Lack of Funding is a Huge Hurdle for Black Entrepreneurs

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action 

Danielle Douglas, an entrepreneurship expert and CEO of Inspire Enterprises, conducted a survey of African Americans interested in owning their own businesses. The survey,which can be found here, was qualitative in nature, asking questions about the pitfalls that people run into when trying to become either full-time or part-time entrepreneurs.
Douglas made it clear that the greatest obstacle that African Americans face when trying to start their own business is a lack of access to capital. In an interview with AOL Black Voices, Douglas said this:
"Overwhelmingly, respondents number one frustration is lack of financial resources as it relates to start up capital , access to capital in general, and identifying viable resources to help them attain capital."

 

Click to read.

Why are Corporations Not Hiring the way we need them to?

 

Click here to watch Dr. Boyce Watkins on CNBC

Why Do Black Athletes Go Broke? Let’s Figure Out Why

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action 

I am participating with MSN in a project called "The Invested Life." The program represents the launch of a series of web-based episodes that teach the fundamentals of investing to regular, everyday people. I've worked on the show for months, and I'll be engaged in the project for the rest of the year. It's been an interesting jump into the world of film making, with scripts, production schedules and all that good stuff. I've gained a newfound respect for how hard real actors and actresses actually have to work.
A guest on the show is a man named Winfred. Winfred is a former NFL athlete who found himself done with sports and trying to make sure that his wealth lasted until retirement. He made an interesting point that for many athletes, the challenge of retiring young with virtually no skill set can be a one way ticket to the poor house. As a man who is concerned about the plight of the black athlete, I constantly see men who've traded away their entire educational future in exchange for a very short and meaningless life of glamor in professional sports.

Click to read.

Dr. Boyce Watkins joins MSN’s “The Invested Life”

 

Click to watch Dr. Watkins’ episodes.

Barack Obama Ditches His Top Economic Advisor

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action 

President Obama's top economic advisor, Lawrence Summers, is finally. out the door. The former Harvard University President resigned from Obama's Council of Economic Advisors amidst questions about his performance. Summers came to represent the very worst of the economic crisis. He was the man in charge, next to the man in charge, as the world came to associate Harvard University economists with the financial destruction of America.
Summers wasn't a bad economist, but he was hardly an adequate representative of the American people. He was part of the academic aristocracy, the nephew of (not one, but) two Nobel Prize winners and the son of two Yale university professors. Needless to say, Summers was born with a silver spoon in his mouth and doesn't know a thing about economic struggle. He worked hard for what he ultimately received, but quite a few doors were open to him from birth. He personified the white male affirmative action program that has been in existence since slavery. At the very least, the chances of a black man having two Yale professors in his family (let alone a Nobel Prize winner) are virtually non-existent due to Jim Crow. So, if Lawrence Summers had been born as one of "us," we wouldn't even know his name.

 

Click to read.

Dr. Boyce on CNBC: Should the Estate Tax Be Repealed?

 

Click to watch Dr. Boyce Watkins discuss estate taxes – Video is here.

African American Woman Says She’s Exhausted of Defending Obama

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action 

A black woman stood up in the Town Hall Meeting held by President Barack Obama yesterday and made a comment that got the attention of the world. She mentioned that she was "exhausted" from trying to defend the president to his critics:
I am one of your middle class Americans and, quite frankly, I'm exhausted... I'm exhausted of defending you. I'm exhausted of defending your administration, defending the mantle of change that I voted for. And I'm deeply disappointed with where we are right now.
I have been told that I voted for a man who said he was going to change things in a meaningful way for the middle class. I am one of those people and I'm waiting sir. I'm waiting. I don't feel it yet. And I thought, while it wouldn't be in great measure, I would feel it in some small measure... And quite frankly Mr. President, I need you to answer this honestly: Is this my new reality? (Thelightnc.com)

 

Click to read.

