I recently sent out an "Appeal" for accounting educators, researchers, and
practitioners to actively support what I call The Accounting Review (TAR)
Diversity Initiative as initiated by American Accounting Association President
Judy Rayburn ---
Tidbits on June 23, 2006
Fraud Updates ---
For earlier editions of New Bookmarks go to
Archives of Tidbits: Tidbits Directory ---
Bob Jensen's various threads ---
(Also scroll down to the table at
Click here to search Bob Jensen's web site if you have key words to enter ---
For example if you want to know what Jensen documents have the term "Enron"
enter the phrase Jensen AND Enron. Another search engine that covers Trinity and
other universities is at
Internet News (The News Show) ---
Informercial Scams (even those carried on the main TV networks)---
Security threats and hoaxes ---
25 Hottest Urban Legends (hoaxes) ---
Hoax Busters ---
Stay up on the latest and the
oldest hoaxes ---
Interesting Online Clock
Time by Time Zones ---
Bob Jensen's home page is
Online Video and Audio
In the past I've provided links to various types of music and video available
free on the Web.
I created a page that summarizes those various links ---
This video makes you feel small and great at the same time ---
This video makes me feel proud to be an American ---
Is Connie Chung's now infamous farewell hilarious or
sick? You be the judge!
Life After the Holocaust: Stories of Holocaust Survivors After The War ---
From The New York Times
China's Dark Clouds ---
Soweto 1976: An Audio History ---
Current Nazi Party in Minnesota ---
Free music downloads ---
In the past I've provided links to various types of music and video available
free on the Web.
I created a page that summarizes those various links ---
Ballad of Thunder Road ---
Wainwright to Channel Judy Garland, Live ---
Organ Music: Pulling Out All the Stops ---
Three from the Original
* 'The Man in the Moon'
* 'My Best Girl'
* 'If He Walked into My Life'
Rock Music from NPR
Loose Fur: 'Born Again in the USA' ---
Jerry Herman on 'Mame,' One Grand Dame ---
Musicians Local No. 627 and the Mutual Musicians
Foundation: The Cradle of Kansas City Jazz ---
New York's Legendary Sonic Youth in Concert (Full Concert) ---
New From Janie
Greetings My Friends from my little
corner of the world - Arkansas. :-)
This is another Beautiful-Beautiful poem
by Joan Buchanan West... Wow!
Hugs and Love to All...
Photographs and Art
Online Books, Poems, References, and Other Literature
In the past I've provided links to various types electronic literature available
free on the Web.
I created a page that summarizes those various links ---
The Open Music Encyclopedia ---
The Oscar Wilde Collection ---
Quotations from Shakespeare ---
Quotes: 100 Famous Bardisms ---
Last Word Quotations ---
Quote DB ---
Lyrics Fly ---
Everyone is entitled to their
own opinion, but not their own facts.
Senator Daniel Patrick Moynihan --- FactCheck.org
(Now and then we need reminders that opinion polls,
especially political polls conducted by the media, are not facts)
My best writing is done when my mind is
Shari Wilson (worried that educators waste too much time
in the summers) ---
Knowledge continues to make progress
because we are able to base ourselves on the work of the great minds that have
Margherita Hack (1922) ---
A committee can make a decision
that is dumber than any of its members.
David Coblitz as quoted by
Mark Shapiro at
War amounts to shedding blood in the
search for peace, while peace is a continuation of combat without shedding
That the only purpose for which
power can be rightfully exercised over any member of a civilized
community, against his will, is to prevent harm to others. His own good,
either physical or moral, is not a sufficient warrant. He cannot
rightfully be compelled to do or forbear because it will be better for
him to do so, because it will make him happier, because, in the opinions
of others, to do so would be wise, or even right. These are good reasons
for remonstrating with him, or reasoning with him, or persuading him, or
entreating him, but not for compelling him, or visiting him with any
evil, in case he do otherwise.
John Stuart Mill ---
I think that most Christians would be
better pleased if the Lord did not inquire into their personal affairs too
closely. They want Him to save them, to keep them happy, and to take them off to
heaven at last, but not to be too inquisitive about their conduct or services.
A. W. Tozer ---
So much of the language in the
Constitution has been exaggerated from its initial meaning, or else
reinterpreted with ideology in mind, that there is public mystification about
what it is that is truly guaranteed, or truly prohibited. The question of
interpretation came up early in after the FBI searched the office of Rep.
William Jefferson, D-La., finding evidence that the gentleman had been accepting
and paying bribes and falsifying his tax returns... The issue was almost
immediately raised that the FBI agents were exercising themselves outside their
constitutional competence. This vague point has affected the thinking of those
who are attracted to theoretical extrapolations on the Bill of Rights, taking
its provisions to lengths that would surely have surprised the Founders. If the
Constitution's rule separating church and state can be held to mean that a
replica of the scene at Bethlehem cannot be constitutionally displayed on state
property, then maybe Mr. Jefferson is indeed protected, giving credibility to
the new Hastert-Pelosi exegesis of the Constitution. But stare down hard at the
language. The Constitution holds that lawmakers are 'privileged from arrest
during their attendance at the session of their respective Houses, and in going
to and returning from the same.'... This has nothing to do with Mr. Jefferson's
case. Which means that those who say that the FBI should not have had access to
the congressman's home or office are extending that constitutional provision to
the point of immunity from search... What the defense will plead in the case of
Rep. Jefferson we cannot know for certain. But to plead the procedural
point—that the FBI had no business in his freezer—is cartoon constitutional
William F. Buckley ---
Perched on the edge of a white grand
piano and decked out in a full-length evening gown, the former CBS and CNN
anchorwoman (Connie Chung) warbled a
farewell song that put down Dan Rather (with whom she co-anchored the CBS news
in the early 1990s), her husband and cable TV - all at the same time.
Michael Shain, "CONNIE CROAKS ADIEU," The New York Post, June 19,
Great Minds in Management: The Process of
Theory Development ---
In April 2006 I commenced reading a heavy book entitled Great Minds in
Management: The Process of Theory Development, Edited by Ken G.
Smith and Michael A. Hitt (Oxford Press, 2006).
The essays are somewhat personalized in terms of how theory
development is perceived by each author and how these perceptions changed
In Tidbits I will share some of the key quotations as I
proceed through this book. The book is somewhat heavy going, so it will take
some time to add selected quotations to the list of quotations at
Transaction Cost Economics: The Process of Theory Development
OLIVER E. WILLIAMSON
PG. #485 & 486 WILLIAMSON Transaction cost economics is
an interdisciplinary research project in which law, economics, and organization
theory are joined (Williamson, 1985). Although the operationalization of
transaction cost economics began in the 1970s and has continued to develop in
conceptual, theoretical, empirical, and public policy respects since, many of
the key ideas out of which transaction cost economics (TCE) works have their
origins in path-breaking contributions in law, economics, and organization
theory from the 1930s. It was not, however, obvious how these key ideas were
related, much less how they could be fruitfully combined. Two follow-on
developments--the interdisciplinary program for doing social science research
that took shape at the Graduate School of Industrial Administration (GSIA) at
Carnegie-Mellon University during the late 1950s and early 1960s; and new
developments in the market failure literature during the 1960s--were needed to
set the stage.1
As for my own involvement, I seriously doubt that I would have
perceived the research opportunity presented by TCE but for my training in the
Ph.D. program at GSIA (from 1960 to 1963).2 More than such
training, however, would be needed. My teaching, research, and public policy
experience during the decade of the 1960s all served to alert me to the research
needs and opportunities posed by TCE.
This chapter is organized in seven parts. Section 23.1
describes seminal contributions from the 1930s. Follow-on developments in the
1960s are examined in 23.2. My training, teaching, research, and involvement
with public policy during the decade of the 1960s are sketched in 23.3. The
foregoing led into what, for me, was a transformative research project: my paper
on "The Vertical Integration of Production: Market Failure Considerations"
(1971), which is described in 23.4. Some reflections on TECe as it has evolved
since are set out in 23.5. I discuss the "Carnegie Triple"--be disciplined, be
interdisciplinary; have an active mind--in 23.6. Concluding remarks follow.
operationalization of TCE is the result of the concerted effort of many
contributors. A selection of some of the more influential articles can be found
in Williamson and Masten, Transaction Cost Economics, Vols. 1 and II
(1995). Also see Claude Menard (2005).
an autobiographical sketch of earlier events and people that were influential to
my training and intellectual development, see Williamson (1995). Although good
instincts helped me to make the "right choices" at critical forks in the road, I
also had the benefit of a number of exceptional advisors and teachers--and
fortunately often had the good sense to listen.
"Management needs fewer fads, more reflection,"
Stanford Magazine, May/June 2006 ---
PhD ’72, and Robert I. Sutton would like to foment a little
revolution—one in which leaders in business and the world at large base
their decisions on facts and logic, not ideology, hunches, management
fads or poorly understood experience. Pfeffer, the Thomas D. Dee II
Professor of Organizational Behavior, and Sutton, a professor of
management science and engineering and, by courtesy, of organizational
behavior in the Graduate School of Business, are the authors of Hard
Facts, Dangerous Half-Truths, and Total Nonsense: Profiting from
Evidence-Based Management (Harvard Business School Press, 2006). STANFORD
asked them about bringing more reason to organizational life.
What’s some of the
total nonsense that occurs in companies?
Sutton: Probably the biggest single
problem for human decision making is that when people have ingrained
beliefs, they will put a much higher bar for evidence for things they
don’t believe than for things they do believe. Confirmation-seeking
bias, I think, is what social psychologists call it. Organizations can
have amazingly good evidence, but it has no effect on the decisions they
make if it conflicts with their ideology.
Do you have a
favorite unsupported belief?
Pfeffer: One would be stock options.
There are more than 200 studies that show no evidence that there is a
relationship between the amount of equity senior executives have and a
company’s financial performance. . . . Just as you would never bet on a
point spread on a football game because it encourages bad behavior, you
should not reward people for increasing the spread in an expectations
Overreliance on financial incentives of all
sorts drives all kinds of counterproductive behavior.
management derives from evidence-based medicine. Explain what kind of
decision making we’re talking about.
Continued in interview
"Cornell Theory Center Aids Social Science Researchers,"
PR Web, June 19, 2006 ---
Great Minds in Management: The Process of
Theory Development ---
Bob Jensen's threads on theory are at
If we could Google a crystal ball and predict where our lives
will be in 10, 20 or 100 years, what would it say? Take a glimpse with noted
futurists and Washington Post reporters ---
Matt Swanston and Sean Wargo from the Consumer Electronics Association will
answer questions about what kinds of gadgets, gizmos, robots and other
technology we can expect for the future.
Michael J. Braukus, from NASA's Office of Exploration, will be online to
answer questions about the future of the space program.
Farewell Information, It's a Media Age
As director of the Institute for the Future, Paul Saffo explores long-term
technological change and its practical impact on business and society. In a
recent essay (pdf), he looks at how the Web will shape tomorrow.
When Robots Attack
Daniel H. Wilson, a robotics expert, created a survival guide to help us
ensure we're safe the day robots take over the world. Join him in an encore
discussion to learn what precautions to take during an uprising.
Washington Post staff writer Juliet Eilperin answered questions about the
future of the Earth's oceans, and what may happen without preservation
When Humans Transcend Biology
Futurist Ray Kurzweil was online to discuss his Singularity theory: an era
where humans and technology converge. As a noted inventor, he is credited
for work with music synthesis, speech recognition, virtual reality and
"Future Shock" author Alvin Toffler discussed his new book, co-written with
his wife Heidi, which focuses on how to create the wealth of tomorrow. The
book explains how upheavals in social and political values are necessary for
an economic transformation.
