HBCU Money™ Business Book Feature – The Future of Economic Growth in a Multispeed World

A Washington Post Notable Nonfiction Book for 2011

With the British Industrial Revolution, part of the world’s population started to experience extraordinary economic growth—leading to enormous gaps in wealth and living standards between the industrialized West and the rest of the world. This pattern of divergence reversed after World War II, and now we are midway through a century of high and accelerating growth in the developing world and a new convergence with the advanced countries—a trend that is set to reshape the world.

Michael Spence, winner of the Nobel Prize in Economic Sciences, explains what happened to cause this dramatic shift in the prospects of the five billion people who live in developing countries. The growth rates are extraordinary, and continuing them presents unprecedented challenges in governance, international coordination, and ecological sustainability. The implications for those living in the advanced countries are great but little understood.

Spence clearly and boldly describes what’s at stake for all of us as he looks ahead to how the global economy will develop over the next fifty years. The Next Convergence is certain to spark a heated debate how best to move forward in the post-crisis period and reset the balance between national and international economic interests, and short-term fixes and long-term sustainability.

HBCU Money™ Dozen 5/18 – 5/22


Did you miss HBCU Money™ Dozen via Twitter? No worry. We are now putting them on the site for you to visit at your leisure. We have made some changes here at HBCU Money™ Dozen. We are now solely focused on research and central bank articles from the previous week.


Mobile security: iOS vs. Android vs. BlackBerry vs. Windows Phone l CIOonline http://trib.al/oTcV588

A failed Proton-M is the latest in a string of disasters for the Russian space industry l New Scientist http://ow.ly/Ngo9K

7.7 Million Renewable Energy Jobs Worldwide In 2014 l Renewable Cities http://ow.ly/NgocY

Will a global sushi addiction wipe out the Pacific bluefin tuna population? WATCH l Pew Environmenthttp://bit.ly/1EAn35r

Renewable energy will make up most of the power added worldwide through 2030 l Pew Environment http://bit.ly/1HqgEha

Good looking: 6 surprising ways to improve your eyesight – from super foods to computer games l New Scientist http://ow.ly/Ngpp0

Federal Reserve, Central Banks, & Financial Departments

USPS now one step closer to providing financial services l Housing Wire http://hwi.re/9w6cp3

Why institutions matter for economic growth l World Economic Forum http://wef.ch/1c75suJ

The financial boost from earning a college degree isn’t fully due to the education itself l St. Louis Fed http://bit.ly/1JDHNzG

How will the sharinge conomy change your life? l World Economic Forum http://wef.ch/1B6T4By

Value of quality farmland in Eighth District drops 2.5% over a year, ag bankers report l St. Louis Fedhttp://bit.ly/1K2sBKD

Are there cultural obstacles to democratisation? l World Economic Forum http://wef.ch/1IKVKwy

Thank you as always for joining us on Saturday for HBCU Money™ Dozen. The 12 most important research and finance articles of the week.

The HBCU Money™ Weekly Market Watch

Our Money Matters /\ May 22, 2015

A weekly snapshot of African American owned public companies and HBCU Money™ tracked African stock exchanges.


African American Publicly Traded Companies

Citizens Bancshares Georgia (CZBS) $8.85 (0.57% UP)

M&F Bancorp (MFBP) $4.50 (0.00% UNCH)

Radio One (ROIA) $3.79 (0.00% UNCH)

African Stock Exchanges

Bourse Regionale des Valeurs Mobilieres (BRVM)  265.91 (0.85% UP)

Botswana Stock Exchange (BSE)  10 454.03 (0.00% UNCH)

Ghana Stock Exchange (GSE)  2 360.76 (4.41% UP)*

Nairobi Stock Exchange (NSE)  164.92 (N/A)

Johannesburg Stock Exchange (JSE) 54 028.17 (0.29% UP)

International Stock Exchanges

New York Stock Exchange (NYSE) 11 215.83 (0.21% DN)

London Stock Exchange (LSE)  3 818.84 (0.26% UP)

Tokyo Stock Exchange (TOPIX)  1 647.85 (0.98% UP)


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The HBCUpreneur Corner™ – University Of The District Of Columbia’s Donna Shuler & Answer Title

2014 Answer Title Logo - Trademark

Name: Donna Fitzgerald Shuler

Alma Mater: University of the District of Columbia (formerly DC Teachers College)

 Business Name & Description: Answer Title & Escrow LLC (Answer Title)

Answer Title – based in Washington, DC and serving Maryland, Virginia and the District of Columbia – is a full-service title and escrow company. We are a federal and local government contractor and trusted title and closing agent services provider for commercial and residential real property transactions. We also have experience as an acquisition consultant and closing agent for area commercial and affordable housing development teams. Our Answer Construction Management Services (ACMS) division offers site development and project management services with oversight of hiring compliance, project budgets, design/build, project closeout, and other construction management tasks with specific expertise in new building services, construction, and renovation.

