Israel reconsidering nuclear power plans in light of Japan crisis
by Barak Ravid and Zafrir Rinat, Haaretz Service | PUBLISHED Mar 17, 2011 | Japan Crisis
Prime Minister Benjamin Netanyahu said in an interview with CNN that Israel is reconsidering its plans for a nuclear energy facility in light of what happened in Japan. The interview is set to be aired later on Thursday.
Japan is facing a nuclear crisis after a major earthquake and tsunami led to explosions and rising radiation levels in the country’s nuclear plants. The UN nuclear watchdog said on Thursday the situation at the damaged Japanese nuclear power plant remained very serious but no major worsening had occurred since Wednesday.
Israel created a plan for a nuclear energy plant to be located in the Negev several years ago but it has yet come into fruition.
Lessons learned from the Triangle Waist factory fire
Third explosion rocks earthquake-damaged Japan nuclear plant
Haaretz Service via AP | PUBLISHED Mar 15, 2011 | Japan Crisis
A third explosion in four days rocked the earthquake-damaged Fukushima Dai-ichi nuclear plant in northeast Japan early Tuesday, the country’s nuclear safety agency said.
The blast at Dai-ichi Unit 2 followed two hydrogen explosions at the plant – the latest on Monday – as authorities struggle to prevent the catastrophic release of radiation in the area devastated by a tsunami.
The troubles at the Dai-ichi complex began when Friday’s massive quake and tsunami in Japan’s northeast knocked out power, crippling cooling systems needed to keep nuclear fuel from melting down.
Now Namvar and his investment company, Namco Capital Group, Inc., are accused of losing as much as $400 million loaned to him.
For the last three months, lawsuits have been filed and extensive negotiations have been taking place to resolve the hundreds of millions of dollars in disputes between Namvar’s creditors and the Brentwood Iranian Jewish businessman. On Dec. 22, two dozen creditors filed an involuntary bankruptcy petition against Namvar and Namco.
The petition follows 17 lawsuits filed against Namvar, Namco, entities owned by Namvar and other Namvar family members alleging breach of contract and contractual fraud in a case that attorneys estimate involves 300 to 400 creditors, the majority of whom are Iranian Jews.
“Disputes happen all the time, but the magnitude of this case is huge,” said A. David Youssefyeh, a local Iranian Jewish attorney who is advising nearly 20 Iranian Jewish creditors in this case, of whom only a small group participated in the filing of the petition. “This case hits people in the community from such a broad socio-economic level — it includes everyone, from students that had entrusted Mr. Namvar with their bar mitzvah money, to retired people who invested their entire life savings in Namco and were paying their living expenses from the interest they received from the company.”
The creditors include investors in Namco Capital Group, those who lent money to Namco and received a personal guarantee from Namvar, lenders to Namco who received a lien on property owed by Namvar or one his entities and those who gave profits from their real estate transactions (1031 funds) to Namvar, according to the lawsuits.
“For 1031 money, the IRS will allow delayed payment of taxes on profits people give to a facilitator, such as Mr. Namvar, to hold for them until they find a substitute property to purchase,” Youssefyeh said. “But now that that money is gone, the people that entrusted Mr. Namvar with the money may potentially have to pay taxes on monies that they don’t have.”
Problems first arose nearly five months ago, when various creditors discovered they were unable to retrieve funds they had invested in Namco or given to Namvar, and that they were also no longer receiving interest payments from monies invested his company, Youssefyeh said.
While some community members filed suits to regain their money, the majority hoped instead to resolve the issue outside of the courts, in the traditional manner of the tight-knit community.
“Back in Iran, whenever a businessman in the Jewish community was unable to pay his creditors, the community leaders would get together and devise a plan to help the businessman get back on his feet financially so that he could repay those debts,” said Ebrahim Yahid, a community activist in his 80s who is a close friend of the Namvar family.
Indeed, such a group was organized after a meeting on Nov. 5 between Namvar and Namco’s Iranian Jewish creditors, according to a statement released to The Jewish Journal by the group on Dec. 16. Namco’s creditors first nominated and then voted to create a provisional committee, including prominent, independent community members. The group planned to trace all of Namvar’s assets and propose solutions to the creditors, according to the statement.
The all-volunteer committee included retired banker and former president of the Iranian American Jewish Federation (IAJF) Solomon Agahi and former IAJF Secretary General Sam Kermanian, as well as businessmen Jack Rochel and Nejat Sarshar. They had their first meeting on Nov. 24, according to the statement, and they were offered full authority by Namvar to resolve the disputes. The committee also hired an independent forensic accountant and attorney.
Nevertheless, talks broke down, and Youssefyeh said he advised his clients to file the bankruptcy petition when his negotiations with the local Iranian Jewish community leaders and Namco’s attorney failed to secure a deal to retrieve their investments for his clients and the nearly 200 other local Iranian Jewish creditors.
Youssefyeh said he became frustrated because Namvar’s paybacks seemed designed to protect the wealthy creditors, rather than the small investors whose life savings had been jeopardized. “What particularly made me mad was that with the $12 [million] to $13 million, Mr. Namvar could pay off 190 people, most of which needed the money for their survival, that had entrusted Mr. Namvar with $200,000 or less,” Youssefyeh said. “But people close to him told me that instead of Mr .Namvar paying off these creditors, Mr. Namvar had earmarked the remaining $17 million that he would receive from the sale of his Wilshire Bundy Plaza building to pay his 1031 obligations first, in order to avoid any potential liability arising from the 1031 funds not being available to the investors.”
Youssefyeh said bankruptcy was the only available option to protect his clients, because it allows the courts to distribute Namvar’s assets and even reverses settlement payments Namvar had made to his more affluent creditors, who have the financial means to proceed with litigation against him.
According to the bankruptcy petition, filed in U.S. Federal Bankruptcy Court in downtown Los Angeles, the dozen creditors include both Iranian Jews and non-Jews, with more than $7 million in claims against Namco Capital Group and $7 million in personal claims against Namvar.
While members of the provisional committee declined to comment on the filing, legal experts said the petition nullifies the committee’s ability to settle the case, giving the courts the responsibility of distributing Namvar and Namco’s assets.
Some community leaders, who asked not to be identified, argued that the bankruptcy petition could hurt the community’s numerous creditors, because they might never receive their money back, since the case could take years to litigate and any available monies could be eaten up by attorneys’ fees as well as other costs.
Youssefyeh defended the bankruptcy petition. “The [provisional] committee had not taken any steps to take control of Mr. Namvar’s assets and in so many words said that they were not qualified to disperse his assets,” he said, adding, “yes, it will be painful and take a long time, but at the end of the day there was no other viable solution that would have frozen the assets, brought all of the preferential transfers and securitization money back into the pot.”
Local Iranian Jews had been investing with Namvar and Namco since the late 1990s. The relationships were based on his family’s reputation for being honorable as well as his success in real estate development, Yahid said.
Some have compared Namvar’s situation to the Bernard Madoff scandal, which involves a Ponzi scheme, but this is unfair, according to Namvar’s friends and community supporters, who say Namvar’s losses are due simply to the economic downturn.
“I know he [Namvar] did not have bad intentions — the economy around the whole world has gone downward, including the real estate market here in Los Angeles, and everyone is hurting, including himself,” Yahid said. “If he really had bad intentions, he would not have welcomed the committee to resolve this case, but would have instead declared immediate bankruptcy himself and destroyed the lives of hundreds in our community.”
Milken family recognizes Jewish educators, YULA rides, ADL honors
Throughout the Los Angeles Unified School District, the recession is prompting middle-class parents to take a look at public middle and high schools they have long disdained. Private schools are just too expensive for many people.
A large number of Jews, whose heritage and culture put a high value on education, are in this economically stressed category. That is why the present and future of the Los Angeles schools is a Jewish issue, one that deserves a place high up on the community’s agenda.
“The number of people who can’t afford private school is increasing,” said Marlene Canter, the Los Angeles school board member who has for two terms represented the Westside and its many Jewish residents and who is about to step down. I met with Canter and her field representative, Paola Santana, for breakfast last week in Westwood to talk about her efforts to persuade Westside residents to send their children to public schools. She represents the Fourth District, which extends from the Palisades and Brentwood to Marina del Rey and includes Mar Vista, Palms, Westwood, Westchester and Venice. It also reaches as far east as Hollywood.
We discussed the current recession’s impact on Jewish families who began abandoning the LAUSD generations ago, when court-ordered desegregation touched off a white exodus from the school system. While this was happening, Los Angeles’ population was changing, and many schools became predominantly Latino. The change is reflected in high schools in Canter’s district.
University High School’s student body is almost 60 percent Latino, 18.6 percent black, 8.9 per cent Asian and 10.3 percent white. At Venice High, Latinos comprise almost 73 percent, whites 11 percent, blacks almost 11 percent and Asians almost 4 percent. Hollywood High School’s students are 77.8 percent Latino, 9.4 percent white, 4.7 percent black and 3.8 percent Asian.
Canter said she starts with the premise that “every child should have an opportunity to get a great public education in a public school.”
You can’t very well make the argument that the schools throughout the Los Angeles district are great schools. The district is huge and covers the Southland’s poorest and toughest neighborhoods. LAUSD’s leadership is unstable and uncertain, smothering initiative with a huge blanket of bureaucracy. The teachers’ union opposes attempts to change work rules that shelter the incompetent. So does the principals’ union. (Yes, unbelievably, they have a union, too).
But there are many talented teachers and principals in the Los Angeles schools. I saw some bad principals, but good ones, too, when I wrote about the schools for the Los Angeles Times more than a decade ago, and I was reminded of the high-quality personnel in September when I met with Los Angeles High School teachers for a column for Truthdig, the web magazine. I was impressed.
In this climate, Canter is stepping up her efforts to urge parents to consider sending their children to middle and high schools in their neighborhoods. There are, she acknowledged, other choices within LAUSD — charter schools and magnets. But charters are often located far from home, and for admission to magnets, parents must navigate through a complicated lottery system based on points. Local schools are making an attempt to improve, and they could be an attractive choice.
What’s more, many public schools aren’t the same monolithic campuses that they once were. There’s been a movement to create small learning centers, offering special programs known as Schools for Advanced Studies, for example, for honors students, or specialized “academies” for kids particularly interested in math, science or performing arts, among others. These schools-within-schools are very popular, creating not only specialized learning centers for the students, but also a sense of community. And they take only a simple application for admission. You can find them in many LAUSD middle and high schools.
