Thursday, March 3, 2011

Dr. Boyce Spotlight: Dressing for Success in a Tough Economy

by Dr. Boyce Watkins, Syracuse University 

African Americans are suffering worse than any other group of Americans during this prolonged recession. Our unemployment, bankruptcy and foreclosure rates are far higher than whites, which is a striking reality to face after electing our first black president. People like Alison Vaughn position themselves to help those of us who wish to compete more effectively in the workplace by offering training that will increase your value to prospective employers. It is her commitment to serving her community that makes Alison Vaughn today's Dr. Boyce Watkins Spotlight on AOL Black Voices:

Click to read.

Tuesday, March 1, 2011

Some Trying to Say that the Oprah Winfrey Network is a Failure

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

 

I’m not sure if this is the right time to pass judgment on the Oprah Winfrey Network (OWN), since it just began.  But Alexis Stodghill at AOL Black Voices, the New York Times and others are beginning to wonder if the magic is going to last.   According to the Times:

OWN, her two-month-old channel, is attracting fewer viewers than the obscure channel it replaced, Discovery Health. At any given time this month, there have been about 135,000 people watching OWN, according to the Nielsen Company, and only about 45,000 of those people are women ages 25 to 54, the demographic that the channel is focusing on.

Those ratings levels, down about 10 percent from Discovery Health’s levels last year, are being carefully watched by people who would like to rebuild cable channels around other celebrities, and by investors who worry that OWN is a drag on Discovery’s stock.

 

Click to read.

Dr. Boyce Spotlight: Prof. Laquita Blockson Analyzes Black Female Entrepreneurs

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

I've known of the work of Dr. Laquita Blockson for over a decade. I consider Dr. Blockson to be one of the leading experts on Minority female entrepreneurship in the entire United States. Given that the black female has been found in numerous studies to have the lowest average net worth of any race/gender group, the work of women like Laquita Blockson has a level of importance that is beyond words. It is because of her commitment to helping her sisters experience the freedom of socially-responsible entrepreneurship, education and wealth building that Dr. Laquita Blockson is today's Dr. Boyce Watkins Spotlight on AOL Black Voices:

 

Click to read.

Saturday, February 26, 2011

Thursday, February 24, 2011

Ephren Taylor Gives Interview about Bishop Eddie Long Financial Mix-Up

Interview done by Dr. Boyce Watkins 

Quite a few people took notice when Bishop Eddie Long went to YouTube to issue a very direct challenge to young entrepreneur Ephren Taylor over money that Bishop Long felt Taylor to have shaken out of his congregation. According to Bishop Long, Taylor should give $1 million to the members of his congregation who made investments in response to a seminar being offered by Taylor. Long's video seems to imply that Ephren had been unethical and misleading in the way he delivered the information and that people had lost thousands of dollars as a result.


I've never personally met either Bishop Eddie Long or Ephren Taylor, but I watched the Eddie Long video with extreme curiosity. I felt it to be entirely possible that Taylor could have been less than ethical, since pure capitalism tends to put ethics at the bottom of the priority list (legality is not the same as morality, so someone could be unethical while remaining within the boundaries of the law) . At the same time, there was also the possibility that Long's parishioners may not have read the fine print or had a misconception about what it means to invest. Some investors believe that investing means that you are guaranteed to make money. This is far from the truth. You can easily lose everything, so you should make sure you're prepared to stomach the risk before putting up your money.

 

Click to read.

Thursday, February 10, 2011

S. Tia Brown: Supporting Your Man as an Entrepreneur

by S. Tia Brown, Essence.com

First let me say this: I am single. However, just like you don't have to smoke crack to tell "rockheads" don't do it... well, you get the rest.
Second, I'm an avid, calendar-clearing, repeat-watching fan of the "Real Housewives of Atlanta." You know the type. I text my girls during the commercials. I feel like I know the "ins and outs" of the cast intimately. And, occasionally I pass judgment on their decisions.
With those two details out the way, it's time for my third assertion: When it comes to marriage, particularly to an entrepreneur, it can't always be tit for tat. Over the last few weeks I've watched Cynthia Bailey's now husband, Peter Thomas, try to pull out the dagger ripping his heart apart as his business -- their family's bread and butter-- revenue dropped lower than NeNe Leakes' cleavage line. Thomas shared his woes about picking up the pieces. Bailey worried about financing their wedding. Thomas grew angrier about not getting investors. Bailey balled about being owed her investment in his business. Thomas was forced to close his restaurant and rebuild. Bailey cried about not going on a honeymoon. All I kept thinking is, "where dey do dat at?"

 

Click to read.

Sunday, February 6, 2011

Why Are Most Universities Missing Black Professors?

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

During a four-year college career, most students take roughly 40 courses. Personally, I went to graduate school for another 7 years after college, taking an additional 40 - 50 more classes. During my entire undergraduate, masters and doctoral experience, I never had one single African American professor.
This experience made the educational process incredibly uncomfortable for me. I never experienced the privilege of my white classmates, who had teachers they could relate to, work with and connect with on a meaningful level. I did meet one African American professor (I never took his class) named Dr. Tommy Whittler. He is the sole reason I became a professor today because he was the first faculty member who'd ever taken time to mentor me as a human being.

