main navigation
my pace

NYC

News & Events

Sort/Filter

Filter Newsfeed

News Item

Westchester County Business Journal: "USA Bank failure serves as case study in financial collapse"

09/05/2014

Westchester County Business Journal: "USA Bank failure serves as case study in financial collapse"

. . . “Borrowers do not have the same protection that depositors do,” said Robert Chersi, executive director of the Center for Global Governance, Reporting and Regulation at Pace University’s Lubin School of Business. A small business with a loan from a failed bank “might not be that bad off if a bank steps in with the same terms and customer service — but that’s not always the case.”

When the FDIC sells off the failed bank’s loan portfolio, the holder of the loans will change, and the new holder could use the terms of the loan to its advantage.

“The biggest risk is an acceleration or a change in the interest rate by whoever takes over the loan,” Chersi said. An acceleration requires the borrower to immediately pay off the loan’s principal and any accrued interest. Often, small businesses take out loans to fund operations or to reinvest in expanding the business. They can be particularly vulnerable, as “all of a sudden, they’ll be faced with an acceleration and only have hard assets, not cash.”

Generally, banks are risk-averse, and borrow in the short term and lend for the long term, Chersi told the Business Journal. While bank failures such as that of USA Bank don’t happen often, they do happen.

In the case of USA Bank, the FDIC sold $151.9 million of the failed bank’s assets to New Century Bank of Phoenixville, Penn. It was estimated that the failure would cost FDIC’s Deposit Insurance Fund approximately $61.7 million, according to the press release announcing FDIC’s sale of the assets on the day the Port Chester bank was shut down.

Chersi’s advice for bank customers is simple.

“Borrowers are generally in the better position in case of a failure, because they have the money, whereas the depositors are trying to get their money out,” he said. But both depositors and borrowers “should know your account. Know your bank — are they solvent?”

Read more: http://westfaironline.com/65316/usa-bank-failure-serves-as-case-study-in-financial-collapse/

News & Events

Sort/Filter

Filter Newsfeed

News Item

International Business Times: "Hong Kong's 'Occupy Central' Wants Political Independence More Than Economic Justice"

09/04/2014

International Business Times: "Hong Kong's 'Occupy Central' Wants Political Independence More Than Economic Justice"

. . . The Occupy Central manifesto makes no mention of economic issues, instead focusing solely on supporting democracy in Hong Kong. Joseph Tse-Hei Lee, a professor of history at Pace University, said the organizers' use of the “Occupy” name was merely an attempt to benefit from an association with a movement with international recognition.

“Occupy Central appropriated the name to draw inspiration as well as energy from Occupy Wall Street,” he said. “Because Hong Kong is a financial center, they felt demonstrating in a business district would get Beijing’s attention.”

Read more: http://www.ibtimes.com/hong-kongs-occupy-central-wants-political-indepen...

News & Events

Sort/Filter

Filter Newsfeed

News Item

Law360: "Anti-Inversion Push Causing PR Blowback For Burger King"

09/04/2014

Law360: "Anti-Inversion Push Causing PR Blowback For Burger King"

. . . “Long term, there's certainly a tax benefit by inverting — Burger King can reduce its U.S. tax by taking interest expense deductions and can restructure after the transaction and move its foreign subsidiaries from Burger King U.S. to the foreign parent so new foreign earnings won't be subject to U.S. tax,” said Philip Cohen, who teaches in the legal studies and taxation department of Pace University's Lubin School of Business. “The company can also loan money without U.S. tax consequences. I don't know what their motivation is, but over time, they should be able to generate considerable tax consequences.”

Read more: https://www.law360.com/articles/571479/anti-inversion-push-causing-pr-bl...

News & Events

Sort/Filter

Filter Newsfeed

News Item

“Beyond Gridlock: State Leadership on Energy & Environmental Issues” - NYS Attorney General Eric T. Schneiderman, keynote speaker at Pace

09/04/2014

Attorney General Eric T. Schneiderman was the keynote speaker on Wednesday when representatives from New York’s leading environmental organizations gathered at Pace

. . . “Climate change is already affecting each of us,” said New York Attorney General Eric Schneiderman, during a keynote speech at Pace University. “And it will get worse very quickly if we do not mobilize.”

Read the article in the Epoch Times and additional coverage by Albany Times Union, Capital New York, Law360, and Newsday.

