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P H I L O S O P H Y   F O R   B U S I N E S S           ISSN 2043-0736
https://isfp.co.uk/businesspathways/
I. 'Corporate Virtue (or 'Why be Ethical'?)' by Simon Geschwindt
II. 'Wall Street Skull and Crossbones' by John Renesch
III. 'The Long and the Short of it' by Michael Levy
IV. 'Prescriptive Entrepreneurship' by James O. Fiet with Pankaj C. Patel,
reviewed by Andrew Browne
The shadow of the current crisis in the global financial markets hangs heavily
over this issue of Philosophy for Business. As I write, an amended version of
the proposed 700 billion Dollar rescue package to prevent US banks from
catastrophic failure goes back to the vote in just a few hours time, and it is
anyone's guess which way the vote will go.
In the current climate of remorse and recrimination, it worth while remembering
Nietzsche's motto, 'What does not kill me, makes me stronger.' As with the Wall
Street crash in 1929, there is an opportunity for business people and
legislators to learn from the experience -- or, at least, those who are still
in business or still in office after the storm has finally passed.
Two experienced observers from the USA, John Renesch and Michael Levy offer
their views on the current situation and the prospects for a remedy against our
repeating the same mistakes in the future.
Also in this issue, Simon Geschwindt of Dialogue Works offers his thoughtful
reflections on different argumentative strategies for dealing with the
individual who laughs ethical principles to scorn: a problem which any
organization or business which seeks to improve its ethical standing must face.
Dr Andrew Browne, himself retired after a successful career as an entrepreneur,
reviews 'Prescriptive Entrepreneurship' and gives his critical assessment of the
value of the authors' advice to would-be Richard Bransons.
I. 'CORPORATE VIRTUE (OR 'WHY BE ETHICAL?') BY SIMON GESCHWINDT
The question, 'Why should we be ethical?' is central to the concept of
corporate virtue and business ethics, yet reaction to pressure to behave
ethically, especially when the going gets tough economically, can vary from
indifference to downright hostility. And for a few, it is anathema. There are
people in all walks of life who, whatever the circumstances, continue to behave
badly in order to advance their own narrowly drawn interests.
To be effective leaders, managers at most levels need to be able to confront
such people.
How can you argue with someone who claims to have built a life of material
success on lying and cheating, and sees no reason to change his ways? One such
example is fictional. He is taken from the film, The Emperor's Club. He is
Sedgwick Bell, an immensely wealthy head of a major US steel corporation, with
a Clinton-like swagger and similar disregard for the truth. At school he lied
and cheated; he still lies and cheats.
He is eventually confronted by his former history teacher, Mr Hundert, who
tells him, 'All of us at some point in the future are forced to look at
ourselves in the mirror and see who we really are.' He says Bell will see
himself as a liar and a cheat, and, because Bell lives an unprincipled life, he
will pity himself. Bell responds with a typical, 'who gives a shit?', arguing
that Hundert's life of principles has amounted to little, and that he, a rich
aspiring Republican senator, will do what people in the real world do -- lie,
cheat, steal -- namely, whatever it takes to get to the top.
What can you say to someone like that? Hundert's answer was a feeble expression
of impotence and disappointment. But it needn't have been. If it had been
possible to keep Sedgwick Bell engaged in dialogue a while longer, and if
Hundert had been armed with the right arguments, Bell might have been forced to
question his lack of morals.
What it means to be amoral
In answering the question 'what can you say to someone like Bell?' it helps to
know what 'someone like Bell' really is -- not just what they think they are,
but what they really are. Two descriptions that spring to mind are 'amoral' and
'immoral'.
Bell says that he will do just what he claims people in the real world do --
lie, cheat, steal. On that basis he would probably claim to be an amoralist --
someone lacking any belief in moral principles. The amoralist can be one of two
types: someone who is amoral but is still part of a moral community; or someone
who tries to operate completely outside the moral community. Bell, a CEO and an
aspiring senator, clearly belongs to the first category.
The usual response when people like Bell say 'I don't give a shit' is, 'Come on
-- you must care about something!' One obvious reply would be, 'Sure. I care
about myself!' It's provocative, but it does present an opportunity to open a
dialogue. Unwittingly, Bell has taken the first tiny step towards undermining
his claim to be an 'amoralist'.
The next step is to explain that even if he is an amoralist, that needn't make
him completely uncaring about anyone else but himself. It doesn't necessarily
make him a psychopath. He could care for someone, but be ruthlessly uncaring in
general. He might care for his only child, but not care less about anybody else.
Or he might care for others occasionally, but only on inclination and
capriciously.
If Bell finds one person that he does care about, you can try to get him to use
his imagination to extend that care to others. If he claims not to be able to
think of anyone, remind him that he accepts that at rock bottom that he does
care about himself at least. Having established that much, go on to suggest
that in that case, surely it matters what others 'do unto him'. An amoralist
wouldn't care for virtues such as telling the truth, keeping promises,
fairness, honesty and so on. Bell has already denied respect for possessing
such virtues himself. But if he answers that he finds it important in others,
then he cannot claim to be an amoralist.
Otherwise, Hundert could try: 'Would it be acceptable to you if everyone
behaved like you do, even when it is against your own interests?'
If he replies that he simply doesn't like it because it goes against his
interests, and because he will then have to devote time and energy to combating
it, this is not a moral issue. If, on the other hand, he disapproves of such
behaviour in others per se then he has taken a moral stance.
As an extension of his concern for what others might do to him, he might like
to 'do unto others as he would have done unto himself' -- to get that far he
has to put himself in their shoes.
If, however, Bell is prepared to behave to others in a way that he would
disapprove of if they behaved likewise to him, then he is a hypocrite. On the
other hand, even though he might raise his fists at the word, he may not deep
down really care.
'What would happen if everyone behaved like you?' Mr Hundert asks him.
'Not good,' he replies with a wry smile. 'But I'll survive better than most
because I'm used to it, and I know the ropes. Anyway, it's a daft question,
everyone doesn't behave like me, and nor will they ever.'
'Is that because they are morally superior to you?' Hundert counters.
'I don't understand the term 'morally superior'. They would like to behave like
me if they could get away with it, but they won't because they're afraid to.'
'What about people who have been brought up to act morally, and who wouldn't
dream of doing otherwise -- who would be incapable of behaving like you, even
in the absence of social constraints?'
'If there are such people, then that's fine for them. But not for me.'
'You're different.'
'No, I'm realistic. At rock bottom, the majority is no different from me. Under
conditions of extreme stress, hunger, depravation and so on -- or even an
economic crisis -- all this morality stuff just flutters out of the window.'
'Why introduce a rock bottom environment? It's more appropriate to test
people's behaviour in their usual environment. You behave like a jungle
dweller, while you live in the lush environment of 21st century America! What
people are really like is about what they are actually like!'
'Okay. Maybe I'm not an amoralist,' Bell accepts, with a bored glance towards
the door. 'But you still can't expect me to respect your moral standards. We
come from different worlds. I come from the world of American big business. You
come from the world of education. I've come a long way to accept that I have
some kind of a morality. But I insist that at least it's my own -- and not
yours.'
'That makes you a subjectivist. But, at least you're not amoral.
However, even if we've persuaded Sedgwick Bell that he's not amoral, and that
he is part of the moral community, he can still come up with all sorts of
reasons for behaving badly, 'Reasons' are nearly always rationalizations --
excuses. At this point, ethical dialogue is lost.
Excuses: The End of Ethical Dialogue?
An excuse offered by a US military police officer to justify her involvement in
ill-treatment of prisoners in Iraq's Abu Ghraib prison was that she was only
obeying orders. In most cases justifying actions by appealing to authorities is
a betrayal of personal responsibility.
'My religion dictates it' was one of the excuses exploited for decades by the
white minority in South Africa to excuse apartheid, and is used to justify
religious fundamentalist crime in the East and in the West.
People are especially prone to excusing unethical conduct if it involves a good
cause. Robbing the rich to feed the poor sounds heroic, but it is still theft
and still unethical.
Another excuse is that an action didn't harm anyone. One example is
justification of stealing from shops so large they won't notice the effect, or
because they are insured. There is never 'no harm'. And the fact that there
might be little harm doesn't justify the action, which, again, is still theft.
Another excuse is 'Everyone does it' -- and its partner, 'It's always been like
that'. That is what used to be said about slavery! These excuses come under what
professional ethicists call 'moral conventionalism'.
'I didn't gain anything personally' justifies improper conduct on the false
assumption that actions are unethical only where there is a personal advantage.
Tu Quoque (Latin for 'you too') is the assertion that because your accusers are
themselves guilty of wrongdoing, they have no right to accuse you of doing
something wrong. The argument is fallacious because whether your accusers are
guilty of wrongdoing is irrelevant to your own responsibility for wrongdoing.
Another excuse for moral prevarication is the slippery slope argument. It
claims some morally acceptable practice should not be allowed because it will
inevitably lead to morally unacceptable consequences. For example, 'sanctioning
euthanasia will open the floodgates to the killing of the sick and elderly --
look at what happened in Nazi Germany!' This argument is fallacious unless it
can be demonstrated that the morally objectionable consequences are indeed
inevitable.
It is clear that where there is rationalisation, there is not honest dialogue.
It's nice to be nice
It is rational to assume, or to take as fact, that most people are happier when
they have the approval of their family friends and peers, and that this is to be
achieved by behaving ethically towards them. As our first step we can ask Bell
if he enjoys the approval of his immediate friends and peers. He does, though
this seems narrowly restricted to colleagues and employees. Do his employees
understand the extent of his ruthlessness, and will they still approve when
they know that he appears not to care about them become exposed?
We can point to more apparent facts: that ethical behaviour brings personal
advantage. In the long run it's prudent to be ethical. It's good for business.
Being ethical boosts self-esteem, and earns you the respect of family, friends
and peers. Good managers are sensitive to the costs associated with a poor
ethical climate. By any measure, loss of confidence in the organisation is the
single greatest cost of unethical behaviour. Some of the cost drivers are:
deterioration of relationships, often resulting in a damaged business
reputation; declining employee productivity due to self-protective behaviour;
displaced employee creativity; ineffective information flows throughout the
organisation; declining employee loyalty, high employee turnover and
absenteeism, and internal theft and embezzlement.
A measure of self-interest is ethically expected, but once it becomes the sole
motivation, decision-making degenerates into a series of cost-benefit
calculations. When that happens, ethics capitulates to expediency.
We can further appeal to everyday ethical understanding, such as the normal
possession of a conscience. This is the awareness of the moral aspect of
behaviour; conscience nags you (hopefully) to prefer right to wrong. This step
might not be successful: people with no conscience who act badly can feel just
as good about themselves as someone acting well but with a clear conscience.
Sedgwick Bell would seem to fall into that category.
Apart from appealing to conscience, what other reasons are there for being
ethical, particularly in an age when there are no religious sanctions for bad
behaviour?
Sedgwick Bell might say: 'If God is not watching me, and I don't care a jot
about people's opinion of me, and I don't believe in karma and reincarnation,
and I'm indifferent towards being liked or disliked, then what is there to stop
me from behaving badly?'
Perhaps Bell would care about what he will bequeath to those left behind. A lot
of very powerful business people and politicians have cared very much about
their legacy. Because 'you know not the time nor the place', and because all
that will remain of you after you've passed on is other people's memory of you,
whatever you were doing at the moment of your death could be of considerable
significance.
This leads to a useful, though self-interested, ethical maxim: never do what
you wouldn't want to be uncovered on your death. But Bell probably wouldn't
give a shit.
Even at this stage there is still one more step. Taking into account the rights
and wishes of stakeholders (those to whom you should behave ethically) is a
necessary condition of acting morally. However, it is not a sufficient one.
Twixt the will to act morally and the actual act comes the moral courage to
carry it out.
Bell doesn't seem to care -- yet. Although he has accepted that he is not
amoral, and that he is part of the moral realm, his way of relating to others
is still subjective and idiosyncratic.
Bell started off by apparently failing to understand ethics. He criticised
those who behave well for being frightened of being found out if they don't.
But these are the people with courage -- those with the ability to act against
short term self-interest for the greater good. These are the risk-takers. Who
really knows what the greater good is? These are the people who think
long-term, rather than seeking instant gratification, without even knowing if
there is a long-term. They are the grown-ups.
To join them, Bell doesn't, as Mr Hundert suggests, need to look in a mirror at
himself in a hypothetical situation. He just needs to look at others in the here
To be effective leaders, CEOs and managers faced with the pressures to survive
in the cutthroat environment of global economic slowdown need to build their
companies on solid foundations.
We need long-term thinking. Leaders hold on to their position by anticipating
market, social, and especially legislative changes -- 'staying ahead of the
game'. Those companies that act proactively on an ethics policy gain immensely
in terms that positively impact the bottom line -- reducing exposure to legal
violations, enhancing employee loyalty, satisfying pressure groups, and -- most
of all -- convincing consumers that they are buying from people whose basic
moral values are upheld even in the jungle of free markets.
(c) Simon Geschwindt 2008
E-mail: simon@dialogueworks.co.uk
Simon Geschwindt
Dialogue Works
The Old School Business Centre
Newport SA42 0TS
In 2002 I wrote about the 'modern-day tyrants ' suggesting they might be the
master manipulators of Wall Street. In part I stated:
These modern day tyrants value short-term financial
gratification more than anything else. Their actions are
totally inconsistent with a sustainable world in which
people are valued and life is affirmed. They create no real
value in the world, certainly not in the way most of us
think about adding value, such as an exchange of something
for something else. Their sole purpose is to make a profit,
and to do so with the least amount of capital as possible.
Fast forward six years to this past week...
The other evening I was watching a segment of the movie 'Pirates of the
Caribbean' starring Johnny Depp as Captain Jack Sparrow. In one scene Sparrow
and a fellow pirate make a toast, apparently one of the pirate codes -- 'Take
what you can. Give nothing back.' In light of the financial fiasco confronting
the whole world today, this seemed very timely for the consciousness (or lack
of it) that has been allowed to permeate our corporate environments in recent
We apparently learned nothing from the Enron, WorldCom, Arthur Andersen debacle
earlier this decade. Nor from the savings and loan scandals of the 1980s. Or the
many other indicators that predatory capitalism only works for a very few at the
expense of the vast majority. Americans are most probably going to pay for all
this maleficence.
If markets were truly free and unfettered, the market fundamentalists might
have a valid point. But those who manipulate the market to their advantage
cannot honestly justify that position when they themselves tilt the playing
field in their favor. This is not a free market but a skewed market that
required some restraints.
Those who have mastered this game -- those who made fortunes while leaving the
rest of the world in ruins -- have no conscience. They leave others to clean up
after them and slink off into the darkness with their loot. They truly do
subscribe to the pirates code: Take what you can. Give nothing back. This makes
these dubious characters the modern-day pirates, far worse than mere tyrants.
If you happen to know any of these modern-day pirates and are keeping quiet
about them out of some distorted sense of loyalty I suggest you blow the
whistle and do it now! It may prevent another bunch of greedy SOBs from
pillaging the public trough in another few years.
(c) John Renesch 2008
E-mail: john@renesch.com
Web site: http://www.Renesch.com
John Renesch is author of Getting to the Better Future
How can the world financial system allow a trillion dollars to be written-down
or written off within the last few months? How can oil jump from less than $12
to $147 over the past few years and then fall down to $91 in a couple of weeks?
What kind of manipulation is this? To a lay person, it sounds like an economic
In every walk of life you are always going to get opposite view points no
matter how sound and effective the argument for or against. In fact, a
distinguished debater can argue the case for both sides of a dispute and
articulate each case in parallel terminology that will make sense to opposing
parties. For instance, take the price of gold and how it is traded on the
commodity markets and how it obtains its changing values.
Gold is a metal and every ounce that has been mined over thousands of years is