Click to read.

Friday, February 4, 2011

CEO Ephren Taylor Responds to Eddie Long Allegations

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Bishop Eddie Long did a Youtube appeal to former Capital City Corp CEO Ephren Taylor about members of New Birth Missionary Baptist Church who allegedly lost money as a result of their investments.  Taylors reps have responded with this statement below:

FOR YOUR IMMEDIATE ATTENTION
January 31, 2011
MEDIA CONTACT:
Candace Reese J.
Envision Global
(678) 367-3117
C.Reese@EnviGlobal.com


STATEMENT FROM EPHREN W. TAYLOR ON BISHOP EDDIE L. LONG
YOUTUBE VIDEO APPEAL AND NEW BIRTH MISSIONARY BAPTIST
CHURCH WEALTH TOUR 2009


ATLANTA, GA (EnviGlobal.com) – Business Accelerator and entrepreneur, Ephren W. Taylor releases the following statement regarding the recent Youtube.com video appeal posted by New Birth Missionary Baptist Church pastor, Bishop Eddie L. Long:
Due to many inaccuracies, and based upon what I view as a direct character assassination and an attempt to paint a picture of an inability, on my part, to take responsibility for the actions of City Capital Corporation during my tenure as CEO, I am extending facts relative to the aftermath of the Wealth Tour at New Birth Missionary Baptist Church.

 

Click to read.

Saturday, January 29, 2011

Dr. Boyce Watkins and Rev. Jesse Jackson Discuss the Fundamental Problems with the Economy

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Click here to listen to Dr. Watkins and Rev. Jackson’s conversation about the state of the American economy.

Thursday, January 27, 2011

University of Texas Signs a $300M Deal on the Backs of Its Athletes

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

The University of Texas just inked a $300 million television rights deal for a 24-hour network that will broadcast Longhorn athletes and games. ESPN is the partner in the deal and will distribute the network via satellite in Texas and other states around the country. The network is expected to launch in September.
Given that college athletes are serving as the foundation for massive wealth being generated by schools like the University of Texas, it is time that we consider allowing these athletes to have the same labor rights as other workers who generate wealth around the nation. The United Steel Workers Union has actually spoken out on behalf of NCAA athletes, stating that they should have the right to unionize to ensure that their families can benefit from the wealth being created in these massive financial deals.

Click to read.

Wednesday, January 26, 2011

Dr. Boyce: Fried Chicken, Liquor and Of Course, Flava Flav

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

Last year, at the "Measuring the Movement" forum, hosted by Rev. Al Sharpton and the National Action Network, I had a chance to sit next to Chuck D from Public Enemy. I found Chuck to be as impressive, interesting and intelligent as he is on television. He also didn't give off the mind-numbing, stomach-turning, arrogant celebrity vibe that I see all too much. I was thoroughly impressed.
While I feel that I have some understanding of Chuck D, I simply cannot say the same for Flava Flav. Flava almost seems to come out of a different time, place, and perhaps even another planet, from the rest of us. He would have been great in the 1920s, when black performers could make a fortune by embracing ignorant stereotypes and engaging in ridiculous behavior. Flava seems to relish his role as the cultural clown, reminding all of us of exactly what Dr. Martin Luther King did NOT want our children to become.

Click to read.

Why 50 Cent Might Be in Trouble for the Way He Used Twitter

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

The rapper 50 Cent is known as much for his creative PR and business tactics as he is for the rhymes he once busted on the airwaves. Well, I guess he is still technically a rapper, but the music side of 50 Cent’s career doesn’t seem to be taking off like it did at the start of the decade.

Since his last hit record, 50 Cent has been involved in a series of business ventures that seem to pay him better than he was ever paid as an artist. The problem for Fifty is that he might be in trouble with theSecurities and Exchange Commission (SEC) for using his power tohaul in $8.7 million by pushing a stock on his Twitter page.

50 Cent has 3.8 million Twitter followers who apparently respect him for his investment advice. The rapper tapped into his massive market power by telling all of his followers about a stock that he owns called H&H Imports. In fact, 50 Cent owns quite a bit of the stock after acquiring 30 million shares in a private placement last October.

click to read.

Tuesday, January 25, 2011

Dr. Boyce Watkins Spotlight: From Harlem to Harvard – Giselle Marcus Sets the Standard

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

I was impressed with Gisele Marcus from the very first day we spoke. She has enough energy to light up Las Vegas and an intense drive to succeed in corporate America. She has done assignments around the world, most recently in South Africa, and has been identified as a rising star in executive circles. She also came from humble beginnings, growing up in a single parent household in Harlem, with a mother who pushed hard for Gisele to have a better life. In fact, her mother's story reminded me of that of Kelly Williams-Bolar, the woman was sent to jail for sending her kids to a school outside their district. I don't care what the law says, there's nothing unethical about a mother fighting to give her children hope for the future. Just like the days of slavery, there remain systemic barriers to keep our kids away from opportunity, but also like our ancestors, good mothers don't allow anything to keep us away from our dreams. It is for her dogged pursuit of excellence and the remarkable example she sets for young black women that Gisele Marcus is today's Dr. Boyce Watkins Spotlight on AOL Black Voices.