Earlier this year, Canter arranged for Ray Cortines, the recently named LAUSD school superintendent who at the time was deputy superintendent, to meet with a group of parents at a Westside Coffee Bean to tout the virtues of University High. Kathy Gonnella, principal of Emerson Middle School, has also hosted a wine and cheese evening for parents. My daughter, mother of two children, went to the latter and came back impressed. Earlier this year, I attended an evening meeting at Webster Middle School, where several principals pitched their Westside middle and high schools.
“What we are doing is breaking down perceptions,” Canter said, attitudes that have been 30 years in the making, dating back to the desegregation controversy.
She said the principals and teachers have to play a big role in bringing about the change. “Principals in private schools spend a lot of time marketing themselves,” she said. But in the past, she said, “our principals have never tried.” The schools, she said, “must open the doors to the parents.”
In addition, she said, the school board must make marketing LAUSD a high priority.
Of course the need to bring back middle-class parents extends far beyond the Jewish community. It is important throughout the district. It is unfair, unjust and simply dead wrong for a parent to be forced to mortgage the family future to send a kid to a private school that may or may not provide the education the child needs. Harvard Westlake is a good school, but graduation from there is not an automatic ticket to the Ivy League.
Los Angeles’ public high schools should be a path to Harvard, UCLA, Berkeley, USC, Cal State Northridge or any other college. As a matter of fact, they already often are. The district is making an effort to improve and has succeeded in many schools.
With more parents considering such an alternative, it is up to the L.A. school district to convince them that it is a good choice.
Until leaving the Los Angeles Times in 2001, Bill Boyarsky worked as a political correspondent, a Metro columnist for nine years and as city editor for three years. You can reach him at email@example.com.
The dark side of Chanukah
Scholarships help keep middle-income kids in Jewish schools
Amid the cascade of bad economic news of the past few months, five Jewish high schools in Los Angeles received some good news last week.
The Jim Joseph Foundation, based in San Francisco, awarded the Bureau of Jewish Education (BJE) and The Jewish Federation of Greater Los Angeles a $12.7 million grant to pay for tuition subsidies for new and continuing middle-income students over the next six years at Shalhevet School, Milken Community High School, New Community Jewish High School, and the boys and girls schools of YULA yeshiva high school.
The schools with the help of the larger Jewish community, in turn, will be obligated to raise an additional $21.25 million within the next six years for a community endowment fund to pay for Jewish education into the future.
“This grant is visionary and extraordinary on multiple levels,” said Gil Graf, executive director of the BJE. “It makes Jewish education immediately accessible to more families, and also creates enduring capacity through the endowment to help future generations.”
Around $7.5 million of the Jim Joseph Foundation grant will pay for approximately 600 scholarships — up to 40 percent off of tuition, which runs an average $26,000 at the five high schools.
The remaining $5.2 million will pay for development directors for the schools, additional teachers for new students, and marketing, evaluation and administrative costs.
The Jim Joseph Foundation, established in 2006 with a mission to further all manner of Jewish education, chose to pilot this program in Los Angeles, where foundation board member Jack Slomovic lives, because of the large number of high schools and The Federation’s involvement.
“We wanted to get the community involved and to get the schools involved to see whether this will work well in other cities,” Jim Joseph President Alvin Levitt said. “We think we’re off to a good start.”
The timing for Los Angeles is both ideal and a challenge, in that the cash infusion is sorely needed as the economy takes a battering, but raising the additional millions for an endowment could be difficult.
“The grant is something that helps us reach out to donors and say we are creating access for kids who couldn’t financially take part in Jewish education; we’re creating continuity in a unique way,” said Rabbi Elchanan Weinbach, head of school at Shalhevet.
About 135 students dropped out of 22 day schools surveyed by the BJE for the 2008-2009 school year, and schools reported 170 families currently reporting distress. Schools are bracing for a tough 2009-2010 registration cycle, which begins in January.
About 23 percent of the 1,500 students in the five high schools currently receive financial aid, a number sure to go up next year.
Schools, which have historically supported the neediest families, have renegotiated tuitions and worked with the distressed families. But often middle-income families find themselves barely able to pay tuition, but not wanting to apply for financial aid, said Miriam Prum-Hess, director of day school operational services for BJE. Many middle-class families never look toward Jewish education as a possibility.
The Jim Joseph grant targets those families, hoping to bring in 180 families who would never have considered a Jewish school because of the cost, and fund about 450 continuing students.
By Jewish Los Angeles standards, middle-class can mean families making about $200,000 a year. Prum-Hess estimates that families who bought a house in the last few years in Los Angeles need to be earning about $276,000 a year to put two children through Jewish education — and that was before the current recession.
The new grants will be administered by the BJE, which is developing a tuition calculator for the 2010-2011 school year for parents to go online and input income and expense information to determine whether they qualify for the tuition subsidy. (Until then, families will apply through the schools’ existing financial-aid process.)
Families needing more than a 40 percent subsidy will apply directly to the schools’ scholarship fund. The participating schools have committed themselves to maintaining their current scholarship budgets.
The grant will also fund teachers to staff a preparatory program, offering basic Jewish education to help integrate students new to day school education.
Schools can also use the funds to hire a development director to help raise their obligation toward the $21 million endowment fund — $2 million to $5 million per school, depending on its budget.
The BJE has been working to create a fund like this for years and has already secured a large portion of its $4.25 million commitment toward the endowment. The goal is to eventually create a $100 million endowment for Los Angeles, Prum-Hess said.
This is the latest — and largest — grant Prum-Hess has brought in during her tenure as director of day school operations, a post she’s held since December 2004, when she moved to BJE from planning and allocations, where she was vice president. Under her guidance, BJE schools have brought in $6 million in grants from sources such as the Department of Homeland Security, the Jewish Venture Philanthropy Fund and the Jewish Funders Network, a consortium of organizations that incentivizes schools to increase their own fundraising capacity. “I like the idea that the Jim Joseph Foundation grant forces the school into thinking about long-term financial health,” said Jason Ablin, head of school at Milken Community High School. “This is something that has been going on at independent schools for years, and it’s time the Jewish community got on board with it.”
Of course, even a $21 million endowment would be just the beginning. Bruce Powell, head of school at New Community Jewish High School, has for years been talking about a $1 billion Jewish education endowment for Los Angeles, and he is thrilled to see that the door has finally been cracked open.
“Los Angeles should be a place where no Jewish family can’t get a Jewish education because of income. That is the goal. That is the big idea,” Powell said. “To do otherwise is at some point to lose the whole enterprise — not just the education, but the Jewish people’s contribution to America.”
Jewish World Watch discusses state of humanity; Panel discusses Iranian
Bernard Madoff at a 2007 roundtable discussion with Justin Fox, Ailsa Roell, Robert A. Schwartz, Muriel Seibert, and Josh Stampfli.
“It’s all just one big lie.”
With those words Bernard Madoff confessed to senior executives of Bernard L. Madoff Investment Securities that the $17 billion hedge fund company he founded was nothing more than a Ponzi scheme.
According to Timeonline.com, Madoff is at the center of “the largest investor swindle ever blamed on a single individual.”
Madoff was arrested Thursday by Federal agents and charged with securities fraud. In its complaint the Securities and Exchange Commission said Madoff was at the head of an “ongoing $50 billion swindle.” He could face 25 years in prison.
The news that broke today on the front pages of the New York Times and the Wall Street Journal reverberated in Jewish communities across the world.
“A lot of Jewish charities had investments with him,” one prominent investor — who said he had no connection to Madoff — told The Jewish Journal. “So did a lot of Jews.”
The collapse of the Madoff business leaves a mess that is yet to be sorted out and whose victims are just coming to the fore.
But what’s already clear is that Madoff used his ties to the Jewish community to garner at least some of his ill-used funds.
UPDATE SUNDAY 1:41 p.m.:
By Sunday the initial casualty reports showed that Madoff’s crimes reached deep into the Los Angeles Jewish community.
“It has come to our attention that the Jewish Community Foundation [Los Angeles] is included among a number of major institutions as well asindividuals who may have been victimized by an alleged fraud,” wrote Jewish Community Foundation Board Chair Cathy Siegel Weiss and President and CEO Marvin Schotland in a letter sent to board members.
“Regretfully, the Foundation was one of those clients. Mr. Madoff was highly regarded and his firm has been one of the most prominent firms on Wall Street for decades. We were shocked to learn of this alleged fraud.“
Some $18 million of the Foundation’s Common Investment Pool (currently valued at 11% of its assets) was invested with Madoff, according to the letter.The CIP represents endowments from a variety of long-established Jewish organizations. The Journal is investigating which participants were involved and how much they stand to lose, and whether officials can expect any sort of remediation.
Meanwhile, there are reports that many other local institutions and individuals have been hit by the scandal. Senior Writer Brad Greenberg and blogger Dean Rotbart are investigating and verifying these reports and will have updates here.
Madoff is a trustee of the Yeshiva University and a long-time philanthropist in Jewish circles.
According to Yeshiva University, “Bernard L. Madoff, a member of the University’s Board of Trustees since 1996, was elected chairman of the Board of Directors of Sy Syms School of Business in 2000. Mr. Madoff is chairman of Bernard L. Madoff Investment Securities, one of the nation’s largest third-market dealers in New York Stock Exchange and over-the-counter securities. A benefactor of the University, Mr. Madoff recently made a major gift to the Sy Syms School.”
After Madoff’s arrest, The Robert I. Lappin Foundation in Salem laid off all of its employees and locked its doors on Friday after its benefactor’s assets were frozen because they were invested with Madoff.
“Mr. Lappin investments were frozen,” the foundation’s executive director of the foundation Deborah Coltin told JTA. “The assets are frozen. We have no money. The foundation cannot access its money.”
Lappin, who was reached by JTA Friday afternoon, said that he lost $8 million – the entirety of his foundation’s money – because it was invested with Madoff. Lappin, who had been involved financially with Madoff since 1991 also took a “significant” hit personally. He said that he knew nothing of Madoff’s fraudulent activities.
The foundation, which gave away about $1.5 million per year to Jewish causes, let go all of its workers, one fulltime employee and six part-time employees.
“Bernard Madoff is a longstanding leader in the financial services industry,” his lawyer Dan Horwitz told reporters outside a downtown Manhattan courtroom where he was charged. “We will fight to get through this unfortunate set of events.”
A shaken Madoff stared at the ground as reporters peppered him with questions. He was released after posting a $10 million bond secured by his Manhattan apartment.
The SEC filed separate civil charges.