What will it mean to be human in next 15 years? Washington Post staff writer
Joel Garreau explored that question with an online discussion based on his
interviews with thinkers and scientists from his book "Radical Evolution."
Reality of Science Fiction
Brenda Cooper, a science fiction author and writer for Futurist.com, will
discuss what aspects of some of your favorite SF books may actually come
announced Wednesday that its women’s soccer coach had resigned, in the wake
controversy over hazing that prompted the team’s
suspension last month. Northwestern is one of numerous institutions that have
been caught up in the publication by several Web sites, including
The NCAA Is Weak on Hazing,
of photographs of apparently drunk and occasionally nude athletes hazing, being
hazed, or in post-hazing stupors.
Inside Higher Ed, June 22, 2006 ---
The Badjocks home page is at http://badjocks.com/
The Badjocks photo site is at
Bob Jensen's threads on athletics controversies in higher
education are at
Students’ personal and social responsibility
The Association of American Colleges and Universities
announced Wednesday a new $2 million program, supported by the John Templeton
Foundation, to work with colleges to promote
students’ personal and social responsibility.
Programs will be designed that help encourage students’ work ethic, sense of
academic integrity, competence in moral reasoning, and vision of themselves as
part of larger communities.
Inside Higher Ed, June 22, 2006 ---
Updates from WebMD ---
Latest Headlines on
June 15, 2006
Latest Headlines on
June 16, 2006
Latest Headlines on June 17, 2006
Latest Headlines on
June 19, 2006
Latest Headlines on
June 22, 2006
Genes, Not Experience Explain Why The Lives Of Some Take Bad Turn
Take the conventional wisdom that their parents'
divorce increases the risk that children will develop depression. "It turns out
that the increased risk of depression in these children reflects a common
genetic liability in the parents and kids," says Brian D'Onofrio of Indiana
University, Bloomington. Since depressed people have more trouble getting and
staying married, this genetic risk of depression raises their risk of divorce,
he finds in a study submitted for publication. Parents pass that risk of
depression to kids through DNA, not failed marriage. "The same genetic risk that
makes the parents more likely to divorce also makes the kids more likely to
develop depression," he says.
Sharon Begley, "Genes, Not Experience Explain Why The Lives Of Some Take Bad
Turn," The Wall Street Journal, June 16, 2006; Page B1---
First Molecular Proof That Some Aspects of Aging Are
Out of Our Control
There’s no argument that eating well, exercising
wisely, and avoiding high risk behaviors can increase one’s chances for a
longer, healthier old age. But it’s also obvious that in many ways the aging
process is out of our control; that despite our best efforts (in concert with a
genetic make-up that makes us more or less susceptible to certain diseases) our
cells and tissues ultimately degenerate and eventually die. While scientists
have long suspected that events outside our control can result in aging, a study
led by Buck Institute faculty member Jan Vijg, PhD, provides the first direct
evidence that the molecular machinery of our cells providing function to our
tissues and organs spins irreversibly out of control as we age. The study
appears in the June 22 edition of Nature.
"First Molecular Proof That Some Aspects of Aging Are Out of Our Control,"
PhysOrg, June 21, 2006 ---
Will a little cinnamon daily reduce cholesterol?
"Health Mailbox," by Tara Parker-Pope, The Wall Street Journal, June
20, 2006 ---
Q: About a year ago I read
that taking one-half to one teaspoon of cinnamon daily would have positive
effects on cholesterol. I began mixing cinnamon in a small amount of yogurt.
Three months later my HDL (good cholesterol) level had gone from 45 to 68.
My triglyceride count went down 30 points. Do you know about the effects of
cinnamon? -- M.E.
A: There is some evidence that
cinnamon may lower both blood sugar and cholesterol. Unfortunately, most of
the research has been in rats. About three years ago, the medical journal
Diabetes Care did publish a small study from researchers in Pakistan of
daily cinnamon use among adults with type 2 diabetes. The 60 patients
studied took either a placebo or cinnamon twice a day, using various doses
not exceeding one teaspoon a day. After 40 days, cinnamon use appeared to
reduce fasting glucose levels as much as 29%, triglycerides by as much as
30%, LDL cholesterol as much as 27%, and total cholesterol by as much as
26%. No meaningful changes were seen in HDL.
Last month, German researchers
published new data that also supported cinnamon use for patients with
diabetes, but didn't show any real differences for cholesterol. These 79
patients took either a cinnamon extract or a placebo capsule three times a
day for four months. The extract amounted to about a teaspoon of cinnamon
powder per day. Cinnamon users showed a 10% drop in fasting blood-sugar
levels, compared with just a 3% drop among placebo users. There were no
significant differences in cholesterol levels between the two groups.
Another Dutch study of 25 postmenopausal women with diabetes showed no
benefit of cinnamon use for either diabetes control or cholesterol.
So the data on cinnamon are clearly
mixed. None of the studies showed any side effects with one teaspoon of
daily cinnamon, but patients shouldn't assume more cinnamon might be better.
The spice can be toxic in large doses, but there's no harm in sprinkling
limited amounts on your oatmeal or in your yogurt if you enjoy it. Cinnamon
use shouldn't give you a false sense of security. It could be that your
daily yogurt was part of an overall improvement in your eating habits and
that the real reason for your improved HDL score was the result of eating a
more healthful diet and other lifestyle changes.
It's less likely to be effective if the cinnamon is on a big sticky bun with
lots of frosting.
"Revealing How Marijuana Affects the Brain: A new imaging method
could show how cannabinoids affect diseases like schizophrenia," by Emily
Singer, "MIT's Technology Review, June 16, 2006 ---
U.S. Versus Canada
"Where Would You Rather Be Sick?" by David Gratzer, The Wall Street
Journal, June 15, 2006; Page A14 ---
Is socialized medicine the prescription for better
health? A recent study comparing Americans and Canadians, widely reported in
the press, seems to suggest just that. But there is much less here than
meets the eye.
The study, based on a telephone survey of 3,500
Canadians and 5,200 Americans (conducted by Statistics Canada and the U.S.
National Center for Health Statistics), was released by the American Journal
of Public Health. According to it, Canadians are healthier and have better
access to health care than Americans, and at lower overall cost. So is the
Canadian system, where the government pays for and manages the health-care
system, superior? "Our study," says co-author Dr. Steffie Woolhandler, "is a
terrible indictment of the U.S. health-care system. Universal coverage under
a national health insurance system is key to improving health."
It is not so clear that the survey data back up
these claims. Consider access. According to the survey, Canadians are more
likely to have a regular physician, to have seen a doctor in the past year,
and to be able to afford medications. But the data are ambiguous; Americans
are more likely to have received a pap test and mammogram, as well as
treatment for high blood pressure. Moreover, Americans are generally more
satisfied with their health care. (The survey did not ask about access to
specialist care or diagnostic imaging.)
The survey's most trumpeted conclusion was that
Canadians are healthier than Americans. According to co-author Dr. David
Himmelstein, "We pay almost twice what Canada does for care, more than
$6,000 for every American, yet Canadians are healthier, and live two to
three years longer." The survey says Americans have higher rates of diabetes
(6.7% vs. 4.7%), arthritis (17.9% vs. 16.0%) and high blood pressure (18.3%
vs. 13.9%). Americans are also more likely to be obese and lead a sedentary
lifestyle. It's damning stuff. But we shouldn't confuse problems in public
health with flaws in health-care systems. Americans may be heavier than
Canadians, but this speaks more to genetics, diet, exercise and culture than
to the accessibility or inaccessibility of health services. The remedy for
obese Americans will be found in less fast food and more gym memberships.
So how does American health care actually measure
up? If we look at how well it serves its sick citizens, American medicine
excels. Prostate cancer is a case in point. The mortality rate from prostate
cancer among American men is 19%. In contrast, mortality rates are somewhat
higher in Canada (25%) and much higher in Europe (up to 57% in the U.K.).
And comparisons in cardiac care -- such as the recent Heart and Stroke
Foundation of Canada study on post-heart-attack quality of life -- find that
American patients fare far better in morbidity. Say what you want about the
problems of American health care: For those stricken with serious disease,
there's no better place to be than in the U.S.
Socialized health-care systems fall short in these
critical cases because governments strictly ration care in order to reduce
the explosive growth of health spending. As a result, patients have less
access to specialists, diagnostic equipment and pharmaceuticals. Economist
David Henderson, who grew up in Canada, once remarked that it has the best
health-care system in the world -- if you have only a cold and you're
willing to wait in your family doctor's office for three hours. But some
patients have more than a simple cold -- and the long waits they must endure
before they get access to various diagnostic tests and medical procedures
have been documented for years. Montreal businessman George Zeliotis, for
example, faced a year-long wait for a hip replacement. He sued and, as the
co-plaintiff in a recent, landmark case, got the Supreme Court of Canada to
strike down two major Quebec laws that banned private health insurance.
Dr. Karen Lasser, the study's third author, says
that "Based on our findings, if I had to choose between the two systems for
my patients, I would choose the Canadian system hands down." Perhaps she
would. But as a physician licensed in both countries, I'd disagree.
Dr. Gratzer is a senior fellow at the Manhattan Institute.
You may be paying dearly for a placebo
"Countering Counterfeits," by Carlos Gutierrez et al., The Wall Street
Journal, June 20, 2006; Page A20 ---
The global economy for illicit goods
is massive, but by definition impossible to measure. What we do know is that
it is getting bigger. The number of counterfeit items seized at European
Union borders has increased by more than 1,000%, rising to over 103 million
in 2004 from 10 million in 1998. At U.S. borders, seizures of counterfeit
goods have more than doubled since 2001. Even allowing for improved
detection rates, there is little doubt that the situation is getting worse.
Today the EU and the U.S. will launch
a joint action strategy on the global enforcement of intellectual-property
rights. The groundbreaking agreement between the EU and the U.S. envisages
closer customs cooperation, including more data sharing. There are plans for
joint border enforcement actions, including in third countries, and the
creation of joint networks of EU and U.S. diplomats in third countries
working on intellectual-property protection.
Twenty years ago, counterfeiting
might have been regarded as a problem chiefly for the makers of expensive
handbags. In the 1980s, 70% of firms affected by counterfeiting were in the
luxury sector. But in 2004, more than 4.4 million items of fake foodstuffs
and drinks were seized at EU borders, an increase of 196% over the previous
year. In the U.S., seizures of counterfeit computers and hardware tripled
from 2004 to 2005. There are also fake electrical appliances, car parts and
toys. Even airplane parts are being pirated: The Concorde crash of 2000
appears to have been caused by a counterfeit part that had fallen off
Perhaps most worrying is the booming
trade in counterfeit medicines, which were reckoned to account for almost
10% of world trade in medicines in 2004. A recent study in the Lancet
concluded that up to 40% of products labeled as containing the antimalarial
drug artusenate contain no active ingredients. Most of these fake drugs are
headed for the world's poorest countries. The World Health Organization
estimates that 60% of counterfeit medicine cases occur in developing
The popular view is that buying a
fake is a win-win game, so long as you know what you are paying for.
Everyone enjoys a bargain. But it's far too easy -- and wrong -- to write
off this kind of crime as not really harmful to anyone. Counterfeiting is
big business for criminal organizations that can affect entire sectors of
the international economy. And when pirates move into fake medicines and
fake car-parts, we move from rip-offs to potential tragedy.
The scale of counterfeiting matters
enormously for the EU and the U.S., who compete on their reserves of
innovation, invention and high-quality design and production. Piracy strips
that comparative advantage away. Our economies are adapting to low-cost
competition from the developing world. We have a right to expect that our
own comparative advantages be respected.