 

Click to read.

Monday, January 24, 2011

Dr Boyce Spotlight: Black Scholars in Computer Science

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

While many of us know who the leading black basketball and football players happen to be, we are rarely exposed to the leading Computer Scientists, Mathematicians and Physicists. Most importantly, most of us don't know that there is an entire organization of African American male PhDs called "Brothers of the Academy" who do scholarly work in a multitude of important fields. The media would be quick to feature these men if they were committing crimes, busting rhymes or dunking basketballs, but black males should be more readily celebrated when we are hitting the books, working our butts off and establishing sustainable institutions within the black community.
Ladies and gentleman, meet Professor Juan Gilbert. I've observed Juan as President of Brothers of the Academy for the past several years, and I can say with complete certainty that he is one of the most focused, dedicated, reliable and capable leaders in black America today. Juan not only runs BOTA, but he has also raised millions to fund his own computer science lab at Clemson University and at even before the age of 40, has served as the "academic father" for a large number of black Computer Science PhDs. It is for that reason that Professor Juan Gilbert is today's Dr. Boyce Watkins Spotlight on AOL Black Voices:

Click to read.

Friday, January 21, 2011

How to look great on a budget

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

Natalie P. McNeal is onto something. Under the name "The Frugalista," she has come up with a set of concepts that allow us to balance our need to save with our desire to enjoy life. Black people, on average, tend to be first-class consumers, second-class savers and third-class investors, leading many of us to a life on the edge of financial ruin. Even those of us who have high incomes can end up with debt up to our eyeballs and bills that we can barely afford to pay. So, when unemployment or financial crisis hits our households, we are the first to be bankrupt or in foreclosure.


The Frugalista lays out her own experience with debt and how she found a way to save money without forcing herself to live a Spartan life. She teaches that saving money should not be the only important thing in your life, but that financial responsibility can be a key to having a better life experience. It is for that reason that Natalie P. Mcneal is today's Dr. Boyce Watkins Spotlight on AOL Black Voices:

Click to read.

Friday, January 14, 2011

Dr. Boyce on NPR: Is College Still a Good Investment?

 

Click here to listen to Dr. Boyce Watkins discuss whether or not college is a good investment during a recession.

Tuesday, January 11, 2011

Boyce Watkins on NPR: President Obama and Black America

Dr. Boyce on NPR: What Obama Needs to do For Black People

Click the link below to listen to Dr. Boyce Watkins on NPR’s “Talk of the Nation” addressing what President Obama must do for the African American community as it pertains to education, economic inequality and mass incarceration.  

Dr. Boyce on NPR: What Obama Needs to do For Black Peopl- Click here

Monday, January 10, 2011

Three Things Obama Can Do for Black People

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

I was shaking my head over and over again in preparation for a conversation we are going to have on NPR tomorrow about President Obama. The show is called "Talk of the Nation," and I had the esteemed honor of being the resident black guy, as the other two guests are set to discuss various elements of foreign and domestic policy. I'm just joking about the "black guy" thing, since I'm just happy they didn't choose someone like Juan Williams.


At any rate, my brain started spinning on how President Obama can best use the remainder of his first term as it pertains to people of color. I thought carefully about what he's done, what he's doing, what he's up against and what matters to us. In my course of thought, I came to a few conclusions.

 

click to read.

Dr. Boyce Watkins Spotlight: Meet Ms. Keri Hilson

Keri Hilson

What is your name and what do you do?
Keri Hilson and I'm a R&B/Pop Singer and also write songs for other artists.


What are some of the misconceptions people have about celebrities and their money?


People tend to think that celebrities are impenetrable to making mistakes, that because they see you in a video with expensive things that your life revolves around that. I've found that my strongest foundation has been my family and friends now more than ever.


What has been the scariest/funniest/best moment in your career?


The best moment in my career is every time I'm on stage, going over lines and about to perform and I think, "Wow. I'm actually awake. I'm living my dream!"

 

Click to read.

Sunday, January 9, 2011

Monday, January 3, 2011

Dr. Boyce Watkins Spotlight: The Duchess of Black Scholars

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

The role of Super Woman in Black America can be readily applied to a woman who can balance the relentless pursuit of academic achievement, professional success, and outstanding motherhood, all at the same time. Miriam Harris (a.k.a. Duchess) is a textbook example of what we all want our daughters to become. She is a mother of three, and has both a PhD and a law degree. The Ivy League educated supermom is not only "about her business," she is deeply committed to the business of using her vast intellect to make the world a better place for both women and people of color. In other words, she's not just a Black PhD, she is actually a "Ph-Do." AOL Black Voices was able to catch up with Professor Harris for the Dr. Boyce Watkins Spotlight:
1) What is your name and what do you do for a living?