Black in America on CNN: Their Incorrect Analysis of the Black Wealth Gap

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action 

I was recently checking out some of CNN's special, "Black in America," the show they seem to do once a year. In the series, African Americans are analyzed like lab rats in a cage, with producers highlighting every dysfunction imaginable, as if we have a monopoly on counter productive behavior. Although I've always had a good relationship with CNN, I can barely stomach some of what I see. This is not to say that black folks are perfect: but the idea that we are somehow less perfect than whites is nothing short of paternalistic, White Supremacist thinking.
The segment that threw me through the roof was one covering the wealth gap between blacks and whites. In this particular Black in America segment, CNN shows that the wealth gap between blacks and whites is $28,000 to $140,000, with whites being the leaders. They then go on to state that African Americans save and invest less than whites. I give a "check" on most of these numbers, I have no problem with the data.

 

Click to read.

Your Black News: HBCU TV Network to Launch This Fall

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action 

NewsOne.com is reporting that there are plans to launch a 24-hour network dedicated to HBCUs. The network is set to be focused on "edutainment" and lifestyle for Historically Black Colleges and Universities. The company behind the platform, C3 Media LLC says that the network is set to fill a niche within the cable industry that has barely been reached in the past.

Much of the programming will also feature various sports teams sponsored by black colleges all across America. "The idea and vision behind the creation of the HBCU Network is to preserve and celebrate the African American colleges and universities, while also providing opportunities for their growth and further prosperity," CEO Curtis Symonds told NewsOne. "At the same time, we are passionate and excited about building a strong media brand and network from the ground up."

 

Click to read.

Black Athletes Under Attack: NFL Owners May Lock Out the Players

by Dr. Boyce Watkins, Syracuse University 

For NFL fans and those who have teams in their cities, there's something you should know. Like a dark cloud hanging in the sky on a bright, sunny day, a pending NFL lockout is waiting on the horizon. A lockout is sort of like a strike, but the workers aren't the ones calling for it. Instead, team owners are the ones calling for a halt in NFL activities, where the league will be shut down and games cancelled. Even if games aren't cancelled, we might be forced to endure another season of tacky replacement players, and nobody wants that.
The AFL-CIO has decided to put it's power behind the NFL Players Union in this battle with team owners. The organization sent a letter to the owners of NFL teams, warning them that a lockout could have a powerfully detrimental effect on workers and fans in cities all across America. They also warned that cities could lose $140 million in revenue.

Click to read.

Black Scholars Watkins and Metzler on CNBC – 9/15/10

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Black Scholars Dr. Boyce Watkins and Dr. Christopher Metzler Discuss "Keeping The Bush Tax Cuts" on CNBC

Open Letter to President Obama: Let’s Deal with Black Unemployment Right Now

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action 

Dear Mr. President,

I write this letter with all due respect to yourself, as well as the office of the presidency. Your historic rise up the political ladder has been nothing short of inspirational, and your extraordinary vision has positioned you as one of the most celebrated leaders in the history of the United States. As a fellow scholar and African American male, I applaud your achievements. I am especially excited about how you, Michelle, and your beautiful daughters present such a magnificent image of the African American family.
While the black community remains inspired by your achievements and overwhelmingly sympathetic to your challenges from conservatives, there are concerns that the economic plight of black Americans has not been a priority for the Obama Administration. To be sure, opinions on this matter are far from unanimous. But the numbers tell a story that needs to be heard.

 

Click to read.