still around. The quantities keep increasing as the gold nuggets are dug out of
the ground every day. It has an industrial use and a jewelry use. If these two
components were the only way to value gold its price would be more stable and
lower. However, it is also perceived to be a hedge against inflation and also a
supposedly safe haven in a world of economic and political chaos. Both these two
components depend on how well the intellectual propaganda machine operates its
rhetoric on events played out on the world stage.
With the help of the media and hi-tech, information is fed to the public at
warp speed. The trades are performed on mercantile exchanges. The contracts are
margined so a small percentage of the monthly contract price is required to
trade each contract of 100 ounces. The value can increase and decrease at a
fast pace due to all types of leveraged derivatives and electronically traded
funds known as ETFs.
On the other side of the value of gold, as a commodity it does not yield any
monetary interest. Also, there is a charge when dealing on exchanges and if
delivery is taken large quantities will need to be stored in a bank for
security. When demand for the yellow metal drops it becomes a depreciating
asset that is a liability because money has to be paid out to store it. Over
the past 30 years the price has swung from $250-$1000. Today, the price is
around $850 an ounce because of the financial market turmoil. Since most people
who trade commodities lose money it is a speculation only for people who enjoy
gambling in a casino. When fear evaporates the price may fall twice as fast as
it went up.
Oil and food commodities are different as they have an end use. Nevertheless,
outrageous prices have been allowed to spiral out of control by a lack of
regulation by people in power who believe in the myth of keeping alive a free
market. When prices can be controlled by perceptions, ideas, thoughts and
suggestions, then my friends we are dwelling in the PITS of humanity and the
markets are not free. They are held captive by topsy-turvy reason and logic
that many self-interest experts can explain as factual. Supply and demand is
paramount but figures can and do become distorted, thus supplying propaganda
and fallacies with room to air.
The financial markets are worth 62 trillion dollars. They are extremely complex
these days and contain collateralized mortgage notes that are turning out to be
of little value. These also depend on credit swaps, which is the rate banks
lend each other money. The lower the ratings of a financial institution the
higher interest it has to pay to stay in business. When credit rating agencies
such as S&P and Moody's downgrade them at a crucial and vulnerable time, they
prematurely go into bankruptcy or are taken over by the government as is the
case in AIG, brought about mainly by the negative forces of short sellers.
If that were not enough, hedge funds that are unregulated have sprung up and
they can short stocks at will. If they work in conjunction with each other,
which is deemed to be illegal, they can bring down sound financial institutions
in a matter of days if the company is having temporary liquidity problems. Even
if everything is legitimate in the short selling, once it reaches a certain
level mutual funds and the public become fearful and they sell the stocks they
The web of greed and fear becomes ever increasingly wound up in unregulated
markets that resemble a Wild West shoot out, otherwise known as free market
capitalism. The reverse is being projected when commodities or stocks reach
overvalued levels. Both long and shorts are governed by erroneous thought
process when extreme values are extended beyond normal expectations. This is
what is going on in a nutshell but of course it is much more intricate as the
devil ego/ intellect is in the details.
Understand, very few values are what they seem to be in a financial world
controlled by minds that cannot distinguish truth from opinions.
There is no doubt that many companies in the financial arena have brought about
their own destruction by their own avarice and greed. They dreamt up many
derivatives and collateralized notes that were backed up with valueless assets.
Many bosses who should be accountable for the collapse of their companies were
paid millions of dollars when they were kicked out; yet, the common
shareholders are left with zero. In one instance recently, the head of one of
the government backed agencies is reported to have received $20,000,000 in
severance pay. Many financial institutions are now been taken to the cleaners
by the same type of derivatives they devised and traded. -- Karma, maybe?
Well, maybe, however it still has not stopped the onslaught of new derivatives
that arrive on the world scene on a daily basis, for more speculators to trade
away corporate enterprises and commodities, with highly sophisticated leveraged
financial instruments.
The government declares they are in favor of free markets and do not want to
bring in the up-tick rule that would limit short sellers. It limits the short
trade as the speculator can only short a stock when it has traded up. This
levels the playing field, somewhat. They also do not want to stop naked short
selling, although some say it is already illegal. This means that, without new
regulations, the short sellers can take advantage of a bad situation and
fast-track its demise with the help of the media who assign them lots of free
air time to make their self-fulfilling prophecies.
Who is to blame for the farces in a USA comedy of financial errors?
Is it the bosses who allowed the greed to rampantly spread?
Is it the short sellers who feed from avarice?
Is it the media who will go to any lengths to sensationalize a story?
Is it the government who allow it all to happen?
Perhaps all are all equally guilty and are doing more damage than any terrorist
organization can do. However, they all have one thing in common... They are all
extremely well educated with financial and business accruement.
The mighty have indeed fallen; they have fallen short of grace, compassion,
kindness and generosity. The quest for mastery by intellectual, sophisticated,
power crazed people knows no decent or wholesome boundaries.
(c) Michael Levy 2008
E-mail: MIKMIKL@aol.com
Web Site: http://www.pointoflife.com
Michael Levy is the author of the book Invest With a Genius
http://www.amazon.com/Invest-Genius-Michael-Levy/dp/0966806948
Prescriptive Entrepreneurship
James O. Fiet with Pankaj C. Patel
Cheltenham UK, 2008
Can you actually teach someone to be entrepreneurial? Empirically it would not
appear a suitable subject for learning. Just casual knowledge of the
entrepreneurs of our time -- Bill Gates, Richard Branson, Rupert Murdoch and
their peers -- would seem to support a view that they are born and not made.
Almost by definition an entrepreneur is a 'self-made man schooled in the
University of Life'. Yet entrepreneurial ability is essential to all new
business and every nation's economy. In recognition of this there has been a
growth in the number of books and academic courses in entrepreneurship in
recent years.
When I took a degree in business studies at university in the late 1960s, the
subjects we were taught were those deemed by the academic staff as likely to
provide us with the tools to be successful managers. Core subjects like
economics, accounting, marketing and statistics were mixed with options in the
then popular subjects of industrial relations, sociology and industrial
psychology and operational research. This was fairly standard business
education offered by probably a dozen universities in the UK and many more in
America, who saw themselves as forward thinking compared to the traditional
universities who largely followed a creed that a good degree in any subject
(even philosophy!) was a fitting grounding for a career.
On completing any business studies course a graduate was considered to have an
armoury of management techniques that could illuminate and inflect their
careers in business. What we were definitely NOT educated to do was start and
run a business, take risks, spot business ideas, raise seed capital etc. -- in
short to be entrepreneurs, people able to start, run and own their own small
businesses. The late 20th century was the era of the large multi-national
corporation, and business education was channelled to providing a feeder
programme of desk fodder.
The end of the 20th Century arguably saw the rise of an entrepreneurial culture
with 'new economy' firms like Microsoft eclipsing the 'old economy' of General
Motors etc. in industries where the cost of entry was not prohibitive. Aided by
a vast growth in the availability of credit, the development of stock markets
accessible by even the smallest of companies and tax breaks for investors, the
promotion of innovation and small companies became a growth area. The
encouragement of small firms was deemed an economic priority by many Western
Economies. Business education responded by introducing The Case Study.
Students would be given a written screed providing copious empirical
information about a company that had succeeded -- or dramatically failed -- and
were asked to discuss this in seminar groups, role play, and decide how they
would act in such situations. The fact that such case studies were descriptive
of the past and lacked the human dimensions and behavioural traits or time
frame of the original participants were accepted as weaknesses, but they did
not completely devalue the exercise as an attempt to bring business education
and reality closer together.
I think it is fair to say that the growing number of academic books on
entrepreneurship over the past twenty years have focussed either on essentially
a case study based approach or have adopted a high flown language that is often
difficult to apply in practice. Behavioural scientists have criticised the
universality of many of the ideas proposed and there is little evidence as yet
of entrepreneurial education actually producing a conveyor belt of Richard
Branson clones (dread thought).
This has led to an attempt to create an academic field based on the theory of
entrepreneurship, which management writer Peter Drucker termed 'Systematic
Entrepreneurship', an essentially prescriptive approach involving a series of
steps that form a practical 'how to' manual for people looking for business
ideas and/ or successfully growing an enterprise. While doubtless some people
would argue that entrepreneurial skills are not capable of analytical
definition since they involve personal abilities, luck etc., a number of
writers have begun the search for an entrepreneurial model that can be taught.
James O. Fiet is Brown Forman Chair in Entrepreneurship at the University of
Louisville and came to academia with the benefit of 14 years in business. His
book is an innovative, accessible and thought provoking addition to the
literature on what he claims is today's 'hottest subject in business schools'
(p.6). Although the format and language of the book are academic -- sometimes
painfully so for the general reader -- the intention to deconstruct and
systemise the entrepreneurial approach is one that will interest all those
aspiring to run a business.
Fiet first argues that prescriptive entrepreneurial teaching should be'theory
driven and empirically tested.' (p.11). This is not based on describing
entrepreneurial behaviour in past situations as this approach does not take
account of the role of pure luck or the differing economic and cultural
conditions that apply. 'To have prescriptive value, entrepreneurship research
must eventually cumulate [sic] academic results by following a program that
answers key questions about the decisions made by aspiring entrepreneurs'
(p.11).
At the risk of being overly reductive, Fiet's book boils down to the production
of a checklist for entrepreneurs (conveniently summarised in a series of
appendices). He stresses the importance of information gathering and the need
for a systematic approach to data analysis on any potential product market.
Finding business ideas is to be carried out through 'information channels'
which is a rather strained way of describing all the people you know divided
into groupings such as 'family', 'fellow members of the golf club' etc.
Although Fiet comes agonisingly close to academicising the bleeding obvious, he
is seeking to systemise something that is inherently intuitive and, as such, is
true to his objectives.
Information channels give rise to 'consideration sets' which are basically new
ideas. These consideration sets are then subject to financial analysis in terms
of their ability to create wealth. There is no Midas touch involved here; Fiet
is not suggesting that bad ideas can be made into good ideas. He is proposing a
systematic model, based on a checklist of points and questions for valuing
business ideas. If garbage goes into it, then garbage will come out. However he
argues that such an approach will at least allow entrepreneurs to make informed
decisions.
Fiet claims somewhat contentiously that 'The most unusual aspect of the ideas
presented in my approach to prescriptive entrepreneurship is that they have
been experimentally tested against the most accepted approach to discovering
ideas, which is entrepreneurial alertness' (p.17). Firstly he tests out his
approach by confirming that a number of serial entrepreneurs use an approach
broadly similar to the one he is proposing. However he acknowledges his own
stricture about the lack of validity of retro-fitting a schema to past
successes. This leads to the more ambitious project of trying out the approach
in a series of research studies.
Fiet and his research assistant carried out three research studies which appear
to show that using his framework for generating and evaluating venture ideas
'the discovery of ideas with the potential to create wealth [increased] from
2.5 to 9.6 times' (P.17).
Those appalled by the lack of statistical validity in much published scientific
data will not be surprised to learn that the research studies cited were of very
small populations and were from selected groupings including, as so often in
such research, a group of barely representative graduate students. The fact
that they are free and available to academics makes groups of graduate students
a ready research pool but care must be taken when extending any subsequent
results to the general population.
The research groups were not geographically diversified, and the participants
were self-selecting, bringing further bias into the study. In one project, 967
potential subjects were invited to participate. Of these, 110 expressed
interest. 47 actually turned up for the training of which 'Approximately half
of the initial group dropped out' (p.130) presumably leaving around 23/ 24
people in a far from random grouping which would hopefully be split into a
control group and a test population. This implies a scientific research project
based on a test population which has inbuilt bias and involves around two groups
of a dozen people all of whom are based in or near Louisville -- one study is
based in a 'Midwestern data processing company' (p.109). However many
statistical equations the author invokes he is building an argument on shaky
foundations.
Perhaps aware that the results presented from the research studies was capable
of differing interpretation, Fiet then goes on to devote Chapter 6 to further
statistical justification of the results and uses 'statistical tests developed
in medical research' (p.17) to try and buttress the research results. This is
the least successful or interesting part of the book. Fiet's claim, referred to
earlier, that his ideas were experimentally tested leads him to devote too much
time in defensive repetition and self-justification.
The final section of the book deals with another newly created term: Forgiving
Business Models. A business model shows how a business will perform
financially. A Forgiving Business Model is one where the amount of risk is
minimised by passing this on to customers or suppliers. A simple example of how
to make a business model more forgiving would be having a long-term fixed price
contract with suppliers removing the risk of price fluctuation or dealing with
suppliers who cannot sell to anyone else. Although one may feel that such steps
are simple and obvious, Fiet carries out a valuable service by drawing attention
to the need to pro-actively reduce risk in order to reduce the vulnerability and
failure rate of small businesses.
Fiet's view of ethical questions is interesting. His approach seeks to give
potential entrepreneurs a framework for innovation and market growth yet he
accepts there must be limits on what an entrepreneur can do in furthering his
business. He suggests that 'In my view, simple self-interest seeking is ethical
when it does not involve misrepresentation or breach of a fiduciary duty'
(p.186). This is an academic definition, not real-life prescriptive guidance
for entrepreneurs. Fiet makes exactly the same statement on page 217. In fact
some whole sections on 'Ethical Questions' and 'Pedagogical Implications' are
repeated with only marginally different wording in chapters 8 and 9, suggesting
an unusual carelessness in the editing of this book.
Anyway, however many times this simplistic mantra is repeated it does not get
us very far. Where is the line between misrepresentation and enthusiastic
marketing? Is anything allowed as long as it does not misrepresent or breach
fiduciary duty? Equally problematic is Piet's undefined (and probably
indefinable) concept of 'guile', a bad thing which is to be avoided. He
suggests: 'It may involve the strategic misrepresentation of information to
gain advantage' (which some might think is a fair definition of the whole point
of advertising and marketing) which again begs an awful lot of questions
(p.185). Analytical philosophers may drool at the prospect of unpacking such
loaded terms, but they will do little to set an ethical prescription in this
tricky area.
Now, it seems to me, that 'how far can you go' is the key question for any
entrepreneur and is at the heart of every corporate governance debate. Forget
the trite academic terminology. Is it acceptable to hire a private detective to
spy on a competitor? Can I make the (untrue) statement that 'I will walk away
from this deal unless you accept my terms' as a negotiating tactic? Can I screw
an extra 5% discount from this supplier even though I know their financial
position is perilous? Can I fire that woman even though I know she works to
support a handicapped husband? Entrepreneurial education and business ethics
both need to come to terms with such tricky questions if they are to actively
engage with the real world.
James Fiet is to be congratulated on his attempt to break the entrepreneurial
process down into a checklist based system for finding business ideas,
evaluating the financial implications of those ideas and selecting which to
exploit. His attempts to justify them empirically are less successful but do
not invalidate the good intention. At the end of this book I was, however, left
with the feeling that deconstructing entrepreneurship is a bit like
deconstructing comedy. While all the analysis and contentions may be true, they
somehow miss ingredient X which is the most fundamental constituent of all.
(c) Andrew Browne 2008
E-mail: HemProps@aol.com