My name is Duchess Harris and I am an Associate Professor of American Studies at Macalester College.
2) What is your area of expertise and what made you pursue this particular area of study?

 

click to read.

Friday, December 31, 2010

Oldest Black Church in Georgia Now Facing Foreclosure

 

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by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

 

The oldest black church in DeKalb County had to recently shut its doors after facing foreclosure proceedings on its building. Flat Rock Community Church is 150 years old. According to Binita Miles, a senior pastor, the church is now having to deal with significant financial problems as a result of declining membership.
The church's mortgage is $6,500 and parishioners are now meeting in a local elementary school.


The challenges being faced by Flat Rock are being felt nation-wide. Quite a few black churches have found themselves to be victims of the recent foreclosure crisis and are working to find a way to pay the bills. African Americans at large were disproportionately impacted by the economic downturn and many of us are on the brink of homelessness. Not only do African Americans have the highest unemployment rates in America, we have less wealth to fall back on in the event of economic problems.

 

Click to read.

Monday, December 27, 2010

Gap Between the Rich and Middle Class Keeps Growing

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

It turns out that the gap between the rich and the middle class is larger than it's been in recorded American history. Much of the growth in the gap is due to the recent housing crisis taking place over the past three years.
According to the Economic Policy Institute, the wealthiest 1% had an average net worth that was 225 greater than the average American. That's higher than the previous record, which was 190 times in 2004.
An intriguing aspect of the divide is that it occurred while the wealth of all Americans declined on average. The richest households lost 27% of their wealth between 2007 and 2009, while middle class Americans lost 47% of their wealth during the same time period. So, the growth in the gap was mainly due to the fact that the middle class and poor suffered more during the recent recession than the wealthy.

 

Click to read.

 

 

 

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Friday, December 24, 2010

Dr. Boyce Video: Finding Black Economic Empowerment

Dr. Boyce Watkins on AOL Black Voices: Economic Prosperity

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

Zachary Rinkins is serious about money. He's been running a very popular financial blog for the past several years, and has positioned himself as one of the most respected financial bloggers in the black community. I love what Zachary is doing because he reflects a generation of young people who are interested in seeing themselves empowered through economic success.

 

Click to read.

 

 

 

Visit Your Black World for more black news, black politics, and black celebrity gossip

Tuesday, December 21, 2010

Julianne Malveaux: Surviving and Thriving During the Holidays

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by Dr. Julianne Malveaux, President – Bennett College

When I look at the data that define the reality for African Americans in the economy, I am often alarmed and discouraged. One in four African American lives in poverty. Nearly one in three is out of work, according to unofficial data (official data says one in six). African Americans have lost billions of dollars worth of wealth in the foreclosure crisis. We aren't alone in our pain - our nation is hurting. But our pain is more pronounced, more acute, more debilitating.
This is hardly the first time African Americans have experienced disproportionate pain. Indeed, the story of our presence in this nation has been a story of us shouldering more than our share of economic pain. When people ask me about the wealth gap, I remind them that black folks used to be the wealth white folks accumulated. Under those circumstances, it is difficult to imagine that the wealth gap will ever be closed.

And yet we rise. I wrote my latest book, Surviving and Thriving: 365 Facts in Black Economic History, to remind me, to remind all of us, that even in harsh times African Americans have been more than survivors, we have been thrivers. We have made it despite horrible conditions, despite unfairness, despite racism. The playing field has never been level, and yet we have played on the slanted field, returning, returning, and sometimes winning. In the middle of a week of running around, talking about the book in Detroit and in Chicago, I had to smile at myself with air of satisfaction and acknowledge a job well done.

 

Click to read.

 

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Bishop Eddie Long Linked to Alleged Financial Fraud

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

Bishop Eddie Long is in the media again, and not for good reason. Long and another Atlanta megachurch pastor, Gary Hawkins, have been linked to a mortgage company that is being investigated by federal authorities for allegedly stealing money from church members.
The company, Matrix Capital, has been allowed to hold financial seminars in the churches of both men, offering to help lower their mortgages in exchange for $1,500 payments. According to police, thousands of people paid money to Matrix, but ended up filing bankruptcy and/or losing their homes.
Fred Lee, the proclaimed front man for the company, was allegedly able to convince quite a few church members to give him their money primarily because he addressed them within the confines of their joint church environment. The Secret Service and the DeKaulb County Police are now investigating Lee.

 

Click to read.

 

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Friday, December 17, 2010

Black News: Woman Sues Tobacco Company and Wins $152M Verdict

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

Marie Evans grew up in a housing project in Boston. In those projects, the children in the neighborhood were given free samples of Newport cigarettes, which Marie first received at the age of 9. By the time she was 13, she was a regular smoker, and in 2002, she died of lung cancer.
Marie's family decided to confront the maker of Newport cigarettes for their negligent behavior and won a stunning $152 million lawsuit against the company. The judgement consisted of $81 million in damages and another $71 million that had been awarded earlier this week. It took quite a few years to get there, but justice has been served. This is the largest judgement in history against anyone in the tobacco industry.
"It was her wish to sort of bring this suit, and I've honored that wish. It's been my mission to see this to completion. I'm sure she feels vindicated. I'm sure she feels thankful for the 14 members of the jury that they ruled that they committed these offenses," said William Evan's, Marie's son.