 

 

 

 

News & Events

Sort/Filter

Filter Newsfeed

News Item

New York Post: "US fast cash for European crooks"

09/03/2014

New York Post: "US fast cash for European crooks"

. . . There’s no good data on how much Americans lose abroad vs. at home. But global payment-card fraud is big business — about $8.7 billion in annual losses for US financial firms, a big part of it “skimmer” fraud, says Darren Hayes of Pace University.

Read more: http://nypost.com/2014/09/02/us-fast-cash-for-european-crooks/

News & Events

Sort/Filter

Filter Newsfeed

News Item

Taipei Times: "Hong Kong democracy is China’s nightmare"

09/02/2014

Taipei Times: "Hong Kong democracy is China’s nightmare"

“Hong Kong is now facing a series of governance crises: a stagnant economy, an incompetent government void of any legitimacy, its marginalization by the fast-growing cities of Shenzhen, Shanghai and Beijing, and persistent tensions with China over universal suffrage in elections for the territory’s chief executive and legislators,” writes Joseph Tse-Hei Lee, a professor of history and co-director of the Global Asia studies program at Pace University, in an op-ed in the Taipei Times.

Read more: http://www.taipeitimes.com/News/editorials/archives/2014/09/01/2003598736

News & Events

Sort/Filter

Filter Newsfeed

News Item

E-Commerce Times: "Twitter Lets Ordinary Users Get Analytical"

09/02/2014

E-Commerce Times: "Twitter Lets Ordinary Users Get Analytical"

. . . "I expect there will be more of a negative impact than positive due to most people not paying close attention to everything coming their way on Twitter," said Larry Chiagouris, a professor of marketing at Pace University.

"Advertisers who find that the analytics indicate positive results will likely increase their support of Twitter," Chiagouris told the E-Commerce Times. "Others, who find something less than positive results, will decrease support."

- See more at: http://www.ecommercetimes.com/story/Twitter-Lets-Ordinary-Users-Get-Anal...

News & Events

Sort/Filter

Filter Newsfeed

News Item

Washington Times: "For Democrats, Burger King now public enemy No. 1"

08/28/2014

Washington Times: "For Democrats, Burger King now public enemy No. 1"

. . . Despite Burger King’s denial that it’s dodging American taxes, and even though it remains to be seen just how much the new corporation will pony up to the U.S. Treasury, specialists say the PR battle with Democrats and negative publicity could affect the company.

“This isn’t like an industrial company that’s faceless to the general public,” said Philip G. Cohen, a professor of legal studies and taxation at Pace University. “There’s a perception that individual taxes will go up to pay for lost corporate taxes caused by inversion. That might cause a public outcry. At the end of the day, that’s what matters.”

News & Events

Sort/Filter

Filter Newsfeed

News Item

New York Times ArtsBeat: "Schimmel Center Offers Patti LuPone, Buster Keaton and Loudon Wainwright III"

08/28/2014

New York Times ArtsBeat: "Schimmel Center Offers Patti LuPone, Buster Keaton and Loudon Wainwright III"

The Schimmel Center at Pace University will present a new series in which silent films are shown with live music, as well as productions of “The Nutcracker” and “Don Quixote” by the Gelsey Kirkland Ballet and concerts by Loudon Wainwright III, Patti LuPone, Ben Vereen and the Knights as part of its 2014-15 season.

Read more: http://artsbeat.blogs.nytimes.com/2014/08/27/schimmel-center-offers-patt...

 

 

News & Events

Sort/Filter

Filter Newsfeed

News Item

E-Commerce Times: "Facebook Trains Sights on Clickbaiters"

08/27/2014

E-Commerce Times: "Facebook Trains Sights on Clickbaiters"

. . . Clickbaiting may be irritating to readers, but perhaps the real driver behind Facebook's actions is the potential loss of advertising dollars.

The practice is "a large nuisance for online marketers as it numbs consumers and results in lower click-through rates across the board," Larry Chiagouris, a professor of marketing at Pace University, told the E-Commerce Times. "Any decline in click-through rates has the potential to negatively impact Facebook revenue."

Read more: http://www.ecommercetimes.com/story/Facebook-Trains-Sights-on-Clickbaiters-80949.html

 

Clickbaiting may be irritating to readers, but perhaps the real driver behind Facebook's actions is the potential loss of advertising dollars.

The practice is "a large nuisance for online marketers as it numbs consumers and results in lower click-through rates across the board," Larry Chiagouris, a professor of marketing at Pace University, told the E-Commerce Times. "Any decline in click-through rates has the potential to negatively impact Facebook revenue."

- See more at: http://www.ecommercetimes.com/story/Facebook-Trains-Sights-on-Clickbaite...

 

Pages