But it is not just the developed
world that has a stake in this fight. Tolerating counterfeiting almost
inevitably backfires. Developing countries that tolerate the existence of a
parallel illicit economy in their market will quickly lose the confidence of
foreign investors and services traders, and the technology transfer that
these bring with them. They also undermine the development of innovative and
creative businesses in their own economy. Although China is now taking steps
to better enforce its intellectual-property laws, it has for too long turned
a blind eye to these problems. Ironically, customs authorities are now
intercepting increasing numbers of Beijing 2008 Olympic knockoffs.
It is time for a new global strategy
and a much tougher global approach. All members of the World Trade
Organization have signed agreements to fight counterfeiting. The new focus
has to be on enforcing the rules we already have against counterfeiting and
piracy in particular. Countries that have signed up to these rules should no
longer expect an easy ride if they don't implement them.
Continued in article
Bob Jensen's fraud updates are at
I've encountered a number of ABD students with Watson's Syndrome?
I imagine you've encountered a few as well.
Do you know the symptoms?
I first encountered Watson’s Syndrome as a
second-year master’s student at a prestigious university in the Northeast. The
syndrome is named after the first person I observed exhibiting pronounced
symptoms of what is now referred to clinically as “Watson’s Syndrome.” The
“Watson” case illustrates the progression to a full blown syndrome . . .
Joseph Gelpher, "Beyond a Sense of Place," Inside Higher Ed, June
22, 2006 ---
Moving Ahead on Admissions Reforms
Lloyd Thacker founded the
Conservancy two years ago out of the belief that
the admissions system is out of control and that obsessions over rankings,
money, prestige and testing are hurting students. While Thacker almost
immediately attracted fans in the admissions world, last week’s meeting marked a
shift in his reform movement as many of the participants were
presidents of elite liberal arts colleges. The
meeting was held at New York University’s Steinhardt Institute for Higher
Scott Jaschik, "Moving Ahead on Admissions Reforms," InsideHigherEd, June
20, 2006 ---
Bob Jensen's threads on dysfunctional media rankings of
colleges are at
How many millionaires are there on earth today?
"Number of global millionaires grows," by Jim Krane,
seattlepi.com, June 20, 2006 ---
Worldwide, the number of millionaires has nearly
doubled since Merrill Lynch found 4.5 million of them in 1996.
Last year's 6.5 percent growth in millionaires
slowed slightly over last year's 6.6 percent, with the US and Europe slowing
most alongside their cooling economies.
But the ranks of the ultra-rich - those worth more
than $30 million - climbed by more than 10 percent to 85,400.
advertising Merrill Lynch said the ultra-rich did
better because they found "select pockets" of high-growth investments in
Asia, Latin America and the Mideast, while most investors stuck with stodgy
earnings in North America and Europe.
North America held a slight edge over Europe in the
population of millionaires, with 2.9 million to Europe's 2.8 million. Asia
counted 2.4 million, Latin America 300,000 and Africa 100,000.
The world's millionaires are increasingly branching
out from their home countries, with 65 percent paying attention to foreign
markets and 30 percent buying homes overseas, the study found.
Growth of private equity holdings in 2005 outlined
an increasing preference for aggressive assets, with investors funneling
cash into emerging markets, while unloading fixed-income bank deposits and
That phenomenon is only supposed to grow, as some
$41 trillion is expected to be passed to heirs over the next four decades,
and money managers saying more than 80 percent of inheritors will want to
boost their international exposure.
Dubai might be one destination. Bazzy said the ease
of investment and galloping economic growth in the mushrooming city was
spurring the world's premier companies to set up businesses here.
"There are no unions, no taxes and administration
is very easy. Barriers to entry are going lower and lower," Bazzy said.
Overall, the UAE counts 59,000 millionaires, while neighboring Saudi Arabia
had 80,000, Bazzy said.
The Wall Street Journal Flashback, June 22, 1994
E-mail Backlash: John Sculley, Apple Computer Inc.'s
chairman, tells his pals to fax -- not e-mail -- important messages. One
computer executive even shuts down his company's e-mail system for half the
work day -- he finds it unproductive.
Inquiry Into Florida For-Profit University Widens
Florida's attorney general expanded his investigation
of allegedly misleading sales tactics at for-profit Florida Metropolitan
University, demanding records detailing the school's job-placement rates,
grading, instructor qualifications, financial aid and course prices. The inquiry
by Charlie Crist, the state's top legal officer, intensifies government scrutiny
of for-profit career colleges, whose success has sparked fierce debate among
educators and in Congress. U.S. lawmakers are considering legislation that would
ease longstanding restrictions that curbed at least some of their rapid growth.
Unlike the trade schools of the past, these for-profits have moved aggressively
to offer bachelor's, master's and even professional degrees, taking on
"Inquiry Into Florida For-Profit University Widens," by John Hechinger, The
Wall Street Journal, June 22, 2006; Page A12 ---
Bob Jensen's threads on diploma mills are at
"Overpaid Management: Their Cover Is Blown," by Mark
Maisonneuve, The Wall Street Journal, June 22, 2006; Page A17 ---
Jeremy Siegel ("The
'Noisy Market' Hypothesis," editorial page, June
14) blithely blames advisers for advocating capitalization-weighted indexes
when in fact academics were the drivers. While individual advisers can move
their small set of clients in any direction, academics have to consider that
their research would apply to everyone. By definition everyone constitutes
the total market and the total market can be held only on a cap-weighted
But he redeems himself with the noisy
market hypothesis, though in a way he might not have considered. With one
blow we are rid of the justification for CEO pay bloat on the basis that the
shareholders have been rewarded with a higher stock price. Noisy markets
imply that the higher price may only be a chimera of temporary
overvaluation. To Prof. Siegel's factors of diversification, liquidity and
taxes I would add financial manipulation by the group most rewarded by
overvaluation -- stock-option-laden senior management. Now that their cover
is blown, shareholders and their boards can work to ensure that high pay is
earned by real gains in fundamental value.
Bob Jensen's threads on outrageous executive compensation are
True Story from Auntie Bev
Good morning, I just had the dogs out
and saw a "log" with eyes laying in the lake. I didn't have my contacts in
yet, so I hurried up and got the dogs back inside and I noticed it was
getting closer. I ran inside, put my contacts in, grabbed my binoculars and
ran back outside and he was right in front of our house (in the back yard).
Another neighbor across the lake was also watching him and Fred woke up and
came out to see. He finally went out of sight and now I have to leave for
the day---Fred will walk the dogs in the front of the house where there is
no water, but it's just tooooo scarey!!!
Thought you'd want me to share my scare!!! Good Day
"Leveling the Playing Field: A university is forced to
treat white professors equally," The Wall Street Journal, June 16, 2006
Talk about back wages due: A federal judge in
Phoenix this month said that Northern Arizona University owes $1.4 million
to a group of professors who have been pursuing justice through the courts
since 1995. The 40 teachers, all white men, argued that they were
discriminated against when the public university gave raises to minority and
female faculty members in the early 1990s but not to white males. Not only
that--the plaintiffs said in a Title VII civil-rights suit--the salary bumps
resulted in some favored faculty members earning more than white men in
The lawsuit and its outcome are yet another
striking illustration of the perils of affirmative action, with its often
contorted logic of redress and blame and its tendency to commit exactly the
sort of discrimination that it was designed to prevent.
The university may persuade U.S. District Court
judge Robert Broomfield to lower the bill for what is effectively back pay
to the professors. But the school is also facing a claim for the plaintiffs'
legal expenses. Their attorney, Jess Lorona, tells us that, with more than a
decade of litigating on both sides totted up, the cost to Arizona taxpayers
could soar to $2.5 million.
What happened here? The professors' victory, it
should be said, is not a sweeping defeat of affirmative action, and the
plaintiffs didn't ask for one. The university maintains that when it raised
pay for certain faculty it was simply following a federal mandate to
eliminate race or gender wage disparities. What got the school in trouble
was not "catch up" payments per se but the way it made them. Even so, "the
reverberations are going to be tremendous," attorney Lorona predicts. He
explains that this decision "sets out case law about what needs to be done
when you're trying to cure pay inequity."
Lesson One: You should probably prove that
discrimination exists rather than just infer it from dodgy statistics. In
1993, the university's then-president, Eugene M. Hughes, assumed there had
been discrimination, based partly on a study he'd commissioned. The study
used salaries at other schools to help determine a theoretical median wage
that should prevail at Northern Arizona. A lot of white males there fell
below the median, but the significant finding for President Hughes was the
one that showed minorities and women under a "predicted" par.
As Judge Broomfield noted in 2004, the initial
study ignored factors such as whether people held doctorates. At any rate,
the study's own figures indicated that white faculty were earning only about
$87 a year more than minorities, and men were making about $751 more than
women. Mr. Hughes's solution: raises of up to $3,000 for minorities and
$2,400 for women. White men got nada.
Continued in article
Bob Jensen's threads on higher education controversies are at
Does affirmative action give false hopes to African Americans
graduating from law schools
The other article — not yet available online or
published — will appear in the North Carolina Law Review. This article examines
the attrition of black lawyers from top law firms and links their departures to
their poor grades in law school, which in turn the author has previously
attributed to the use of affirmative action to admit minority law students who,
on average, can’t compete at the same level with their white colleagues. A
previous article on affirmative action by the same
author — Richard Sander — was one of the most discussed pieces of legal
scholarship in 2004, drawing both strong praise and intense criticism. Advocates
are already lining up to dissect the new Sander article, even before it has
Scott Jaschik, "New Arguments on Affirmative Action," Inside Higher Ed,
June 21, 2006 ---
In addition to a free annual credit report, you can get a
report following ID theft
"Be Prepared For ID Theft: A Quick Response Helps,"
by Brian Krebs, The Washington Post, June 18, 2006 ---
Consumers who have evidence of attempts to open
fraudulent accounts in their name should contact those creditors
immediately, and file a report with the local police department. If
possible, obtain a copy of the police report, or at least the police report
number. Evidence of fraudulent activity allows victims to request that a
90-day fraud alert be extended to seven years, though a credit bureau will
require proof of identity and a copy of the police report.
Placing a fraud alert entitles you to a free copy
of your credit report from each of the major bureaus, in addition to a free
report the law allows every consumer to request annually. If you get a
fraud-related credit report, Givens advises waiting a few months before
ordering the annual free one.
Alert the credit bureaus and credit issuers in
writing of any inaccurate information or fraudulent accounts listed in your
credit reports. You also have the right to have the credit bureaus strike
any inquiries against your credit history that were generated by fraud.
For many identity-theft victims, being denied a
loan or line of credit or receiving a call from a debt collection agency is
the first sign of trouble. By law, if you inform a collector that a debt is
the result of identity theft, that collector also must inform the creditor,
and creditors are prohibited from selling debt that results from identity
theft or placing it for collection. You also are entitled to a copy of all
information about fraudulent debt, including late notices and account
At least 23 states have passed "security freeze"
laws that allow consumers to indefinitely prevent anyone from issuing credit
in their name. California, Colorado, Connecticut, Florida, Illinois,
Kentucky, Louisiana, Maine, Minnesota, Nevada, New Hampshire, New Jersey,
New York, North Carolina, Oklahoma, Utah, Vermont and Wisconsin provide all
their residents with the option of placing a security freeze on their credit
files. Hawaii, Kansas, South Dakota, Texas and Washington currently provide
this option only to ID theft victims.
A number of state laws also are driving businesses
to alert consumers about potential data losses, but legislation being
considered on Capitol Hill could soon change that. Ed Mierzwinski, consumer
program director of the U.S. Public Interest Research Group, a consumer
watchdog group in Washington, said a bill recently passed by the House
Financial Services Committee and supported by the major financial
institutions would exempt companies from alerting consumers about data
thefts or losses if the company does not know whether that loss places the
consumer at a direct risk of identity theft. The bill also would reserve
credit freezes for ID theft victims only.