“Our complaint alleges a stunning fraud — both in terms of scope and duration,” said Scott Friestad, the SEC’s deputy enforcer. “We are moving quickly and decisively to stop the scheme and protect the remaining assets for investors.”
The SEC said it appeared that virtually all of the assets of his hedge fund business were missing.
Madoff had long kept the financial statements for his hedge fund business under “lock and key,” according to prosecutors, and was “cryptic” about the firm.
NEW YORK (Reuters) – Bernard Madoff, a quiet force on Wall Street for decades, was arrested and charged on Thursday with allegedly running a $50 billion “Ponzi scheme” in what may rank among the biggest fraud cases ever.
The former chairman of the Nasdaq Stock Market is best known as the founder of Bernard L. Madoff Investment Securities LLC, the closely-held market-making firm he launched in 1960. But he also ran a hedge fund that U.S. prosecutors said racked up $50 billion of fraudulent losses.
Madoff told senior employees of his firm on Wednesday that “it’s all just one big lie” and that it was “basically, a giant Ponzi scheme”, with estimated investor losses of about $50 billion, according to the U.S. Attorney’s criminal complaint against him.
A Ponzi scheme is a swindle offering unusually high returns, with early investors paid off with money from later investors.
On Thursday, two agents for the U.S. Federal Bureau of Investigation entered Madoff’s New York apartment.
“There is no innocent explanation,” Madoff said, according to the criminal complaint. He told the agents that it was all his fault, and that he “paid investors with money that wasn’t there”, according to the complaint.
The $50 billion allegedly lost would make the hedge fund one of the biggest frauds in history. When former energy trading giant Enron filed for bankruptcy in 2001, one of the largest at the time, it had $63.4 billion in assets. U.S. prosecutors charged Madoff, 70, with a single count of securities fraud.
They said he faces up to 20 years in prison and a fine of up to $5 million. The Securities and Exchange Commission filed separate civil charges against Madoff.
“Our complaint alleges a stunning fraud — both in terms of scope and duration,” said Scott Friestad, the SEC’s deputy enforcer. “We are moving quickly and decisively to stop the scheme and protect the remaining assets for investors.”
Dan Horwitz, Madoff’s lawyer, told reporters outside a downtown Manhattan courtroom where he was charged, “Bernard Madoff is a longstanding leader in the financial services industry. We will fight to get through this unfortunate set of events.”
A shaken Madoff stared at the ground as reporters peppered him with questions. He was released after posting a $10 million bond secured by his Manhattan apartment.
Authorities, citing a document filed by Madoff with the U.S. Securities and Exchange Commission on Jan. 7, 2008, said Madoff’s investment advisory business served between 11 and 25 clients and had a total of about $17.1 billion in assets under management. Those clients may have included other funds that in turn had many investors.
The SEC said it appeared that virtually all of the assets of his hedge fund business were missing.
An investor in the hedge fund said it generated consistent returns, which was part of the attraction. Since 2004, annual returns averaged around 8 percent and ranged from 7.3 percent to 9 percent, but last decade returns were typically in the low-double digits, the investor said.
The fund told investors it followed a “split strike conversion” strategy, which entailed owning stock and buying and selling options to limit downside risk, said the investor, who requested anonymity.
Jon Najarian, an acquaintance of Madoff who has traded options for decades, said “Many of us questioned how that strategy could generate those kinds of returns so consistently.”
Najarian, co-founder of optionmonster.com, once tried to buy what was then the Cincinnati Stock Exchange when Madoff was a major seatholder on the exchange. Najarian met with Madoff, who rejected his bid.
“He always seemed to be a straight shooter. I was shocked by this news,” Najarian said.
‘LOCK AND KEY’
Madoff had long kept the financial statements for his hedge fund business under “lock and key,” according to prosecutors, and was “cryptic” about the firm. The hedge fund business was located on a separate floor from the market-making business.
Madoff has been conducting a Ponzi scheme since at least 2005, the U.S. said. Around the first week of December, Madoff told a senior employee that hedge fund clients had requested about $7 billion of their money back, and that he was struggling to pay them.
Investors have been pulling money out of hedge funds, even those performing well, in an effort to reduce risk in their portfolios as the global economy weakens.
The fraud alleged here could further encourage investors to pull money from hedge funds.
“This is a major blow to confidence that is already shattered — anyone on the fence will probably try to take their money out,” said Doug Kass, president of hedge fund Seabreeze Partners Management. Kass noted that investors that put in requests to withdraw their money can subsequently decide to leave it in the fund if they wish.
Bernard L. Madoff Investment Securities has more than $700 million in capital, according to its website.
Madoff remains a member of Nasdaq OMX Group Inc’s nominating committee, and his firm is a market maker for about 350 Nasdaq stocks, including Apple, EBay and Dell according to the website.
The website also states that Madoff himself has “a personal interest in maintaining the unblemished record of value, fair-dealing, and high ethical standards that has always been the firm’s hallmark.”
In the wake of the scandal, Internet message boards are alive with anti-Semitic vitriol.
The web site dealbreaker.com provides a list of Madoff’s victims supplied by CNBC’s David Faber:
Fund of Funds
The comments on that page reveal the kind of anti-Semitic writing that scandals involving Jewish financiers unleash with clockwork precision.
Looks like a lot of Jews might be converting to Muslim soon….in prison….
Now that the JEW has been thrown down the well, is our country free?LETS THROW A BIG PARTY!!!
The message boards at the web site Stormfront, where neo-Nazis go to play, is rife with comments like, “One of satan’s children doing what comes naturally.”
Hey. If it’s small comfort the prosecutor in the case is Jewish, and it was Madoff’s sons who turned their crooked dad in.
Thousands of small Jewish investors who played by the rules and worked and saved are now financially ruined because of this man. For all but your garden variety bigots, one horrifically monstrously putrid apple doesn’t mean squat about the whole tree.
Questions linger about SF death of pro-Israel activist
I’ve been reading a lot of Ralph Waldo Emerson lately. I recommend him when times get tough.
“People wish to be settled,” Emerson wrote. “It is only as far as they are unsettled that there is any hope for them.”
Well, there is hope for us. A lot of hope — it’s been a very unsettling week.
Any Monday that begins with news that the Los Angeles Times’ parent company is filing for bankruptcy protection, The New York Times is putting its headquarters in hock, General Motors is gong to be run by a government nanny, NBC is going to start cutting its programming hours, unemployment is at record levels and laid-off workers are beginning to protest the fact that Bank of America gets $25 billion and they don’t even get bus fare home — this isn’t the dawn of a new week, but of a new era.
A month ago my Shabbat dinner companion was an investment analyst who pulled all his clients out of the markets in October — October of 2007. He said his company ran sophisticated mathematical models that showed the financial markets were — hmm, what’s the polite word here? — doomed.
“This isn’t the end of the beginning,” he told me. “This is the beginning of the beginning.”
The pain will continue to spread around the world.
“Dubai is going to look like a ghost town,” he said. “It’s overbuilt, there are no buyers and the price of oil is going to go through the floor.”
The image of oil sheiks lighting campfires to keep warm beside their indoor ski slopes comforted me for only an instant. The truth is, their pain and our pain are interconnected, as it is with the fate of those striking Chicago factory workers, the college grads unable to find decent jobs and, of course, our own Jewish community.
“A lot of money has been sucked out of the system,” a lawyer who is active in several Jewish institutions told me Monday. “We’ll make it through this year, but ’09 will be very tough.”
What’s happening in the L.A. Jewish community is, to paraphrase Sam Zell, our ersatz Citizen Kane, a perfect storm.
Endowments invested in the markets are down. As we’ve reported here, some organizations, out raising thousands, saw millions sucked from their endowments overnight.
Donations are trending down among big donors and small. Most institutions receive 80 percent of their donations from 20 percent of their supporters. But it’s the wealthiest among that 20 percent who give the most, and that crust has gotten thinner. Real estate, financial services, and media and entertainment are vulnerable industries now, and Jews are over-represented in all of them.
The Los Angeles Business Journal reported this week that some 300 to 400 Iranian Jewish families face severe financial setbacks or even bankruptcy after real estate ventures run by Ezri Namvar, a leader in the Persian Jewish community, tanked, leaving investors owed an estimated $400 million.
Meanwhile, needs are up. One report out of San Francisco — where the worst of the calamity hasn’t even hit yet — has demand for Jewish Vocational Services up 100 percent. Personnel cutbacks, inevitable as they are, will only strain already stressed service providers more.
Monday night, Larry King had preacher Joel Osteen on CNN to offer spiritual advice to help us through these times. This, too, shall pass, he said. Be the change you want to see in the world.
No offense, but when people are wondering how to keep their homes, that strikes me as useless pap.
(Again Emerson: “I hear a preacher announce for his text and topic…. Do I not know beforehand that not possibly can he say a new and spontaneous word?”)
But then, what do we do? As I walked to my car after Monday’s lunch, the lawyer — who had just spent an hour describing the calamitous state of the community — said, “Hey, don’t worry so much.”
When the money is sucked from a community, what’s left is community. Sure, there is less for now to sustain services it provides, but the bonds of acquaintance, friendship and family abide. When your real estate business skids, when Zell’s L.A. Times defers your buyout payments indefinitely, when a trusted friend loses your millions, there are still friends to go to for support, for commiseration. Stripped of its financial successes, the community Jews have built here is revealed for what it is: bonds among people, not among donors.
“But this is an old custom on the East Side,” wrote Michael Gold in “Jews Without Money,” about growing up impoverished in the Lower Manhattan, “whenever a family is to be evicted, the neighboring mothers put on their shawls and beg from door to door.”
Of course, we are a long way from those dire straits, but the idea that help comes from our neighbors rings true. Relationships with others, with our teachers, with fellow Jews — those relationships are like meat and money in times like these.
We learn geology the morning after the earthquake, Emerson wrote. I suppose we’ll learn the richness of community now that much of its wealth is gone.
Kadima Hebrew Academy/Kadima Heschel West Middle School is confronting the economic crisis by reducing tuition school-wide for 2009-2010 by an average of 20 percent.
Kadima hopes the move — the first of its kind in the Los Angeles area — will encourage struggling families to keep their kids enrolled at the private day school and make Jewish education seem more financially feasible to those who formerly could not afford it.
“We wanted to find a way to make our day school education more affordable for more parents,” said Dr. Barbara Gereboff, head of school. “A couple of our families have come in and said times are tough and they don’t know how they’re going to make it work. We decided it was time to make an innovative, bold move outside of the normal paradigm to make that possible.”