What year did you found your company? 2004

Many do not know what title companies do or their role in real estate. Could you expound a bit on it? Before a property – commercial, residential, or otherwise – is sold or transferred, the title company makes sure that title is marketable and defect-free. The title company searches public records located in the local Recorder of Deeds and or courthouses to find the record owner of the property and identify any prior liens. They then conduct a title examination by taking the findings and making sure that no discrepancies are found (unsatisfied liens, taxes, judgments, rightful owner, etc.). If problems are found, the title company will try to rectify and clear them. Once everything is satisfied through the search and rightful ownership is identified, a commitment (to issue a title insurance policy) is prepared. The title company then coordinates the closing and:

  • Prepares a settlement statement listing closing and title insurance costs
  • Drafts deeds and all affidavits and other similar documents associated with the closing
  • Collects all funds needed to pay settlement costs including paying off any pre-existing mortgages on the property
  • Ensures that all documents are properly signed and notarized at closing
  • Issues the title insurance policy

Title companies are an important part of individual property sales, land transfers for development projects, and any real estate transaction.

The title industry seems to have a lot of fixed and regulated revenues. Some would say marketing and in large part customer service are the things that set companies apart. Do you believe that those revenues should be deregulated? What separates Answer Title from the rest of your competition? Preventing fraud and predatory lending are hot-button issues. Regulation is necessary to ensure that consumers have control of the buying process. Rules such as RESPA call for consumers to have all available information about the cost of a settlement and protect them from unnecessarily high settlement charges. This prevents agents in the industry from using things like kickbacks and referral fees to manipulate the market.

Marketing is important but the most effective marketing in our industry is past performance and expertise. Answer Title relies heavily on its expertise and reputation. The success of a development project (or any transaction for that matter) has so many moving parts and jurisdictional issues that it hinges on the participation of an experienced title company with the highest levels of expertise and knowledge of the local market – those are the elements that set Answer Title apart. We understand complex titles, condemnations, eminent domain procedures, and other land transfer issues. We are also well versed in affordable housing and first-time homebuyer programs. Finally, we are an experienced government contractor who understands compliance and deadlines and we have a number of small business certifications. So we have the residential, commercial, and government sectors covered.

African American homeownership and land ownership seems to be heading back toward all-time lows and African American commercial real estate ownership is largely unknown. What do you believe a corporations like yours; African American banks, and other African American companies related to the real estate industry can do to reverse these trends? More community outreach starting when students are still in school. Banks and agents should use more images of African Americans in their marketing. Organizations like Freddie Mac and Fannie Mae should formalize partnerships with agents in our communities.

African Americans in the real estate industry seem to be largely concentrated as real estate agents, but not in many other parts of the industry making it hard to begin to circulate capital even within the African American real estate ecosystem. What do you think this lack of ownership and occupational diversity in the industry is a result of? And what would it take to improve it?

  • Segments of the industry are so closely linked that large players such as developers start their own ancillary firms – title and escrow, property management, etc. Similarly, government agencies and large corporations do not distinguish between large real estate developers and related services, entrusting the range of services that one large business/entity. This creates fewer opportunities. Nevertheless, organizations such as AAREP, NAREB, etc. provide valuable networking and business development opportunities for African Americans in the industry.
  • We just have to continue identifying ways to participate across all occupations and identify connections. Bankers and lawyers (such as myself and my business partner) looking at opportunities in the title industry, for example.

What was the most exciting and/or fearful moment during your HBCUpreneur career? Answer Title has won awards and recognition at major events and I realized that I am still not comfortable speaking in front of large audiences – that is still a fearful moment. Becoming the first African American female CEO of a bank in the District of Columbia was exciting. Also, I am always excited at closing when we make people homeowners and hand them keys. I know how life-changing that experience is.

What made you want to start your own company? Having worked in banking with strict rules and guidelines, I knew that I could transfer my real estate skills to the title industry and have more control.

Who was the most influential person/people for you during your time in college? My father, William B. Fitzgerald, who started a DC-based bank in 1968 was influential during my time in college and my lifetime. He was a self-made man who owned a real estate company and wanted to meet the needs of his clients who had been unable to get mortgages and financing. As a young girl I watched his vision come to fruition and grow into the fourth largest minority-owned bank in the US – a bank that was featured in Black Enterprise in the 80s and 90s.

Donna Shuler 2015 Photo for HBCUpreneur

How do you handle complex problems? I believe in researching an issue and weighing my options. Also, it helps to have the input/perspective of a business partner.

What is something you wish you had known prior to starting your company? New businesses should place more emphasis on (and devote more capital to) marketing.

What do you believe HBCUs can do to spur more innovation and entrepreneurship while their students are in school either as undergraduate or graduate students? Specifically: initiatives such as campus-wide business plan competitions; on-campus business development centers and institutes that teach and develop the tools of business ownership; Entrepreneurship courses (such as Entrepreneurship undergrad course and Entrepreneurship MBA concentration at Howard University); host technology and other innovation industry events on campus specifically through local partnerships; invite alumni entrepreneurs to participate as speakers, mentors, program sponsors, etc.