Continued in article
Bob Jensen's threads on credit reports are at
Bob Jensen's threads on ID theft ---
(The above link summarizes other things you should do in
case of suspected ID theft)
As Sweden, Germany, and most other parts of Europe are
cutting back on socialized benefits, Massachusetts is leading the way in the
U.S. with state-mandated universal health care and 12-weeks each year of fully
paid family leave in addition to vacation time
As Thomas takes her improvised leave,
lawmakers in her home state are hammering out what they hope will be a better
alternative. The Massachusetts legislature plans to vote this week on a bill
that would give all employees in the state 12 weeks of paid medical leave
annually--100% of their pay up to $750 a week and a guarantee to hold their
jobs--to care for newborns or sick relatives. If passed, the bill would mandate
the most generous paid-leave policy in the U.S.; it is the first of 24 similar
proposals pending this year. Family friendly and popular with female voters,
most of the bills are enjoying wide, bipartisan support, says Debra Ness,
president of the National Partnership for Women & Families. "We're seeing real
movement toward more paid leave."
"Time Off, With Pay? Massachusetts leads a push across the U.S. to give
paid family leave to every worker," by Kathleen Kingsbury, Time Magazine,
June 18, 2006 ---
Why are mutual funds and brokerage firms are still rotten to the core?
"The Soft Dollar Scandal," by Benn Steil, The Wall Street
Journal, June 19, 2006; Page A15 ---
The SEC will shortly issue its
long-awaited final "interpretive release" on a brokerage industry practice
that would make Tony Soprano blush. Known as "soft dollars," the practice
involves a broker charging a fund manager commission fees five to 10 times
the market rate for a trade execution, in return for which the broker kicks
back a substantial portion in the form of "investment-related services" to
the manager. Magazines, online services, accounting services, proxy
services, office administration, computers, monitors, printers, cables,
software, network support, maintenance agreements, entrance fees for resort
conferences -- all these things are bought through brokers with soft
dollars. And in one of the industry's loveliest ironies, fund managers even
pay inflated commissions in return for trading cost measurement services
which invariably tell them that their brokers cost too much.
Why do the fund managers do it? Why
don't they buy items directly from their suppliers, and then choose brokers
on the basis of lowest trading cost? The reason is clear. If the fund
manager buys items directly from the suppliers, he pays with his firm's
cash. If he buys them through brokers when executing trades, however, the
law, or the SEC, lets him use his clients' cash.
How widespread is the practice? Some
95% of institutional brokers receive soft dollars, about a third of which
were found by the SEC in the late 1990s to be providing illegal services to
fund managers, well outside the scope of "investment-related." Surveys find
that fund managers routinely choose brokers based on criteria having nothing
to do with trade execution.
How much does this practice cost
investors? My own analysis suggests that the cost in bad trading alone
amounts to about 70 basis points a year, or about 14 times the estimated
cost of the market timing abuses that dominated headlines in 2004.
The Senate Banking Committee held
hearings on soft dollars in March 2004. Chairman Richard Shelby indicated at
the time that the SEC would "get more than a nudge" to eliminate clear
abuses, defined as services which could not reasonably be held to constitute
"research." So what has our champion of investor rights decided to do for
us? Punt the ball back to Congress. In its initial guidance last October,
expected to be substantially reiterated in the forthcoming final verdict,
the commission's long-awaited crack down amounted to little more than a
memorandum to fund managers instructing them to read the law, cut out a few
egregious abuses (office furniture is a no-no, though resort conferences are
still fine), and pay only "reasonable" commissions.
How does the "reasonable" commission
regime work in practice? Put simply, the higher the price tag on the
soft-dollar goodies, the more trading the fund manager does with the broker
to acquire them, which is clearly antithetical to investor protection.
To his credit, freshman SEC Chairman
Christopher Cox issued a thoughtful statement in advance of last October's
guidance, diplomatically describing soft dollars as an "anachronism" --
referring to the politics of unfixing fixed commissions 30 years ago, and
Congress's insertion of the Section 28(e) safe harbor into the Exchange Act,
allowing client trading commissions to pay for research. But it was under
the SEC's watch that the safe harbor ballooned into a safe coastal resort,
in which client-financed commission payments have become so generous that a
broker for one of the nation's largest fund management companies made the
headlines in 2003 by thanking the funds' traders with a lavish
dwarf-chucking bachelor party. It is therefore time for Congress and the SEC
to stop punting the ball back and forth, and for Congress finally to abolish
As a Wall Street Journal reader in
good standing, I'm not calling for more rules and market intervention. Quite
the opposite. It is in the nature of a government-sanctioned kickback scheme
that serial interventions by regulators will be required to pacify the
fleeced. This is a simple property rights issue, and treating it sensibly as
such would require less government intervention in the future.
The solution is simple. If a fund
manager wants to buy $10,000 worth of research, let him write a check to the
provider. That's how you and I would buy it -- we wouldn't expect to get it
by making a thousand phone calls through Verizon at 10 times the normal
price. There is a legitimate debate over whether the cost of research should
be charged to the fund manager, which would then recoup it transparently
through the management fee, or deducted directly from the clients' assets.
The first option was recommended by
former Gartmore chairman Paul Myners in his famous 2001 report to the U.K.
Treasury. The second would, in any case, be a dramatic improvement on the
status quo. If the government did not force funds to buy research through
brokers in order to pass the cost on to clients, the SEC's "best execution"
requirements, meaningless in a soft-dollar environment, would actually
become part of a fund manager's DNA. No longer forced to choose between soft
dollars for his firm or good trades for his client, he will finally have an
incentive to seek out value-for-money in both research and trading, as it
will benefit both his firm and his client.
What do mutual fund traders think? At
a November conference, I surveyed 35 of them anonymously. The majority, 46%,
said that fund managers should buy independent research with "hard dollars,"
out of their own assets rather than those of the investors; 37% backed
option two above, paying the providers directly rather than through
commissions, which the SEC currently prohibits. A mere 17% supported the
status quo, soft dollars. The problem is that fund managers have no
incentive to move away from soft dollars while their competitors are legally
using them to inflate profits.
So who actually loses from Congress
correcting its mistake? Brokers. But shed no tears for them. Middlemen
always lose when kickback schemes are ended.
Mr. Steil is director of international economics at
the Council on Foreign Relations.
Bob Jensen's "Rotten to the Core" threads are at
"Diary of a Strung-out Search Committee Member," by
Marilyn D. Davis, The Irascible Professor, June 15, 2006 ---
I like the way she writes. I can recall being on committees like this committee.
The Accountant and Lawyer Preservation Act is Protected by
Ignoramuses and Professional Lobbies
As a financial adviser, I spend much of my time helping
clients decide how to handle their estate tax liability. . . . It's not that
hard to structure an estate to avoid the tax. That's what the thousands of
accountants, lawyers and financial planners do. From my perspective, the estate
tax is purely optional. So repeal is unnecessary except for the uninformed, the
unfocused or those people who are unwilling to pay their financial planning team
a little more to make the tax go away or be reduced. People pay their
professionals to avoid lots of income tax legally, and they do it every year.
Why is it so hard for them to pay a little every few years to review the estate
plan and avoid much or all of the estate tax?
"Myth, Reality and the Estate Tax," The New York Times, June 12, 2006 ---
In my highly subjective opinion the estate tax should remain with alternative
minimum tax provisions that take a progressive portion of estates valued at $1
million and higher. This AMT should not allow lawyers and accountants to
eliminate virtually all of the taxes due on such estates.
Gore's Movie Gets an A Grade for Politics and a F Grade for Science
"Scientists respond to Gore's warnings of climate catastrophe:
"The Inconvenient Truth" is indeed inconvenient to alarmists," by Tom Harris,
Canadian Free Press, June 12, 2006 ---
"Scientists have an independent obligation to
respect and present the truth as they see it," Al Gore sensibly asserts in
his film "An Inconvenient Truth", showing at Cumberland 4 Cinemas in Toronto
since Jun 2. With that outlook in mind, what do world climate experts
actually think about the science of his movie?
Professor Bob Carter of the Marine Geophysical
Laboratory at James Cook University, in Australia gives what, for many
Canadians, is a surprising assessment: "Gore's circumstantial arguments are
so weak that they are pathetic. It is simply incredible that they, and his
film, are commanding public attention."
But surely Carter is merely part of what most
people regard as a tiny cadre of "climate change skeptics" who disagree with
the "vast majority of scientists" Gore cites?
No; Carter is one of hundreds of highly qualified
non-governmental, non-industry, non-lobby group climate experts who contest
the hypothesis that human emissions of carbon dioxide (CO2) are causing
significant global climate change. "Climate experts" is the operative term
here. Why? Because what Gore's "majority of scientists" think is immaterial
when only a very small fraction of them actually work in the climate field.
Even among that fraction, many focus their studies
on the impacts of climate change; biologists, for example, who study
everything from insects to polar bears to poison ivy. "While many are highly
skilled researchers, they generally do not have special knowledge about the
causes of global climate change," explains former University of Winnipeg
climatology professor Dr. Tim Ball. "They usually can tell us only about the
effects of changes in the local environment where they conduct their
Continued in article
For an opposing view by supportive scientists who give Gore
higher grades see "A Convenient Endorsement for Gore," Wired News, June
27, 2006 ---
Another Success Story on the Internet:
Craigslist could make $500 million a year
"Zen and the Art Of Classified Advertising: Craigslist
could make $500 million a year. Why not?" by Brian Carney, The Wall Street
Journal, June 17, 2006 ---
By almost any measure, Craigslist is a phenomenal
success. It is the seventh-most-popular Web site in the world, according to
the people who measure these things. The free online-classifieds site has
become the nightmare of newspaper executives everywhere it launches a list.
While it does not release financial statements, no one doubts--and its chief
executive does not dispute--that it is comfortably profitable and has been
so since 1999, about the time most other children of the dot-com boom
started running out of cash.
All the same, no one really questions that
Craigslist could be bigger--much, much bigger. The company took in a
relatively paltry $25 million or so in revenue last year, while its peers
among the Internet's top 10 raked in billions. Since its founding,
Craigslist has been aggressively passive (newspapermen might say passively
aggressive) about monetizing its huge audience and user base.
There are no banner ads on Craigslist, just the
postings of its users, most of which are put online free of charge. CEO Jim
Buckmaster takes some pleasure in calling Craigslist a "trailing edge"
technology company. Its Web site is stubbornly minimalist and text-heavy,
with row after row of blue underlined hyperlinks and nary another color or
graphic in sight. One industry analyst has estimated that Craigslist could
generate 20 times that $25 million just by posting a couple of ads on each
of its pages. If the estimate is to be believed, that's half a billion
dollars a year being left on the table. What kind of company turns up its
nose at $500 million? That's what I'm here to find out.
Continued in article
"Picking Over Enron's E-Mail Remains," by Frank Ahrens,
The Washington Post, June 11, 2006, Page F06 ---
Thanks to the combination of the Internet, software
that lets employers scan employee e-mail for objectionable material and the
evil genius of public relations, you can now search a bunch of Enron
e-mails. A company called InBoxer Inc. sponsors the search, as a way of
touting its business (
One is from the office of the chairman (Lay) to
Houston employees, telling them that their hard work had pushed Enron stock
over $50 per share. In return, each would get 50 Enron stock options. Gee,
There is a mournful exchange between two employees
in February 2002, two months after bankruptcy, bemoaning Enron
whistle-blower Sherron Watkins's $500,000 book advance. "I want what I had,"
Others include mawkish lines between ex-lovers and
forwarded jokes, many of a sexual and otherwise offensive nature. (Remember
when we forwarded jokes via e-mail? How 1998.)