The West Hills school joined community supporters and parents who could afford to donate extra funds in a partnership to subsidize the tuition cut. The Community Tuition Partnership, which will take effect in the 2009-2010 academic year, will lower costs for the entire K-8 student body: kindergarten students currently paying $16,273 for 2008-2009 next year would pay $13,070; elementary school fees would fall from $18,314 to $14,300; and middle school rates would drop from $20,910 to $16,905. New enrollees pay an extra one-time entry fee, but total tuition and fees are slightly lower if families pay for the year in full upfront.
“Most schools in the last few years have continued to increase tuition, in Los Angeles and across the country,” board of trustees president Shawn Evenhaim said. “What we’ve done is we’ve pushed a large part of our community away because it just wasn’t accessible anymore. We wanted to look at what we could do to correct that.”
This year, many families receiving financial aid asked for increased aid, and several families that had never applied for financial aid before did so for the first time, Evenhaim said.
But simply increasing financial aid wasn’t addressing the extra stress put on middle class families, Gereboff said. Even as the economic downturn began to plunge formerly stable households into financial turmoil, many parents resisted making the psychological adjustment necessary to ask for help.
“Many middle-class parents didn’t see themselves as people who should apply for financial aid, so they wouldn’t even walk in the door to begin with,” she said.
Evenhaim also said he spoke to parents who couldn’t afford a day school education on their own, but refused to apply for aid because they didn’t see themselves as “financial aid families.”
Kadima board members started exploring ways to subsidize tuition four months ago in response to what they saw as a “perfect storm” pushing students out of Jewish education across the city and beyond. The school modeled its rate cut on a similar step taken by Gross Schechter Day School in Cleveland, Ohio, five years ago. At that school, parents, community donors and Jewish organizations pooled their funds to cut yearly tuition almost in half — students now pay $6,500, a steep drop from the $13,000-$14,000 they would be paying without the subsidy.
“If we could shock the system by lowering tuition, we felt we could provide relief to our current families and also attract new families,” said Rabbi Jim Rogozen, headmaster. “We figured we could either take a chance, given the economy, and wait to see what the next year brought — or we could do something different.”
Since slashing tuition in the 2004-2005 academic year, Gross Schechter has seen its enrollment rise by 24 percent. The school has also retained more students at all grade levels who might have otherwise opted to switch into public schools, Rogozen said.
Parents and administrators at Kadima are hoping their own partnership produces similar results. PTO president Natalie Spiewak said the move would tip the scale for families who found the school’s former price tag intimidating.
“I think people who otherwise wouldn’t look at Kadima because it was too expensive might say, ‘This is more affordable now; maybe I can consider it,'” she said. “I think this is going to open the door for a lot more people to be able to choose a private day school education.”
News of the program is also a much-needed boon to families that are now struggling to keep more than one child enrolled at the school, said Spiewak, whose two children are students.
But even with the tuition cut, Kadima’s rates are still middle-of-the-road as far as L.A. day schools go. The Rabbi Jacob Pressman Academy of Temple Beth Am this year charged $13,345 to $14,650 for its elementary and middle school students, Valley Beth Shalom Day School charged $16,150, and Sinai Akiba Academy’s fees ranged from $17,083 to $19,275.
“Some schools cost significantly less, some are on par, and others cost more,” said Miriam Prum Hess, vice president of The Jewish Federation and director of day school operations for the Bureau of Jewish Education. “The struggle for schools is to make their education as affordable as possible, yet operate in a responsible way. It will be interesting to see how this works, but it’s hard to tell.”
While Kadima is still “not cheap,” Evenhaim said it wasn’t hard to get donors on board to fund the tuition cut. For the school’s parent donors, it was as simple as asking them to pay what they paid in tuition this year — under the new, lowered-rate system, the extra dollars would suddenly be tantamount to tzedakah.
“Almost everybody that we went to were extremely excited about this concept,” he said. “Just by writing a check for tuition, they are giving tzedakah to the community. When they become part of this partnership, they feel good because their money is working to ensure the future of Jewish education. This is the best investment that we can concentrate on today.”
The new tuition system would not affect the quality of classroom instruction for the school’s 260 students, according to Gereboff.
Evenhaim said he hopes the program will inspire a local trend. He wants other private schools to adopt similar plans and make a unified effort to boost the number of L.A. students in Jewish day schools. “If this is successful, we would love to share it with many other schools,” he said. “Our goal is not just to make sure Kadima has a lot of students — our goal is to make sure that as many Jewish kids as possible receive a Jewish education.”
Spiewak said she plans to keep her children in private day school.
“I believe in the education that my children are getting there,” she said.
IDF support ensures bright future for Jews worldwide
Don’t let the stress of ailing economy kill you
By Dr. Marc Siegel | PUBLISHED Nov 26, 2008 | Health
Downtown Hospital is just a block from Wall Street. Walking through its beefed-up emergency room recently, I came upon Terry Jung, the hospital’s very thoughtful head triage nurse. She told me that despite the financial crisis and roller-coaster stock market, the number of patients with chest pain or heart attacks was not yet increasing.
“Nothing’s different,” she said. “Except the feeling that something’s about to happen.”
In all likelihood, that “something” is happening to millions of people who are worried about their jobs, retirement plans, the prices of their homes and the ability to keep food on their table should a worst-case scenario play out.
Americans are receiving a daily barrage of gloomy news that could inevitably begin to take its toll. The focus on the front pages of newspapers and on the screens of the nightly network news is of a financial calamity engulfing the planet.
But it starts at home. A neighbor’s house is being foreclosed. Food is more expensive. A friend loses his job. The daily stock market tickers on cable news shows remind people, in real time, how their investments are faring.
A survey by the American Psychological Association indicated that financial concerns “topped the list of stressors for at least 80 percent of those surveyed,” according to a recent front-page story in USA Today. More than half reported the most common symptoms of stress being anger, fatigue and an inability to sleep. Close to half responded by overeating or eating poorly, a trend that will definitely lead to killer diseases that include heart attacks and strokes.
And if the economic woes continue? Well, our collective national health could just follow our economy into the depths.
The Last Crash
In the 1980s, concerns about the failing economy after the 1987 crash led to so much stress that urgent-care centers sprang up around Wall Street. With the economic rebound of the 1990s, many of these centers closed.
Tales of traders suddenly throwing themselves out of windows on Wall Street in the wake of the 1929 crash that was the precursor to the Great Depression were largely myths, as John Kenneth Galbraith noted in his 1955 account. But millions did turn to drinking and smoking in greater numbers, which led to heart attacks, strokes, bleeding ulcers and clinical depression.
Stress is cumulative; it wears down the body and leads to disease down the line.
Research based on 17 years of Pennsylvania unemployment records concluded that workers affected by mass layoffs at a plant were 15 percent more likely to die of any cause over the next two decades.
Though stress in society at large is impossible to measure, we’re already seeing anecdotal evidence suggesting that angst is spreading. In New York, calls to the Hopeline network for people with depression or suicidal thoughts increased 75 percent in the 11 months ending in July. According to UnitedHealth Group, the largest U.S. health insurer, hospital admissions for psychiatric services are up 10 percent this year over last year. Medical illness is sure to follow.
Harvey Brenner, professor emeritus at Johns Hopkins’ Bloomberg School of Public Health, projects that an increase of 1 percentage point in a nation’s unemployment rate could cause as many as 47,000 more deaths — including 1,200 more suicides and 26,000 additional heart attacks — over the ensuing two years.
The Biology of Stress
Stress is creeping; it damages the body’s organs just as alcohol and cigarettes do. Cumulative stress is a well-documented cause of depression, suicide, heart disease, stroke, predisposition to infection and certain kinds of cancer. The body builds up the vessel-constricting, heart thumping hormones noradrenaline, adrenaline and the steroid cortisol. The problems cascade from there throughout the body.
What To Do?
The best advice is often the simplest: Eat healthy food, sleep right and avoid obsessing on the doom and gloom. Do yoga, meditate or exercise regularly to combat the growing stress.
A new study from Utah researchers shows that touch, in the form of massage, hugging and kissing, decreases stress hormones, increases the feel-good hormone, oxytocin, and lowers blood pressure.
I am all for more touching and hugging, but people who feel a disaster is looming generally are resistant to altering their increasing unstable lives. A sleepless Wall Street trader or even a Nebraska farmer is too concerned about his or her bank account to consider health.
But for each one of us, awareness is a vital weapon, and we must consider that there is still time for us to take the same kind of common sense approach to health — eat right, exercise, sleep, manage stress — that might have saved our economy from this crisis in the first place.
As the father of stress research, Hans Selye, once wrote, “It’s not stress that kills us; it is our reaction to it.”
This article originally appeared in USA Today.
Dr. Marc Siegel, associate professor of medicine at New York University School of Medicine, is the author of ”False Alarm: The Truth About the Epidemic of Fear.”
Postville Jewish community struggles to survive after raid
Don’t cut support to innovative nonprofits
By Shawn Landres, Toby E. Rubin and Martin Kaminer | PUBLISHED Nov 19, 2008 | Opinion
From New York to Los Angeles to San Francisco, the impact of the global financial crisis feels like an eerie parallel to the days after Sept. 11. No one knows whether the acute phase is over or whether there will be further shocks. For some, little has changed; for others, life will never be the same. Everyone knows someone who has been directly affected.
Our major institutions are struggling to adjust, react, prepare but most of all to respond to those most harmed. News outlets strive to explain and advise; houses of worship have added services; social service agencies brace for increased demand even as they anticipate reduced charitable and government support. Each organization is focused on what it can do to minimize and mitigate the effects of the crisis on our city, our country and our world.
Amid this outpouring of effort, we have been dismayed by intimations, in the Jewish media and elsewhere, that smaller, newer nonprofit organizations will and perhaps ought to lose funding support in order to allocate more to immediate concerns: a warm meal, a place to stay, income stabilization. While we agree that protecting the most fragile is key, we disagree with this last-hired, first-fired funding mentality.
The argument against the new nonprofits is both simple and disingenuous. The simple argument is that they are risky investments, ephemeral champions of the latest passing fads. The disingenuous argument is that these innovators are self-indulgent narcissists, insubstantial and erosive of the communal fabric. These arguments are not only wrong, they are counterproductive.
Far from risky ventures, new start-ups like Darkhei Noam, Hadar, Jewish Milestones, IKAR and the Progressive Jewish Alliance actually are fulfilling the promise of engaging a new generation of Jews in their own idiom and on their own terms. It is this generation’s connection to Judaism that ultimately will determine the future of Jewish life and of its larger institutions. They build innovative new minyanim and educate young leaders who in turn will strengthen their communities. They develop, test and promote new models of community involvement that will be the foundation for generations to come.
