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E-Commerce Times: "The Fortune 500 Crowdfunding Conundrum"

09/12/2014

E-Commerce Times: "The Fortune 500 Crowdfunding Conundrum"

. . . Crowdfunding by large corporations "could definitely represent a way for small investors to get in on the ground floor of new and exciting marketing opportunities without the investment bankers taking a piece of the action," Larry Chiagouris, a professor of marketing at Pace University, told the E-Commerce Times.

See more at: http://www.ecommercetimes.com/story/81027.html

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WABC: "Remembering the first responders who died on 9/11"

09/11/2014

WABC: "Remembering the first responders who died on 9/11"

NEW YORK (WABC) -- They left behind hundreds of children, some too young to remember their parents.

One family, with 10 children, spoke about what they've gone through, and what's helped them since September 11, 2001.

"I directly go back to when I was 12 year old," said Joe Palombo, son of 9/11 victim. "In my mind and probably in all of our minds, our dad was invincible; nothing ever is going to happen to him."

But on September 11th 2001, Joe's father, Frank Palombo went into the south tower with others from Ladder 105 and he did not make it out.

"All you can think about is my dad died, people were so moved by it because the way he died, because he was a hero, but to me he was my hero before he died. I didn't lose a firefighter Sept 11th, I lost my father," Palombo said.

A man who adored his family, which eventually expanded to two girls and eight boys was quite a handful for Joe's mom Jean.

When Frank passed, the oldest was just 15 and the youngest was 11 months old.

Facing an uncertain future, Joe says he clearly remembers spiraling into a tail spin.

"As a 12-year-old boy, my dad's my hero, I want to be just like him, I want to make him happy," Palombo said.

Joe knew his oldest brother would be heading to college but like other families, they were struggling financially

Six days after the attacks, the Freedom Scholarship Fund was established.

It makes it possible for those who lost loved ones to pursue post-secondary study and pays for everything.

Joe and his sisters and brothers will all receive funding.

"The families are tremendously inspirational, they're resilient, they are strong, and notwithstanding the heartache they've been through,"

Joe graduated with honors from Pace University last May.

It was a bitter sweet time as three months later, Jean died from colon cancer.

So much loss, but Joe is thankful that the kindness of strangers made it possible for him to finish school.

"Something was taken away but something has also been given to me, it's an absolutely blessing," Palombo said.

Watch the video: http://7online.com/news/remembering-the-first-responders-who-died-on-9-1...

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Epoch Times: "How 9/11 Changed Us"

09/11/2014

Epoch Times: "How 9/11 Changed Us"

NEW YORK—Everyone who is old enough to remember that day 13 years ago now known as 9/11 knows just what they were doing, where they were, and who they were with when they found out that New York City had been attacked. What is difficult to remember are the hours, days, weeks, months and years that have followed during which the U.S. drastically changed.

For some, the difference is a subtle change in social norms.

“We’re more polarized, we’re less civilized,” said Phil Hirschkorn, a former CBS Evening News producer who was at Ground Zero on 9/11. Hirschkorn added that there was a significant lack of accurate information on and after September 11. He pointed to the 9/11 Commission’s report prepared by the federal National Commission on Terrorism, which wasn’t released until years later, on July 22, 2004.

“What’s interesting is what we didn’t know,” said Hirschkorn. “It took a long time to get the timeline of the day right.”

He and others agree that even with slowly emerging information, it was a day that ultimately became a turning point for the country, and the world. The Pentagon was also attacked by a hijacked plane and another was crashed in a field in Pennsylvania by passengers who foiled their hijackers. Even 13 years later the increased security in airports, public and private buildings, and major transportation hubs is impossible to ignore. For some, they still haven’t become accustomed to it, though.

“I feel it every time I walk in an NYU building and I have to show my ID,” said Mitch Stephens, a journalism professor at New York University. “We’re so terrorism conscious.”

Hirschkorn and Stephens were part of a discussion at New York’s City’s Pace University on the week of the thirteenth anniversary of 9/11. Most of those who took part were journalists who, like Hirschkorn, covered 9/11 from what would later become known as Ground Zero. Run in conjunction with the university’s 9/11 Tribute Center, the audience included survivors as well as relatives and friends of victims.

Read more: http://www.theepochtimes.com/n3/947500-how-911-changed-us/

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New York Times: "Foundation Sends Kin of 9/11 Victims to College"

09/10/2014

New York Times: "Foundation Sends Kin of 9/11 Victims to College"

Sean Booker Jr., now 18, attends Pace University in Lower Manhattan, within view of 1 World Trade Center.

Read more: http://www.nytimes.com/2014/09/10/nyregion/donations-of-100-million-help...

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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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