State AG Wants to Take Fisk University’s $74M Art Collection

• 

• Valuable Fisk University Art May be Repossessed by the State

  1:24 PMSep 13

  Source: BV Black Spin

  This week, Tennessee state Attorney General Bob Cooper asked a judge to allow the state of Tennessee to take possession of a 101-piece art collection owned by Fisk University. The collection was donated to the university by the late Georgia O'Keefe ... Read More

• John Boyd, President of the National Black Farmers Association: Black Farmers Deserve Justice Now

  1:15 PMSep 13

  Source: BV Black Spin

  When John Boyd steps before a crowd and talks about the indignities and discrimination that black farmers have had to endure from the federal government, he's not just speaking from a script. Boyd, who raises beef cattle, corn, wheat and soybeans in ... Read More

• Nicki Minaj Has Lady Gaga Swag, Laurie Ann Gibson Says

  12:32 PMSep 13

  Source: BV Black Spin

  Could Nicki Minaj be the next Lady Gaga? Laurie Ann Gibson certainly thinks so. Choreographer extraordinaire Gibson worked with Gaga to create the dance chemistry in Gaga's MTV Video Music Award-winning "Bad Romance" video and also put together ... Read More

• 10 Ways the NFL Can Punish Reggie Bush Properly

  12:00 PMSep 13

  Source: theBVX.com

  New Orleans Saint Reggie Bush may be stripped of his Heisman Trophy soon for NCAA violations during the 2004 and 2005 seasons while attending University of Southern California. But, is that all? We can think of ten more ways the NFL can punish Bush ... Read More

• Dr. Boyce Video: Meet Bruce George, Creator of Def Poetry Jam

  11:48 AMSep 13

  Source: BV on Money

  PRODUCTION PLAYER! DO NOT DELETE. ... Read More

• Daily SMH: Jennifer Hudson's Brother-In-Law Exploits Tragedy

  11:00 AMSep 13

  Source: theBVX.com

  Some people will say anything to get their rap career off the ground. Jennifer Hudson's brother-in-law and the father of her slain nephew is no exception to the rule. ... Read More

• MTV Video Music Awards Red Carpet Rundown

  9:00 AMSep 13

  Source: BV on Style

  The 2010 MTV Video Music Awards -- one of the most anticipated awards show of the year -- has come and gone. However, many of the outfits from last nights show are still fresh in our minds. Fun, short and flirty dresses, high platform heels, and ... Read More

• Black Man's HIV Status Leads to Breakthrough in Research

  2:21 AMSep 13

  Source: BV Black Spin

  According to scientists, HIV research is undergoing a "renaissance." Recent developments can lead to a plethora of new drugs to fight a disease that has crippled the black community. The most interesting part of it all is that much of the progress ... Read More

African American Unemployment Rises 700% More Than White

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action 

This weekend, I was on the radio with Rev. Jesse Jackson. He'd just completed a march in Detroit, for jobs, peace and justice, only to find that his SUV was stolen upon arrival. But when I asked him if he was OK, his response was quite telling of the leader that he is: He simply said that the car doesn't matter at all when there are so many people suffering across America.
Well, the nation-wide suffering for African Americans has just intensified with the recent unemployment data delivered by the Bureau of Labor Statistics. It's most recent report showed that while white unemployment only went up from 8.6 percent to 8.7 percent, black unemployment went up from 15.6 percent to 16.3 percent. This increase of seven percent is at a rate that is 700 percent of the increase of white Americans.

 

Click to read.

Kodak Pays Millions for Discrimination

• 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

• 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

• 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

• 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

Tom Joyner Starts a Company to Get HBCUs Online

by Dr. Boyce Watkins, Syracuse University 

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 online and distance learning programs.
Joyner's foundation has donated quite a bit of money to HBCUs. He is also a proud advocate for these campuses, which have struggled a great deal during the recent recession. Taping into additional revenue provided through online programs would provide a much needed boost for many black colleges and universities.

 

Click to read.