From Hazon to Jewish Mosaic to Matan to Sharsheret, they use new tools and methods to promote environmental responsibility, ensure our community welcomes Jews of all backgrounds, widen the reach of special education and put resources into the hands of those afflicted with deadly diseases — all missions at heightened risk in the period of social and economic turmoil we are entering.
While the big boys debate scalpels and hatchets, these new start-ups quietly perform laparoscopies without cutting open the patient. Bootstrapped together with all the advantages of today’s cost-saving technologies that many established Jewish organizations have yet to discover, these start-ups are models of industry and investment that will help America emerge from recession. They can feed for a year on what their larger brethren consume in an hour. They are lean, staffed more austerely than their older, bigger peers and subsist by sweat equity donated by those for whom they mean a great deal.
Putting the attention on new start-ups distracts us from asking the tough questions of our most venerable institutions, many of which have lost sight of their original missions in the struggle for institutional survival.
But these start-ups are also fragile, without reserves to fall back on, and do not yet possess long-term funding relationships to be called upon in times of crisis. They lack the confidence and reputation — and the sheer seniority — conferred on larger nonprofits by decades of service. Questioning the viability, merit or necessity of nascent nonprofit organizations risks becoming self-fulfilling. Moreover, it’s unfair to do so without also challenging the unquestioned assumptions governing larger nonprofits.
New ventures are essential to our recovery and are ideal places for funders to invest to stabilize the community. Individual or institutional funders seeking ways to make fewer dollars go further should take a closer look at the group of emerging nonprofit organizations ready to rise to the occasion if given a chance. These new groups do far more than put on hip-hop concerts and publish risqué magazines. From a communal investment perspective, these organizations provide tremendous value.
Just as after Sept. 11, the priority is on rebuilding — not only our portfolios but also our souls. We must succor those re-examining their values and goals, and support those for whom economic distress leads to personal distress. Financial crisis is often the mother of religious crisis, during which the quest for meaning becomes not only more potent but more critical. It is precisely in trying times that we must focus on efforts that can best distill and transmit the essence of Jewish values in today’s complex and decentralized world.
The age of an organization doesn’t correlate to the significance of its mission. In 1798, when our new nation faced a grave economic and political threat from France, John Adams summoned leaders of each of the nation’s diverse faiths to organize “a day of solemn humiliation, fasting and prayer,” during which citizens were asked to pray “that our country may be protected from all the dangers which threaten it.” The message was clear — strengthening committed communities strengthens our nation.
The new groups formed by our most gifted social entrepreneurs are just such committed communities — some religious and others not — and now is the hour when they can do their finest work.
Shawn Landres is the CEO of Jumpstart, a thinkubator for sustainable Jewish innovation in Los Angeles. Toby E. Rubin is the founder/CEO of UpStart Bay Area, igniting Jewish ideas and supporting Jewish start-ups in the San Francisco Bay Area. Martin Kaminer is the New York-based chair of the board of Bikkurim: An Incubator for New Jewish Ideas.
Have tough economic times forced you to scale back your child’s bar or bat mitzvah party plans? With your 401(k) down, is the ice sculpture out? Is your resetting ARM making you reconsider that 18-piece orchestra?
If so, you can still have one of the best bar or bat mitzvah parties ever.
Paul, who lives in the northern Sierras and preferred not to use his last name, was pleased with the modest bar mitzvah party he and his wife hosted last month for their son.
“We had a Kiddush at our little synagogue immediately after the bar mitzvah and a catered dinner for about 75 people at the lodge building at our town’s public park,” he said.
Paul spent about $40 per person, including food and “midrange” wines. After dinner, guests were invited back to the house, including many out-of-town relatives and friends, for more time to visit and socialize. The kids had their own fun, and music was provided via a Bose iPod dock.
This modest party wasn’t prompted as much by economic pressure as it was by being turned off by what Paul and his wife considered “large, garish bar and bat mitzvah parties” they had attended on which “embarrassing” amounts of money were spent.
“We frankly think it is shameful and a violation of both the tenets of Judaism and good taste to throw a huge and lavish bar or bat mitzvah party,” Paul said.
Paul’s hardly alone. When Rob Frankel and his wife planned their daughter’s bat mitzvah, they were so turned off by their synagogue’s onerous rules (including vetting the parents’ speeches) and insistence on using an expensive caterer, that later they did their son’s bar mitzvah totally on their own, from using a “rent-a-rabbi” to teach their son and provide a rental Torah scroll and bimah.
“The whole year’s training and day of service cost less than a year of temple membership dues,” Frankel recalled.
The Frankels also saved money by creating their own save-the-date postcards, invitations, tribute videos and thank-you cards.
Rabbi Steven Leder, senior rabbi of Wilshire Boulevard Temple and author of “More Money Than God,” encourages all parents planning bar and bat mitzvah parties to keep the focus on Judaism and on the child. When he meets with parents, he asks them to make two lists: one of values they consider Jewish and another of values they associate with bar/bat mitzvah parties.
The lists are starkly different. While the Jewish values list often includes sacred music, spirituality and community, the list of values associated with the bar mitzvah parties can include sexuality, gross excess, drinking and narcissism.
Leder has found this exercise very useful.
After discussing the values gap between the bar mitzvah service and the typical bar mitzvah party, “parents feel they have permission to embrace a more child-appropriate event and one with more Jewish content,” he said.
He recommends that a Saturday night party begin with a Havdalah ceremony and that parents should be more discerning about the music played at the event. He also encourages that some money be donated to MAZON-A Jewish Response to Hunger. One creative mom at the synagogue, tired of seeing party favors that went to waste, began doing mitzvah projects at parties, such as having kids make stuffed animals, which are then donated to a children’s hospital.
Leder also keeps parties held at Wilshire Boulevard Temple in line by insisting on no hard liquor, no amplified music outside and no inappropriate décor or themes, such as Halloween.
“We’re trying to avoid glaring contradictions to Jewish values,” he noted. “Besides, kid-friendly parties automatically save money.”
Chai’le Ingber, a Los Angeles-based party planner, says that times are changing when it comes to money and party planning. She acknowledges that while most people able to hire a planner aren’t the ones feeling the pinch as much as some others, she has found lately that some are choosing to scale back, so as not to flaunt their wealth at a time when so many others are hurting or are earmarking some money that would have gone to the party to tzedakah instead.
Ingber recommends that anyone who can host a party at home do so.
“There’s always something so special about a home party, when friends have helped out. Leave out the hall and the band if you can. You’ll cut major expenses, while creating a beautiful, homey event,” she said.
Inger even overheard her daughter, who recently completed her bat mitzvah circuit year, agree with friends that the most fun parties they had attended were home-based, because they were not done to impress adults but were geared to what the girl wanted.
Other ideas to save money include using a school auditorium or nonhotel venue.
“With a little creativity and twist you can transform even plain rooms into a themed room,” Ingber said.
After choosing a theme or colors with your child, inexpensive crafts and flowers can be found in a variety of stores downtown. And paper plates and plastic cutlery can still add color while saving money.
“The truth is, community pressure to create a certain kind of party can be intense, but it’s not the $500 cake that makes the party; it’s the hosts and the child who welcome you into their home or the hall who make it special. If the hosts are stiff and stressed, it’s worthless,” Ingber said.
Aaron Cooper, psychologist and author of “I Just Want My Kids to Be Happy,” hopes that more parents begin to see the upside of financial adversity in the form of valuable lessons learned and resilience developed.
Too many bar and bat mitzvah parties, he notes, have been marked by the worshipful emphasis on the child that colors so much contemporary parenting, yet spirituality and a sense of meaning are two of the ingredients essential for happy lives.
“What do we want the outstanding memory to be when our son or daughter looks back from middle age to their bar or bat mitzvah event? If a pinched pocketbook helps parents re-think this question, it’s the kids who will reap the dividends someday,” he said.
Judy Gruen’s latest book is “The Women’s Daily Irony Supplement.”
Cut Costs, Not the Fun
Want to keep your costs low without alienating your family, friends and fellow congregants? Consider these tips from the proud survivor of a bar mitzvah party.
Buy a planner notebook and organize everything yourself, instead of hiring a party planner.
Skip the banquet hall and rent a neighborhood or community clubhouse, large room at an activity center or school assembly hall.
Cater through your favorite restaurant, instead of using a restaurant or banquet hall that only has package deals or would be more costly. If you get a package deal somewhere, read the fine print: There are invariably all kinds of strange charges, such as corkage fees, cake-cutting fees, charges for valet service and security.
Make your own centerpieces, adding a few balloons on top, with confetti sprinkled around the base. Decorate simply — sometimes too much really looks like too much.
Design and print your own invitations, RSVP cards and placecards. Today’s online paper businesses and PC applications make this easier and more beautiful than you could have imagined five years ago.
If your synagogue allows it, have your friends make the desserts and/or oneg sweets instead of buying them from a bakery. Get all of your beverages — alcoholic and no-alcoholic — on your own from a place like Costco, Trader Joe’s or BevMo.
Have your dinner for the out-of-towners in a Chinese or Italian restaurant that serves family-style platters — this cuts way down on the cost of individual meals.
Have a luncheon instead of a bar mitzvah dinner because lunch typically costs less. Alternately, forgo one really huge celebration and have two little ones — a casual oneg luncheon and then a kids-only party in the evening.
Interview and hire a photographer who will give you the disc with all of your photos, and you can make the album yourself online, with the help of a service like Flickr.com. It’s a very easy process once you learn how. Making the album yourself costs about one-half to one-third of the traditional proofs-and-album route.
There is a scene from an old movie that has been playing in my mind recently, triggered by Alan Greenspan’s testimony before the House Committee on Oversight and Government Reform last week.
In that scene, the tough guy thug, who was a neighborhood hero, is about to be executed for a murder that he willingly admits to having committed.
In his last minutes, he is strutting and boasting about how he is not afraid of death. Just before his execution, he is visited by the priest from the old neighborhood. The priest tells him the following (reconstructed from my foggy memory): “Johnny, your life has been a waste. You haven’t done nuthin’ good since you were a kid. You’re a bum. Worst of all, the kids in the neighborhood think you’re a hero, and they all want to act like you, be tough like you, and kill like you.”
“If you go to the chair bragging and boasting, those kids will think you are a hero, and it will ruin some of their lives. There is one thing you can do to save your immortal soul. You can go to the electric chair crying and screaming. Perhaps then they will realize that you are not such a glorious role model and this is not the life they should choose.”