Click to read.

 

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Thursday, December 16, 2010

Wells Fargo Says It Plans to Be Nicer to Black People: Oh Really?

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

I got a call not too long ago. It was from Wells Fargo, the bank that has been sued by one county after another for engaging in predatory lending toward the African American community. My first question to my business manager was "What do they want? I'm probably not going to be interested." My personal negotiations with Wells Fargo didn't go very far. I had no interest in being associated with the company that many believe to have ripped billions of dollars in wealth from a community that has such little wealth to begin with. Also, after watching my grandparents lose the home they'd lived in for over 40 years, it was personal for me. I also applaud Tavis Smiley for ending his affiliation with Wells Fargo after the predatory lending allegations surfaced during the financial crisis.


You can imagine my dismay when the NAACP made a deal with Wells Fargo that led to the company immediately becoming the title sponsor of the organization's national convention this year. I spoke with NAACP President Ben Jealous about the matter, and I was ultimately left unsatisfied with the degree of transparency behind the deal. It's one thing to say that you're going into the demon's house to clean it up, but you must provide proof that you're not simply entering the house to enjoy the spoils of colluding with the demon. To date, the NAACP has not done an adequate job of describing the nature of its financial deal with Wells Fargo, and the group has also not made clear exactly how Wells Fargo is going to make up for the billions in losses that have been caused to the African American community. Having the most powerful civil rights organization in America as a "partner" effectively releases Wells Fargo from the threat of any significant criticism for their activities in the black community (other than conversations that occur behind closed doors). If this partnership is not clearly defined and empowered, Wells Fargo could hire thugs to rob old ladies in the hood and the NAACP wouldn't be able to say a thing.

 

Click to read. 

 

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Saturday, December 11, 2010

Congressional Black Caucus Shows Disgust Toward Obama Over Tax Cuts

Congressional Black Caucus Bashes Obama on Tax Cuts

1:23 PMDec 11

Source: BV on Money

The Congressional Black Caucus has joined the chorus of Democrats currently at war with President Barack Obama. The feud was built on the recent tax cut compromise the president made with Republicans. President Obama and the Democrats were pushing to ... Read More

Wednesday, December 8, 2010

The Democrats Get Angry at President Obama

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

President Barack Obama is at a unique point in his presidency. This is a place where no one thought he'd be, but then again, no presidency ever turns out the way we would expect. The president is finding that in addition to the burden of dealing with unrelenting Republicans, many of whom can't stand seeing a black man in power, he now has to deal with Democrats who are angry at him for compromising on the latest tax agreement.


I admit that I was shocked to see such strong Democratic opposition to Obama's tax deal with the Republicans. Effectively, the Republicans were holding the nation's unemployed hostage in exchange for having Bush tax cuts extended for the rich. This was a prime opportunity for the Democrats, given that the Republicans were revealing themselves to be working on behalf of the wealthy, at the expense of middle class Americans. Additionally, their push to give tax cuts to those who needed them the least was in stark contrast to their proclaimed objective of embracing fiscal discipline as it pertains to the federal debt.

 

Click to read.

Sunday, December 5, 2010

Fox News Commentator Says Extending Unemployment Benefits Undermines Values

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

Fox News commentator Juan Williams made news again this week by stating that extending unemployment benefits for America's jobless would weaken their value systems. In Williams' words:
"Because employers, potential employers, will look and see that gee, they've been out forever, it doesn't make sense. And I think that's partly playing in to this cycle. And at some point then it becomes a matter of you lose your work ethic, your values are impacted, you know, getting up, showing up, dressing well, all that good stuff. So I don't know that that's smart."
I would say that Williams' comments are shocking, but they are certainly to be expected from the man who publicly sold himself to the most racist television network in the history of our country. I'm not sure why Williams felt the need to jump in on this issue in such an insensitive way, but it appears that he's working hard to earn the two million that Fox is paying him.

 

Click to read.

Saturday, December 4, 2010

Singer Jermaine Jackson Loses Drivers License Over Back Child Support Payments

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

Jermaine Jackson, brother of the late Michael Jackson, is having his driver's license confiscated due to his inability to pay back child support. Jackson allegedly owes his ex-wife, Alejandra Jackson, over $91,921 in child support payments.
According to court documents filed in the Los Angeles County Child Support Services Department, Jackson won't be allowed to drive again until the child support is paid in full.
Back in September, Jackson told the courts that he can no longer afford to pay $3,000 per month in child support for his two sons, Jaafar and Jermajesty. He has asked the judge to cut his payments down to $215 per month, arguing that his ex-wife makes more money than he does.
Currently, Jackson lives with his mother, rent free. He married Alejandra in 1995 and divorced her in 2004.

Click to read.

