• Professor Elam

    Thursday Nov 10, 2016

    WFT CEO wishes he had resigned four years ago.

    He optimistically thnks WFT will make it through the debt difficulties but

    hMoody's disagrees.

    Screen Shot 2016-11-10 at 5.50.39 AM

     

  • Professor Elam

    Thursday Nov 10, 2016

    "Bob composed 'Blowin' in the Wind' in a matter of minutes sitting in a cafe across the street from the Gaslight Club. Although he thought 'Blowin' in the Wind' special, he did not understand the full significance of what he had done. 'It was just another song I wrote.' The melody was uncannily similar to the African-American spiritual 'No More Auction Block.' However, borrowing melodies, and even lyrics, was part of the folk tradition and thus perfectly acceptable. A more pertinent criticism of 'Blowin' in the Wind' concerned the rhetorical lyrics. Many of the most distinguished folk artists in New York were underwhelmed when they first heard the song. There seemed no link between the relentless questions; and, at the end of three verses, none of the questions had been resolved, except to say the answer was blowing in the wind, an image so vague that, arguably, it meant nothing.

    "Pete Seeger did not regard it highly. ' "Blowin' in the Wind" is not my favorite,' he says. 'It's a little easy.' Tom Paxton found it almost impossible to learn. 'I hate the song myself. It's what I call a grocery-list song where one line has absolutely no relevance to the next line.' Dave Van Ronk thought it dumb. Still, within a couple of months of Bob performing 'Blowin' in the Wind' at Gerde's Folk City, Van Ronk noticed to his surprise that musicians hanging around Washington Square Park had invented irreverent parodies such as, 'The answer, my friend, is blowin' out your end.' As Van Ronk says, 'If the song is strong enough, without even having been recorded, to start garnering parodies, the song is stronger than I realized.'[His manager], meanwhile, knew Bob had created something extra­ordinary. ' "Blowin' in the Wind" was the key to it all,' he says. 'That song made it all happen.' …

    "On July 30, 1962, 'Blowin' in the Wind,' the song that was the foundation stone of Bob's career and a catalyst of the singer-songwriter revolution, was copyrighted to M. Witmark & Sons. The same day, [Dylan's new manager Albert] Grossman signed what Bob later called 'a secret deal' with M. Witmark & Sons giving Grossman fifty percent of Witmark's share of the publishing income generated by any songwriter he brought to the company. Now Grossman stood to earn a substantial slice of Bob's publishing fees, over and above the [20 percent] cut he took for managing him. This backhanded deal was one of Bob's primary com­plaints when he and Grossman were in legal dispute in the 1980s, although in fairness Grossman was getting an enhanced part of Witmark's share, and not necessarily money Bob himself would have received. Bob claimed indignantly that he had known nothing of Grossman's fifty percent deal with M. Witmark & Sons (Grossman insisted he had told him). Bob also claimed to have had no idea Grossman was given as much as $100,000 to advance to him for signing with M. Witmark & Sons, of which he received one percent. Bob's attorneys asserted that Grossman had 'willfully and maliciously' concealed vital information. The secretiveness was what angered Bob who was, of course, a very secretive person himself.

    "However, this was not the end of Grossman's machinations. The last part of his plan was, in fact, the cleverest. If Peter, Paul and Mary [a group Grossman had created] had a hit with a Bob Dylan-Witmark song, Grossman would earn fourfold. He had his management fee from the two acts, plus his twenty-five per­cent of Peter, Paul and Mary's recording income from Warner Bros., plus fifty percent of the income Witmark earned from publishing a Dylan song. When Peter, Paul and Mary had a massive hit with 'Blowin' in the Wind,' and top-forty success with two further songs written by Dylan, Grossman became as rich as Croesus.

    "Suddenly, money had become very important."

  • Professor Elam

    Friday Nov 4, 2016

     

    WFC Moral in Collapse.

    Employees feel that the brass blamed the entire affair on lower level employees absolving themselves of responsibility.

    This is not surprising as Stumpf glides into the sunset girded with tens of millions in option and stock rewards. What about the 5,000 earning less than $65K who lost their jobs, no stock options for them!