We love picking over the carcasses of big, dead
things. Here's one more way to do a little corporate autopsy.
Continued in article
Bob Jensen's complete set of Enron Updates are at
Bob Jensen's threads on the Enron scandal are at
Past and future of the SSRN
From Jim Mahar's blog on June 16, 2006 ---
SSRN interview with PrawfsBlawg
via Financial Rounds
Since I get so much material from them, giving
SSRN a plug is the least I can do.
Prawfsblog has an interesting interview with
Gregg Gordon of SSRN. Probably interesting mainly to academics, but....
Read the entire interview
SSRN was founded in 1994 by Michael Jensen
and Wayne Marr to provide an efficient means to distribute scholarly
research. Our motto, Tomorrow’s Research Today,
drives what we do every day. Tomorrow’s Research
Today means rapidly distributing research worldwide enabling
researchers around the world to be on the cutting edge of new ideas.
FinancialRounds for pointing it out!
Bob Jensen Comment
The SSRN home page is at http://www.ssrn.com/
Since I am such a huge fan of open sharing, a major disappointment for me is
that SSRN became a huge business operation charging fees per download or for
annual subscriptions. Many professors who previously would not charge to send
copies of their working papers for free now refer students and other interested
researchers to the fee-based SSRN. SSRN does provide a useful service, but it
has been at the expense of free open sharing. In fairness, the SSRN has become a
free site for some announcements and news.
June 17, 2006 reply from Jagdish S. Gangolly
I agree with your comment about huge business
I am not a particularly enthusiastic fan of SSRN
(the profit thing bothers me, and the fact that it is not comprehensive of
all SS disciplines also bothers me).
I am a fan of
Perhaps the model in 1 or 3 could be emulated much
better in Accounting.
It is difficult to marry openness and profit motive
(except in successful marriages in humans).
Many scientists oppose open access publishing
At first glance, it seems that the research world
is united against the
Federal Research Public Access Act. Scholarly
associations are lining up to express their anger over the bill, which would
have federal agencies require grant recipients to publish their research papers
— online and free — within six months of their publication elsewhere. Dozens of
scholarly groups have joined in two letters — one organized by the
of American Publishers and one by the
Federation of American Societies for Experimental Biology.
To look at the signatories (and the tones of the letters),
it would appear that there’s a wide consensus that the legislation is bad for
research. The cancer researchers are against it. The education researchers are
against it. The biologists are against it. The ornithologists are against it.
The anthropologists are against it. All of these groups are joining to warn that
the bill could undermine the quality and economic viability of scholarly
Scott Jaschik, "In Whose Interest?" Inside Higher Ed, June 15, 2006 ---
Bob Jensen's threads on scholarly research publication fraud are at
In science it is somewhat common for published papers to subsequently be
withdrawn because the outcomes could not be replicated.
In the history of
accounting research has any published paper ever been "withdrawn" or “retracted”
because the results could not be replicated?
"Columbia researcher retracts more studies," The New York
Times via PhysOrg, June 15, 2006 ---
A Columbia University researcher has reportedly
retracted four more scientific papers because the findings could not be
Chemistry Professor Dalibor Sames earlier this year
retracted two other papers and part of a third published in a scientific
journal, The New York Times reported Thursday. All of the papers involved
carbon-hydrogen bond activation research.
Although Sames is listed as senior author on all of
the papers, one of his former graduate students -- Bengu Sezen -- performed
most of the experiments, the Times said.
Sames said each experiment has been repeated by at
least two independent scientists who have not been able to replicate the
Sezen, a doctoral student in another field at the
University of Heidelberg in Germany, disputed the retractions, questioning
whether other members of Sames's group had tried to exactly repeat her
experiments, the newspaper said.
The retraction of one paper, published in the
journal Organic Letters in 2003, appeared Thursday, while the three others
published in The Journal of the American Chemical Society in 2002 and 2003
are to be formally retracted later this month, the Times said.
What's disappointing and inconsistent is that leading universities pushed
accounting research into positivist scientific methods but did not require that
findings be verified by independent replication. In fact leading academic
accounting research journals discourage replication by their absurd policies of
not publishing replications of published research outcomes. They also do not
publish commentaries that challenge underlying assumptions of purely analytical
research. Hence I like to say that academic accounting
researchers became more interested in their tractors than their harvests.
My threads on the dearth of replication/debate and some of the reasons top
accounting research journals will not publish replications and commentaries are
June 17, 2006 reply from Jagdish S. Gangolly
I have not heard of any one in accounting
retracting his/her work. It does not surprise me because of what I see to be
the philosophical suppositions of most empirical accounting researchers.
In my opinion, most of us in empirical accounting
research are, in many ways, stuck with the philosophical suppositions of
late 19th and early 20th century positivists of the Vienna school, the most
vocal proponent of the ideas whose work I am familiar with is A.J. Ayer. In
his view of the world, a synthetic (that is, not an analytical) sentence
must be verifiABLE to be considered a scientific statement, and is added to
the stock of science when verified.
The physical sciences have passed by this view, and
in fact, in my opinion, regard the latter-day positivist Popperian ideas of
falsificationism to be the ideal. Here, a sentence is scientific if it is
FalsifIABLE. The stock of sentences that are not repeatedly falsified is
science in some sense. Therefore, in most physical sciences, when a
statement is falsified (by not being replicable) is treated as nonsense
rather than science. For example, when the theory about cold fusion in the
Utah experiments met failure in repeated attempts to replicate them, the
theory was treated as nonsensical and not scientific.
The unfortunate thing is that verification (or
falsification) is misinterpreted by most, since I don't think either Ayer or
Popper intended their views to form a theory of meaning.
The above approach has had a whole host of severe
critics. My shortlist would include C.S. Peirce, William James, Quine
(though a verificationist he did not accept logical positivism), Feyerabend,
Davidson, and a bunch of others.
We have twisted the meaning of Popperian as well as
Logical positivist thought to consider "scientific propositions" as those "veriFIED"
or "not falsiFIED". Philosopher of those schools, on the other hand used
veriFIABILITY and falsiFIABILITY as criterion to answer the question whether
a proposition is scientific or not. We mistake an epistemic community for a
theory of meaning. While it might help reaffirm our belief in our epistemic
community to do so, it certainly would not provide our community a resilient
philosophical foundation. It also would make us more of a theological
Regards to all,
What is the latest of countless acronyms on the scene --- IASESB?
The IAESB develops standards and
guidance on pre-qualification education, training, and continuing professional
development for all members of the accountancy profession. The board’s standards
are designed to promote consistency and quality in education and development for
professional accountants and prospective professional accountants. The
International Federation of Accountants (IFAC), the global organization for the
accountancy profession, is seeking nominations for a public member for the
independent International Accounting Education Standards Board (IAESB).
Nominations must be made by June 23, 2006.---
June 8, 2006 message from classical study Resources
I'm the webmaster of a classical study Resources
I've collected quality links to other website that
related on the Internet on my links page.
I came across your site and feel that it'd
perfectly fit in my collection of quality links about classical study
I've already placed a link to your web site along
with a description at
I'd appreciate if you'd place a link back to my
site using the following link and description: Title : Free classical study
Resources URL Address :
Description : - New and exciting site provide information about classical
study Resources and Directory
If you'd like the description of your site modified
or if you have any other cross-promotion ideas just drop me a line.
I`m sorry if I bother you.
Classical Study Resources
So if this sounds all nihilistic and grim, like an
unending hamster wheel of futility or (my favorite metaphor) like being rotated
on a George Foreman Rotisserie Oven in Hell, you would be correct. Don’t get mad
at me, get even, and write that novel.
Interesting Blog noted in Newsweek Magazine, February 13, 2006, Page 14.
Bookfraud: A middlebrow look at the world of a struggling novelist facing
middle age. At least 65 percent not depressing.
The History and Geography of Inventions ---
Where Did Time Go ---
"PERFECT $TORM OF FEMA SCAMS: BILLION-PLUS IN 'CANE RELIEF WENT
FOR PORN, BOOZE & OTHER WASTE ," by Georff Earle, New York Post, June 14,
In a shocking rip-off of taxpayers,
federal hurricane relief bought "Girls Gone Wild" videos, Caribbean
vacations and French champagne, as thousands of brazen scam artists bilked
the government out of $1.4 billion, a bombshell report reveals.
Although the aid was intended to shelter and clothe
thousands of devastated families from hurricanes Katrina and Rita, the audit
to be presented to Congress today shows a widespread criminal splurge of
debauchery and excess while the feds were asleep at the switch.
One evacuee scammed a luxurious $1,000 vacation at
Punta Cana, a resort area in the Dominican Republic.
Another spent $300 on "Girls Gone Wild" videos at a
Santa Monica, Calif., store.
Some opted for live entertainment: An evacuee spent
$600 at a "gentlemen's club" in Houston, and another doled out $400 on
"adult erotica products" at a Houston store called The Pleasure Zone.
"This is an assault on the American taxpayer," said
Rep. Michael McCaul (R-Texas), chairman of the House Homeland Security
Committee's subcommittee on investigations. The panel will conduct the
"Prosecutors from the federal level down should be
looking at prosecuting these crimes and putting the criminals who committed
them in jail for a long time."
CBS News reported last night that 7,000 people could
As much as 16 percent of the total aid was hijacked
by con artists, the report concludes.
A copy of today's testimony about the audit was
obtained last night by The Post.
One "victim" rode out the storm's aftermath by
spending $300 at a San Antonio Hooters - and $200 for a bottle of Dom
The feds also covered one person's three-month stay
for a Honolulu hotel for $115 per night. The alleged scammer also collected
$2,358 in rental assistance - despite residing in North Carolina, not New
Anticipating the city's rebirth, another evacuee
spent $2,000 on five New Orleans Saints season tickets.
But one evacuee was more practical, spending $1,000
to pay a divorce lawyer.
Closer to home, one rip-off artist double-dipped in
Queens - collecting $31,000 to cover an extended $149 per night at the
Ramada Plaza Hotel while also taking $2,358 in rental assistance.
Most of the hucksters used phony names and
addresses to collect Katrina housing aid. Many listed post-office boxes, and
some even used New Orleans cemeteries - but the hapless feds failed to check
up on them.
Most fraud occurred because the Federal Emergency
Management Agency "did not validate the identity of the registrant,"
according to investigators.
Incredibly, the feds handed out millions in
emergency housing aid to 1,000 people who used the names and Social Security
numbers of prison inmates in a half-dozen states across the south.
FEMA paid more than $20,000 to one prisoner who
used a post-office box as the address of his "damaged property." It sent 13
payments to one person who filed claims at the same address using 13 Social
A federal investigator sniffing out mismanagement
listed a vacant lot as a damaged address - and still got a $2,358 check.
"This is absolutely disgraceful," said Rep. Peter
King (R-L.I.). FEMA "loses a billion in Katrina at the same time it's
cutting 40 percent of [anti-terror] funding to New York City," he added.
Bob Jensen's fraud updates are at
The radically different buffet-style Stanford University MBA customizable
curriculum resembles, in spirit, the new buffet undergraduate curriculum at
Some possible problems this creates include the following:
- Students may seek out popular professors who are not necessarily the
"best" professors for their education needs. This becomes especially a
problem when the student may shy away from a hard-grading and or hard
assignment professor who really teaches an important course for their
- Students may avoid hard topics such as a finance course on derivative
financial instruments or an accounting course that teaches data structures
and database usage.