Comprehensive data for children's time of day preference were collected with school children from 8 through 16 years of age (n=989) using the Children's Morningness-Eveningness Preferences (CMEP) scale. Strong evidence was found that children's optimal time of day preference shifts toward evening at about 13 years of age. Additionally, gender and ethnic differences in time of day preference were also examined. There was no gender difference, but there was a tendency for ethnic differences among older children. An implication of these findings is that a mismatch between older children's time of day preferences and school start time may have a negative effect on their school performance and the effect could be greater for some ethnic groups than for others.
© 2002 Published by Elsevier Science Ltd.


When it comes to nationality, YLA are specific and identify themselves by their country of origin. The younger age group of 14-24 year-olds are more likely than those aged 25-34 to identify with specific nationality based on preferences of their parents and grandparents. The younger segments refer to nationality as a way to be more unique.
YLA feel that the current definition of being Latino is based on language and looks: 59% say that other people think Latinos must speak Spanish; 58% say other people think Latinos must look "Spanish" (dark hair, eyes and skin). Because not all YLA look Latino or speak Spanish, many feel the need to explain themselves: 36% say people don't believe them when they tell them they are Latino; 29% feel like they have to prove their Latino identity to people.
YLA exist in a hybrid world and are masters at navigating their spaces and identities; 77% report that they are in control of which identity all or most of the time. YLA identify with being Latino when they are with their family (48%), around Latino friends (43%), in their home (41%) and in their country of origin (41%). YLA identify with being American when they are with non-Latino friends (31%), in public spaces (26%), at school (24%) and at work (24%). Their Latino and American identities intersect often, such as when in public spaces (59%), at school (50%), in bars and clubs (48%) and with non-Latino friends (47%).
Being Latino means more than just speaking and looking Spanish; to YLA it means being family oriented (84%), proud (83%), hard working (81%), passionate (80%), tied to tradition (77%), religious (71%), and believing in higher education (60%) and giving back to their community (53%). YLA are unconventional in terms of religion; 60% believe you do not have to go to church in order to prove your faith to God and 49% believe religion is an extremely important part of their lives.
YLA are extremely interested in maintaining a connection with their culture; 67% agree that this is something that is important to them and nearly half of YLA have the desire to form a stronger connection to their Latino culture. While YLA don't seem panicked, there is some concern over the possibility of becoming disconnected: 31% agree that they are afraid of losing the connection; 30% feel that they are unequipped to pass down their culture, and 25% are unsure of how to maintain the connection.


