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WRNN-TV: "Middle East and Strange Bedfellows"

09/08/2014

WRNN-TV: "Middle East and Strange Bedfellows"

The fight over containing ISIS is an "extraordinary challenging situation," Pace Law School Professor Thomas McDonnell tells Richard French.

Watch the video: http://www.youtube.com/watch?v=2wE2SVpsIt4

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Pittsburgh Post-Gazette: "Debate over tax inversions expected to heat up"

09/08/2014

Pittsburgh Post-Gazette: "Debate over tax inversions expected to heat up"

. . . If Congress doesn’t do something about inversions, voters are likely to blame incumbents, particularly Republicans who are holding out for wider ranging reform, said Philip G. Cohen, a Pace University professor of legal studies and taxation.

“If I were a political strategist, I would make sure voters understand what this is. It’s paper transaction that makes a U.S. corporation a foreign corporation and thus reduce its taxes. The result will be either an increase in the deficit or that the rest of us, individuals and corporations that haven’t inverted, will have to pay more. It’s a zero-sum game. That’s the way I would say it,” Mr. Cohen said.

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Epoch Times: "Bloomberg to Bloomberg: Former Mayor Retakes Data Firm"

09/08/2014

Epoch Times: "Bloomberg to Bloomberg: Former Mayor Retakes Data Firm"

. . . Pace University business professor Joseph Pastore observed in an emailed statement that the former mayor was still energetic, “Michael Bloomberg may be 72—but today, and especially for him, that is the new 60.” 

Bloomberg had insisted for years that he would not return to run the company, which earned $7.9 billion in revenue last year. 

He was originally expected to spend his retirement from politics donating money to causes such as gun control and immigration—work that he expects to continue, even as he takes on the 15,000-strong company.

Pastore noted that Bloomberg may be channeling the three terms he served as New York mayor and also that Bloomberg Philanthropies, a charity only 20 blocks away from the data company, didn’t have the challenge he sought. 

“Michael Bloomberg no doubt has lots of waxing leadership energy begging to be rekindled,” said Pastore. “Turning his attention to philanthropic efforts—as important as that is and as committed as he might be—really doesn’t demand the entrepreneurial and creative energy that he craves.” 

Pastore observed that Bloomberg LP had just the environment the former mayor was seeking in “a highly competitive and transformative industry.”

Read more: http://www.theepochtimes.com/n3/935197-bloomberg-to-bloomberg-former-mayor-retakes-data-firm/

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Downtown Express: "Coding apps made easy at high school summer camp"

09/05/2014

Downtown Express: "Coding apps made easy at high school summer camp"

Scientific research, robotics and coding – that doesn’t necessarily sound like every kid’s dream of the perfect summer. But 16 high school students from all over New York City, New Jersey and as far away as Yonkers, chose to spend two weeks of their vacation doing exactly that at Pace University’s annual STEM Collaboratory Camp.

The program took place at the university’s Downtown campus for the second time this summer where the students, including two from Downtown schools, developed and designed mobile applications, or apps, based around this year’s theme of cyber security.

If that sounds impressive, then so were the finished apps that the teens presented to family, faculty and newly made friends at a reception last month at Pace’s Seidenberg School of Computer Science and Information Systems.

Read more: http://www.downtownexpress.com/2014/09/05/coding-apps-made-easy-at-high-school-summer-camp/

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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/

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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...

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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...

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“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.

 

 

 

 

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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/

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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

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