HBCU Money™ Business Book Feature – The A.G. Gaston Motel in Birmingham, A Civil Rights Landmark


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Traveling throughout the South during the 1950s was hazardous for African Americans. There were precious few hotels and restaurants that opened their doors to minorities, and fewer still had accommodations above the bare minimum, to say nothing of the racism and violence that followed. But in Birmingham, black entrepreneur and eventual millionaire A.G. Gaston created a first-class motel and lounge for African Americans that became a symbol of pride of his community. It served as the headquarters for Birmingham’s civil rights movement and became a revolving door for famous entertainers, activists, politicians and other pillars of the national black community. Author Marie Sutton chronicles the fascinating story of the motel and how it became a refuge during a time when African Americans could find none.

HBCU Money™ Dozen 3/23 – 3/27


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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.

Research

The Internet of Things council to make the Midwest its epicenter l Argonne trib.in/1xiYz3v

30+ free tools for data visualization and analysis l CIOonline trib.al/fcupi9Z

Flaw in common hotel router threatens guests’ devices l CIOonline trib.al/fgUCDXx

Training young horses for race starts l KY Equine Research ow.ly/KRt0a

Hubble, Chandra Find Clues that May Help Identify Dark Matter l NASA 1.usa.gov/1E5LcpO

Our chances of getting dementia have fallen – and there are ways to cut the risk further still l New Scientist ow.ly/KRt50

Federal Reserve, Central Banks, & Financial Departments

Disaster costs are rising. Investing in resilience is crucial for sustainable development l World Bank wrld.bg/KHfZ6

Higher education subsidies’ impact on young people’s education and migration decisions l St. Louis Fedbit.ly/1FXtFPM

Senators reject push to restore Medicaid funding l Floor Action bit.ly/1M7NGbv

A $250 million boost is going to give Guinea-Bissau a fresh start. l World Bank wrld.bg/KPR0I

How can governments help entrepreneurs? l World Economic Forum wef.ch/1EC4rXX

Most middle-class kids don’t finish college. Why you should be concerned l CNN Money cnnmon.ie/1xCtTL2

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 /\ March 27, 2015

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

NAME TICKER PRICE (GAIN/LOSS %)

African American Publicly Traded Companies

Citizens Bancshares Georgia (CZBS) $9.00 (0.00% UNCH)

M&F Bancorp (MFBP) $4.36 (0.00% UNCH)

Radio One (ROIA) $3.03 (1.00% UP)

African Stock Exchanges

Bourse Regionale des Valeurs Mobilieres (BRVM)  266.11 (0.02% UP)

Botswana Stock Exchange (BSE)  9 679.49 (0.00% UNCH)

Ghana Stock Exchange (GSE)  2 212.22 (2.16% DN)*

Nairobi Stock Exchange (NSE)  174.16 (N/A)

Johannesburg Stock Exchange (JSE) 51 810.16 (0.40% UP)

International Stock Exchanges

New York Stock Exchange (NYSE) 10 869.19 (0.04% UP)

London Stock Exchange (LSE)  3 701.62 (0.56% DN)

Tokyo Stock Exchange (TOPIX)  1 552.78 (1.02% DN)

Commodities

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America’s 2014 Top 10 College Donations


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In the world of philanthropy there are two types of donors that development offices love. High-quality donors who give consistently and over their lifetime will probably give six to seven figures of donations. Often these donors leave the bulk of their donation through their estate. The second are transformative donors who can change the paradigm of an entire institution with one donation. These donors are masters of their universe with the wealth and power they wield and often the barons of their particular industry. Donations from transformative donors range from eight to nine figures.

The 2014 top donors definitely saw a pull back from their 2013 giving. Combined donations came in $500 million lighter than last year. However, this year was led by two brothers, Ronald and Gerald Chan (pictured above), who donated $350 million to Harvard’s School of Public Health.  Their donation is equal to 10 percent of Harvard’s endowment, which still is the world’s largest college and university endowment.