Generally: In all classes, address the legacy of business ownership among HBCU graduates across all disciplines. Use examples of African American entrepreneurship whenever it relates to a particular topic. Expose students to the history of business ownership in their own communities.

How do you deal with rejection? I want to know why I was rejected and use that information to move forward.

When you have down time, how do you like to spend it? With family and golfing – or with a good book.

What was your most memorable HBCU memory? Having outstanding professors who were from the community and cared about the community made for many memorable experiences. Professors who were accessible and nurturing unlike at larger non-HBCUs were important to my success.

In leaving is there any advice you have for budding HBCUpreneurs?

Balance fearlessness with preparedness.

Also, not being successful in every endeavor only makes you wiser and stronger for the next venture so keep trying. Life is truly a journey – enjoy it.

HBCU Money™ Business Book Feature – Pedigree: How Elite Students Get Elite Jobs


Americans are taught to believe that upward mobility is possible for anyone who is willing to work hard, regardless of their social status, yet it is often those from affluent backgrounds who land the best jobs. Pedigree takes readers behind the closed doors of top-tier investment banks, consulting firms, and law firms to reveal the truth about who really gets hired for the nation’s highest-paying entry-level jobs, who doesn’t, and why.

Drawing on scores of in-depth interviews as well as firsthand observation of hiring practices at some of America’s most prestigious firms, Lauren Rivera shows how, at every step of the hiring process, the ways that employers define and evaluate merit are strongly skewed to favor job applicants from economically privileged backgrounds. She reveals how decision makers draw from ideas about talent—what it is, what best signals it, and who does (and does not) have it—that are deeply rooted in social class. Displaying the “right stuff” that elite employers are looking for entails considerable amounts of economic, social, and cultural resources on the part of the applicants and their parents.

Challenging our most cherished beliefs about college as a great equalizer and the job market as a level playing field, Pedigree exposes the class biases built into American notions about the best and the brightest, and shows how social status plays a significant role in determining who reaches the top of the economic ladder.

HBCU Money™ Dozen 5/11 – 5/15


Did you miss HBCU Money™ Dozen via Twitter? No worry. We are now putting them on the site for you to visit at your leisure. We have made some changes here at HBCU Money™ Dozen. We are now solely focused on research and central bank articles from the previous week.


Saying yes to NO college IT careers l Computerworld http://ow.ly/MWZbF

CenturyLink’s new data center runs on water l Computeworld http://ow.ly/MWZmP

Yellow neurons in this mouse’s brain have been rewired l New Scientist http://ow.ly/MWZxU

Brazil Could Reach 2 GW Rooftop Solar By 2024 After Tax Is Dismissed l Clean Technica http://dlvr.it/9pl0qF

Composting turns waste into wonder. Learn how easy it can be l EPA Research http://ow.ly/MFAne

Today’s Solar Panels Can Power The World, MIT Study Finds l Clean Technica http://dlvr.it/9pQr6s

Federal Reserve, Central Banks, & Financial Departments

The strengths and weaknesses of every personality type l World Economic Forum http://wef.ch/1HgHprm

You can tell how wealthy a country will be by the quality of their education l World Bank http://wrld.bg/MUNKX

13 things successful people do between jobs l World Economic Forum http://wef.ch/1cSvgMw

What do oil prices mean for the economy & consumers? Watch the webcast l Atlanta Fed https://goo.gl/1GUd43

Should your children learn to code? l World Economic Forum http://wef.ch/1cStjQ9

The application economy l World Economic Forum http://wef.ch/1KIxmcj

Thank you as always for joining us on Saturday for HBCU Money™ Dozen. The 12 most important research and finance articles of the week.

The HBCU Money™ Weekly Market Watch

Our Money Matters /\ May 15, 2015

A weekly snapshot of African American owned public companies and HBCU Money™ tracked African stock exchanges.


African American Publicly Traded Companies

Citizens Bancshares Georgia (CZBS) $8.75 (1.35% DN)

M&F Bancorp (MFBP) $4.70 (0.00% UNCH)

Radio One (ROIA) $3.67 (1.87% DN)

African Stock Exchanges

Bourse Regionale des Valeurs Mobilieres (BRVM)  262.57 (0.17% DN)

Botswana Stock Exchange (BSE)  10 394.50 (0.09% UP)

Ghana Stock Exchange (GSE)  2 301.02 (1.77% UP)*

Nairobi Stock Exchange (NSE)  167.82 (N/A)

Johannesburg Stock Exchange (JSE) 54 028.17 (0.29% UP)

International Stock Exchanges

New York Stock Exchange (NYSE) 11 197.37 (0.09% DN)

London Stock Exchange (LSE)  3 779.96 (0.07% DN)

Tokyo Stock Exchange (TOPIX)  1 607.11 (0.98% UP)


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