Dr. Julianne Malveaux Speaks Up for Detroit Suffering

by Dr. Boyce Watkins, Scholarship in Action 

This week, Bennett College President and prominent black scholar Dr. Julianne Malveaux wrote a strongly-worded article about the economic suffering taking place in the city of Detroit. In the article, Malveaux describes Detroit as Ground Zero for the black economic experience over the past two years.
"Only one in four young black men graduates from high school in Detroit. The rest are lost and left out, swallowed by a city where urban blight, industrial desertion, and educational failure define daily life. Detroit is ground zero, exemplifying the absolute worst of urban life."
Dr. Malveaux goes on to highlight the problems that are caused in our communities by decaying schools and poor investment in urban infrastructure. She mentions that President Obama was quick to support the automakers in Detroit, yet there are quite a few urban citizens of the city who have yet to feel relief.

Click to read.

When You Die, Who’s Responsible For Your Debts?

by Dr. Boyce Watkins, Syracuse University 

 

You are going to live forever.  Death is beneath you.  Those who depend on you financially will always be able to rely on your immortality as a guaranteed source of financial security.  I hope you don’t think I’m lying, being sarcastic or sounding flat out silly. Perhaps you do.

Ok yes, I was being silly.  But the reality is that most of us are equally ridiculous when it comes to our perception of death and how our sudden passing could financially ruin those who care about us.   Death doesn’t care how many appointments you have, how many projects you’re working on, or how many plans you have for the future.  It just takes you, and it’s always at the least convenient time.  That’s the nature of the Grim Reaper, who might not be nearly as malicious as the bill collectors seeking to get their money back after you’re gone.  
While comprehensive financial planning is beyond the scope of this article, I can share a few tips on dealing with debt in the event of your death.  This information could help you when dealing with a deceased relative, and it should also be shared with your relatives in case you pass on unexpectedly. 

 

Click to read.

Dr. Boyce Watkins: How to Teach Your Kids About Money

by Dr. Boyce Watkins, Syracuse University 

Given that our children are likely our greatest expense and greatest love, perhaps it might be helpful to discuss how we teach them about money.  If you raise your kids to be financially responsible, they can be assets to you during retirement.  If they are taught about money in the wrong way, they become horrible economic liabilities that leave you riddled with guilt.  So, although I don’t claim to know everything about child rearing, I thought I’d share some guidelines you might want to consider when it comes to teaching your kids about money.

 

Click to read.

Bad Financial Decisions of Fantasia

by Dr. Boyce Watkins, Syracuse University, Scholarship in Action 

One of the most magnificent voices in all of music is owned by Fantasia Barrino, the singer out of North Carolina. Most of us know that Fantasia attempted suicide recently. Of course the suicide attempt led to instant national media attention, and she was all over the news telling her story. Her management team, understanding the value the incident could have for her brand, pushed out the Vh-1 special before you could say the words "publicity stunt."
Now, I'm not here to say that I know what happened to Fantasia or whether the suicide attempt was genuine. But one thing that remains fundamentally true is that she'd been highly upset over the decline of her career. Also, we know that the television specials and additional PR from the incident have put Fantasia in the limelight in a way that far exceeds what she had access to last month. The final thing we know is that Fantasia is working furiously in the studio to get an album out in order to profit from the re-establishment of her celebrity status. Unfortunately, her team may be looking to replicate the experience of Jennifer Hudson after her difficult experience last year.

Click to read.

Dr. Boyce on CNBC – 8/23/10

Click to watch – Dr Boyce in a heated argument with Ben Ferguson over taxation of the rich

Dr. Boyce and Chris Metzler on CNBC Debating the Rich vs. the Poor

 

Watch Dr. Boyce Watkins and Christopher Metzler on CNBC - should the rich be taxed more than the poor?  Click here to watch

 

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The latest in Financial News - 3/22/10

India delivers growth for Domino's Pizza

Chain's new CEO expects international sales to surpass those in U.S. in 3-5 years.