The priest leaves, and in the final scene, the thug is dragged to the gas chamber crying and screaming.
Alan Greenspan finally cried and screamed. After serving several terms as the high priest of free market idolatry, the “oracle” admitted that greed was not a way to guarantee that banks and financial institutions will behave justly or ethically.
Or, in his words: “Those of us who have looked to the self-interest of lending institutions to protect shareholder’s equity (myself, especially) are in a state of shocked disbelief.” (It sounds better if you say this in the voice of Capt. Renault from “Casablanca,” when he finds gambling in Rick’s tavern.)
Toward the end of his tenth decade, Greenspan recognized a “flaw in his worldview:”
The market is not self-regulating!When faced with a choice between profits and the greater good, the market will not choose the greater good.
If Greenspan had perhaps spent a little less time with Ayn Rand and a little more time with Pirke Avot (Ethics of the Fathers) he might have arrived at this insight slightly earlier. “Those who believe that mine is mine and yours is yours,” says the Mishnah in Avot, “some say these are like the Sodomites.” That is, those who believe that ownership is a moral category on which to ground a community’s interactions are just like those who caused Sodom to, literally, go to hell.
The midrash (Genesis Rabba) relates that God decided to destroy Sodom when God saw that one of its citizens, a young woman, was killed for sharing her provisions with a needy person. The Sodomites saw this as the highest breach of the principle of ownership.
Yet, ownership is not a principle. It is a social convention that is helpful in ordering our affairs. Therefore, when it is unhelpful, when it morphs, as it is wont to do, into unrestrained greed, it must be restrained by the community through regulations.
Perhaps now, as Greenspan walks off into the night, a pathetic has-been idolator, we will be empowered to see justice and righteousness as the principles on which to ground our economy.
Aryeh Cohen is associate professor of rabbinic literature at American Jewish University.
Topic No. 1 on the Sukkot circuit this year was the economy. How bad will it get? Who’s pulling their kids out of day school? Where are you putting yourmoney? What money?
“I have a new word for my sukkah this year,” a friend said as we walked into his simple bamboo-and-muslin hut: “Affordable housing.”
There’s no doubt about it: We are scared. Things have been bad before but not this bad. After seven fat years come the lean, just like our tradition says.
The problem is particularly acute in the world of Jewish nonprofits. In the fat years, they have built up a skein of projects, payrolls and programs that demand a constant flow of philanthropic dollars. Now comes the reckoning, when they will have to redefine and redirect the role of money in Jewish life.
For Jewish nonprofits — schools, community centers, synagogues, social service and social action agencies — what exactly does that mean?
For answers, I went to the top. I called Bob Aronson, who for 20 years has been CEO of the Detroit Jewish Federation, an umbrella organization that under Aronson has raised more money per capita than any group of its kind. Aronson just announced this week that he is stepping down as CEO in Detroit (he will remain a senior adviser). He will continue as president of the Steinhardt Foundation for Jewish Life and will consult with other philanthropies.
“Oy,” he said to me when I congratulated him on the move. “My friends are saying, ‘Now is not the time to be a philanthropic consultant — no one’s got any money.'”
Aronson, of course, doesn’t really believe that.
“It’s worse than it’s ever been,” he said, “but it too will pass.”
In the meantime, according to Aronson, there are some rules we should all live by:
“People are afraid to give,” Aronson said. “Even if they have money, it’s psychological. They’re stopping allocation. They’re stopping solicitation. But the most important thing is to keep going, to realize that we have a job to do, if only because the number of people who need our support is also growing.”
“We have to be extremely careful about expenditure and overhead,” Aronson said. “Even if we raise more money, there will be greater need for allocations.”
The cutbacks will have to include staff, salary, nonessential programs, glossy mailers and that Jewish charity mainstay: the banquet.
“Messages are extremely important, and fancy dinners send absolutely the wrong message,” Aronson said.
The Detroit federation just moved a big donor dinner from a grand hotel to a private home and substituted desserts for dinner.
“We have to be as aggressive as ever in asking for money,” Aronson said. “At our core, this is what we’re about, and philanthropists still expect to be asked.”
The media is full of sad-sack accounts of billionaires who, having lost 20 percent of their net worth overnight, are down to their last 9 billion. Some of these men have the gall to say they will have to reduce their charitable commitments. I asked Aronson, a guy who plays in those leagues, to try to help me understand that mentality.
“It’s all relative,” he said. “If a guy had $3 billion and now he has $1 [billion], we say, ‘You’re still a billionaire.’ He says, ‘I’m down to my last billion.'”
Aronson recently met with a big macher who said he wouldn’t be giving this year. The man, Aronson pointed out, wasn’t about to give up his Gulfstream 4 to give money away: “For some of these guys, giving is just not fundamental to who they are.”
One solution is for our communal leaders — rabbis, organizational heads — to make the case that self-worth is not a function of net worth.
“Our spiritual leaders have a bigger responsibility now to point out our responsibilities,” Aronson said.
“Now is probably not the time to be starting a new capital campaign,” Aronson said. “People are losing their jobs, their health care, their housing. They need food; they need money. This economy is affecting the poor and the elderly, but it’s also having a major impact on the middle class.”
“Now is the time to look at meeting the everyday needs of people.”
I asked Aronson if it wasn’t true that there is still enough money in the Jewish community for all these needs — the big buildings in memory of Mr. and Mrs. So and So, the edgy outreach to 20-somethings, the cross-cultural community bridge-building. Besides, each of these has a natural constituency that probably wouldn’t be moved to give otherwise.
“That’s simplistic,” Aronson shot back. “There may be, but it’s hard to raise money right now, and we need to focus on what’s critical.”
Where does Israel fit in on this list of priorities? Aronson is one of the prime movers behind Birthright Israel, which brings thousands of young adults to Israel for 10 days each year.
“Obviously, the domestic need is the priority right now,” he said. “We need to meet our obligation to Israel, but we need to make sure we are meeting our needs here.”
“We are really at the point where we need to be worrying about clothing the naked and caring for the widow and the orphan,” said Aronson .
Greed is only part of it. Yes, the people who sold subprime loans to unqualified buyers were concerned about their cut, not about ARMs spiking and home prices falling. Yes, the Wall Street wizards who sliced and diced collateralized debt obligations were greedy for big paydays and living large.
But invoking greed actually explains little, no more than invoking lust or envy or any other human urge. The mystery isn’t why people are greedy; it’s how greed gets the better of them.
At a private fundraiser in Houston, when he thought there was no risk of being recorded, George W. Bush offered this explanation for our troubles: “There’s no question about it, Wall Street got drunk—that’s one of the reasons I asked you to turn off the TV cameras—it got drunk and now it’s got a hangover. The question is how long will it [take to] sober up and not try to do all these fancy financial instruments.”
There is no reason to question President Bush’s credentials for knowing a drunk when he sees one. But Bush, though he says he can’t remember a day from prep school to his 40th birthday when he didn’t have a drink, also insists that he has never been an alcoholic. He just drank “too much.” When he stopped, he didn’t acknowledge that he had a disease; what was wrong, it seems, was just typical youthful irresponsibility and a too-protracted youth.
So Wall Street’s problem, in the president’s mind, is not a systemic pathology, not an illness that comes on the same chromosome as the profit motive. Instead, it’s the behavior of a frat boy on a bender, the reckless phase of a good-time Charlie rather than the symptom of profound disease.
Bros will be bros; greed, like stuff, just happens.
A quite different explanation comes from a man to whom Bush gave the Presidential Medal of Freedom, and who is the intellectual parent of this collapse: “>speech at Georgetown University earlier this month, he attributed it to “lack of trust in the validity of accounting records of banks and other financial institutions” in the past year. Trust! Who knew?
So it’s not competitive markets and “Atlas Shrugged”-style enlightened self-interest that makes economies work. It’s “reputation and the trust it fosters.” Wealth creation, Greenspan says, requires trusting the people with whom we trade. The better your reputation, the more I trust you, the more able I am to take risks and accumulate more capital. When people “let concerns for reputation slip” the way they have in recent years, when counterparties are “not always truthful,” lenders are hesitant to lend, and credit freezes up.
But even an apostle of free markets like Ronald Reagan said, though in a different context, “Trust, but verify.” For years, credit-rating agencies like“>words of Nobel economics laureate Joseph Stiglitz, “performed the alchemy that converted securities from F-rated to A-rated” with no apparent damage to their reputations.
For years, the sterling reputations of Bear Sterns, Lehman Brothers and Merrill Lynch served as a substitute for transparency. For years, federal efforts to monitor the trustworthiness of big banks were fought tooth and nail by the same Alan Greenspan who nevertheless says that trust is everything.
James Madison warned us in Federalist No. 51 that men are not angels. Lincoln, while appealing to “the better angels of our nature,” nevertheless acknowledged our darker inclinations.
Anyone who’s been anywhere near a big investment bank knows that the gentlemen who run them have more in common with Hollywood buccaneers and Washington barracudas than they do with the Marquess of Queensbury. Maybe on Planet Fountainhead the economy runs on trust, but on this one, reputations aren’t warrants of integrity, they’re commodities marketed by the branding industry and burnished by the business journalism business.
The past decade has seen a groundswell of innovative Jewish nonprofits — from the birth of a Jewish pop culture magazine, Heeb, to the creation of a slew of trailblazing Jewish social service organizations, to an array of projects that allow Jews to express their Judaism through ways other than the prayer book.
But as these initiatives reach adolescence and eye expansion, the spiraling economy and financial crisis threatens to stunt their growth and thwart the next generation of startups from even getting off the ground.
Story after story has been written about fears that the economic downturn will hurt philanthropy. The thinking goes that when people feel economically unstable, the first thing they do is cut their discretionary spending — and charity, no matter the moral or biblical obligation, is still viewed by most as discretionary spending.
Until recently, most of the concern had been based on speculation; charities had been holding out hope that they would be able to avoid significant cutbacks. But, according to a survey taken in late September by the private wealth research firm, Prince & Associates, the cuts have arrived.
According to Forbes magazine, Prince spoke to 439 high-net-worth families, with 73 percent of respondents saying they had been significantly hurt by the economic downturn. Fifty-one percent said they planned on giving less next year than they did this past year — and only 16 percent said they planned on giving more.
The concern about such trends was detectable recently at the Manhattan launch party for the 2008 edition of “Slingshot,” an annual guidebook to innovative Jewish organizations put out by the Andrea and Charles Bronfman Foundation. The leaders of several of the most well-regarded and established innovative Jewish projects expressed concern, saying they are expecting to feel the pinch.