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CAIRO - Iran's supreme leader says the government won'tgive in to pressures over the disputed presidential election,effectively closing the door to compromise with the opposition.
Iran also said it was considering downgrading ties with Britain,which it has accused of spying and fomenting days of unprecedentedstreet protests over the vote.
Supreme Leader Ayatollah Ali Khamenei said in a meeting withlawmakers that: "Neither the system nor the people will give in topressures at any price."
Opposition leader Mir Hossein Mousavi claims that hard-linePresident Mahmoud Ahmadinejad stole the June 12 presidentialelection through massive fraud. He has called for annulling theresults and holding a new vote.


This exquisite polyresin statue depicts one of the most famous Archangels painted in antique bronze. Uriel is considered the archangel of wisdom who sheds light upon the truth and holds the torch of the light of god. Shed divine light into your own life with this angelic figure.


Cutters' exclusive Reinforcer™ is a proprietary system that provides the ultimate in lineman protection and performance, by allowing full forward finger flexion and preventing fingers from hyper-extending. This minimizes the risk of injury and enhances blocking - players can go full out. Also features C-TACK™ Material on palm patch and fingertips for increased grip and durability.


This entry was posted on måndag 10 oktober 2011 at 6:21 f m	and is filed under Dörrar, Innerdörrar, Säkerhetsdörrar, Ytterdörrar. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.


Reading review right now. Discuss.
Much better I think. Goes into a lot more depth of what the game is actually about.
Apparently Metacritic aren't going to pull the original score though.
Guess the check finally cleared.
In a world of corruption.. Who can you really trust?
Topic right below this one already. Locked.