• N.Y. police agree driver error caused Prius crash
• No recession for rich: Tiffany 4Q profit quadruples
• Greece may turn to IMF as Germany balks at euro aid
• Geithner: Bank overhaul must protect consumers
• Column: Health care bill should help small business

How Much Dough is Earned in March Madness Anyway?

by Dr. Boyce Watkins

In 2006, the chairman of the House Ways and Means Committee, Bill Thomas, sent a letter to NCAA President, Myles Brand. In this letter, Thomas had this to say:

"The annual return also states that one of the NCAA's purposes is to 'retain a clear line of demarcation between intercollegiate athletics and professional sports.' Corporate sponsorships, multimillion dollar television deals, highly paid coaches with no academic duties, and the dedication of inordinate amounts of time by athletes to training lead many to believe that major college football and men's basketball more closely resemble professional sports than amateur sports."
In this letter, Thomas makes a very clear point that is also being mentioned by academics, coaches, former athletes, students, attorneys and fair-minded Americans throughout the country: the NCAA is a professional sports league. To call collegiate athletes in revenue-generating sports "amateur" is like calling Barack Obama a part-time politician in training.

Companies pay CBS Sports $100,000 dollars for a 30-second ad during the early rounds of March Madness. This cost jumps to $1 million dollars for a 30-second spot during the Final Four. The NCAA's contract with CBS is an 11-year, $6.1 billion dollar TV rights deal, with the NCAA hauling in over half a billion per year in revenue. The amount of money made during March Madness exceeds that which is earned in the playoffs for the NFL, NBA or Major League Baseball. The average coach in March Madness earns roughly $1 million dollars per year and schools typically hire their basketball coaches without giving a "you-know-what" about the academic standards of the coach they've chosen to hire (you hear that Kentucky)?

Now, who said that any of this could be defined as "amateur"?

 

Click to read

Dr. Boyce: Why African Americans are More Optimistic than you Think

• by Dr. Boyce Watkins

According to a recent survey by Experian, African-American consumption grew by over 50 percent from the year 2000 to 2008 ($590 billion to $913 billion), and it is expected to grow to over $1.2 trillion dollars by the year 2013. The study also shows that blacks are more economically optimistic than whites, with 36 percent of us stating that we expect our financial future to improve, as opposed to 31 percent for all adults.

The Experian study says a couple of things: First, it says that black people love to consume and that we are getting better at it. In fact, black people have historically been very good at buying things and working hard to get them, but we are not very good at production, investment and saving our money. We grab our tax refunds and run to the mall. We become highly paid corporate lawyers in order to purchase the house and car we really can't afford. We are chubby kids in the economic candy store, accelerating our collective addiction to the monetary engines controlled by corporate greed.

 

Click to read

Dr. Boyce: Russell Simmons Rants on Banks

by Dr. Boyce Watkins 

Hip hop mogul Russell Simmons seems to feel that banks are not treating the poor in a proper fashion. This week, in a rant on his site, “The Global Grind,” Simmons had this to say:
“They trick customers into doing things that are not good for them through lack of transparency, and surprise them with new fees when they can least afford it. I’m learning an important lesson about ethics or lack of ethics in this industry. In fact, I’m fighting with a bank right now that doesn’t know what kind of ass whipping they are going to get when I expose them for the abusive practices and exuberant fees they are charging the poor. What they are doing is trying to double their already outrageously high fees in exchange for providing absolutely nothing to my customers.”
Simmons went on to try to create a “movement” by adding a call to action:

“Let’s start the biggest public discussion ever about how banks treat us and expose these banks for their unequal treatment and unconscionable conduct. The time is now.”

 

Click to read.