- Students who choose the easier tracks may graduate cum laude with higher
gpas than students who chose the harder routes. I hope recruiters are smart
enough to look beyond grade averages for students who emerge from Stanford's
new MBA curriculum.
Bob Jensen's threads on higher education controversies are at
"Stanford Graduate School of Business Adopts New Curriculum Model Highly
Customized Program Planned for 2007," Stanford Today News, June 2006 ---
Four key elements characterize the Stanford MBA
Program’s new educational model: 1) a highly customized program; 2) a
deeper, more engaging intellectual experience; 3) a more global curriculum;
and 4) expanded leadership and communication development.
- First, the new curriculum will be customized
to each student. After a common program in the first quarter, students
will face no specific required courses, but rather a set of distribution
requirements that will give them the breadth of knowledge a general
manager requires. The suite of requirements will vary by pace, depth,
and assumed knowledge in order to challenge every student regardless of
past experience. Further, in some cases “flavors” of a given topic will
be offered, so that students can tailor their curriculum to their career
To take advantage of this flexibility, students will need good
information and advice about the options available. The first quarter of
studies will be devoted in large measure to this. Students will take
courses that raise fundamental questions of managerial relevance and
that point to where answers may be found. These courses will include
Teams and Organizational Behavior, Strategic Leadership, Managerial
Finance, and The Global Context of Management.
Students also will form an advising relationship with a member of the
faculty. Aided by placement exams, the student and his or her advisor
will craft an individual study plan. Students come to the MBA Program
with extremely diverse academic and work experience and varying career
goals. The new program will channel students into courses that will
challenge and prepare them, regardless of their background.
- Second, the new curriculum will foster a much
deeper intellectual exploration of both broad and narrow subjects. This
will begin in a fifth course, tentatively titled Critical Analytical
Thinking, taken in the first quarter. In seminars of fewer than 20
people, students will examine issues that transcend any single function
or discipline of management, such as: What responsibilities does a
corporation have to society? When do markets perform well, and when do
they perform poorly? When does it make sense to exercise discretion;
when should relatively rigid rules govern behavior? Students will be
taught to think and argue about such issues clearly, concisely, and
analytically, setting the tone for the rest of the program.
Then, in satisfying distribution requirements and in general electives,
students will be pressed to think across disciplines and functions. They
will be encouraged to think deeply and on their own. Improved placement
will engage students more effectively. A second-year fall schedule will
feature intensive one-week seminars, in which students will delve into
specific subjects. The School also plans to add to its complement of
Bass Seminars, funded in part by a recent $30 million gift from Robert
M. Bass, MBA ’74. The seminars, as small as 10 people, move students
beyond passive learning and into topics of their own choosing. Guided by
supervising faculty members, students are largely responsible for
creating the content of the seminars.
- Third, the new plan calls for enhancements to
the School’s global management curriculum. This begins with the
first-quarter course on The Global Context of Management and
proceeds in two ways: The School will continue to globalize its cases
and course materials, and a global experience will be required of each
student during his or her two years at the School. This can be fulfilled
by a study trip, an international internship, an overseas
service-learning trip, or a student exchange, such as the School’s new
program with Tsinghua University’s School of Economics and Management in
- Finally, the new curriculum includes expanded
leadership and communication development. The Strategic Leadership
course will integrate strategy with leadership development and
implementation. Critical Analytical Thinking will have as a major
feature the honing of students’ written and oral communication skills.
In a new capstone seminar near the end of the two years, students will
synthesize what they have learned, examine strengths and weaknesses in
their personal leadership style, and reflect on how they hope to achieve
their goals as they embark on their careers. These seminars are expected
to help students prepare for their jobs and for their careers.
“All this builds on the personal, collaborative
nature of the Stanford MBA experience,” said Joss. “We have much work ahead
of us. Taking this to a new level will require significant funding, a 5 to
10 percent increase in faculty, and ultimately, a new facility with flexible
classrooms to accommodate more and smaller seminars.”
The School has developed a building proposal, which
will be presented to the Stanford Board of Trustees in June. If accepted,
the Business School will pursue a plan for new buildings on the Stanford
"What Would You Do? Ethics Courses Get Context Beyond Checking Boxes, Some
Firms Start Talking About Handling Gray Areas," by Erin White, The Wall
Street Journal, June 12, 2006; Page B3 ---
Lockheed Martin Corp. executive Manny Zulueta met
last month with seven colleagues to watch a DVD. In one scene, a worker
complains to his manager's boss after the manager yells at her workers. The
manager apologizes, but the worker soon feels the manager is retaliating by
giving him lousy assignments, nitpicking his work and reprimanding him for
Mr. Zulueta, Lockheed Martin's senior vice
president of shared services, then led what he says was a "nuanced"
discussion about the ethical issues involved. Employees rightly noted that
they needed more information to discern whether the manager's action was
indeed retaliatory, Mr. Zulueta says.
Experts laud this sort of contextual approach to
ethics training. But, they say, it is all too rare. As U.S. employers have
bolstered workplace ethics training in the wake of a rash of corporate
scandals earlier in the decade, they often deluged employees with long lists
of do's and don'ts.
Continued in article
Urban Living Designs
The BoxTank ---
Discretionary Death Awaiting Tax Breaks
June 12, 2006 message from Amy Dunbar
"Did the Death of Australian Inheritance Taxes
ABSTRACT: In 1979, Australia abolished federal
inheritance taxes. Using daily deaths data, we show that approximately
50 deaths were shifted from the week before the abolition to the week
after (amounting to over half of those who would have been eligible to
pay the tax). Our findings suggest that the scheduled abolition of the
US inheritance tax may lead some deaths to be shifted from the last week
of 2009 into the first week of 2010.
Hmmmmmmmm, looks like they found the secret to
Amy Dunbar University of Connecticut School of
Business Department of Accounting 2100 Hillside Road, Unit 1041 Storrs,
From The Washington Post on June 12, 2006
An industry report predicts that the
World Cup will provide the catalyst for TV services on mobile phones to
start taking off, but real growth will occur over the next five years.
How much are mobile users expected to spend during this year's World Cup
to access streaming and broadcast services?
The Sad State of Professional Discipline in Public Accountancy
"SEC Accountant Fines Largely Go Unpaid," SmartPros, June 7, 2006
The Securities and Exchange Commission has
taken disciplinary action against more than 50 accountants in 2005 and
2006 for misconduct in scandals big and small. But few have paid a dime
to compensate shareholders for their varying levels of neglect or
It also turns out that nearly half of them
continue to hold valid state licenses to hang out their shingles as
certified public accountants, based on an examination of public records
by The Associated Press.
So while the SEC has forbidden these CPAs from
preparing, auditing or reviewing financial statements for a public
company, they remain free to perform those very same services for
private companies and other organizations that may be unaware of their
Some would say the accounting profession has
taken its fair share of lumps, particularly with the abrupt annihilation
of Arthur Andersen LLP and the jobs of thousands of auditors who had
nothing to do with the firm's Enron Corp. account. Meantime, the big
auditing firms are paying hundreds of millions of dollars in damages -
without admitting or denying wrongdoing - to settle assorted charges of
Individual penance is another matter, however,
and here the accountants aren't being held so accountable.
Part of the trouble is that there doesn't
appear to be an established system of communication by which the SEC
automatically notifies state accounting regulators of federal
disciplinary actions. In several instances, state accounting boards were
unaware a licensee had been disciplined by the SEC until it was brought
to their attention in the reporting for this column. The SEC says it
refers all disciplinary actions to the relevant state boards, so the
cause of any breakdowns in these communications is unclear.
Another obstacle may be that some state boards
do not have ample resources to tackle the sudden swell of financial
scandals. It's not as if, for example, the Texas State Board of Public
Accountancy had ever before dealt with an accounting fraud as vast as
that perpetrated at Houston-based Enron.
"We don't have the staff on board to manage the
extra workload that the profession has been confronted with over the
last few years," said William Treacy, executive director of the Texas
board. "So we contracted with the attorney general's office to provide
extra prosecutorial power."
Treacy said his office is usually notified of
SEC actions concerning Texas-licensed CPAs, but the process isn't
With other states, communications from the SEC
appear less certain. If nothing else, many boards rely upon license
renewals to learn about SEC actions, but that only works if the
applicants respond truthfully to questions about whether they've been
disciplined by any federal or state agency. A spokeswoman for Georgia's
board said one CPA recently disciplined by the SEC had renewed his
license online without disclosing it.
Ransom Jones, CPA-Investigator for the
Mississippi State Board of Public Accountancy, said most of his leads
come from other accountants, media reports and annual registrations.
"The SEC doesn't necessarily notify the board,"
said Jones, whose agency revoked the licenses of key players in the
scandal at Mississippi-based WorldCom.
Some state boards appear more vigilant than
others in policing their membership. The boards in California and Ohio
have punished most of their licensees who have been disciplined by the
SEC since the start of 2005.
New York regulators haven't yet penalized any
locals targeted by the SEC in that timeframe, though they have taken
action against two disciplined by the SEC's new Public Company
Accounting Oversight Board. It is conceivable that cases are underway
but not yet disclosed, or that some individuals have been cleared
despite the SEC's findings. A spokesman for the New York State Education
Department said all SEC referrals are probed, but not all forms of
misconduct are punishable under local statute. New rules now under
consideration would strengthen those disciplinary powers, he said.
Meanwhile, although the SEC deserves credit for
de-penciling those CPAs who've breached their duties as gatekeepers of
financial integrity, barely any of those individuals have been asked to
make amends financially.
No doubt, except for those elevated to CEO or
CFO, most accountants are not paid as handsomely as the corporate elite.
That said, partners from top accounting firms are were [sic] paid well
enough to cough up more than the SEC has sought, which in most cases has
Earlier this year, in what the SEC crowed about
as a landmark settlement, three partners for KPMG LLP agreed to pay a
combined $400,000 in fines regarding a $1.2 billion fraud at Xerox Corp.
One of those fined still holds his license in New York.
"The SEC has never sought serious money from
errant CPAs," said David Nolte of Fulcrum Financial Inquiry LLP.
"Unfortunately, the small fines in the Xerox case set a record of the
amount paid, so everyone else has also gotten off easy."
It's not that the CPAs found culpable in
scandals don't deserve a right to redemption, or just to earn a living.
Most of the bans against practicing before the SEC are temporary,
spanning anywhere from a year to 10 years.
But the presumed deterrent of SEC action is
weakened if federal and state regulators don't work together on a
consistent message so bad actors don't get a free pass at the local
Bob Jensen's threads about why white collar crime pays even if you get
caught are at
How e-Business Blog Turned into a B2B Book
Brian J. Carroll, author of the popular new book
Lead Generation for the Complex Sale™
(McGraw-Hill, ISBN 0071458972, $24.95) got many ideas for his book and honed
his writing style through his award-winning
lead generation blog which is regularly read by
thousands of marketers each week. Carroll’s experience shows that authors
can leverage a popular blog into a book deal and why smart publishers take
successful bloggers who want to write a book very seriously.
"How a Blog Turns Into a Book Deal: The Story of Brian Carroll’s Lead
Generation for the Complex Sale," PR Web, June 20, 2006 ---
Bob Jensen's electronic business threads are at
"Smart Stops on the Web," Journal of Accountancy, May 2006 ---
Your Company’s Conscience
CPAs charged with keeping their firms and employers on the straight and
narrow will find PowerPoint presentations here on corporate reform,
Sarbanes-Oxley and the nature and scope of business ethics. Users can
find a link to the 2005 National Business Ethics Survey or read business
ethics case studies on Bridgestone/Firestone’s tire recall and the
much-publicized Napster Web site legal proceedings. Test your own ethics
with case scenarios and accompanying possible solutions.