text:
Global Carbon Emissions
Last Updated: 08 January 2020	08 January 2020
Global carbon (C) emissions from fossil fuel use were 9.795 gigatonnes (Gt) in 2014 (or 35.9 GtCO2 of carbon dioxide). Fossil fuel emissions were 0.6% above emissions in 2013 and 60% above emissions in 1990 (the reference year in the Kyoto Protocol).
Based on a 2015 GDP forecast of 3.1% by the International Monetary Fund, the Global Carbon Project projects a 2015 decline of 0.6% in global emissions.
Annual Global Carbon Emissions
2015 Global Carbon Budget
Global Emissions
& Cement
2014 9.795 GtC ~ 0.9 Gtc
9.735 GtC
9.140 GtC 0.855 GtC
Source Data Global Carbon Project [.xlxs]
*Convert carbon to carbon dioxide (CO2) by multiplying the numbers above by 3.67.
1 gigatonne of carbon (GtC) = 1 billion tonnes of carbon
Human Sources
Fossil fuel emissions (including cement production) accounted for about 91% of total CO2 emissions from human sources in 2014. This portion of emissions originates from coal (42%), oil (33%), gas (19%), cement (6%) and gas flaring (1%).
Changes in land use are responsible for about 9% of all global CO2 emissions.
In 2013, the largest national contributions to the net growth in total global emissions in 2013 were China (58% of the growth), USA (20% of the growth), India (17% of the growth), and EU28 (a decrease by 11% of the growth).
Natural Sinks
For the decade from 2005 to 2014, about 44% of CO2 emissions accumulated in the atmosphere, 26% in the ocean, and 30% on land.
Cumulative Emisions
From 1870 to 2014, cumulative carbon emissions totaled about 545 GtC. Emissions were partitioned among the atmosphere (approx. 230 GtC or 42%), ocean (approx. 155 GtC or 28%) and the land (approx. 160 GtC or 29%).
Atmospheric Accumulation
The 2014 level of CO2 in the atmospheric was 43% above the level when the Industrial Revolution started in 1750.
GCP 2015 global carbon budget highlights (compact)
CDIAC Data for Global Carbon Project (all years) [2015 .xlxs]
CDIAC DATA: Global CO2 emissions 1751-2011 [files] [more]
ESSD Related articles & links
ESSD Le Quéré et al. | Global Carbon Budget 2015 [.pdf]
CO2 in Context Foley, 2020: 3 most important climate graphs [web]
IPCC Carbon Budget
Countries that signed the UN Framework Convention on Climate Change adopted a target to stop the average global temperature from rising before it reaches 2°C above pre-industrial levels.
The Fifth Assessment Report of the International Panel on Climate Change (IPCC) quantifies the glboal maximum CO2 the world can still emit and also have a likely chance of keeping global average temperature rise below 2°C above pre-industrial temperatures. It reports that the goal is likely to be met if cumulative emissions (including the 535 GtC emitted by the end of 2013) do not exceeed 1 trillion tonnes of carbon (PgC). A gigatonne of carbon (1 GtC) is the same as a petagram of carbon (1 PgC).
If you accept the 2°C target, the world need to emit no more than 465 GtC by the time carbon emissions end. Many developing countries also support a reduction in the target to keep global average temperature increases below 1.5°C above pre-industrial levels.
Emissions Visual
Visualize 1 Year of Earth's CO2 Emissions
NASA A Year in the Life of Earth's CO2
This 2014 video uses 2006 data and a high-resolution NASA computer model to simulate how natural and human emissions of CO2 traevel through the earth's atmosphere in one year starting January 1, 2006.
Source Video NASA Goddard | YouTube
GCP 2015 Global Carbon Budget
GCP Previous Global Carbon Budgets
GCP 2013 Methane Budget (Sep. 23, 2013)
IPCC WEB | Climate Change 2014 Synthesis (AR5)
CDIAC Global carbon budget data archive
Global Carbon Project Underlying data sources
University of East Anglia Primary data
Nature Geoscience Update on CO2 emissions
CarboEurope.org Global Carbon Budget 1958-2007 (Creating graphs from data files)
SkS Linking CO2 emissions and atmospheric CO2 concentrations
Resources & Analysis
GCP Global Carbon Atlas
Yale e360 2014 Pearce | What is the carbon limit? Depends who you ask
Climate Central 2013 Freedman | IPCC report has grave C budget
WRI Understanding the IPCC Reports (infographics)
Information is Beautiful How Much Carbon? (a visualization)
Climate Researches Sponsorship: USAA | 12M Loans | NASA
Woods Hole 2007 Balancing the global carbon budget
National Geographic CO2 Bathtub Info Graphic | Page 2
Climate Interactive C-Learn Climate Simulator
Global Carbon Cycle
GCP Science framework and implementation
EPA Video | All about carbon dioxide For Kids
NASA Earth Observatory 2011 The carbon cycle
UNESCO 2006 The global carbon cycle
Canadell, J. G., Quéré, C. L., Raupach, M. R., Field, C. B., Buitenhuis, E. T., Ciais, P., . . . Marland, G. (2007). Contributions to accelerating atmospheric CO₂ growth from economic activity, carbon intensity, and efficiency of natural sinks. Proceedings of the National Academy of Sciences of the United States of America, 104(47), 18866-18870. doi:10.2307/25450516
Keeling, C. D., Piper, S. C., Whorf, T. P., & Keeling, R. F. (2011). Evolution of natural and anthropogenic fluxes of atmospheric CO2 from 1957 to 2003. Tellus: Series B, 63(1), 1-22. doi:10.1111/j.1600-0889.2010.00507.x
Keeling, R. F. (2005). Comment on "The ocean sink for anthropogenic CO2". Science, 308(5729), 1743. doi:10.1126/science.1109620
Le Quéré, C., Moriarty, R., Andrew, R. M., Canadell, J. G., Sitch, S., Korsbakken, J. I., . . . Zeng, N. (2015). Global carbon budget 2015. Earth System Science Data, 7(2), 349-396. doi:10.5194/essd-7-349-2015 [.pdf]
Le Quéré, C., Raupach, M. R., Canadell, J. G., Marland, G., & et al. (2009). Trends in the sources and sinks of carbon dioxide. Nature Geoscience, 2(12), 831-836. doi:10.1038/ngeo689
Manning, A. C., & Keeling, R. F. (2006). Global oceanic and land biotic carbon sinks from the Scripps atmospheric oxygen flask sampling network. Tellus: Series B, 58(2), 95-116. doi:10.1111/j.1600-0889.2006.00175.x
Raupach, M. R. (2013). The exponential eigenmodes of the carbon-climate system, and their implications for ratios of responses to forcings. Earth System Dynamics, 4(1), 31-49. doi:10.5194/esd-4-31-2013
Sabine, C. L., Feely, R. A., Gruber, N., Key, R. M., Lee, K., Bullister, J. L., . . . Rios, A. F. (2004). The oceanic sink for anthropogenic CO2. Science, 305(5682), 367-371. doi:10.2307/3837507

redpajama_set_name: RedPajamaCommonCrawl


Representatives of the county Board of Realtors and the county homebuilders association disagreed Monday on the merits of a bill that would require sellers to tell home buyers about the county's plans for future development.
But apart from Realtor spokesman Vivian Feen, most who testified at a County Council hearing on the bill agreed withformer homebuilders' president John Liparini that the bill is a goodidea.
The bill is needed, said council member Paul R. Farragut, D-4th, because "many people were coming to us and telling us they were not apprised" of roads or development planned for their neighborhoods.
Farragut said the bill he fashioned with Shane Pendergrass, D-1st, would increase home buyers' knowledge by "encouraging people to come tothe Department of Planning and Zoning and look at land use."
Specifically, sellers would have to provide buyers with the latest General Plan maps and a "conspicuous notice" advising buyers to call or visit the planning and zoning office for "the most recent and . . . detailed information."
If those who came before the council to complain about changes in their neighborhood had this information at the time they bought their homes, it "would have solved a lot of problems," Farragut said.
Liparini, a developer testifying on behalf of the homebuilders, agreed.
He said the bill would keep the General Plan before the public rather than "on the shelf until (the county is) ready to amend it."
Liparini's only quibble was that the bill "shouldmake it clear that the person providing the maps is not responsible for explaining them or for their content."
Farragut called Liparini's support a "pleasant surprise."
Feen objected to the bill alongtechnical lines, saying it was an amendment to old law rather than anew bill. She suggested the council start over and require an addendum that would allow purchasers to cancel a sale if they are not advised to inquire about land use changes at the zoning office.
Columbia resident Alan Kurland, a real estate broker who does business outside the county, compared the council bill to "using a nuclear bomb to kill a gnat."
Kurland said the bill was creating a possible litigious situation unless it was changed to require the buyer to get map information prior to signing a contract rather than afterward.
Farragut said he would be willing to consider Kurland's suggestion.
Inother council activity, Pendergrass told budget administrator Raymond S. Wacks she sees no reason to vote now to allow the county to borrow up to $7 million from its capital fund in order to avoid an end-of-the year operating deficit.
By law, the county cannot end the year with a deficit.
Wacks said the administration needs to know now if borrowing authority will be granted so that it can decide whether to propose repayment of the loan with interest in the fiscal 1992 budget it will present the council April 19.
Pendergrass said the council could authorize a loan as late as June, if necessary. She said that by saying "no" to the request now, the council would force the administration to attempt to solve its potential deficit problem some other way.
Pendergrass also said she was "inclined to table" an administration bill asking permission to divert $800,000 in cable television franchise fees next year to the general fund. The fees are part of a fund reserved for the exclusive use of the county's government and educational channels.
The council also heard testimony on a bill that would reduce from 1 percent to .5 percent the discount citizens receive for paying their property taxes in July instead of September. Such a move would save $350,000 to $400,000, Wacks said.
The bill, and companion legislation sponsored by Gray to accomplish the same goal with different percentages, were opposed by two residents who labeled the proposals a hidden tax increase.
"If you have to increase the tax rate, do it honestly," Roy Ferguson told the council.