The Economic Policy Institute – 2/16/10

 

12/07/09
American Indians and the Great Recession—Economic Disparities Growing Larger
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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

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12/16/09
A bleak future for black children
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12/09/09
High unemployment: A fact of life for American Indians
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11/12/09
Reversing the Decline in Good Jobs [event]
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11/10/09
Jobs creation effort needs to focus on good jobs
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Three lessons about black poverty
Analysis & Opinion

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African Americans see weekly wage decline
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Among college-educated, African Americans hardest hit by unemployment
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Jobs Picture, September 5, 2008 - Special Issue
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Understanding the black jobs crisis
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06/10/08
Subprime mortgages are nearly double for Hispanics and African Americans

Congressional Black Caucus “Funny Money”

by Dr. Boyce Watkins 

From left are, Rep. Donald Payne, D-N.J., Rep. John Lewis, D-Ga., Rep. Edolphus Towns, D-N.Y. and Rep. Charles Rangel D-NY. (AP Photo/Pablo Martinez Monsivais, File)

Does anyone think that the Congressional Black Caucus works for the interests of the African-American community? Well, think again. It appears that, according to a scathing report in The New York Times, African-Americans don't have the money to buy the CBC's loyalty. At the very least, they do not appear to be the top priority for a legislative group that has allowed dollar signs to complicate its priorities.

The New York Times article details a highly suspicious network of foundations and charities that seem to funnel money to CBC members in exchange for influence in Washington. The political and charitable wings of the CBCtook in $55 million dollars between 2004 and 2008, with only $1 million of that coming through their political action committee; the rest came through their unregulated network of foundations, which are allowed to escape campaign finance laws designed to keep legislators from being bought by corporate America.

While the CBC argues that the funds are used to support charitable causes in the African-American community, it seems that the foundation spends more time "big balling" with elaborate corporate events than it spends actually doing work for the community. Federal tax records show that the CBC Foundation spent more money on the caterer for its annual dinner, $700,000 dollars, than it spent giving out scholarships. As my mama used to say, "That's just trifling."
Even more disturbing are the relationships that the Congressional Black Caucus has formed with industries that clearly do not have the interests of the black community at heart, including the Internet poker industry, cigarette manufacturers, alcoholic beverage producers and rent-to-own companies. Many rent-to-own companies operate in predominantly black neighborhoods and are effectively electronic drug dealers: They give consumers a quick high today in exchange for unethically high fees and massive amounts of debt. Well guess what? The CBC is one of the reasons that the rent-to-own industry has been allowed to expand its operations in urban communities where CBC members don't even live.

Click to read.

Dr. Boyce Watkins on MSNBC: The State of the US Economy

Click to Play

Dr. Boyce Watkins on MSNBC: The State of the US Economy

Black 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.

Click to read.

Charges Filed in NAACP Embezzlement Case

A former NAACPexecutive was charged in Fulton County, Ga., with embezzling $275,000 from the U.S. civil rights organization, NAACP officials say.

The Rev. Amos Brown, administrator for the NAACP's Atlanta chapter, said former NAACP official Judith W. Hanson and Hanson's former assistant, Saundra Douglass, are accused of embezzling funds during their time with the Baltimore-based organization, The Atlanta Journal-Constitution said Tuesday.

Authorities allege Hanson, who served as the executive director of the NAACP's Atlanta chapter, and Douglass used NAACP funds for personal expenses during a six-year period.

 

Click to read.

African American News: Study Finds Financial Benefits to Marriage

Historically, marriage was the surest route to financial security for women. Nowadays it's men who are increasingly getting the biggest economic boost from tying the knot, according to a new analysis of census data.

The changes, summarized in a Pew Research Center report being released Tuesday, reflect the proliferation of working wives over the past 40 years — a period in which American women outpaced men in both education and earningsgrowth. A larger share of today's men, compared with their 1970 counterparts, are married to women whose education and income exceed their own, and a larger share of women are married to men with less education and income.

"From an economic perspective, these trends have contributed to a gender role reversal in the gains from marriage," wrote the report's authors, Richard Fry and D'Vera Cohn.

 

Click to read.

Facebook Plagued by Fake Haiti Fundraisers

Fake fundraising efforts for the Haiti disaster are spreading like wildfire on Facebook. Dozens of fan pages have been set up, urging users to join and promising a $1 donation for each member. One group this weekend attracted 1.5 million members before it was disabled.