“Most recently, we are starting to hear, ‘We love what you do. We think that it is really, really great. And because of the economy, we are not going to fund any new projects this year. We are going to fund the things that we already fund.’ And that is only over the past few weeks,” said Aaron Bisman, who runs JDub, the nonprofit Jewish record label that produced Matisyahu’s first album. “I had heard it was maybe going to be a possibility, but we are really starting to hear that as a definitive answer.”
JDub, the product of two incubators of Jewish startups, Bikkurim and the Joshua Venture, is widely regarded as one of the most successful young Jewish projects to get off the ground in recent years. For the last five years, Bisman’s budget has increased as funders have taken notice of the group and JDub’s record sales have started to bring in additional income.
Early this summer, Bisman was talking about expansion. Those plans were based on being able to tap into new revenue streams, attract new donors and entice foundations to become new investors.
But by late September, Bisman was talking cutbacks — in both programming and staff.
Bisman’s experience reflects what most philanthropy experts see on the horizon. Philanthropists may not completely shut their coffers, but new grants — the lifeblood of young organizations — are going to be the first to get cut because, like any investment in any startup, they are risky proposals that may not pay dividends.
“Everybody is looking to this as a real event that they are dealing with, and especially for groups that are young and startup and in a growth phase, it is challenging,” said Rabbi Eli Kaunfer, the cofounder of Kehilat Hadar, an egalitarian, traditional-style minyan in New York that is a model for the independent minyan movement.
Hadar has yet to lose any grants, but Kaunfer has been told to brace for next year.
That is when the real crunch could come, especially for those who rely on funding from endowed foundations. Those foundations are required by law to give away 5 percent of their assets each year, based on the assets from the previous fiscal year. As the market drops, that 5 percent shrinks, leaving less for foundations to give away.
To put it in perspective, the Washington Post reported that the Community Foundation for the National Capital Area, one of the area’s largest grant makers and comparable in size to the Koret Foundation, the Pritzker Foundation and the Mandel Fund, lost about $40 million between July and September. The fund had approximately $330 million in assets at last reporting.
Back in 2006, Hadar was able to raise enough funds to launch an egalitarian yeshiva. Kaunfer said he’s unsure if the founders could have pulled it off in the current climate.
“Today would be a very hard day to start an organization and raise the soft dollars,” Kaunfer said.
Such projects — especially those focused on building Jewish identity — could be facing an even greater challenge in the coming months if they need to compete with social service agencies that are getting squeezed on both ends as they face greater demand for services and shrinking revenue streams.
But a bad economy does not need to be the death knell for Jewish innovation.
Those who run new organizations that have established a foothold for themselves and are looking to grow, like JDub, have won recognition in the Jewish organizational mainstream. Their leaders have become regular speakers at federation events and at the federations’ annual conference, the General Assembly of the United Jewish Communities.
At last year’s GA in Nashville, organizers dedicated a plenary session to young Jewish innovators and gave them a chance to address several thousand federation lay and professional leaders. Though they will have to work hard to secure funding, many of them have at least one foot firmly in the door.
And most of the newer operations have an advantage over established organizations: They tend to operate on relatively small budgets of under $2 million and so are not yet in need of megagrants.
There may even be hope for those looking to start nonprofits, as the Joshua Venture — the incubator that helped launch this movement, but then went on hiatus in 2006 — has announced on its Web site that it is now seeking new applicants.
Nina Bruder, who runs the UJC-funded incubator Bikkurim, said she is hopeful.
“When the economy is bad, the need for basic human services goes up and the funding for basic human services goes down,” she said. “In the circles that are concerned about that, there is going to be a big push about [the fact] that basic subsistence needs are going to have to be met.”
“But I think there is a whole other part of the funding community that doesn’t focus on that and still has an attention for other kinds of creative cultural and special needs areas,” Bruder went on. “I think we are going to have to wait and see what happens.”
This article was adapted from Jacob Berkman’s blog on the nonprofit sector, which can be found at www.fundermentalist.com.
I like to believe that as a 21st century American Jew, I’m no more paranoid than necessary.
But if I hear one more politician extol the virtues of “small towns,” I am fixing up a hiding place in my attic.
If I hear one more pundit bash Wall Street and grow misty over Main Street, I will check airfares out of the country.
“We grow good people in small towns,” vice presidential candidate Gov. Sarah Palin said in her acceptance speech at the Republican convention. The crowd went wild with applause.
Sen. Barack Obama told a Florida audience last month, “[Sen. John McCain] wants to run health care like they’ve been running Wall Street. Well, senator, I know some folks on Main Street who aren’t going to think that’s such a good idea.”
First the presidential election and now the financial crisis have given rise to rhetorical nativism. It is open season on the big city. In their bid for those elusive independent, middle-class voters, McCain and Obama and their seconds, Sen. Joe Biden and Palin, are fanning the myth that the real America resides in some shining Mayberry on a hill. If only those nasty money changers and culture vultures in the seething cities below would just let them sow their wheat and do their books and raise their children up good.
These tropes are not new to America; they are older than Shylock. The Jews make up the city: corrupt, scheming, complicated; while the common folk, the good people, occupy the farms and villages. The Jews lord over the metropolises, making easy money off the hard labor of others.
There’s an overlooked and ultimately sympathetic 1934 movie, “The House of Rothschild,” which perfectly captures the previous centuries of anti-Semitic caricature.
The film opens in 1750 on Frankfort’s “Jew Street,” as Mayer Amschel, founder of the Rothschild line, scurries to hide his precious guilden from the cruel tax collector.
“They keep us in chains!” he tells his boys. “They won’t let us learn a trade! They won’t let us own land. So make money. Money is the only weapon the Jew has to defend himself with.”
This stereotype and its accompanying rhetoric only ramps up in times of economic crisis. During the Great Depression, anti-Semitism was most virulent not in the cities where Jews lived but in the Farm Belt and Far West, where the image of “the Jew” lived.
Now the Anti-Defamation League reports “a dramatic upsurge in the number of anti-Semitic statements being posted to Internet discussion boards devoted to finance and the economy.”
Scan those Web sites and you quickly see what the candidates themselves likely don’t even realize: For the bigots and haters, Wall Street is code, the city is code, Hollywood — a staple enemy in the culture wars — is code. They’re code for “Jew.”
We shouldn’t be surprised. After all, when Palin said, “We grow good people in small towns,” she was quoting the late Westbrook Pegler, a notorious anti-Semitic columnist who called Jews “geese,” because “they hiss when they talk, gulp down everything before them and foul everything in their wake.”
Our candidates and our talking heads should be ashamed or, at least, careful. Because not only are such black-and-white dichotomies dangerous, they’re dumb.
Wall Street is not solely to blame for what’s happened — Main Street was a willing and gluttonous partner. And people on Main Street kept voting into office leaders who spouted pure pablum about “government getting out of the way” and deregulation and took their eyes off the market chicanery.
Main Street and Wall Street are inextricably bound up and always have been. Credit is as important to the economy as corn.
“Why is it everyone always talks about protecting the family farmer?” Rep. Barney Frank once told me. “What about the family shoemaker? What about the family banker?”
And those stump-speech paeans to small towns? Please.
First of all, most Americans live in cities, suburbs and exurbs. Cities aren’t cruel, shapeless Gothams and Gommorahs, they are historic centers of creativity and capital, beacons of hope and opportunity. New York is the symbol of American achievement — the terrorists on Sept. 11 didn’t go after Wasilla or some Home Depot in Delaware. Los Angeles — if it can get its act together — is the city of the 21st century, where Hollywood shapes the world’s current imagination and future reality. Ingenuity, productivity and creativity gushes out from America’s cities.
Last Sunday, I attended a fundraiser for Friends of the Los Angeles River. They closed off the Sixth Street Bridge downtown and filled it with a buffet, dinner tables and a dance floor. Maybe 300 people showed up to support a waterway whose restoration will knit together all sorts of economically and ethnically diverse communities. I stood on the bridge watching the sun set behind the rail yards, behind the downtown skyscrapers and the distant hills, and I saw in that instant how Los Angeles is a great city made up of small towns: We call them neighborhoods.
I live in one of those small towns, and so do you. I like that Wall Street, when it works well, provides the wherewithal for my Main Street to grow and compete.
So I’m not going to pack my bags yet, but I sure know where I’d run to if need be. Because no matter how much they hate Wall Street and how much they fume over Hollywood, they always say they love Israel.
NEW YORK (JTA)—In the world according to the comedy writers at “Saturday Night Live,” the pyramid of complicity in the current financial crisis runs like this:
On the bottom are poor and minority homeowners victimized by predatory lending. Next come condo-flipping yuppies out for a quick buck. They’re followed by rapacious bankers who cashed out before the economy crumbled. And on top are billionaire financiers who pocketed the government bailout and quickly moved it offshore.
In the SNL imagination, the top two categories seemingly are populated by Jews.
In a skit broadcast Saturday night, barely a day after Congress authorized a massive bailout of the ailing financial industry, the jokesters at SNL conjured a post-vote news conference in Washington featuring these four categories of characters.
Playing the part of the rapacious bankers were ” title=”Main Street, Wall Street, Jew Street”>Main Street, Wall Street, Jew Street’
Daniel Cohen, who works in investment banking at JPMorgan Chase, said he has neither seen nor heard anything worth getting worked up about regarding fears that anti-Semitism could be a consequence of the financial crisis.
“I don’t think it’s ever crossed my mind, to be honest,” Cohen said.
While global crises of all stripes historically have drawn out fringe elements eager to scapegoat Jews, the prominence of Jews in the financial industry—and the conspicuously Jewish names adorning many of the nation’s top investment banks—have given the conspiracy theorists an unusually rich trove of ammunition and many Jews a cause for anxiety.
“As we witnessed after 9/11, whenever there is trouble or uncertainty in the economy or world events, Jews become the scapegoats, and ugly anti-Semitic canards are given new life,” said Abraham Foxman, the national director of the Anti-Defamation League.
Last week, the ADL reported a “dramatic surge” in anti-Semitic Internet postings related to the economy. The group said the Internet chatter is not limited to neo-Nazi and white supremacist sites, but has spread to mainstream Web sites such as Yahoo! and AOL, where “hundreds” of anti-Semitic messages have flooded financial discussion boards.
Bill Cunningham, a popular conservative radio host, told JTA he had received two or three calls in the past few weeks from listeners who mentioned Jewish control of the banking system.
“I’ve been on the radio 25 years,” said Cunningham, who is nationally syndicated. “I had not heard that until this money crisis began.”
