for the State of the Black Union.
My words may anger some but this is equivalent to a child molester opening up a neighborhood daycare center. It is this type of irony in the black community by leaders and organizations that keeps folks from getting ahead. "Leaders" play nice and accept money from the very organizations that causes the most harm and perpetuate media stereotypes. This happens in many communities but it is perverse in the communities of color.
Does this means Tavis is going to turn his journalistic intuition on Wells Fargo and hold them accountable? I hope so. These are serious charges being leveled at a time when banks that are behaving badly are receiving TARP bailouts. Is he going to compile the number of loans that were given to blacks vs. whites and research the information and give it to the board of directors of Wells Fargo? Will he ask for their resignations? Now that is taking action. Will he helped them be a better bank by helping them exam how they conduct business with people of color? Will he turn down their sponsorship next year and take their logo off his website with a link to their mortgage department? That would be worthy of an NAACP Image Award! Is this not what several of the panelist ask often when others accept sponsorship or advertisement from organizations that do not tow the line when allegations or perceived racist misconduct occur? All the time.
Tavis has always asked his listeners and viewers to be watchful and test everything and everyone. How did Wells Fargo allege predatory practices get around Tavis who would not allow then Senator Obama to campaign without a thorough scrutiny of the issues and his character? President Obama who has been on the national political scene less than ten years is being exam microscopically by Tavis. While SOTBU, Tavis and the same panelists year after year have held meetings with very loud megaphones on radio and television turned blind eyes to the practices of Wells Fargo and others. Practices that have gone on much longer than President Obama has been in the White House according to the time line stated in the NAACP lawsuit.
Many of the speakers at Tavis' 2009 SOTBU event were the same faces sitting in the audience for the 2009 NAACP Image Awards. The award show was televised on the Fox Network, which was the subject of a boycott. (You cannot make this up.) Some body's PR people are not talking to the other folks' legal department and the legal department is surely not talking to the marketing representatives. In the fragile world of sponsorship and raising dollars for mega events to show accountability, this sounds like a church split or at the very least biting the hands that sponsor/televise your events. This is enough to leave one confused and bewildered.
Tuesday, March 10, 2009
Black Financial Scholar Dr Boyce Watkins Talks Obama Policy on NPR
Dr Boyce Watkins, Finance Professor at Syracuse University, discusses foreign policy, The Obama Administration and the Economy. Click the image to listen!
Saturday, March 7, 2009
Prof Boyce Watkins Appears in Essence Magazine w Tyler Perry
Dr Boyce Watkins, Finance Professor at Syracuse University, appears in the March issue of Essence Magazine to discuss money and investing in light of the 2009 Financial Crisis.
Dr. Watkins is one of the world’s leading experts in Finance and was the only African American in the world to earn a PhD in Finance during the year 2002. For more information, please visit www.BoyceWatkins.com.
Dr Watkins has been in Essence Magazine many times in the past, particularly due to his popular book, “Financial Lovemaking 101: Merging Assets with Your Partner in Ways that Feel Good.”
Tuesday, February 3, 2009
Helping Your Parents in Retirement
Question: My mother is 50 years old and has no 401(k), IRA or any type of retirement account that she can rely on when she is no longer able to work. What type of plan can I set up for her so she can start saving money? L.K., Lancaster, Pennsylvania
Answer: The issue of what adult children can and should do to help assure that their parents are financially prepared for retirement is one that's getting more attention as lifespans increase and we become increasingly reliant on our personal savings to fund our post-career lives.
Typically, though, this is the type of question I get from baby boomers who, already squeezed by simultaneously saving for retirement and paying school and other child-rearing costs, now face the prospect of also having to provide financial assistance to retired parents.
Monday, February 2, 2009
Sunday, February 1, 2009
Study shows that subprime lending costs Minorities over $213B
The social advocacy group United for a Fair Economy just released a study stating that the cost of the mortgage crisis has been $213 Billion to minority groups. The cost was calculated over the 8 years of the Bush Administration.
"Millions of African Americans lost their homes as a result of predatory lending and complicated contracts," says Dr. Boyce Watkins, Finance Professor at Syracuse University. "This was a double whammy for senior citizens, including my own grandfather."
The report was entitled "Foreclsure: State of the Dream". In fact, the study concludes that the impact of the crisis on the Black community was "the most massive loss of wealth for African Americans in U.S. history."