ABOUT THE DONATIONS:

Total Giving Combined – $2.0 Billion

Median Donation – $60 Million

Average Donation -$79.4 Million

The combined donations are equal to all HBCU endowments combined.

ABOUT THE DONORS:

Total Net Worth Combined – $42.8 Billion reported

Median Net Worth – $2.2 Billion reported

Average Net Worth – $4.3 Billion reported

This year was extremely geographically diverse with 16 different states being represented. California, New York, and Illinois all tied for three apiece.

1. Morningside Foundation (Gerald & Ronald Chan) – $350 Million
Recipient: Harvard School of Public Health
Source of Wealth: Family wealth, Finance, Investments
Net Worth: $2.4 Billion

2. Kenneth C. Griffin – $150 Million
Recipient: Harvard University
Source of Wealth: Finance
Net Worth: $6.5 Billion

T3. Fred Eshelman – $100 Million
Recipient: University of North Carolina at Chapel Hill, Eshelman School of Pharmacy
Source of Wealth: Health products
Net Worth: N/A

T3. Anonymous – $100 Million
Recipient: Oregon Health & Science University Foundation
Source of Wealth: N/A
Net Worth: N/A

T3. Anonymous – $100 Million
Recipient: Dartmouth College
Source of Wealth: N/A
Net Worth: N/A

T4. David Rockefeller – $75 Million
Recipient: Rockefeller University
Source of Wealth: Family wealth, Finance
Net Worth: $3 Billion

T4. John W. Jordan II – $75 Million
Recipient: University of Notre Dame
Source of Wealth: Finance
Net Worth: N/A

T4. Alfred C. Warrington IV & Judy Warrington – $75 Million
Recipient: University of Florida, Warrington College of Business Administration
Source of Wealth: Industry
Net Worth: N/A

T4. Sandra & Edward Meyer Foundation – $75 Million
Recipient: Weill Medical College of Cornell University
Source of Wealth: Advertising
Net Worth: N/A

5. Jay H. Shidler – $69 Million
Recipient: University of Hawaii Foundation
Source of Wealth: Investments, Real Estate
Net Worth: $700 Million

T6. Charles T. Munger – $65 Million
Recipient: University of California – Santa Barbara
Source of Wealth: Investments
Net Worth: $1.3 Billion

T6. Albert P. Viragh (deceased) – $65 Million
Recipient: John Hopkins Medicine, Sidney Kimmel Comprehensive Cancer Center
Source of Wealth: Finance, Investments
Net Worth: N/A

T7. Vanier Family – $60 Million
Recipient: Kansas State University
Source of Wealth: Agriculture
Net Worth: N/A

T7. Mulva Family Foundation (James & Miriam Mulva) – $60 Million
Recipient: University of Texas at Austin
Source of Wealth: Energy, Oil
Net Worth: N/A

8. Madison and Lila Reetz Self – $58 Million
Recipient: University of Kansas
Source of Wealth: Chemicals, Finance
Net Worth: N/A

9. Kavitark & Vidjealatchoumy Shriram – $57 Million
Recipient: Stanford University
Source of Wealth: Technology
Net Worth: $1.9 Billion

T10. Ronald & Eileen Weiser – $50 Million
Recipient: University of Michigan at Ann Arbor
Source of Wealth: Real estate
Net Worth: N/A

T10. Steve & Connie Ballmer – $50 Million
Recipient: University of Oregon
Source of Wealth: Technology
Net Worth: $20.6 Billion

T10. David & Cheryl Strauss Einhorn – $50 Million
Recipient: Cornell University
Source of Wealth: Finance
Net Worth: $2 Billion

T10. Donald (deceased) & Marilyn Keough – $50 Million
Recipient: University of Notre Dame
Source of Wealth: Food and beverage
Net Worth: N/A

T10. Jimmy Haslam – $50 Million
Recipient: University of Tennessee at Knoxville
Source of Wealth: Family wealth, Retail
Net Worth: $2.8 Billion