While such sentiments occasionally find public platforms, the locus of anti-Jewish agitation—and its most articulate and virulent expression—is found on known anti-Semitic and white supremacist Web sites such as the Vanguard News Network and Overthrow.com, a Web site published by the American National Socialist Workers Party.
Writers on these sites lay responsibility for the crisis squarely at the feet of Jewish bankers and Zionists. They allege that Jewish government officials, notably U.S. Federal Reserve Chairman Ben Bernanke and Rep. Barney Frank, the chairman of the U.S. House of Representatives Financial Services Committee, supported a congressional bailout to help their co-religionists on Wall Street. A Frank character also was featured on the “Saturday Night Live” skit.
Some posts also have taken aim at Congress for taking off over Rosh Hashanah, which fell last week amid marathon negotiations on the bailout. The bill eventually was passed late last Friday.
“Look at how they are portraying these people who are staying up late in the capitol to pass this 700 billion dollar bailout,” wrote one commenter on a forum of the Vanguard News Network. “They’re makin it look like they’re ‘workin hard’, ‘takin action’, ‘reaching a solution’ … Yeah, they are probably sittin around eating crumpets while the Jews are driving away with truck loads of hundred dollar bills.”
Another commenter on the site wrote that “jew monsters” are seeking to bankrupt the entire planet.
“It’s really more like vampires sucking a corpse dry,” wrote the commenter, identified on the site as Sgruber. “Jews are destroyers. They aren’t after their own long-range advantage. Long-range they want the earth plunged into a Dark Ages of endless poverty. This is why the jews must be killed. They are rats eating the grain and the brain of the world.”
Unlike the white supremacist sites, most of the anti-Jewish sentiment on well-trafficked mainstream Web sites are confined to mostly unmoderated message areas hosted by Yahoo! and Google. Many are replete with spelling and grammatical errors, and are heavy on name calling.
The ADL praised such sites for doing their best to delete anti-Semitic messages, though it cautioned that due to the volume and the free-for-all-nature of the Internet, comprehensive policing is nearly impossible.
Deborah Lauter, who heads the ADL’s civil rights division, said that Yahoo! saw a significant decrease in anti-Semitic material following the release of the ADL report on Oct. 3.
“While we can’t know for certain the exact reason for the decrease, we suspect it is due to action by Yahoo rather than any increased restraint by Finance Message Board members,” Lauter wrote in an e-mail to JTA. “New problematic posts are almost non-existent and the majority problematic material posted since early September has been deleted.”
Shalom, I’m Sarah Palin and I’m here to do God’s Will
John McCain and Sara Palin have been complaining that there’s too much “gotcha journalism” going around.
When they say “gotcha journalism,” what they’re really trying to do, of course, is to demonize journalism itself — to de-legitimize asking tough questions, and following up with more tough questions when the answers are mealy-mouth evasions, and holding politicians accountable when they inadvertently emit a truth.
McCain says gotcha journalism is reporting that Palin, at a public event, told a voter her thoughts about attacking terrorist targets in Pakistan — which inconveniently is the same view that McCain is excoriating Obama for holding.
The McCain camp cried gotcha journalism when Charles Gibson asked Palin whether she agrees with the Bush Doctrine, and when Katie Couric asked her what Supreme Court cases she disagrees with, and when Gwen Ifill asked her about the powers of the vice president. But I didn’t hear Republicans complain about gotcha journalism when debate moderator George Stephanopoulos twice asked Obama, “Does Reverend Wright love America as much as you do?”
If gotcha journalism means asking presidential candidates which of their dreams will have to be deferred because of the $700 billion bailout, as a frustrated Jim Lehrer did again and again, then maybe we need more of that kind of questioning, not less.
We certainly could have used more gotcha journalism during the decade leading up to the worst economic debacle since the Great Depression.
In 1999, when the Glass-Steagall Act was repealed, letting commercial banks go into the investment banking and insurance businesses, the country would have been a lot better off if the mainstream media had paid gotcha attention to the downside of deregulation, instead of being obsessed by the mythical Y2K bug.
In 2000, when Senator Phil Gramm slipped a measure forbidding the SEC and the CFTC from regulating credit default swaps into the omnibus spending bill, imagine if the press had blown the whistle on that lobbyist-owned legislator taking advantage of the final moments of a lame-duck session of Congress instead of focusing single-mindedly on the hanging chads story.
In 2003, when Alan Greenspan told global investors that he was going to keep the Fed Funds rate at an unappetizing one percent, thus opening the global floodgates to the mortgage backed securities industry, just think what might have happened if the surge in no-income-no-asset mortgages had been covered as intensely as the goings-on at Michael Jackson’s Neverland Ranch.
In 2006, when the size of the global collateralized debt obligation market approached $2 trillion, with Bear Stearns, Merrill Lynch and Wachovia becoming the top CDO underwriters, consider how investigative journalism might have revealed the fatal vulnerability of those houses to toxic assets when the housing bubble would inevitably burst, rather than spending its energies falsely convicting the Duke lacrosse team of rape.
In 2007, when the subprime mortgage fiasco hit, think how things might have played out differently at Fannie Mae and Freddie Mac if cable news had spent as much time covering the liquidity crisis as it did the death of Anna Nicole Smith.
In 2008, when SEC chairman Chris Cox told the Senate Banking Committee that he wanted no increased authority and no increased budget to oversee conflict-of-interest riddled credit rating agencies like Moody’s, what if the consequences of Cox’s emergency ban on naked short-selling – bizarrely lasting only one month and affecting only 19 companies — had been pursued as aggressively as the first photos of the Brangelina twins?
We could have used a whole lot more gotcha journalism about Wall Street and banking deregulation than most people regularly encountered over the past decade. And we would have been better served as citizens if terms like “naked short selling” and “mark-to-market” and the rest of the gobbledygook now haunting us had long ago become part of the minimum daily dose of financial literacy delivered to us by the news media.
The exceptions to this journalistic inability to know what’s important, and to explain what’s difficult, are worth celebrating. Chief among them are public radio programs like “>Planet Money, and public radio reporters like “>Adam Davidson.
There’s no better way for a lay person to understand the current crisis than by listening to two episodes of This American Life – ““>Another Frightening Show About the Economy,” which aired last weekend. And while you’re at it, check out the ““>two
Debate wrap up: Palin contradicts McCain, will make peace process a ‘priority’
Ryan and I did the L.A. supercasual thing for six or seven months. When I tried to rev up our relationship from supercasual to just plain casual, he freaked. I’m talking full-on, take-it-to-Dr. Phil meltdown:
"I haven’t dated enough women."
"I haven’t seen enough of the world."
"I haven’t seen enough of the world’s women."
"I’m too busy with work."
"I don’t have time for anything serious."
"I’m not ready for a commitment."
Ry got engaged to the next girl he dated. Just the word commitment scared the tzitzit off this boy, and now he’s registering for sage bath towels. When he called to spring the good news, I asked him why I got the brush-off and she got the rock.
"What was wrong with me?"
"Carin, you weren’t wrong. You were early."
I should have overslept.
"Seriously, Car, it had nothing to do with you. It’s timing. I was so not ready then. Now, I’m ready. And this chick Lisa’s pretty cool, so I just figured…."
So he "just figured?" Funny thing is I never would have headed to the chuppah with Ryan. He wasn’t the fireworks in my head, stars in my eyes, stop, drop and roll one for me. But for Ryan, it wasn’t about chemistry, it was about timing. In addition to getting engaged, Ry recently got promoted, bought a house and turned 30. And while girls wait to settle down until they meet Mr. Right, guys wait to settle down until it’s the right time.
So when is the right time? When does a Jewish boy become a man? Technically — his bar mitzvah. Realistically? It takes more than a Torah portion, a Men’s Wearhouse suit and an $18 check from Aunt Pearl to make a guy feel like a man. It takes success, stability and accomplishment. So take a guy’s bar mitzvah date, add 20 years, then subtract six months for every year he’s been out of grad school, owned a house or felt good about his job; add three months for every year he spent in debt, worked in a cubicle or slept on a futon; subtract two months for completing a marathon; add one year for every major career change; add three years if he still does laundry at his mom’s; and add 20 minutes for Jewish Standard Time. So, he’ll be ready about a year and half after you’ve given up on him.
Your biological clock ticks faster than his sociological clock. And there’s no speeding up his second hand. You can’t convince him to commit. You can’t persuade him to propose. If Peter Pan feels he sacrificed his career, his fun or his freedom for you, it will haunt your relationship for anniversaries to come.
"Well, Carin, I was going to take out the garbage last night like you asked me to, but I didn’t date enough women before we met."
"What? That doesn’t make any sense."
"Exactly, settling down with you too soon didn’t make any sense either."
And so we women wait. And wait. And like Cubs fans, we’re still waiting.
But for how long? At what point does a guy stop getting his life in order and start making his life happen? Carpe diem, guys. Seize the day! Seize the moment! Or just seize the chick! To be in a successful relationship, you don’t have to have all of your ducks in a row. You just have to know that you’re striving for a row or that you’re looking for some ducks or that you’ve found a good egg. It’s OK if you haven’t reached all of your goals; you just need to have goals. And be passionate about them. And, of course, be passionate about the girl.
C’mon boys, it’s time to make the donuts. Don’t put off dating that girl until you’ve earned a corner office, trekked through Nepal and won a triathlon. Celebrate the promotion with your girlfriend, climb the Himalayas with your fiancée or get sweaty with your wife. Forget about the right time, it’s go time!
We all have times in our lives when we want to focus on ourselves, our careers and our ambitions. I know because I’m a type-A overachiever who has her eyes on the prize. I’m also a one-of-a-kind babe who doesn’t understand why the right woman can’t inspire a man to settle down, even if it’s the wrong time. Or why a man would marry the good-enough girl he happens to be dating at the right time. Maybe "pretty cool" Lisa is good enough for Ryan, but when it comes to marriage, "I just figured" isn’t good enough for me. I’m not settling when I settle down.
I believe there’s a Mr. Right. I believe I’ll find him. And when I do, he’ll have me at "shalom." Now, life isn’t perfect and love doesn’t check my schedule. So I might not meet my man in the right place or at the right time, but if he’s the right guy, I’ll figure it out. Which most likely means — hold on — 13 plus 20, minus 12 months, plus nine months, plus two years, plus three years, plus 20 minutes — it means he’ll keep me waiting for years. And men think women take a long time getting ready….
Carin Davis, a freelance writer, can be reached at firstname.lastname@example.org.