    The failure to appoint new leaders not tainted buy the past regime is a clear mistake of leadership – again.

     

  • Professor Elam

    Thursday Nov 3, 2016

    We have regularly updated the worsening ethical situation at Wells Fargo. Now we learn that

    WFC is being investigated by the SEC.

    Or as Ed McMahon used to say to Johnny Carson, how bad is it?

    The fake account mess, combined with ongoing scrutiny of Wells Fargo's mortgage tactics, has forced the bank to ramp up its legal defense fund. Walls Fargo warned investors that in a worst-case scenario, its litigation losses could be $1.7 billion "in excess of" what it's already set aside. That's up from an estimate of $1 billion as of August.

    The article goes on to say that the results may be 'material ' to WFC overall operation. This means one would change one's mind if one knew of the changes.

    One can learn a great deal about how accounting works by reading such articles. I am currently working on a business case study for this case. At first I was going to tackle it from the governance and ethics side. But that will no doubt be done by many. Then I realized the real story revolves on how WFC ignored a socionomic approach to the problem   CEO Stumpf walked into the Senate meeting totally unprepared for the tsunami of negative opinion that awaited him. As far as I know this will be the first business case study to demonstrate just how dangerous it is to ignore unconscious social mood. We look forward to sharing the results with you. Hopefully it will be off to a publisher within a month.

     

     

     

  • Professor Elam

    Wed Nov 2 2016

    The Dems cannot win at the ballot box on their policies.So they take Republican winners to court trying to

    make life so difficult they will resign rather than deal with troubles like they are causing Tx Atty General Ken Paxton

    Yes really consider

    Newt Gringrich

    Tom DeLay

    Sarah Palin

    Scooter Libbey

    Rick Perry

    and now

    Ken Paxton

    So far no one was convicted of anything, just harassed and out a bundle for legal expenses, what a tactic.

  • Professor Elam

  • Professor Elam

    Tuesday Nov 1, 2016

    Franklin BBQ on East 11th in Austin, Tx 

    has been declared the best in Texas by both Tx Monthly and Bon Appetite. I guess that dethrones Cooper's which I always thought highly over rated anyway.

    Clink on the link and you will see Franklin's is only open for lunch and serves until all the meat prepared is gone.

    Once again, a classic simple managerial accounting formula makes for much a much simpler restaurant. Note the long line in the photo on the main page. Screen Shot 2016-11-01 at 7.52.02 AM

    No breakfast though Franklin is no doubt busy with the fire and meat at that timel

    No evenings.

    What is your favorite BBQ joint in SA?

    Bill Miller has great brisquet but the ribs are merely so so, why remains a mystery to me.

  • Professor Elam

    Monday Oct 31 2016

    Accounting Position at Howard Energy Partners

    This is also a good preview of what prospective employers are expecting.

  • Professor Elam

    Thursday Oct  26 2016

    We had our third Accounting Advisory Meeting today. Committee members attending included

    Blake Herndon – Aventine Hill

    Tim Kuhn – HOLT CAT

    John Wallace – RGP

    Janice Williams – VIA

    Eric Efron – Texas Institutional Money Managers

     

    TAMUSA students Renita Elizalde and Jennifer Dirks were in attendance.

    PA270009Janice Williams witih VIA, Nancy Batch, Jennifer and Renita enjoyed the meeting.

     

     

     

     

     

    PA270010

     

     

    Blake Herndon with Aventine Hill visits with our own Prof Richard Green.

     

     

     

     

     

     

    PA270008

     Dept Chair Syed Harun describes recent campus developments.

  • Professor Elam

    Wed Oct 26, 2016

    One third of WFC clients may be headed out of the bank, the recent revelations confirm what they have long complained about.

    This is a great example of how ignoring social mood can lead to disaster. How social mood shapes financial and accounting markets is my research interest. This is a classic.

    Look at the mess multi millionaire former CEO  Stumpf has left his successor.

    Screen Shot 2016-10-26 at 4.50.54 PM

    Social mood is unconscious and unremembered and utterly reckless once it takes hold.

    And now the Office of the Comptroller of the Currency is looking at other big banks and their practices.