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BizEd: "Big Ideas on Campus"

12/15/2014

BizEd: "Big Ideas on Campus"

. . . Students are responsible for running three different businesses at Pace University’s Lubin School of Business in New York City, all three overseen by the university’s Center for Student Enterprise.

• The Pace Perk Café, founded in April 2010 by two students, is a late-night café spot open from 9 p.m. to 1 a.m. Ten student managers run the business, which employs 13 students and had sales of $125,000 in 2013. With retained earnings of more than $20,000, the Perk was able to make a $5,000 loan to the newest student-run business, Pace Mart, for startup funds.

The Perk also serves as a learning lab for other students: Last fall, a graduate auditing class did an audit of the Perk, which provided valuable insights to both the graduate students and the student managers of the Perk.

• Pace Connect is a student-run call center that works on behalf of university clients. When it was founded in the fall of 2012, it contacted alumni to raise money for the Pace Annual Fund; within a year, it was also contacting graduates on behalf of Pace Career Services to collect information about alumni jobs. It now also makes calls for the Office of Student Assistance to help current students set up payment plans for past-due balances; the Office of Student Success to identify second-semester freshmen who are having problems or considering not returning to Pace; and the Office of Enrollment to invite admitted students to attend preview events.

A team of four student managers runs the business, which employs 20 students. The center operates out of an accounting classroom, using Skype to make calls and SalesForce.com to track data. The business had revenues of $26,000 this year and has retained earnings of about $2,000.

• The newest operation, Pace Mart, is a convenience store run by eight students who negotiated with Pace Administration to plan the enterprise. They’re working with a new type of student account called Dawg dollars that will allow students to use their swipe cards to make purchases. The store was piloted in April in a small area of the school library, but a full store was planned for the fall; it will employ at least 20 students and be open eight hours a day.

Read more: http://www.bizedmagazine.com/features/articles/big-ideas-on-campus.asp

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Pace University and the Association of International Bank Auditors announce new cycle of Certified Compliance and Regulatory Professional program

12/15/2014

Pace University and the Association of International Bank Auditors announce new cycle of Certified Compliance and Regulatory Professional program

A new cycle of this professional regulatory certification commences in January, available in both "in-person" and "online" modes with concurrent New York State CPE credit.  This industry recognized program provides a unique framework encompassing the integration of compliance/risk management/corporate governance with business strategy.

New York, NY – December 15, 2014 — Today’s regulatory environment is ultra-complex and rapidly evolving, with voluminous new regulations being issued at an unprecedented pace. The Center for Global Governance, Reporting and Regulation at Pace University and the Association of International Bank Auditors announce a new seventh cycle of the Certified Compliance and Regulatory Professional (CCRP®) certificate program.  The CCRP® at Pace provides growth opportunities and positions global financial services professionals as leaders in the compliance community, giving them an edge in a very competitive job market. 

The new cycle begins Tuesday evening January 13, 2015 and continues to July 7, 2015.  Classes will be held on Tuesday evenings at Pace University’s Midtown Center in the historic Fred French Building at 551 Fifth Avenue between 45th and 46th Streets, with concurrent online synchronous ("live") participation.  A taped version will also be available for asynchronous "after the class" viewing.  Thus, this program is now also available to professionals whose work schedules preclude commuting to Pace's Midtown Center, making the CCRP® professional certification accessible to national and global audiences.   The CCRP® at Pace has also recently been approved for Continuing Professional Education (CPE) credit by New York State.

The CCRP® is designed to develop the critically important proficiencies essential for today’s professionals to distinguish themselves in this challenging regulatory and business environment.  It provides intense and in-depth exposure to key aspects of governance, risk management, regulatory strategy, and relevant regulations.   Faculty includes both Pace professors as well as subject matter experts drawn from world's leading financial institutions, professional organizations and regulators.  The sessions include detailed discussions of current compliance and regulatory issues (including AML, OFAC, Dodd Frank, Basel III, etc.), and examinations of real-life case studies. Team presentations provide experience in applying coursework to actual business problems.  CCRP® certificate holders include professionals from domestic and international banks, "non-banks" (brokerages, asset managers, credit unions, etc.) and professional services (accounting, law, consulting) firms.

“This new CCRP® cycle has been enhanced with two features --- a complementary online offering to enable participation by geographically broader audiences, and the ability for participants to concurrently earn New York State continuing professional education (CPE) credits," says Robert J. Chersi, the former CFO of Fidelity Investments who is the Executive Director of the Center at Pace’s Lubin School of Business.  "These new features will be valuable to participants seeking to augment their professional skills."

The Center also has expanded its other professional development offerings, including “boot camps” that can be customized to an institution’s desired location, topics, and duration, as well as on-line videos and eBooks that enable distance learning.

More information about the CCRP® program is available at www.pace.edu/ccrp, and for all of the Center's programs at http://www.pace.edu/lubin/departments-and-research-centers/center-for-global-governance-reporting-and-regulation, or by contacting the Center’s Chairman Emeritus Jack James at jjames@pace.edu or Executive Director Bob Chersi at rchersi@pace.edu.

About the Lubin School of Business at Pace University: Globally recognized and prestigiously accredited, the Lubin School of Business integrates New York City’s business world into the experienced-based education of its students at Pace’s suburban and downtown campuses, implemented by the region’s largest co-op program, team-based learning, and customized career guidance. Its programs are designed to launch success-oriented graduates toward upwardly mobile careers.  www.pace.edu/lubin

About the Association of International Bank Auditors: The AIBA membership consists of internal audit, compliance and internal control professionals of nearly 100 U.S. branches and agencies of foreign banks.  The mission of the AIBA is to foster the professional standing of its members by increasing their knowledge and capacities to carry out their responsibilities with respect to international banking.