T10. Agnes Nelms Haury – $50 Million
Recipient: University of Arizona Foundation
Source of Wealth: Family wealth
Net Worth: N/A

T10. Thomas Kline – $50 Million
Recipient: Drexel University, Thomas R. Kline School of Law
Source of Wealth: Law
Net Worth: N/A

T10. Norm Asbjornson – $50 Million
Recipient: Montana State University
Source of Wealth: Manufacturing
Net Worth: N/A

T10. Gary K. Michelson – $50 Million
Recipient: University of Southern California
Source of Wealth: Health care, Invention
Net Worth: $1.6 Billion

Federal Reserve Chairwoman Janet Yellen’s March 2015 Press Conference (Video)


“In other words, just because we removed the word “patient” from our statement does not mean we are going to be impatient.” – Chairwoman Janet Yellen

One of the key points that Chairwoman Yellen points to is that despite a 2.5 percent growth of GDP in 2014 there appears to be a slowing of growth to start 2015. A sign that while the stock market has been robust the real economy has struggled to pick up as signaled by sluggish consumer spending indicators. Housing and export growth also appears to show rising weakness ahead. Estimates for unemployment over the next two years by the FOMC are expected to come in at 5.0 to 5.2 percent range.

Chairwoman Yellen also appeared to confirm what most economist are predicting in terms of an interest rate hike coming in June if conditions at a minimum hold. For the full statement and the Q&A that follows click on the video below.

Unemployment Rate By HBCU State – January 2015


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STATES WITH RISING UNEMPLOYMENT: 9

STATES WITH DECLINING UNEMPLOYMENT: 12

STATES WITH UNCHANGED UNEMPLOYMENT: 3

MEDIAN UNEMPLOYMENT (HBCU TERRITORIES) – 5.7%

LOWEST: OKLAHOMA – 3.9%

HIGHEST – DISTRICT OF COLUMBIA – 7.7%

STATE – UNEMPLOYMENT RATE (PREVIOUS)*

ALABAMA –  6.0% (5.7%)

ARKANSAS – 5.6% (5.7%)

CALIFORNIA – 6.9% (7.0%)

DELAWARE – 5.0% (5.4%)

DISTRICT OF COLUMBIA – 7.7% (7.3%)

FLORIDA – 5.7% (5.6%)

GEORGIA – 6.4% (6.9%)

ILLINOIS – 6.1% (6.2%)

KENTUCKY – 5.5% (5.7%)

LOUISIANA – 7.0% (6.7%)

MARYLAND – 5.5% (5.5%)

MASSACHUSETTS – 5.1% (5.5%)

MICHIGAN – 6.3% (6.3%)

MISSISSIPPI – 7.1% (7.2%)

MISSOURI –  5.5% (5.4%)

NEW YORK – 5.8% (5.8%)

NORTH CAROLINA – 5.4% (5.5%)

OHIO – 5.1% (4.8%)

OKLAHOMA – 3.9% (4.2%)

PENNSYLVANIA – 5.1% (4.8%)

SOUTH CAROLINA – 6.6% (6.5%)

TENNESSEE – 6.7% (6.5%)

TEXAS – 4.4% (4.6%)

VIRGINIA – 4.7% (4.8%)

*Previous month in parentheses.

HBCU Money™ Business Book Feature – Naked Economics: Undressing the Dismal Science


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“Explains our global economy in a way that is (gasp!) actually entertaining.”—Book Magazine

Finally! A book about economics that won’t put you to sleep. In fact, you won’t be able to put this bestseller down. In our challenging economic climate, this perennial favorite of students and general readers is more than a good read, it’s a necessary investment—with a blessedly sure rate of return. Demystifying buzzwords, laying bare the truths behind oft-quoted numbers, and answering the questions you were always too embarrassed to ask, the breezy Naked Economics gives readers the tools they need to engage with pleasure and confidence in the deeply relevant, not so dismal science.

This revised and updated edition adds commentary on hot topics, including the current economic crisis, globalization, the economics of information, the intersection of economics and politics, and the history—and future—of the Federal Reserve.