Meanwhile, during the weekend, Facebook officials had to beat back a rumor that the firm had promised a $1 donation for every member that changed their status to include a message about Haiti.

"This status is being tracked, the owners of facebook have confirmed they will send $1 to the rescue fund for the Haiti earthquake disaster for everytime this is cut and paste as a status," read one form of the bogus claim. "You only have to leave it for a minimum of 1 hour. Lets all do our bit to help."

Facebook spokesman Barry Schnitt said the firm took aggressive steps to quell the rumor. It posted a note on its blog on Saturday warning about the bogus message.

"Beware of scams and hoaxes and ensure that your donations for Haiti get to the right places," the social networking company wrote on its blog. Contrary to a current meme, Facebook is not donating $1 for statuses, however we are sharing reputable resources via the "Other Pages" tab on the Global Disaster Relief on Facebook Page."

 

Click to read.

Wyclef’s Charity Under Questioning

Haiti's musician Wyclef Jean, left, arrives at the airport in Port-au-Prince on Wednesday, Jan. 13, 2010, the day after a 7.0-magnitude earthquake hit his country. (AP Photo/Lynne Sladky)

(AP)

Groups that vet charities are raising doubts about the organization backed by Haitian-born rapper Wyclef Jean, questioning its accounting practices and ability to function in earthquake-hit Haiti.

Even as more than $2 million poured into The Wyclef Jean Foundation Inc. via text message after just two days, experts questioned how much of the money would help those in need.

"It's questionable. There's no way to get around that," said Art Taylor, president and chief executive of the Better Business Bureau's Wise Giving Alliance, based in Arlington, Va.

Taylor reviewed Internal Revenue Service tax returns for the organization also known as Yele Haiti Foundation from 2005 through 2007. He said the first red flag of poor accounting practices was that three years of returns were filed on the same day — Aug. 10 of last year.

In 2007, the foundation's spending exceeded its revenues by $411,000. It brought in just $79,000 that year.

click to read.

US Insurers Have Limited Exposure to Haiti

U.S. insurers may have very little exposure to the massive losses caused by the earthquake that struck Haiti.

Haiti is one of the smallest insurance markets in the Americas, with a total non-life insurance premium income of just under $20 million, "which reflect the country's poverty," according to a report Wednesday from Newark, Calif.-based Risk Management Solutions Inc. By comparison, the total net premiums for property and casualty coverage in the U.S. in 2008 totaled nearly $441 billion, the most recent figures available from the Insurance Information Institutes 2010 Fact Book.

 

Click to read.

Your Financial News: Jobs Come and then Go

By Chris Isidore, senior writerJanuary 8, 2010: 11:31 AM ET

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.

Your Black News: Black Leaders Fight for Census Funds

The nation’s black newspaper executives are asking for $10 million from the U.S. Census Bureau to advertise for the 2010 Census, but the government is reportedly only offering $2.5 million.
NNPA officials told Richard Prince - who writes a diversity column for The Robert C. Maynard Institute for Journalism Education - that the NNPA would use the $10 million in advertising to encourage African Americans across the country to participate in the 2010 Census.  
Commerce officials said the Census Bureau would take a second look at its $300 million communications campaign to determine if there are ways to make it better. The bureau kicks off its ad campaign next month and will conduct its head count via mail and door-to-door canvassing next spring.
Last month, a coalition of civil rights leaders met with U.S. Commerce Secretary Gary Locke in an effort to prevent an undercount of African-Americans in the upcoming 2010 Census. In 2000, the Census Bureau said about 4.5 million people were mistakenly overlooked - mostly African Americans and Hispanics.

 

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Dr. Boyce Money – The Latest – 12/21/09

 

 

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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 ...

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Accenture Drops Tiger Woods

A major sponsor for Tiger Woods announced Sunday that it is dropping the golf star in light of recent controversy swirling around his personal life.