Friday, December 3, 2010

Dr. Boyce Watkins: Black Unemployment Keeps Going Up

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

Today's release of November unemployment data is not good news for President Obama. Unemployment rose nationally to 9.8 percent, after holding steady at 9.6 percent for the previous three months. The jobless rate jumped for nearly every racial/gender demographic. White women still have the lowest unemployment rate of both genders, when comparing African Americans and whites. Black males have the highest.

Black unemployment rose again from 15.7 percent to 16 percent. This number is slightly lower than the high of 16.3 percent experienced back in August. When scaled with the white unemployment rate of 8.9 percent, the black unemployment rate is 79.8 percent higher than that of white Americans.

 

Click to read.

Thursday, December 2, 2010

Dr. Boyce Watkins on TheLoop21.com - 12/2/10

Friday, November 19, 2010

Jack Johnson, DC County Exec and Wife Arrested for Corruption: What Can We Learn from This?

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

I was saddened to hear about the recent arrest of Prince George's County Executive Jack Johnson and his wife Leslie. Both Jack and his wife are well-respected in the DC area. Both have served their communities for decades, and both of them represent the essence of Prince George's County, the most affluent county in the United States with an African-American majority population.
Johnson was once an important ethical and legal protector of the county, serving as its lead Prosecutor. His wife has served the community for over 30 years in numerous capacities. He was also the first African American to become County Executive in the DC area. So, why are Johnson and his wife facing up to 20 years in prison for evidence tampering and destruction of evidence, among other charges? In fact, the story is quite bizarre, with reports of the FBI allegedly recording Johnson telling his wife to put nearly $80,000 in her underwear.

 

Click to read.

Does Obama Have Bragging Rights with GM IPO?

US auto industry rebounds with Obama in the driver's seat

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

President Barack Obama gained some bragging rights this week. The emergence of General Motors by way of a$20.1 billion dollar initial public offering (IPO) was a shot heard around the world. The IPO is the largest in American history, and largely unexpected by most of the financial community.

Just a year ago, General Motors found itself suffocating under the stigma of receiving a government bailout, and the Obama administration was heavily criticized for providing $36 billion in taxpayer funds to keep the company afloat. The argument by Obama was that allowing GM to fail would cause the loss of hundreds of thousands of American jobs, something that the president wasn't willing to tolerate. In an uncomfortable spurt of patriotism, the president's camp took the bold step of bailing out the company that many thought should be allowed to fail.

President Obama certainly has both the right and need to brag about the rise of GM. In the same way Republicans were quick to blame him for allegedly worsening the economic downturn, they must also allow him to soak up the credit when good things happen. Whether we are faced with good or bad economic times, the president is usually given more responsibility than he deserves. Such is the nature of politics.

Click to read.

Saturday, November 6, 2010

Dr. Boyce on CNBC: Cutting Taxes for the Rich is a Very Bad Idea

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Watch Dr. Boyce Watkins explain on CNBC that extending the Bush tax cuts for the wealthy is bad for America.   Click here to watch

Friday, November 5, 2010

Boyce Watkins on CNBC: Why are Republicans Fighting So Hard for the Wealthy Already?

 

Dr. Boyce appears on CNBC to ask why the Republicans are already fighting to extend Bush tax cuts for the wealthy.  To watch the video, please click here.

Friday, October 29, 2010

The Importance of Owning Your Own Business – Dr. Boyce Video

Dr. Boyce Watkins and Danielle Douglas

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

In case you didn't know this, one of the things that most people think about every single day is how they are going to make enough money to get by. Life is tough and finding enough money to live can be even tougher. What's worse is that the black community's struggle to build economic institutions and obtain financial security are things that keep us from being truly liberated in a fundamentally and historically racist society. The link between civil rights and economic prosperity was the seminal reason for my book, "Black American Money."
The commitment I made to the black leadership and the audience at the "Measuring the Movement" forum this year (hosted by Al Sharpton and the National Action Network) was to promote the idea of black entrepreneurship. Entrepreneurship is not just a matter of having your own business. It can also be as simple as finding some extra streams of income in order to obtain critical financial security. In this economy, you have no job security if you've only got one job. You have to find (what I would call) "a side hustle."

 

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The Invested Life – 10/29/10

 

Chicago:

(video) Tom Forde talks about whether a Roth IRA is right for him, and what he’s learned as he’s researched it:

http://bit.ly/aGO9uC

(text) while Matt Sapaula says that financial security is important, but insuring yourself is every bit as vital:

http://bit.ly/bhh8eC

Portland:

(video) Kathleen Lansing explains why her road to retirement is scary, but it makes the small business owner proud to hear about the value of her life’s work:

http://bit.ly/9XdF7n

(text) While Jenn Meacham looks back on the most important financial lesson she learned, at age fourteen:

http://bit.ly/cY3cUS

Los Angeles:

(video) Lisa and Brandon Schindelheim explain how switching roles taught her about finance, and him about he difficulties in being Mr. Mom:

http://bit.ly/bkM7w5

(text) While Candace says that’s it important to educate not only yourself about finances, but your kids as well:

http://bit.ly/aDm6yX

New York:

(text) Jennifer Sherwood explains why shopping in fancy stores might be a rush, but so is saving money:

http://bit.ly/cAQsyV

(text) While Dr. Boyce Watkins says that you don’t need to have big money to build a portfolio:

http://bit.ly/a4e8YR

Colorado:

(text) Michael Jake is glad to hear that his business has grown enough to start hiring, but has his concerns:

http://bit.ly/ajLbzk

Dallas:

(text) On our show, we’ve seen former NFL star Winfred Tubbs thinking about buying a house. In this new blog, he reveals that he’s had to scrap those plans and live in his condo instead until the real estate market improves:

http://bit.ly/bZNNn6

(text) While Ed Butowsky talks up the value of utility stocks:

http://bit.ly/cQiuZW

Miami:

(text) Suzan McDowell reveals her list of the 10 must-by priorities she can’t live without, and what she learned about herself while compiling it:

http://bit.ly/bWYiX7

(text) While Ben Tobias explains that if you don’t know what’s important to you, you’ll never effectively maximize your happiness:

http://bit.ly/9e6k3c

Sunday, October 24, 2010

Is Racism an Occupational Hazard for African Americans?

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

Most of us know Hanes Brands as the company that has Michael Jordan peddling underwear. The company is also responsible for other leading brands such as Champion sports apparel and Playtex, among others.

The company is now in the middle of controversy after an African American employee, Yunusa Kenchi, filed suit for discrimination. An embarrassing email has allegedly surfaced in which Kenchi was referenced using the n-word. The employee has taken the case public, and Hanes has yet to respond.

 

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Tuesday, October 19, 2010

Black News: Magic Sells Lakers Stake for $35 Million

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

Magic Johnson has officially put an end to an important era of professional sports. Johnson, a long-time staple in the stands at Los Angeles Lakers games, is no longer an owner of the team. TMZ is reporting that while riding his private jet, Johnson signed a deal to sell his five-percent stake in the team for a cool $35 million.
The Lakers are the most valuable team in the NBA with a 2010 market value of $607 million. Johnson is also a valuable commodity himself, with a net worth estimated at half a billion dollars. This is the latest move in a series of impressive business decisions made by the NBA Hall of Famer.
I still remember that day 18 years ago when Magic Johnson announced on national television that he was HIV positive. I was standing in my dorm room with my two roommates and my girlfriend, who was in tears. She didn't know a lot about sports, but she certainly knew about Magic Johnson. It was a sad day for all of us, since we were counting the days until Magic would move on to the afterlife.

 

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Sunday, October 17, 2010

Meet Dr. Boyce Watkins

Q: What do you stand for?

A: I stand for fairness and doing what is right.  I am not a Finance Professor who happens to be black, I am a black man who happens to be a Finance Professor.  There is a great deal of inequality in America that runs along racial lines.  This is due to the fact that our country has built a 400 year social, financial and educational infrastructure that promotes the advancement of one group over the other.  It is my job as a public scholar to challenge this imbalance and work to find solutions to these problems.  My primary tools of choice are education and economic empowerment.  I work hard to teach youth, especially African Americans, the value of being highly educated and the additional value that comes from becoming Financially independent and empowered. Those were the choices that changed my life and gave me the freedom and strength to express myself honestly, creatively and (some think) intelligently.

I also want to challenge the NCAA to rethink the way it treats college athletes.  As a Finance Professor, I am not sure how we can justify earning millions for our coaches and administrators,  while allowing the sources of labor (the athletes) and their families to live in poverty.  This is wrong and unAmerican, for capitalism should give us the rights to freely negotiate our wages.  When we engaged in our campaign on CNN, ESPN and CBS to challenge the actions of the NCAA, people thought I was trying to attack them.  The truth is that I don't enjoy attacking anyone, I only want to fight for fairness.  One thing that my students have always said about me (whether they love me or hate me) is that I am fair.  I call it for what it is.


Q: Your work can be controversial, why do you do it?

A: I ask myself that question every single day!  Personally, I believe that the role of the black scholar in America is to work hard to uplift our communities.   Our intellect is needed, and in addition to engaging in scholarly research that lies in dusty academic journals, we should become active in our communities and throughout the world.  I believe strongly in the concept of Scholarship in Action.  The thing about Scholarship in Action is that it requires the combination of intellect, creativity, curiosity, commitment, passion and courage that stands at the root of all true genius.  I do not consider myself a genius, but I wake up every day thinking "I am one day closer to my last day on this earth.  How can I get the best return on my investment?"  That is what keeps me going.

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Friday, October 15, 2010

New Birth, Eddie Long’s Church, Gets Sued Yet Again

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

A woman who was once employed by the New Birth Missionary Baptist Church is suing, alleging that other employees retaliated against her when she complained about being sexually harassed. Tama Colson filed suit in the U.S. District Court of North Georgia, with the suit asking for unspecified damages.
Colson says that another employee showed her a picture of a penis on a cell phone. She says that when she complained about the incident, other employees retaliated against her. She is claiming that the church is responsible for the harassment she experienced, as well as the retaliation and emotional distress.
"New Birth has a strict policy against sexual harassment that requires employees to report the complaint within 48 hours of the abuse," Long and church spokesman Art Franklin told CNN.
"Tama Colson's complaint allegedly happened in October of 2009," the statement said. "Although, Tama Colson was aware of the New Birth sexual harassment policy she did not make her complaint known to New Birth authorities until August of this year. New Birth moved swiftly to launch an investigation that is ongoing.”