text:
School Counseling (Online)
M.A. Online
12256 USD/year
School Counseling (Online) from University of Denver is rooted in skill development and self-reflection, helping school counselors become more aware of their own experiences, strengths and opportunities for growth, so they can better serve students in their schools and communities.
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School Counseling (Online) from University of Denver curriculum shapes social justice–focused school counselors who can use their thorough understanding of educational systems and complex counseling concepts to directly serve and advocate for children and adolescents in P–12 schools. This online school counseling degree will help you develop a strong school counseling identity and teach you how to successfully address the academic, career and social/emotional needs of diverse students. You will also learn how to use data to identify schoolwide trends and develop appropriate programs to help the student population thrive as a whole.
Designed to adhere to the Council for Accreditation of Counseling and Related Educational Programs (CACREP) standards,1 this program prepares future school counselors to advocate for children and adolescents in private, public and charter P-12 school settings through a comprehensive and data-driven practice.
Basic Counseling Techniques
Counseling Theory
Research Methods and Program Evaluation
Diversity: Multicultural Counseling Psychosocial Issues
Group Counseling Theory
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Financial Verification Form
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Stock and credit markets continued flying high at the start of 2018, but soon hit an air pocket.
In "The Global Economy at Cruising Velocity," Nathan Sheets, Ph.D., chief economist and head of Global Macroeconomic Research, explains how the balance in global fundamentals served as a stabilizing factor during the recent market turbulence. Sheets also considers how U.S. fiscal policy, heightened trade tensions and recent developments in China might affect future conditions.
In "The LIBOR Questions," PGIM Fixed Income considers the differences between LIBOR and SOFR (secured overnight financing rate) as the market digests SOFR as LIBOR's proposed successor as the most common benchmark interest rate index.
Click here for the Q2 market outlook and the latest thought leadership from PGIM Fixed Income.
For media inquiries about PGIM Fixed Income's quarterly outlook or to ask Robert Tipp or Nathan Sheets about the markets or global economy, please contact Claire Currie.


text:
New Mexico residents aim to tell Congress about bomb fallout
Published: Friday, March 9th, 2018 at 8:28am
Updated: Friday, March 9th, 2018 at 11:23am
FILE - In this July 14, 2015 file photo from video, Tina Cordova talks of her late father, Anastacio Cordova, in her Albuquerque home. Cordova believes her father, who died in 2013 after suffering from multiple bouts of cancer, was affected by the atomic bomb Trinity Test in New Mexico since he lived in nearby Tularosa, N.M. as a child. Residents of a New Mexico Hispanic village near the site of the world's first atomic bomb test want to share their stories with Congress this summer. The Tularosa Basin Downwinders Consortium is raising money so its members can travel to Washington, D.C., and testify about the effects of the Trinity Test on generations of Tularosa residents. (AP Photo/Russell Contreras,File)
ALBUQUERQUE, N.M. — Residents of a New Mexico Hispanic village near the site of the world's first atomic bomb test want to share their stories with Congress about health problems they say are linked to the explosion.
The Tularosa Basin Downwinders Consortium is raising money so its members can travel to Washington, D.C., this summer and testify about the effects of the Trinity Test on generations of Tularosa residents and others who lived near the site.
Tina Cordova, co-founder of the Downwinders, said around 10 members are planning to go before the Senate Judiciary Committee but no date has been scheduled.
"Two previous hearings have already been canceled so we are anxious to go and share our story," Cordova said.
Scientists working in the then-secret city of Los Alamos developed the atomic bomb as part of the Manhattan Project. The secret program provided enriched uranium for the atomic bomb. It also involved facilities in Oak Ridge, Tennessee, and Hanford, Washington.
The bomb was tested in a stretch of desert near towns with Hispanic and Native American populations.
Members of the consortium say many who lived near the Trinity Test site weren't told it had involved an atomic weapon until the U.S. dropped bombs on the Japanese cities of Hiroshima and Nagasaki and World War II ended.
They say they want acknowledgment and compensation from the U.S. government after many families were diagnosed with rare forms of cancer.
Advocates want the federal Radiation Exposure Compensation Act amended so people near the site can be included. The law currently only covers areas in Nevada, Arizona and Utah that are downwind from a different test site.
In 2015, U.S. Sen. Tom Udall, D-New Mexico, pressed the Senate to include New Mexico residents in the law after meeting with Tularosa Downwinders. He said there is evidence that people were injured by radioactive fallout and should be compensated by the federal government.
The group is holding a jazz benefit concert in Albuquerque on Sunday. Cordova said the event already is near a sellout.
Associated Press writers Russell Contreras and Noreen Nasir are members of the AP's race and ethnicity team. Follow Contreras on Twitter at http://twitter.com/russcontreras


text:
2016 Olympics End, USA Tops Medal List, Lochte In Trouble, Next Games In Tokyo, EU Criticized For Propaganda
With the Rio 2016 Olympics drawing to a close, it leaves behind many moments: good, bad, and everything in between, that we can cherish for the next four years to say the least, if not a lifetime.
There was the usual dosage of Usain Bolt and Michael Phelps, which made us forget for a moment that this would be the last Olympics we would be seeing them. Or maybe made us cherish them all the more because it would be the last time.
Phelps brought his Olympic medal count to 28, becoming the greatest Olympian ever, while Bolt had the rare feat of a 'triple triple', having won three golds in the very same categories in three consecutive Olympics.
Then there was the unforgettable smile on swimmer Yusra Mardini's face having won the heat in the 100m butterfly. The 14-year-old was a part of the refugee contingent and is originally from Syria, a country she had to leave after her home was destroyed. She recalled swimming in the sea for survival when the boat carrying her capsized.
And then there was Nikki Hamblin from New Zealand, who in the process of falling accidentally brought down America's Abbey D'Agostino in the 5000m semi-final, causing D'Agostino to injure her leg.
Hamblin helped D'Agostino to her feet, stayed with her, and the two runners completed the race together. Because of this, they were given fair play awards.
On the flip side, there were people like Ryan Lochte, the US swimmer with 12 medals under his belt, and Patrick Hickey, the President of the European Olympic Committee.
Lochte got caught attempting to pass off a wild story of being confronted by armed robbers in an effort to hide his drunkenness along with 3 other swimmers from his team. Patrick Hickey was captured from his hotel while in a naked, ass-revealing state for selling hundreds of tickets for high fees, making a profit of about $3 million.
As for Lochte, he seems to be in for some serious trouble, with the United States Olympic Committee not at all pleased with his behavior down in Rio, as can be understood from the statements of USOC CEO Scott Blackmun.
While he said that Lochte had let all Americans down along with his fellow offenders, and taken the attention away from the achievements of the country in this Olympics, he did not say exactly what would be done with him.
For the USA, with 121 medals, is yet again the country to have the highest medal wins. With 46 golds, 37 silvers and 38 bronze, the country has been so up to the mark in its leading streak which it started in 1996 that it has simply become very boring for many Americans!
China is in second place with a distant 70, while Great Britain finished third with 67, up from London 2012's 65. However at 27 golds it has the second highest number of gold medals.
The European Union faced a lot of ridicule in adding the medal haul of the nation which had just recently voted for Brexit to show that it is the biggest prize winner. This was done in a message which appeared on the official Twitter account of the EU Parliament.
The EU medal tally of 325 medals had been produced by a German PR company Euro Information, which has the European Commission and European Parliament amongst their biggest clients, but had never been commissioned by any EU body to go ahead with this dubious finding.
The closing ceremony of the Rio Olympics was held at the Maracana, at a budget one-tenth that of the London Olympic closing ceremony, and here everyone turned out by braving the bad weather.
It was a colorful ceremony, showcasing Brazilian art and people-centric culture, and featured an extremely lively carnival parade.
Proud Mother Of Two, Rebecca Judd Flaunts Her Blossoming Baby Bump, Expecting Her Twin Newborns In October
Nicki Minaj: Ex, Marriage And Children, Housewarming, Luxurious Abode, Upcoming Fourth Album


