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THE LATEST FROM
Christopher Closeup | August 18, 2015 |
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How Hope & Faith Got Two Young Women Through 10 Years of Captivity and Sexual Abuse
by Tony Rossi
Considering that Amanda Berry and Gina DeJesus were kidnapped, held hostage, abused, and repeatedly sexually assaulted by Cleveland school bus driver Ariel Castro for 10 years, it might seem odd that they named the memoir about their experiences “Hope.” But that is the word that perfectly describes these two young women who endured more darkness [Read More...] |
Mental Illness: Healing the Unseen Wounds
by Tony Rossi
The following is the text of the Christopher News Note “Mental Illness: Healing the Unseen Wounds” (which was written by a freelancer). If you’d like a pdf or hard copy, see the end of this post: The tragic death of actor and comedian Robin Williams in the summer of 2014 relaunched our nation’s ongoing conversation [Read More...] |
A Vision of Heaven in Central Harlem: iHope Finds Beauty Amid Brokenness
by Tony Rossi
You might expect a school for children who’ve suffered traumatic brain injuries (TBI) to be a sad or somber place, but I found a different reality when I visited the International Academy of Hope (a.k.a iHope) last week. In fact, this converted nightclub above a Conway’s department store on the corner of 116th Street and[Read More...] |
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| August 18, 2015 |
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A Hillside man awaiting trial on charges of trying to detonate a car bomb outside a Loop bar is now accused in the attempted murder of a fellow inmate at the federal jail in downtown Chicago.
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TUESDAY, AUGUST 18, 2015
TODAY'S TOP HEADLINES
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BY AMIE TSANG
CARLY FIORINA'S TRACK RECORD "I come from a world outside of politics, where track records and accomplishments count," Carly Fiorina, a Republican candidate for president, said this year. In spite of her continued promotion of her business experience, she is still not oftenmeasured by her record as chief executive of Hewlett-Packard,Andrew Ross Sorkin writes in the DealBook column.
Mr. Sorkin notes that this is all the more striking because she was fired by Hewlett-Packard after the company's stock dropped by half in 2005. Mrs. Fiorina has long blamed this on the bursting of the dot-com bubble and the deepening recession in Silicon Valley after the Sept. 11 attacks.
She also said that she lost her job because of her maverick management style. "When you lead and when you challenge the status quo, you make enemies," she wrote in the essay published on CNN's website. "It's why Steve Jobs, Oprah Winfrey, Walt Disney and Mike Bloomberg have all been fired." While it is true that they all received pink slips at some point, none of them presided over a sharp decline in one of America's great companies.
Hewlett-Packard is still recovering from its merger with Compaqnearly 15 years ago. It recently decided to split the company up. There were about 30,000 layoffs. The stock price plunged and lagged behind competition.
Mrs. Fiorina defends her record, saying, "We took the growth rate from 2 percent to 9 percent." The problem is she is referring to Hewlett-Packard'srevenue rather than its profit. If you make enough acquisitions - especially one the size of Compaq - you can inflate your revenue figures and buy growth, Mr. Sorkin argues. Real business success lies in increasing profitability.
As the campaign goes on, Mrs. Fiorina will have difficulty arguing that her time as chief executive of Hewlett-Packard should be viewed as an asset, and not a liability, Mr. Sorkin writes.
CLAREN ROAD INVESTORS WANT TO PULL OUT NEARLY $2 BILLION The hedge fund Claren Road Asset Management is facing requests from investors to withdraw around $2 billion of their money from the firm's two main funds, Alexandra Stevenson reports in DealBook. These requests, which will be granted within the next two months, will leave the firm with just $2.1 billion of investor money starting on Oct. 1, according to two people with direct knowledge of the firm.
Both of Claren Road's funds - Credit Master and Credit Opportunities Master - have been buffeted by investments in energy, financials and Greece, according to a person with knowledge of the firm's performance.
Claren Road, which was founded by four traders in Citigroup's credit trading department in 2005, is speaking to its investors to assess what to do next, according to one person close to the hedge fund.
It is majority-owned by the private equity firm Carlyle Group, which brought a stake in 2010 as part of a move to diversify beyond its core buyout business. The hit to Carlyle could be as much as $175 millionin the third quarter, according to the firm's S.E.C. filing.
Carlyle already reported in July that its distributable earnings - a measure of cash generated by a private equity firm and eligible to be given to investors - had dropped by 81 percent, partly because of $700 million in redemptions, mostly from Claren Road.