Visit the Vault
CPAs will want to check out this Association of Coaching and Consulting
Professionals on the Web (ACCPOW) e-spot to register for instant access
to the free Coaching Business Weekly, which includes business
tips on practice building, management techniques and generating passive
revenue. A membership fee of less than $20 a month gives subscribers
discussion forums, tutorials and practice management articles on
deducting medical expenses, setting fees and five things a contract
should include. Here are other ACCPOW Web sites, linked at the bottom of
the home page:
Looking to expand or rethink your client base? Take a free test-drive at
this Web stop to rate your marketing know-how and target niches, Web
design skills and even stress levels. Find free articles on how to
create and use value assessments to determine whether your service is an
“ideavirus” and how to recognize and fire a difficult client early.
CPAs who need help with HR matters can browse this pay-per-item
e-catalog of assessments, checklists and worksheets on business
management, finance, marketing and small business. Get resources for
writing a company profile, finding employees who are a perfect fit and
“virtualizing” your business, or rate your clients’ financial fitness.
Interested in implementing teleconferences and teleseminars or arranging
focus groups for marketing purposes? Find help at this Web site and read
the free article “How to Organize a Successful and Profitable Teleclass.”
"Smart Stops on the Web," Journal of Accountancy, May 2006 ---
On the Road Again?
CPAs on the go can find links here to the top seven frequent-flier
programs and a plethora of tips, from how to quickly book a business
trip to how to keep better records on the road. Sign up for a free
newsletter to read “Crazy Business Travel Stories.” The Women’s Travel
section offers advice for females traveling alone and the Travel Safety
and Health section tackles tips for Americans taking trips overseas.
There also are links to guidance geared to specific geographical areas
such as China and the Middle East.
Bob Jensen's travel helpers are at
New Computer Products Ranging From Awful to Great
"Bad Ideas, Good Ideas Some real stinkers, plus a few terrific products," by
Steve Bass PC World via The Washington Post, June 15, 2006 ---
Video recorder for the video-capable iPods
Next month, Belkin will begin selling a $70 plug-in
recorder for the video-capable iPods. It's called the TuneTalk Stereo, and
features twin mikes, plus a jack for hooking up an external mike. I haven't
reviewed it, so can't say how well it works. Another option is to buy an MP3
player with a built-in recorder, like Creative Technology's Zen Vision: M.
Walter S. Mossberg, The Wall Street Journal, June 16, 2006 ---
Lights, Camera, No Action
"Lights, Camera -- Jamming: A prototype device seeks out cameras and
blocks them from taking pictures and video," by Kate Greene, MIT's
Technology Review, June 22, 2006 ---
Researchers have been trying to develop
effective ways to jam a camera for years, says Edward Delp, professor of
electrical and computer engineering at Purdue University. A number of
companies, including Philips, Thomson, and Apogen Technologies, as well
as a handful of universities, have been working on projects and
prototypes. The Georgia Tech approach, which combines methods of
detecting a camera and the means to automatically prevent it from taking
pictures is "a nice technology," says Delp, that achieves these two
goals in one device, while also using infrared light to spot cameras, in
contrast to some other combination systems.
To locate a camera, the researchers exploited a
component of many digital cameras and camcorders: the charge-coupled
device (CCD) that converts light collected by a camera's lens into an
image stored in its memory. Because of its shape, a CCD is
retro-reflective, meaning it reflects incoming light back out at the
same angle. Taking advantage of this, the Georgia Tech device shines
infrared LED light, which is invisible to the human eye, at a distance
of about 20 feet, then collects video of these reflections with a
camcorder, Abowd explains. Then the video of the reflections is
transferred to a computer, where it's sent through image-processing
algorithms that pick out infrared light bouncing back. And to decrease
the chances of false positives -- infrared light reflecting off other
objects, such as eyeglasses and earrings -- the researchers added
image-processing algorithms that account for the specific shape of the
CCD reflections and those of other objects.
In the second step, to block the camera from
taking pictures, the device uses a projector that emits a narrow beam of
white light directly at a CCD. The beam saturates the CCD with varying
intensities of light, Abowd says, forcing the camera's electronics to
constantly adjust, and ultimately producing large white splotches that
cover about one-third of the recorded scene. The result: a low-quality,
if not worthless, recording or photograph.
Continued in article
Walt Mossberg Reviews Yet Another Way to Run Windows on a Mac
"New Product for Mac Operates Windows, OS X Simultaneously," by Walter S.
Mossberg, The Wall Street Journal, June 15, 2006; Page B1---
When Apple Computer announced back in April
that its new Intel-powered Macintosh computers could run the Windows XP
operating system as well as its own Mac OS X, the news was treated as a
big deal. It meant that people considering switching from Windows to the
Mac no longer had to worry about being unable to run the one or two
Windows programs they relied on that might have no equivalent on the
Apple platform. They could buy a Mac, work mainly in the nearly
virus-free Macintosh operating system, and simply fire up Windows
occasionally -- on the very same Mac -- to run any Windows software they
Now, there's an even better approach to running
Windows on a Mac. It's called Parallels Desktop for Mac, and it's from a
small Herndon, Va., company called Parallels. It emerges from testing
today and goes on sale for $79 at the company's Web site, parallels.com.
I've been testing Parallels Desktop on a new
MacBook Pro laptop, and have found it works very well, despite a few
drawbacks. I prefer it to Apple's solution, even though the Apple
approach is free and also works very well.
Apple's system, called Boot Camp, has one big
limitation: It allows you to run only one of the two operating systems
at a time, requiring you to reboot the computer to switch between them.
As a result, you can't quickly jump between Mac programs and Windows
programs. You can't, for instance, simultaneously download your
corporate email in Outlook using Windows while editing a home video in
iMovie using the Mac OS.
With Parallels Desktop for Mac, you can do
this. You can run any combination of Mac and Windows programs at the
same time, on the same screen. No rebooting is necessary. You can even
cut and paste material between Mac and Windows programs, and share files
between the two environments.
The Parallels approach, called virtualization,
runs Windows, with all its features, inside a window in the Mac
operating system. It creates a faux Windows PC, called a "virtual
machine," that co-exists with Mac OS X. You can devote the full screen
to either operating system or you can reduce Windows, and whatever
programs it's running, to a window on the Mac that can be dragged
anywhere on the screen and made as small or as large as you like.
Unlike Boot Camp, Parallels Desktop can run
every version of Windows back to Windows 3.1, not just Windows XP. It
can also run Linux and even older operating systems like OS/2 and
MS-DOS. You can even create and run multiple virtual machines, with
different operating systems inside, up to the limit of your Mac's
Virtualization isn't a new concept, and it's
not even new on the Mac. Microsoft offers a product called Virtual PC
for Mac that runs Windows inside a window on older, pre-Intel Macs. But
Virtual PC runs painfully slowly on these older Macs, and it can't run
every Windows program. It doesn't run at all on the new Intel-based
Parallels Desktop runs Windows a little more
slowly than Apple's Boot Camp does because it is accessing the Mac's
hardware through the Mac operating system rather than directly, as in a
dual-boot system. But, in my tests, it was very snappy, as fast as many
regular Windows computers.
Inside my virtual Windows machine, I was able
to run programs like the Windows version of Microsoft Office, the
Windows versions of the Firefox Web browser, iTunes, Adobe Reader,
Google Earth and more. All worked well, as did Microsoft's Internet
Explorer Web browser, Google's Picasa photo program and Google's Google
Talk instant-messaging software.
I was able to do email in Apple's Mail program
while simultaneously watching a baseball game in Internet Explorer
inside my Parallels Desktop Windows virtual machine. I wrote part of
this column in the Windows version of Microsoft Word and part in the Mac
version, cutting and pasting between the two.
And, unlike Boot Camp, Parallels Desktop
doesn't require you to dedicate a fixed section, or "partition," of your
hard disk to Windows. Its virtual Windows computer is contained in a big
Mac data file that uses only as much space as Windows needs.
Continued in article
June 1, 2006 message from James L. Morrison
The June/July 2006 issue of Innovate (www.innovateonline.info)
offers a range of practical ideas for using new
technologies in classrooms as well as ways to avoid common pitfalls
caused by technology. This is a one-time mailing to you; if you wish to
receive future announcements of new issues and our webcast schedules,
please take advantage of our free subscription at
We open with Sir John Daniel and Paul West’s
exploration of how the digital dividends of technology can be used to
overcome the digital divide for impoverished nations worldwide. They
examine the challenges of bringing higher education to developing
nations and advocate open educational resources as a potential solution
to the problem.
Our next three articles address specific ways
in which instructors have used the digital dividends available to them
in teaching. Ulises Mejias describes a graduate seminar he taught on the
affordances of social software--software that allows for information
exchange, collaboration, and ease of communication. His students used
the software while learning about it and critiquing it, illustrating
well the learning opportunities afforded by this category of technology.
S. Pixy Ferris and Hilary Wilder examine wikis,
one example of social software, as a way to bridge the distance between
students and teachers.
Adopting the linguistic theory of Walter J. Ong,
they see teachers as part of a print paradigm of learning, whereas they
propose that students are increasingly a part of a secondary-oral
paradigm characterized by certain attributes of both oral-based cultures
and print-based cultures. Wikis, they argue, can be a pedagogical bridge
between these two educational positions.
Craig Smith focuses on chat, a common way for
online instructors to replace classroom discussion. He provides a
protocol to keep discussions focused and productive, helping teachers
realize the potential usefulness of an easily accessible technological
Technology also presents some problems in the
classroom. The easy availability of apparently anonymous information on
the Internet blurs definitions of plagiarism. While tools such as
electronic plagiarism detectors have become more common, Eleanour Snow
argues that they are not enough. She advocates online tutorials as an
easy and effective way of teaching students about plagiarism, and offers
examples and links to tutorials for teachers eager to begin the process
of educating themselves and their students.
Howard Pitler also sees a need to make
copyright guidelines clear, but argues that copyrights should be more
flexible. He offers guidance about how copyright works and describes
Creative Commons, a Web site that provides writers and artists a way to
select the rights that they want to reserve and make it clear to others
exactly what they are allowed to reproduce and alter.
Another difficulty inherent in the digital age
is the notorious attrition rate in online education. While noting that
drop rates for online courses should not necessarily be equated with
lack of success, David Diaz and Ryan Cartnal acknowledge that reducing
attrition in such courses should still be on educators' agendas. In
addressing this issue they examine the impact of term length on
attrition rates, advocating a shorter length to enable time-strapped
students to complete the course more efficiently. (See
Please forward this announcement to appropriate
mailing lists and to colleagues who want to use IT tools to advance
their work. Ask your organizational librarian to link to Innovate in
their resource section for open-access e-journals.
James L Morrison
Professor Emeritus of Educational
Leadership UNC-Chapel Hill
Rudolph Guiliani's Five Favorite Biographies
"Witness the Leading: Top biographies of top
dogs," by Rudolph Guiliani, The Wall Street Journal, June 10, 2006
"Churchill: A Study in Greatness"
by Geoffrey Best (Hambledon & London, 2001).
On the night
after the attacks of Sept. 11, I remember getting home at about
2:30 a.m. and seeing on my nightstand a book I had been reading, a
prepublication copy of Roy Jenkins's forthcoming "Churchill." I picked
up this biography of a man who embodied every leadership principle I
value--courage, optimism, preparation and a determination to stand up to
bullies--and began reading about Churchill's becoming prime minister in
1940. Jenkins captures beautifully how Churchill led Britain through
months of nightly bombings, never losing his confidence in the will of a
free people. The Jenkins biography serves as a sort of middle ground
between "Churchill: A Life," the definitive eight-volume edition by
official biographer Martin Gilbert, and its one-volume abridgement.