text:
Reforming the International Investment Agreements Regime
in partnership with the Columbia Center on Sustainable Development, International Institute for Sustainable Development (ISSD), International Centre for Settlement of Investment Disputes (ICSID), International Centre for Trade and Sustainable Development
Room XXVI
Ms. Elisabeth Tuerk
elisabeth.tuerk@unctad.org
Background Documents
Technical summary prepared by the Secretariat
Investment Policy Framework for Sustainable Development (IPFSD)
Reform of Investor-State Dispute Settlement (IIA Issues Note)
Reform of the IIA Regime: Four Paths of Action and a Way Forward (IIA Issues Note)
Recent Developments in Investor-State Dispute Settlement in 2012 (IIA Issues Note)
More than 50 key stakeholders, including chief IIA negotiators of many countries, from North and South, from East and West, senior business representatives, as well as representatives from relevant inter-governmental organisations and civil society attended the IIA Conference "Reforming the International Investment Agreements Regime" at the World Investment Forum 2014 on 16 October to address the challenges arising from international investment agreements (IIAs) and consider ways to reform the international investment policy regime. Participants engaged in real-time and cutting-edge interaction between IIA experts from all around the globe that will shape the reform of the IIA regime and investment dispute settlement towards sustainable development objectives. The statements presented at the conference can be found below.
The IIA Conference focused on the following main questions
What are the key areas and pressing issues in IIAs and investment dispute settlement that need to be addressed?
What are the key ways and means to address these issues?
What types of mechanisms and platforms are needed to facilitate the reform?
Through all of this, the IIA Conference generated four concrete outcomes
Agreement that the regime of IIAs and related dispute settlement need to be reformed in a comprehensive and gradual way, taking into account the interests of a all stakeholders.
Identification of pressing issues in IIAs and investment dispute settlement that need to be addressed and ways and means to do this.
Development of the contours of a roadmap for the reform of the IIA regime.
Recognition that individual reform efforts are useful but not sufficient and that only a joint, multilateral effort can be truly effective.
The debate continued at UNCTAD Expert Meeting on 25-27 February 2015 in Geneva, Switzerland.
Mr. James X. Zhan
Director, Investment and Enterprise Division, UNCTAD
Mr. Germán A. H. Bartis
Director, Directorate of International Trade and FDI Promotion Strategy, Ministry of Foreign Affairs and Worship, Argentina
Ms. Afroza Khan
Joint Secretary, Ministry of Industries of Bangladesh
H.E. Ms. Marion Williams
Ambassador, Permanent Mission of Barbados to the UN and Other International Organizations at Geneva, Barbados
Mr. Ruslan Varankov
First Secretary, Department of Treaties and Legal Affairs of Belarus
Ms. Samira Sulejmanovic
Head of Unit, Bilateral Trade Relations, Ministry of Foreign Trade and Economic Relations, Bosnia and Herzegovina
Mr. Daniel Godinho
Secretary of Foreign Trade, Ministry of Development, Industry and Foreign Trade, Brazil
Mr. John O'Neill
Deputy Permanent Representative, Multilateral Representation of Canada in Geneva, Canada
Mr. Rodrigo Monardes
Head Services, Investment and Air Transport Department, General Directorate of International Economic Relations, Ministry of Foreign Affairs, Chile
Ms. Gamze Kahyaoğlu
Foreign Trade Expert, Ministry of Economy, Turkey
Ms. Yongjie Li
Director, Department of Treaty and Law, Ministray of Commerce, China
Ms. Adriana Vargas Saldarriaga
Director, Foreign Investment, Services and Intellectual Property, Ministry of Commerce, Industry and Tourism, Colombia
Ms. Irena Alajbeg
Head of Trade and Economic Agreements Dpt., Directorate for Trade Policy and Economic Multilateral Affairs, Ministry of Foreign and European Affairs, Croatia
Mr. Christian Pino Garrido
Executive Secretary, CAITISA, National Secretariat for Planning and Development, Ecuador
Ms. Wafaa S. Ibrahim
Vice Chairman, General Authority for Investment, Egypt
Mr. Etienne O. de Dainville
Deputy Assistant Secretary for Trade Policy and Investment, French Treasury, Ministry of Economy and Finance, Ministry of Foreign Trade, France
Mr. Hans-Joachim Henckel
Director General, Federal Ministry for Economic Affairs and Energy, Germany
Mr. Saurabh Garg
Joint Secretary (Investment), Department of Economic Affairs, Ministry of Finance, India
H.E. Mr. Triyonon Wibowo
Ambassador, Permanent Mission to the UN, WTO and Other International Organisations, Indonesia
Ms. Roslyn Ngeno
Manager, Policy Advocacy, Kenya Investment Authority, Kenya
H.E. Mr. Fernando de Mateo y Venturini
Ambassador and Permanent Representative, Permanent Mission of Mexico to the WTO in Geneva, Mexico
Mr. Irmuun Demberel
Director, Consultancy and Services Division, Invest Mongolia
Ms. Amina Ousmoi
Chief of Service, Ministry of Economy and Finance, Morocco
H.E. Mr. Malan Lindeque
Permanent Secretary, Ministry of Trade and Industry, Windhoek, Namibia
Mr. Marten van den Berg
Deputy Director General, Foreign Economic Relations, Ministry of Foreign Affairs, Netherlands
Ms. Patience Okala
Legal Advisor, Nigerian Investment Promotion Commission, Nigeria
Ms. Vanessa Rivas Plata
Investment Affairs Coordinator, National Directorate of Multilateral Affairs and International Trade Negotiations, Vice Ministry of Foreign Trade, Peru
Ms. Andrea Holíková
Director of Specific State Operations, Ministry of Finance of the Slovak Republic
Ms. Champika Malalgoda
Director, Research and Policy Advocacy Department of Board of Investment of Sri Lanka
H.E. Mr. Christian Etter
Ambassador and Head of Division, Special Foreign Economic Service, Foreign Economic Affairs Directorate, State Secretariat for Economic Affairs, Switzerland
Ms. Niki Kruger
Chief Director, Trade Negotiations, Department of Trade and Industry, South Africa
Mr. Chutintorn Gongsakdi
Director-General, Department of International Economic Affairs, Ministry of Foreign Affairs, Thailand
Mr. Michael Tracton
Director, Office of Investment Affairs, Department of State, USA
Mr. Tobias Mulimbika
Director, Department of Industry, Ministry of Commerce, Trade and Industry (MCTI), Zambia
Mr. Matteo Barra
Expert Officer on International Energy Investments, Energy Charter Secretariat
Mr. Rupert Schlegelmilch
Director, European Commission, Directorate B – Services and Investment, Intellectual Property and Public Procurement, Directorate-General for Trade, European Union
Ms. Meg Kinnear
Secretary-General, International Centre for Settlement of Investment Disputes
Mr. Edwini Kessie
Chief Trade Adviser, Office of the Chief Trade Adviser, Pacific Island Countries
Mr. David Gaukrodger
Senior Legal Adviser, Investment Division, Organization for Economic Co-operation and Development
Ms. Jane Connors
Director, Research and Right to Development Division, United Nations Human Rights Office of the High Commissioner
Ms. Annette Magnusson
Secretary General, Stockholm Arbitration Institute of the Chamber of Commerce
Mr. Martin Khor
Executive Director, The South Centre
Mr. Timothy Lemay
Principal Legal Officer, International Trade Law, United Nations Office of Legal Affairs and Secretary of the United Nations Commission on International Trade Law
Ms. Lise Johnson
Head of Investment Law and Policy Porgram, Columbia Center for Sustainable Investment
Mr. Pradeep Mehta
Secretary General, CUTS International
Mr. Ricardo Meléndez-Ortiz
Co-Founder and CEO, ICTSD
Ms. Nathalie Bernasconi Osterwalder
Group Director, Economic Law and Policy, International Institute for Sustainable Development
Ms. Sanya Reid Smith
Legal Advisor and Senior Researcher, Third World Network
Ms. Carolin Vollmann
Economic Advisor & Research Officer, International Trade Union Confederation
Ms. Stormy-Annika Mildner
Head of Department External Economic Policy, Bundesverband der Deutschen Industrie e.V.
Mr. Winand Quaedvlieg
Deputy Director, International Economic Affairs Confederation of Netherlands Industry and Employers VNO-NCW, in his capacity of Chair of the Investment Committee of the Business and Industry Advisory Committee to the OECD
Mr. James Lockett
Vice President and Head of Trade Facilitation and Market Access, Huawei Technologies
Mr. Peter Robinson
President and CEO, United States Council for International Business, United States
Mr. Shaun Donnelly
Vice President, United States Council for International Business


I get regular emails, mostly from grandparents asking what they should buy their newborn grandchildren as an introduction to the stock market, this falls into the same category, and here is my answer.
"Dear Dad. General advice only because I do not know your particular financial circumstances.
Assuming your daughters don't want to be risking their precious early dollars on one particular stock, not take too much risk and get an introduction to the investment world, then a less volatile fund like a stock-picking Australian equity-focused listed investment company is the way to go. Listed investment companies, managed funds and exchange-traded funds are generally a lot less volatile than one stock, representing as they do, many stocks. They will have a smoother ride.
Why a listed investment company not a managed fund or an exchange-traded fund? A listed investment company is listed, so you can easily buy and sell it on a click of a button, and as you'll see below, you want your daughters to have the power to make decisions about whether to buy and sell, it's all part of the learning curve. Just 'giving' them an investment doesn't engage them or educate them.
Through listed investment companies you can also access some interesting fund managers. Most funds, the big Super funds, the big exchange-traded funds and the big listed investment companies like AFIC and Argo, are largely index replicants that are now two a penny. If you want a boring bet on the market, fine, but this is an opportunity for them to do something more interesting and engage with some of the markets most active characters whose wisdom and performance will teach your daughters about the potential and perils of the stock market.
Which listed investment company? You could go big and boring, that might suit, AFIC for instance is the most common gift for a newborn grandchild, but I'd look for a listed investment company where there is a fund manager whose job, salary and family security relies on performance and on that front you should start with this list.
This list has great links to the websites of the LICs where you can check out investment philosophy, performance and see who actually runs it. If the key to equity investment is 'Management Management Management', then the key to listed investment companies, and managed funds, is 'Management Management Management' as well. Take an interest in the personalities behind the funds. Take an interest in their performance as well.
I could recommend a few of the best listed investment companies but it might be a great process for you to sit down with your daughters, explain listed investment companies to them (click here), discuss the elements of a good fund manager (long-term consistent outperformance, their experience and a solid process) and ask your daughters to pick one each. Try and avoid the allure of the 'fancy' long short, one sector, one international market, one theme funds and instead look for plain "Australian equities". These funds are going to be more educational, more personal, and more easily understood.
It would be good if you can get your daughters to choose different funds, then perhaps they will gain more interest through sibling rivalry, by caring about their performance compared to that of their sister. There is nothing quite like a fifteen-year-old proving they are smarter than their eighteen-year-old sister. Beware the stock market monster you create.
Finally, tell them that they don't have to hold on to their listed investment company forever. They can sell a listed investment company with a click, that's the beauty of being listed, and they can buy it back again. Knowing they have a decision they can make gives them responsibility and teaches them about the process and pressures of managing an investment, much more fun than sticking an investment under the mattress and having faith in misguided marketing messages like "set and forget".
When should they buy and sell? Only occasionally. Most of these Australian equity listed investment companies are "market" investments. They are not fast moving and they are not very volatile. But maybe once or twice a year, or once or twice a decade they can save themselves many years of returns by ducking out and ducking in. Knowing when to do that is the Holy Grail and the sooner they start understanding how hard that is the better. They will make their mistakes and the dollars they are gifted and lose will teach them valuable lessons in return.