Accenture, a management consulting firm, said on its Web site that "given the circumstances of the last two weeks ... the company has determined that he is no longer the right representative for its advertising."

The move ends a sponsorship arrangement that lasted six years.

Another major sponsor, Gillette, said Saturday it was "limiting" Woods' role in its marketing programs to give him the privacy to work on family relationships.

Woods announced on his own Web site Friday that he is taking an "indefinite break" from professional golf.

The 33-year-old golfer, who tops the sport's world rankings, has been mired in controversy since he crashed his car outside his Florida mansion late last month. In the week following the crash, Woods apologized for "transgressions" that let his family down, and US Weekly magazine published a report alleging that Woods had an affair with a 24-year-old cocktail waitress named Jaimee Grubbs.

 

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News: Tiger Loses $180 Million if He Takes a Year Off?

 

According to the New York Post, this is how much Tiger stands to lose if he takes the year off:

$180 MILLION IN PERSONAL EARNINGS, INCLUDING:

$110 million in advertising income, if sponsors rebel and dump contracts

$23 million in tournament prize money (roughly the amount he won in his last full season on the PGA Tour and abroad)

$30 million in fees for three golf courses he’s designing, if deals fall through

$17 million in appearance fees (equal to his best year for showing up to play minor events)

$591 MILLION IN INDUSTRY LOSSES, INCLUDING:

$455 million in losses to his Nike-endorsed golf brand, based on estimated 35 percent sales decline

$40 million in lost PGA Tour ticket sales, based on a predicted 25 percent loss at 20 Woods-attended tourneys

$96 million if the Woods-brand EA Sports golf video game goes down the tubes

Read more: http://www.nypost.com/p/news/national/tiger_to_suffer_ashEvFQnFsG4EKGuaCCDML#ixzz0ZaM5sD5W

Man Loses $127 Million Dollars at Casino

During a year-long gambling binge at the Caesars Palace and Rio casinos in 2007, Terrance Watanabe managed to lose nearly $127 million.

The run is believed to be one of the biggest losing streaks by an individual in Las Vegas history. It devoured much of Mr. Watanabe's personal fortune, he says, which he built up over more than two decades running his family's party-favor import business in Omaha, Neb. It also benefitted the two casinos' parent company, Harrah's Entertainment Inc., which derived about 5.6% of its Las Vegas gambling revenue from Mr. Watanabe that year.

Terrance Watanabe, 52, is believed to have the biggest losing streak in Las Vegas history, losing $127 million dollars in one year. Mr. Watanabe, who now lives in the Bay Area, stands near the entrance to Stanford University on Dec. 3, 2009.

 

Today, Mr. Watanabe and Harrah's are fighting over another issue: whether the casino company bears some of the responsibility for his losses.

In a civil suit filed in Clark County District Court last month, Mr. Watanabe, 52 years old, says casino staff routinely plied him with liquor and pain medication as part of a systematic plan to keep him gambling.

Nevada's Gaming Control Board has opened a separate investigation into whether Harrah's violated gambling regulations, based on allegations made by Mr. Watanabe.

 

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Tiger Woods Ads Disappear from TV

Tiger Woods is all over the TV, but his ads haven't been.

According to media tracker Nielsen, the last time a commercial featuring Tiger Woods appeared on television was Nov. 29. The 30-second Gillette ad aired during NBC's "Football Night in America," the pre-game show that broadcast prior to the Sunday night football game between the New Orleans Saints and the New England Patriots.

The ad featured Woods, New York Yankees shortstop Derek Jeter, Spanish basketball phenom Ricky Rubio and an announcer who says, "Here's to confidence," and aired eight times during November, according to Aaron Lewis, a spokesman for Nielsen.

 

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UCLA Students Running into Major Financial Trouble

Watch this video, which describes the financial trauma for UCLA students as the result of a recent tuition hike.

College Student Money Runs Short: How is She Gonna Work It Out?

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This college student has financial problems.