LIBERTY INTERACTIVE AGREES TO BUY ZULILY When Zulily, the flash-sales site for mothers, first went public, investors pushed its stock up 70 percent on the first trading day. Now that it has agreed to sell itself to the parent company of QVC, it is in a much humbler state, Michael J. de la Merced and Chad Bray report in DealBook. The five-year-old company is valued at $2.4 billion, or $18.75 a share in cash and stock. That is 15 percent below its initial public offering price in 2013 and less than half of the $37.70 that that shares closed at on the first day of trading.
The company follows Yodlee, the financial company, and Vivint, the solar power provider, in selling itself shortly after going public. All three companies performed poorly as publicly traded concerns.
Zulily's stock had tumbled nearly 67 percent from its debut until Friday. When it listed, Zulily had more than doubled revenue in the first nine months of that year. This turbocharged growth was unusual as the company's products ship in two or three weeks, a long lead time. That surge had evaporated by this year, with second-quarter revenue up just 4 percent. The company told The Wall Street Journal that it had focused too much on attracting new customers who would only buy once.
Now Liberty Interactive, which owns QVC, will use Zulily to bolster its e-commerce. Executives at both companies said they were aiming forhigher-income women who like to shop, and shop often. QVC, long known as the biggest name in TV-based sales, will also have the chance to bring Zulily's vendors onto its own platforms.
Liberty's chief executive, Gregory B. Maffei, said he and his team had watched Zulily for some time and added that as Zulilly's valuation"became more realistic for who we were," he approached the company's leaders.
Under the terms of the deal, which is expected to close by year end, Zulily investors would receive $9.375 in cash and a 0.3098 share of the QVC tracking stock for each Zulily share they own.
ON THE AGENDA Data on new residential construction is released at 8:30 a.m. Home Depot will hold a conference call on its second-quarter earnings at 9 a.m. Alan Greenspan, the former Federal Reserve chairman, is a guest on Fox Business Network at 2 p.m.
BLACK LAWYERS FACE A LONELY PATH TO PARTNER African-American lawyers have few counterparts and even fewer role models,Elizabeth Olson reports in DealBook. Only 5.6 percent of lawyers in leadership positions at law firms are anything other than white, and fewer than 2 percent are black, according to a study by the National Association for Law Placement.
According to data tracking African-American representation, the percentage of black partners doubled in the early 2000s, then began sinking in 2008 as law firms adjusted to the recession's fallout. Minority lawyers were hit particularly hard by layoffs. Like the low percentage of black law firm partners, black associates - who accounted for 4 percent of all firm associates last year - have seen their share of the law firm jobs stagnate in recent years.
Law firms maintain that, despite their best efforts, large numbers of black associates leave for better-paying, more secure jobs or for less quantifiable reasons, like family responsibilities.
Raqiyyah R. Pippins, 33, an African-American food and drug compliance lawyer who is on the partnership track at the 170-year-old law firm Kelley Drye, said the scarcity of black lawyers in the top, best-remunerated positions was more than just an issue of having few candidates. "Black attorneys are not always getting the support in the same way as their colleagues," she said. "If there's a pattern, it is that a minority associate gets good reviews, but deficiencies are brought up when the conversation turns to partnership."
Jimmie L. McMillian, an African-American partner at the Indianapolis law firm Barnes & Thornburg, said his law firm went out of its way to provide him with the mentoring, experience and relationships needed to be a top performer. He noted that there were cultural barriers to overcome. "I had gone to majority-white schools, but I hung with the people I knew so I never had to develop close relationships with other groups. I quickly realized that in a law firm, your livelihood depends on more than just the work."
Deborah L. Rhode, a Stanford University Law School professor and director of its Center on the Legal Profession, said the lack of cross-racial relationships can knock blacks off the partnership track. Black lawyers operate in a profession that is one of the least diverse in the United States.
Despite several programs intended to increase diversity in the legal profession, Professor Rhode said that some law firm partners still blamed the paucity of minorities on an inadequate pool of candidates. But she believed that unconscious biases played a part.
And as law firms increasingly require each partner to be a profit center - engaged both in generating and maintaining client business - the highest-level lawyers often rely on colleagues who "look like them," she said.
The focus on attracting client business as a crucial qualification for partnership has left minority lawyers at a more subtle disadvantage, one minority lawyer noted, because they "do not typically have the contacts or the relationships with corporate executives. Their parents are not playing golf with a general counsel."