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Hi everyone! I was absolutely overjoyed when I spotted these gorgeous River Island fringe sandals in the Sandton store two weeks ago. You may remember them from Instagram or from the way I styled them in this post. I'm completely obsessed with the fringe detail and tassel ends on the traps. The straps wrap around the ankle and you can do this a variety of ways which I love. They are also suede and I seem to have a thing for suede shoes because, unintentionally, my collection is growing.
These River Island fringe sandals remind me of something Olivia Palermo would wear. I love the way she transforms a simple pair of comfy jeans into something really special by throwing on a great, bold pair of heels and I know she is not afraid of adding a little drama by way of incorporating tassels in the style.
Since I bought these River Island fringe sandals I have seen a whole lot of international bloggers incorporating them into their outfits too so clearly I'm not the only one who fell in love with them. I also discovered that they're actually the perfect dupe for the Aquazzura pair that you can find here.
What do you think about the tassel and fringe trend? Yay or nay? While I'm not a huge fan of fringe I think adding it to an outfit through my shoes is just the right about of it for me. I think any more would be a little too much for my personal taste.
They're my fav pair at the moment!
What a gorgeous pair of pumps, just in time for the holidays.


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Brooke Howell 2 years ago
ACS Infectious Diseases and the ACS Division of Biological Chemistry are proud to announce the winners of the 2017 ACS Infectious Diseases Young Investigator Awards. This year's honors, which recognize three outstanding young investigators in the field of infectious diseases, are awarded to:
Catherine Leimkuhler Grimes, Assistant Professor, Department of Chemistry and Biochemistry, University of Delaware
Chao Shan, Postdoctoral Fellow, Biochemistry and Molecular Biology, University of Texas Medical Branch at Galveston
William M. Wuest, GRA Distinguished Investigator and Acting Associate Professor, Chemistry, Emory University
ACS Infectious Diseases Young Investigator Awards Symposium at the 2017 ACS Fall National Meeting
As winners of the 2017 ACS Infectious Diseases Young Investigator Awards, Grimes, Shan, and Wuest each will receive a plaque, an award of $1,000, and up to $500 in travel reimbursement to attend the 2017 ACS Fall National Meeting in Washington, D.C., and present at an ACS Division of Biological Chemistry symposium in their honor. The journal and the Division encourage you to attend the ACS Infectious Diseases Young Investigator Awards Symposium Wednesday, August 23, from 8:30 a.m. to 11 a.m. in Room 145B of the Walter E. Washington Convention Center.
To learn more about these great young investigators, I reached out to ACS Infectious Diseases Editor-in-Chief Courtney C. Aldrich for more information about why each was selected for this award. I also connected with the winners to learn more about their research. Read on to find out what they said.
Catherine Leimkuhler Grimes
"Dr. Catherine Leimkuhler Grimes has done foundational work at the interface of chemistry, microbiology, and immunology to decipher the molecular interactions between bacteria and our immune system," Aldrich said. "A greater understanding of how our immune system recognizes bacteria could result in a paradigm shift in addressing antimicrobial resistance."
Read all of Grimes's ACS Publications-published research here and read on to learn more about her work.
How did you get into studying immune response?
As a graduate student, working with Professor Daniel Kahne, we investigated the problem of glycopeptides resistance. Glycopeptides, such as vancomycin, inhibit the biosynthesis of the polymer, peptidoglycan which serves as a protective shield for the bacteria. I began to read about how the human immune system, independent of an antibiotic, use defined fragments of the peptidoglycan to generate an innate response. As a post-doctoral fellow, working with Professors Erin K. O'Shea and Daniel K. Podolsky, I learned about the important signaling mechanisms that the human immune systems uses to respond to these fragments. Now, in my own laboratory at University of Delaware, we combine carbohydrate chemistry and biochemistry with molecular and microbiology to determine normal and disease sensing of the innate immune response.
What's the most exciting discovery you've made in your career so far?
My laboratory has determined that NOD2, an innate immune protein that is mutated in Crohn's disease, is highly unstable in the cellular environment. We have established biochemical assays, which rely on carbohydrate chemistry to determine that this protein binds directly to bacterial peptidoglycan fragments and is truly an innate immune receptor.
What's next in your research?
We are very interested in determining the biologically relevant fragments of peptidoglycan (PG) from commensal and pathogenic bacteria. We have recently developed a methodology to metabolically install bio-orthogonal probes into the glycan backbone of the PG, allowing us to track and capture the reactive fragments in a variety of settings.
In addition, my lab is developing high throughput methods to screen for small molecule stabilizers of NOD2, as we have established that the molecular chaperone, Hsp70, is capable of rescuing the Crohn's associated phenotype.
Is there anything else you'd like to share?
I am extremely grateful to all of my mentors and collaborators, especially my students at the University of Delaware for believing in me. Finally, I would like to thank Professor Jack Strominger for providing an incredible foundation to the field of bacterial peptidoglycans and who once told me "with love and desire you can do anything".
Chao Shan
"Dr. Chao Shan has successfully developed the first reverse-genetic system for Zika virus. The system has made it feasible to study the molecular biology of Zika epidemic/disease and to develop countermeasures (vaccine and therapeutics)," said Aldrich. "This system has been widely shared and used by many research groups around the world. The development of such experimental system represents a major breakthrough in Zika virus research."
Read Shan's ACS Infectious Diseases-published research here and read on to learn more about his work.
How did you get into studying Zika virus?
I joined Dr. Pei-Yong Shi's group as a postdoctoral fellow in December 2015 when Zika virus (ZIKV) became epidemic in the Americas. Since our group is good at reversing the genetic system of Flavivirus and the system is urgently needed for ZIKV research, I am mainly working to develop a ZIKV reverse genetic system.
I built the first ZIKV reverse genetic system in the world and it has been widely used by many research groups. And based on this reverse genetic system, I have developed the first live-attenuated Zika vaccine candidate which showed sterilizing immunity in both mouse and non-human primate models while preventing pregnancy transmission and testis damage.
In the future, I would like to further characterize vaccine candidates and explore why ZIKV caused this epidemic.
I would like to thank each of our lab members and all of our great collaborators, especially my mentor Dr. Shi for all his support during this period. Research is really moving very fast in the Zika field. I couldn't achieve these discoveries without help from the UTMB community and awesome collaborators from other universities. Thank you for all the support and suggestions for my research.
William M. Wuest
"Dr. William M. Wuest has established a world-renowned research program focused on studying and perturbing bacterial biofilms with small molecules using an innovative combination of chemical biology, medicinal chemistry, and diverted total synthesis. His review on the development and resistance of quaternary ammonium compounds – "Quaternary Ammonium Compounds: An Antimicrobial Mainstay and Platform for Innovation to Address Bacterial Resistance" – remains the most-cited paper in ACS Infectious Diseases.
Wuest's ACS Publications-published research here and read on to learn more about his work.
How did you get into studying natural products with a focus on combating bacterial biofilms?
Ever since I was a graduate student, I have been fascinated by natural products and their role in medicine. Therefore, it seemed logical to make them the focus of my initial job proposals; however, I wanted to expand into an area that both differed from my training and was lacking a critical mass of synthetic chemists. After discussions with my postdoc advisor, Chris Walsh, I realized that bacterial biofilms was exactly the place to launch my career.
That's a tough question! I would say that our work investigating quaternary ammonium compound (QAC)-resistance (or as I like to describe it, "how Methicillin-resistant Staphylococcus aureus can fight Lysol") is probably our most influential. However, I am partial to our work on the natural product promysalin, a Pseudomonad-specific antibiotic, which provided the first synthesis, structural assignment, interesting biological activity, and most recently the biological target of the compound and mode of action, as it continues to push our understanding of how nature evolves small molecules to be both potent and selective.
With my group's recent move to Emory University, I felt that this would be an ideal time to expand our research focus beyond bacterial biofilms and look into other areas antibacterial research. More specifically, we are looking to expand our "narrow-spectrum" research program with a focus on Pseudomonad-specific therapies in collaboration with the CF-Atlanta group. Likewise, we also plan to work closely with the Antibiotic Resistance Center here at Emory to further investigate mechanisms of antibiotic resistance development by both using our current, and continuing to develop, chemical probes.
I would like to express my appreciation to the chemical biology community, and more specifically the chemists working in the infectious disease field. Their continual support of our program and words of encouragement throughout the pre-tenure process have been invaluable and I look forward to paying it forward to future junior faculty. Finally, none of these discoveries would have been possible without the hard work and dedication of my entire group (@WuestLab) who continually strive to Do Better both in the lab and in the community!
ACS Infectious Diseases Awards Educator Researcher Student
Bill received an ACS Infectious Diseases Young Investigator Award! – Wuest Lab
[…] received an ACS Infectious Diseases Young Investigator Award for the group's antibiotic development research! He will be giving his award address on Wed. […]
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ACS Publications 2017 Fall Lectureship Series By the Numbers