Perhaps my favorite Winston Churchill biography of all, though, is
Geoffrey Best's "Churchill: A Study in Greatness," which combines all
the biographical information with a real sense of what it felt like to
be English in Churchill's era.
"Jefferson and His Time" by Dumas Malone (Little, Brown, 1948-81).
I read the
first volume of Dumas Malone's superb Jefferson biography in college and
then later read the entire six-volume set for the pure joy of
experiencing magnificent writing about a great man. These Jefferson
books led me to others and ultimately to the conclusion that Jefferson,
more than anyone else, was the voice of American ideals. Malone uses
Jefferson's own papers and letters to bring to life the man who composed
the Declaration of Independence at age 33. Jefferson believed in limited
government and states' rights, but as president he was capable of
exercising enormous executive power--witness his engineering of the
Louisiana Purchase. Malone's depiction of our third president's
complexities remains relevant for political leaders today.
"Herndon's Lincoln" by William Henry Herndon and Jesse W. Weik (Belford,
My mother was a
great storyteller and a natural teacher. She introduced me as a child to
the life of Abraham Lincoln--but when she read a short Lincoln biography
to me, she seamlessly weaved in anecdotes she recalled from her own
reading about him. As an adult, I went on to Carl Sandburg's wonderful
Lincoln biographies, "Abe Lincoln Grows Up" and "Abraham Lincoln: The
Prairie Years and the War Years," both of which I adored for their
thoroughness and for their understanding of the Midwest at a time when
it was the frontier of our young nation. But I especially appreciated
"Herndon's Lincoln: The True Story of a Great Life" by Lincoln's former
law partner, William Henry Herndon, for the sheer fun of experiencing a
biography written contemporarily by someone who knew him so well.
in Courage" by John F. Kennedy (Harper, 1956).
I read John F.
Kennedy's book when it was first published and can still remember how
inspired I felt as I followed the stories of eight senators who had
risked their political survival to do the right thing. One profile in
particular that stuck with me was that of Edmund Ross, the Kansas
Republican who cast the deciding vote for acquittal in the impeachment
trial of President Andrew Johnson in 1868. Ross was no fan of Johnson's
but sensed that the trial was more about rounding up votes than weighing
the evidence. His decision to break ranks with his party ended Ross's
political career, but his principled stand has been vindicated by
history; Kennedy captures that dynamic expertly.
"President Reagan" by Richard Reeves (Simon & Schuster, 2006).
Judith, recently bought me Richard Reeves's book (subtitled "The Triumph
of Imagination"), which excels in depicting Ronald Reagan's management
style and unrelenting pursuit of his core principles: the restoration of
the American spirit, limited government, a strong defense and the defeat
of communism. For a longer-range look at the experiences that shaped
Reagan's values, I recommend "The Role of a Lifetime" and "A Life in
Politics," both by Lou Cannon, both works that do a remarkable job of
revealing the character of this amazing man.
Mr. Giuliani, a former mayor
of New York, is the author of "Leadership" and chairman and chief
executive of Giuliani Partners.
"Free to Press: Does the First Amendment allow the media to
publish classified information?" The Wall Street Journal, June
14, 2006 ---
Over the past six months, we have witnessed the
publication of several pieces of classified information that appear to
be extraordinarily sensitive, and extremely important tactical
components of our ongoing effort to protect American citizens and
property from additional terrorist attacks: The New York Times
revelation last December of the NSA program conducting surveillance on
Al Qaeda communications into or out of the United States, which the
Times itself characterized as our "most closely guarded secret"; the USA
Today disclosure earlier this month that several telephone companies
were turning over databases of information about numbers
called--so-called pen registers; and the Washington Post's story that
some terrorists captured by U.S. forces were being held by the CIA in
undisclosed locations in allied countries.
No one contests that in each instance,
classified information was illegally provided to these media outlets and
then subsequently published by them. And to my knowledge, no one
seriously contends that the individuals who leaked the information are
not subject to prosecution for violating the Espionage Act (or even
subject to prosecution for treason if it could be proved that their
intent in leaking the classified information was to undermine our war
effort and thereby give aid and comfort to the enemy). Even those who
would seek to bestow on the leaker the protected status of
"whistle-blower" surely will acknowledge that the whistle-blower statute
requires that the allegedly illegal activities be reported internally,
through a certain specified administrative route, rather than shouted to
the world from the front pages of our nation's major newspapers.
Otherwise, the whistle-blower statute would
permit every government employee to be a classified information law unto
himself, determining what should or should not be secret. The
devastating consequences to our national security, and also to
individual privacy, of such a flawed interpretation should be manifest.
The question you are considering today is not the potential criminal
liability of the leaker, of course, but of those in the institutional
media who publish the classified information provided by the leaker.
interesting constitutional questions if we assume, as I shall do, that
classified information was leaked and subsequently published, and that
the leaker himself, should his identity become known, is subject to
criminal prosecution under the Espionage Act, among other things, for
that illegal disclosure. Earlier this month, Bill Keller, Executive
Editor of the New York Times, published an important
letter to the editors of The Wall Street
Journal challenging the notion "that when presidents declare that
secrecy is in the national interest, reporters should take that at face
value." Implicit in his rejection of that proposition is the view that
reporters generally, and perhaps the editors of the New York Times in
particular, are free to ignore the laws regarding publication of
classified information when, in their view, the benefit to the
public from gaining access to the information would outweigh any harm
that might flow from its disclosure. Keller elaborated:
entitled to a respectful and attentive hearing, particularly when
they make claims based on the safety of the country. In the case of
the eavesdropping story, President Bush and other figures in his
administration were given abundant opportunities to explain why they
felt our information should not be published. We considered the
evidence presented to us, agonized over it, delayed publication
because of it. In the end, their case did not stand up to the
evidence our reporters amassed, and we judged that the responsible
course was to publish what we knew and let readers assess it
. . .
So where does that leave us with respect to the
New York Times' contentions? Once it is clear that the "Freedom of the
Press" acknowledged in the First Amendment does not create a special
preserve for the institutional media, the full import of Bill Keller's
claims come into view, and it is the old saw, long since disproved, that
democratic governments are not permitted secrets, even in time of war.
Our Constitution expressly recognizes the common-sense necessity of
government secrets, for example, in the Article I requirement that each
House of Congress shall publish a journal of its proceedings, "excepting
such Parts as in their Judgment may require Secrecy." The need for
secrecy is even more urgent in the executive branch, and as Alexander
Hamilton noted in Federalist 71, it is one of the key reasons the
Constitution provides for unity in the executive office, establishing an
"energetic" executive who can operate with "secrecy" and "despatch" when
necessary to protect "the community against foreign attacks."33 This
need for secrecy in the conduct of certain executive functions such as
those under consideration today has repeatedly been recognized and
approved by the courts as well. Writing for the Court in United States
v. Curtiss-Wright Export Corp., for example, Justice Sutherland
explained why the President's authority over foreign affairs was so
great, noting that he "has his confidential sources of information. He
has his agents in the form of diplomatic, consular and other officials.
Secrecy in respect of information gathered by them may be highly
necessary, and the premature disclosure of it productive of harmful
results."34 A similar view was expressed by Justice Jackson in Chicago &
Southern Air Lines, Inc. v. Waterman Steamship Corp.: "The President,
both as Commander-in-Chief and as the Nation's organ for foreign
affairs, has available intelligence services whose reports are not and
ought not to be published to the world."
The constitutionality of protecting
intelligence gathering and other operational military secrets in time of
war is therefore beyond dispute, and the institutional press is no more
permitted to ignore the legal restrictions imposed by the Espionage Act
on the publication and other dissemination of such classified
information than are ordinary citizens. Neither is it exempt from
prosecution for willful violations of that Act. Justice Goldberg
famously noted in Kennedy v. Mendoza-Martinez that our Constitution "is
not a suicide pact,"36 and the sentiment is particularly apropos for the
issues under consideration today. The simple fact is that the asymmetric
nature of the current war against international terrorist organizations
makes intelligence gathering the central and most critical front in the
war. Not only must the executive branch aggressively pursue every legal
means of gathering intelligence at its disposal, it must be equally
aggressive in protecting the classified methods that it is using in that
effort if it is to succeed in preventing future attacks on our homeland
and fellow citizens such as those we witnessed on that fateful day in
September nearly five years ago.
Every citizen, including--particularly
including--those employed with major media organs have a responsibility
to prevent ongoing operational secrets from falling into the hands of
our enemies by complying with the law regarding classified information.
It is one of those "basic and simple duties" of citizenship that rests
equally "on taxi drivers, Justices, and the New York Times." We may
never know how great the damage to our national security the recent
disclosures of classified, highly-sensitive intelligence-gathering
information have caused, but with the seriousness of the threat to our
lives and liberty posed by terrorist organizations such as Al Qaeda, it
is certainly the right, and may well be the duty, of the executive to
prosecute those responsible for them.
Mr. Eastman, the Henry Salvatori Professor of Law and Community
Service at Chapman University School of Law, is the director of the
Claremont Institute Center for Constitutional Jurisprudence.
40 Things That Only Happen in the Movies ---
Forwarded by Jesse Walker ---
Science Discovers "World's Funniest Joke"
According to the London Telegraph, via
Arts & Letters Daily,
Science--with a capital S--has determined
that the world's funniest joke was written by Spike Milligan,
Genius!" and goes something like this:
Two hunters are out in the woods in New Jersey
when one of them collapses. He doesn't seem to be breathing and his
eyes are glazed.
The other guy whips out his phone and calls
the emergency services. He gasps 'My friend is dead! What can I do?'
The operator says: 'Calm down, I can help. First, let's make sure
he's dead.' There is a silence, then a shot is heard. Back on the
phone, the guy says 'OK, now what?'
As a Garden Stater, I find nothing funny about
this, but, dammit, the methodology used to arrive at the WFJ is simply
unimpeachable and hence I must acknowledge Truth when it is revealed to
me via science:
Five years ago, Prof Richard Wiseman, of the
University of Hertfordshire, did an online experiment in which
300,000 people from around the world took part in LaughLab, where
they voted for the best gag....
Prof Wiseman contacted Milligan's daughter,
Sile, and she is as certain as she can be that he would have written
the gag. She said she was "delighted that dad wrote the world's
Prof Wiseman said: "I think what is
interesting here is that a joke from the 1950s still works, and how
it has transformed over time from a cosy sitting room to hunters in
More Tidbits from the Chronicle
of Higher Education ---
Fraud Updates ---
For earlier editions of New Bookmark
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Archives of Tidbits: Tidbits Directory ---
Click here to search Bob Jensen's web site if you have key words to enter
--- Search Site.
For example if you want to know what Jensen documents have the term "Enron"
enter the phrase Jensen AND Enron. Another search engine that covers Trinity
and other universities is at
International Accounting News
(including the U.S.)
AccountingEducation.com and Double Entries ---
Upcoming international accounting
Thousands of journal abstracts ---
Deloitte's International Accounting News ---
Association of International Accountants ---
Trite's great set of links --- http://iago.stfx.ca/people/gtrites/Docs/bookmark.htm
Torian's Managerial Accounting Information Center --- http://www.informationforaccountants.com/
recommend TheFinanceProfessor (an absolutely fabulous and totally free
newsletter from a very smart finance professor, Jim Mahar from St. Bonaventure
Jim's great blog is at
Professor Robert E. Jensen (Bob)
Jesse H. Jones Distinguished Professor of Business Administration
University, San Antonio, TX 78212-7200
Voice: 210-999-7347 Fax:
210-999-8134 Email: email@example.com