 

Click to read

Thursday, October 14, 2010

Dr. Boyce Watkins: Black America Must Outgrow the Jay-Z Business Model

"Boyce Watkins"

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

Jay-Z is an amazing rapper.  Some think that he’s been in the game for a bit too long, but I don’t agree.  Personally, I think “Jigga” simply reflects the fact that hip-hop itself is aging.  Jazz was once solely the domain of rebellious teenagers, but now you’re sure to hear it playing in every old folk’s home across America.  The same is going to be true for hip-hop.

Jay-Z has said repeatedly that he will stop making music, and I’m sure that one day he will.  However, there is one area in which we need to retire Jay-Z: In his role as the pre-eminent black businessman in America.  It’s not that Jay-Z is a bad role model, it’s just that he’s been exhausted.

Don’t get me wrong, Jigga has made significant amounts of money by busting rhymes on his left and selling clothes on his right.  Good for him.  But is he really the best business role model for young black males, who are already consumed with a culture that teaches them that all they can be are rappers or athletes?  No, he is not.  Young black women also find that their leading role models in business are women like Oprah and Beyonce, both of whom keep us hyper-fixated on the entertainment industry.   It’s time to make a change.

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Monday, October 11, 2010

CBC Joins Dr. Boyce Watkins in Call on Black Unemployment Issue

Congressional Black Caucus

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

From Black America Web via Clutch Magazine

On the heels of September's mixed unemployment report, the Congressional Black Caucus renewed its call for President Barack Obama and Congress to do something to specifically address the nation's high black joblessness rate.
The country's unemployment rate remained stuck at 9.6 percent, according to Bureau of Labor Statistics. The economic monthly report was a mix of good news and bad. The good: The private sector added 64,000 jobs last month. The bad: Government agencies cut 159,000 jobs, many of them federal Census workers and state and local employees.

 

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Friday, October 8, 2010

Dr. King vs. Obama: What Would One Say About the Other?

by Mike Green, Huffington Post

When unemployment in Black America topped 16 percent and Black teen unemployment skyrocketed to an outrageous 45 percent this summer, the voices of outrage were muffled in the pockets of a few media that cared to cover the crisis. The majority of media wrung their collective hands over 9 and 10 percent unemployment challenges in White America, with overall teen unemployment hovering at 23 percent.

Dirty Secret

"A dirty little secret is that many jobs are not going to come back," says Johnathan Holifield, founder of Trim Tab System, LLC, a personal development and organizational leadership methodology, which applies innovation concepts and tools to generate exponential impact.

"Under the old model, recovery meant increased productivity, which meant increased hiring, Holifield said. "That is no longer the case. Because of the ingenious uses and applications and adoptions of new technology throughout our economy, we will continue to experience productivity growth but we will not have the level of job replacement and hiring that our recoveries in the past have been accustomed to."

Dear President Obama ...

Dr. Boyce Watkins, founder of Your Black World, underscores Holifield's point. He wrote a public letter to President Barack Obama that stated in part:

"In addition to massive unemployment, wealth inequality in America remains a persistent problem, causing African Americans to bear the brunt of this economic crisis in ways that are unimaginable to other Americans. Our homes are facing foreclosure more often and we are less able to rely on a source of background wealth to help us get through the toughest times.

"Yet, while we are the least prepared for the recession, we are being hit with a downturn that is twice as forceful as that being experienced by the rest of America. In fact, even after the recession is over, our unemployment rate will probably be as high or higher than the rate that white Americans are agonizing over right now. The United Nations has investigated this issueas a human rights violation, because it appears that we live in a nation that accepts a black underclass as a default way of life.

"To this point, your administration has remained disturbingly silent on the issue of black unemployment. The silence is deafening, but the economic hardship is loud and clear. I am concerned that many of your key economic advisers are unable or unwilling to process and empathize with the depths of black economic misery in America."

Never-Ending Recession

Dr. Watkins called on President Obama to institute political efforts and policy measures that would help create urban jobs through congressional legislation and generate more government contracts with African American companies.

At theLoop21.org, Dr. Watkins made a compelling case that suggests even when the economy recovers, the burden of unemployment for Black America will still be in double digits while the nation celebrates a long-awaited return to prosperity. He states:

"Our country spent 400 years firmly placing black folks at the bottom of the social totem poll, only allowing us to recently participate as laborers in the American economic system.

"The conclusion is that even during good economic times, it is acceptable in the eyes of the Obama Administration for black unemployment to be worse than it is for whites during a recession. The recession will never end for us."

 

Click to read.

Wednesday, October 6, 2010

Lack of Funding is a Huge Hurdle for Black Entrepreneurs

by Dr. Boyce Watkins, Syracuse UniversityScholarship 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.

Tuesday, October 5, 2010