Media contact:  Bill Caldwell, Pace, 212-346-1597, wcaldwell@pace.edu

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Institutional Investor: "Deals of the Year 2014: Facebook's Data-Driven Takeover of WhatsApp"

12/11/2014

Institutional Investor: "Deals of the Year 2014: Facebook's Data-Driven Takeover of WhatsApp"

. . . Snapping up a player like WhatsApp, whose user base has exploded to about 500 million since it launched its app in 2009, yields an advantage, at least temporarily, says Darren Hayes, a professor at Pace University’s Seidenberg School of Computer Science and Information Systems, in New York. "A lot of companies are looking to expand and get more information that they can sell to third parties," adds the former investment banker.

Read more: http://www.institutionalinvestor.com/article/3409120/banking-and-capital-markets-corporations/deals-of-the-year-2014-facebooks-data-driven-takeover-of-whatsapp.html#.VIi09ZxGt1w

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Wall Street Journal: "Grand Jury’s Work Done, but Probes Into Chokehold Case Continue"

12/04/2014

Wall Street Journal: "Grand Jury’s Work Done, but Probes Into Chokehold Case Continue"

 . . . “One of the most difficult challenges to indicting police officers in wrongful death cases is that the DA is also the same DA who works with these police officers every day in the prosecution of other crimes,” said Randolph M. McLaughlin, a professor at the Pace University School of Law. “I think there is an institutional conflict of interest.”

Mr. McLaughlin said he hoped Mr. Donovan would seek to have as much information released about the grand jury proceedings as possible.

Read more: http://online.wsj.com/articles/grand-jurys-work-done-but-probes-into-chockhold-case-continue-1417661628

 

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Associated Press: "Security Experts Doubt North Korea Hacked Sony"

12/03/2014

Associated Press: "Security Experts Doubt North Korea Hacked Sony"

. . . It would be unusual if North Korea was behind the breach, said Darren Hayes, director of cybersecurity at Pace University's computer science school.

"However, there are numerous hackers for hire" in some of the shadowy corners of the Internet, he said. "If Kim Jong Un has developed his own rank-and-file cyberattack unit, with sophisticated capabilities, then we should be very concerned."

Read more: http://abcnews.go.com/Technology/wireStory/security-experts-doubt-north-korea-hacked-sony-27317398

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Westchester County Business Journal: "Investing in Westchester’s biotech surge"

12/02/2014

Westchester County Business Journal: "Investing in Westchester’s biotech surge"

. . . “The literature shows that $30 is the sweet spot, meaning that there’s an optimal mix of retail and institutional investors,” said Padma Kadiyala, a professor of finance at Pace University’s Lubin School of Business. “As share price goes up, the number of investors that can afford to buy shares of the stock goes down. It’s harder for mom and pop to invest in stocks with share prices over $100.”

Kadiyala explained that shares of stock trading between $30 and $100, such as Acorda, are more liquid than stocks trading at higher prices, such as Regeneron. Because those shares are more liquid, they also get more attention and coverage from securities analysts, who examine corporate financial data to determine investment risk. And because there is more analysis of the stocks for investors to peruse, it’s easier, at least in theory, for them to make a determination.

Read more: http://westfaironline.com/67541/investing-in-westchesters-biotech-surge/

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The Hill's Congress Blog: "Tax reform Frank Capra style"

12/01/2014

The Hill's Congress Blog: "Tax reform Frank Capra style"

With Republicans taking control of the Senate there has been talk of tax reform as a potential area where the Obama administration and the Republican controlled Congress can agree, writes Philip G. Cohen, associate professor of Taxation at Pace University's Lubin School of Business and a retired vice president-Tax & General Tax Counsel at Unilever United States, Inc.  There is a widespread view that the Internal Revenue Code is in need of reform. Previous efforts at tax reform by Congress, however, have created a complex, inefficient and inequitable federal tax system.  

While past tax acts often are replete with reference to "tax reform" or nomenclature like "jobs creation," they generally serve neither to truly reform the tax system or create many American jobs. One must therefore be wary of tax reform that would continue this pattern. Imagine, however, if the next round of tax reform were crafted by those who embody the ideals of Senator Jefferson Smith, portrayed by Jimmy Stewart, in the 1939 movie classic directed by Frank Capra, "Mr. Smith Goes to Washington."  

Read more: http://thehill.com/blogs/congress-blog/economy-budget/225410-tax-reform-frank-capra-style

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Journal News: "Ferguson: Prosecutor's actions 'peculiar,' Pace professor says"

12/01/2014

Journal News: "Ferguson: Prosecutor's actions 'peculiar,' Pace professor says"

New York state chief judge Sol Wachtler once said if a district attorney wanted, a grand jury would indict a ham sandwich.

Grand juries, Wachtler argued, serve the prosecutor and give the prosecutor what the prosecutor wants.

When St. Louis County, Missouri, Prosecuting Attorney Robert McCulloch announced Monday that Ferguson Police Officer Darren Wilson would not be indicted in the death of 18-year-old Michael Brown, and then released all of the grand jury's documents and testimony, it raised a barrage of questions.

Bennett Gershman, a White Plains lawyer and Pace University law professor, has spent years in front of city and federal grand juries, in cases as celebrated as Frank Serpico's Knapp Commission fallout and "The French Connection." In the years since, he has studied grand juries.

He has questions.

"The question is: 'Is it unusual or unprecedented for the grand jury material to be released as quickly as it was and for the prosecutor to be making statements about the subject matter of the grand jury investigation? In both scores, I feel it is extremely unusual. I can't say unprecedented, because we're talking about thousands and thousands of grand jury cases.

Read more: http://www.lohud.com/story/news/local/2014/11/25/ferguson-prosecutor-act...

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