But corporations are pushing law firms for more diversity now. "Law firms have to care," said Mr. McMillian, in Indianapolis, "It's not just because it's the right thing to do. Our firm has clients that are diverse in every way, and their customers are also diverse in every way."
CORRECTION Yesterday's email contained an item that was published in error. The item, about Sandell Asset Management urging the TransCanada Corporation to overhaul its business strategy, was published earlier, on Nov. 17, 2014.
$8.8 Billion Acquisition of Australian Port and Railroad Operator A group led by Brookfield Infrastructure is buying the Australian company Asciano for cash and shares, and says it plans additional acquisitions.
Pentair Agrees to Buy Erico Global for $1.8 Billion The acquisition by the British manufacturer of industrial control systems is expected to broaden the offerings in its technical solutions unit.
Engie Said to Plan Sale of More Than $1 Billion in Asian Coal Plants Engie, the French utility giant, is looking for potential buyers for its 40.5 percent holding in PT Paiton Energy, Indonesia's largest independent power producer, Bloomberg News reports, citing people with knowledge of the matter.
Geodis to Buy OHL in Latest Logistics Tie-Up The French supply chain operator Geodis said it would acquire the United States-based OHL, extending a rapid consolidation in the logistics sector.
Strategic Hotels Exploring Possible Sale Strategic Hotels & Resorts, the luxury hotel company, said its board was exploring possible strategic alternatives, including a potential sale.
Deutsche Bank Revamps Fixed Income and Currencies Six "product pillars" have been marked out that will each have their own executive committees "responsible for managing risk, revenues, financial and other resources."
Higher Reserves Are a Less Painful Way to Fix the Banks A gradual rise in capital requirements need not suppress earnings, Alan Greenspan argues.
Goldman's Patched-Together Deposit-Taking Operation While Goldman is being sucked into retail banking, it is forsaking an alternative, less alien strategy, according to the Financial Times Lex column.
KBW's Only Buy Rating Among the Big Banks: JPMorgan KBW upgraded JPMorgan Chase's stock to an "outperform," arguing that the company's shares trade at a 14 percent discount to its peers.
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Petco Files for an I.P.O. Going public will give its private equity owners, including TPG Capital and Leonard Green, an avenue to sell nearly a decade after buying the company.
Helix, a New Gene Sequencing Venture, Aims to Create Digital Hub for Genomics Illumina and two investment firms are spending $100 million on Helix, which has been in the works for more than a year.
Former Goldman Executive Is Chosen to Lead Dallas Fed Robert Steven Kaplan was head of investment banking at Goldman before leaving to teach at Harvard. He succeeds Richard Fisher, who left in March.
Hacking Case Raises Question on Securities FraudStealing corporate information from computers to make trades certainly looks like insider trading, but it can depend on court jurisdiction, Peter J. Henning writes in the White Collar Watch column.
Banks Braced For Civil Claims Over Forex Rate Rigging Global banks are facing billions of pounds worth of civil claims in London and Asia over the rigging of currency markets, following a landmark legal settlement in New York.
Former Forex Traders Challenge Citigroup Over Dismissal Four former Citigroup traders are set to be the first of the dozens of people fired over the rigging of foreign exchange benchmarks to challenge their dismissals in court.
Citigroup to Pay $180 Million Over Collapsed Hedge Funds The settlement with the Securities and Exchange Commission comes more than seven years after the two hedge funds collapsed, saddling investors with billions of dollars in losses.
China Turned to Risky Devaluation as Export Machine Stalled A statement by China's top leadership showed its willingness to make trade-offs to reinvigorate exports as a troubled economy risks setting off political turmoil.
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Over a hundred years ago Congress outlawed black currants. Today this forbidden fruit is making a comeback and may help improve your mood and brain power. Read Now
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Increasingly science agrees with the poetry of direct human experience: we are more than the atoms and molecules that make up our bodies, but beings of light as well. Read Now
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Dr. Thomas O’Bryan, DC, CCN, DABCN explains how gluten may interfere with blood flow to the brain. Read Now
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Post-Traumatic Church Syndrome: A Memoir of Humor and Healing
Encountering Jesus: Modern-Day Stories of His Supernatural Presence and Power
The Bridge Builder: The Life and Continuing Legacy of Rabbi Yechiel Eckstein
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