• Professor Elam

    Time Well Spent

    We Interview Keriann McSweeney at RGP

    Keriann McSweeney is the new Managing Director of the Resources Global Professionals RGP office in San Antonio. We have a multi-year relationship with RGP so were interested in meeting the new Director.

    RGP specializes in providing intellectual capital on demand to clients across industries.

    Clients include 87 of the Fortune 100, and services include:

    • Finance and Accounting
    • Governance, Risk and Compliance
    • Information Management
    • Human Capital
    • Supply Chain Management
    • Legal and Regulatory

    RGP is a publicly traded firm listed on the NASDAQ. RGP maintains 48 offices in North America, 12 in Europe, and another 12 in the Asia Pacific area. RGP provides over 3,000 seasoned professionals for firms across the disciplines listed above.

    Management guru Peter Drucker described RGP’s service as “intellectual capital on demand.”

    Ms. McSweeney is a native of Wisconsin. She graduated from the University of Wisconsin Milwaukee with a degree in Management Information Systems.  She traveled with Oracle and Capgemini as a Project and Program Manager. Ms. McSweeney has been with RGP for more than eleven years in their Los Angeles, CA office. She served first as a consultant and then as a Senior Recruiting Director. The result was double-digit growth of the Information Management practice in Southern California.   The San Antonio office covers South Texas up to Austin.

    Since arriving in April, Keriann is already getting involved in the San Antonio scene. She is participating in the San Antonio chapters of FEI, the North San Antonio Chamber of Commerce, SEC Professionals, National Association of Corporate Directors and ISACA. RGP will sponsor an upcoming Project Management Institute event, is joining Women in Energy (WEN) and is greatly looking forward to getting involved in the charity organization Dress for Success in conjunction with WEN.

    Q Is this your first time to live in Texas? DSCF1604

    A It is.

    Q Is it what you expected?

    A Actually it is better than I expected. I have enjoyed meeting so many wonderful people here in San Antonio, it reminds me of my Wisconsin roots. We also have a fantastic new team in our RGP San Antonio office. Kelly Kuhle is our Director of Client Service, Kristen Harris is our Director of Recruiting and Gabby Juarez is our Operations Coordinator for our Central Texas region. They are awesome and I am thrilled to have them as part of our RGP Family.

    Q How does the business for RGP break down in San Antonio?

    A In San Antonio, the majority of our engagements are related to our Finance and Accounting, and Governance, Risk, and Compliance practices. With my background, we expect to see an increase in projects that support our clients’ information management initiatives. By leveraging our subject matter experts across Texas, we are also expecting more work in the Human Capital and Supply Chain areas. RGP only works with seasoned professionals, and much of our talent comes out of the Big Four and global management consulting firms.

    Q Tell us more about the IM practice

    A In our information management practice area our clients typically come to us to support their business analysis, project management and program management needs. However, we also have exceptional professionals in project coordination all the way through C level executives. RGP prides ourselves in getting it right the first time.   That is a reflection of our core values.

    Q Can you describe the RGP Core Values for us?

    A Certainly, we call it TIEL, pronounced teal. That stands for

    • Talent
    • Integrity
    • Enthusiasm
    • Loyalty

    Our people define us and embody TIEL. Our client service team and Consultants have 10 -20 years of operational, functional and professional services experience so they are able to be value-added business partners. The best thing we can hear from clients is, send us another just like (insert name of consultant).

    Q Which is more difficult, obtaining an assignment with a firm, or finding the right consultant to provide that service?

    A That’s a great question!  My answer would be neither and both.  The challenge is finding the right combination of the two.  Therefore, it is simply about having exceptional, seasoned talent and outstanding clients with long-standing, strong relationships and when a need arises we match the two.  The puzzle of matching the two at the right timing is occasionally a challenge.  

    Keriann indicated a growth target for the San Antonio office over the next year. We won’t reveal that here but my bet is that her team will achieve it. We’ll check back in a year to see how things are going.

    Thanks to Keriann McSweeney, Kelly Kuhle, Kristen Harris and Gabriela Juarez for their hospitality last Friday Morning!

  • Professor Elam

    Tuesday Sept 6, 2016

    My research interest in socionomics. This is a theory that states social action derives from unconsciously internally generated mood changes which are unremembered by the participants.

    This is in contrast to the conventional wisdom which states social action results form individuals acted upon by external events, ie the news.

    I sense lots of clues about where the topic of the Fall of 2016, the election, might be going. Let's get started

    I don't see it on the website but the front page features a photo of Putin facing Obama on Day  2 of the G 20 summit. Putin is forceful and determined, staring down Obama. Obama looks at best puzzled. The caption might well be, I have read you and out foxed you at every turn, signed Vlad.

    in the right hand column more file releases are ahead for Clinton, the column raises that issue of trust thing again.

    Center, Populist Votes Jolt Europe. It seems for the first time in post WW II history, Ms. Merkel's Christian Democrats behind a populist challenger in a state election. And this was delivered by a party with a mere three year history.  France's marie Pen tweets All My Congratulations!  Gee why would this jolt or surprise anyone?

    ON page A 10 Obama complains of gaps of trust which is to say no deal on Syria.

    Brett Stephens column notes that all 17 solutions for Syria have failed. Well, not from Putin's viewpoint, it has allowed Russia to move deeper in control of Mid East Affairs.

    But the most intriguing bit of news awaits on page A q15.  Richmond is the capital city of Virginia.  Its newspaper, the Richmond Times Dispatch endorsed Gary Johnson, the Libertarian Party Candidate. Stating that neither Trump nor Clinton meets the fundamental moral and professional standards expected of an American President, the alternative is Gary Johnson.

    Negative social mood results in a throw the bums out social action.This is happening in Brazil where the President was impeached, in Venezuela where the President was mob attacked, in the US where an outlier won the Republican nomination and an outlier party is now being taken seriously, in England where they voted out of the EU, in France and Germany where both Presidents are out of favor.   This is not the case in Russia where Putin appears to be achieving what he wants, and in the process restoring Russian prestige, or at least respect.

    This is big. The Libertarian Party has never gained the endorsement of a major city newspaper, much less Virginia sitting next to Washington DC itself.

    I suspect that most individuals being polled are lying through their teeth, not wanting to  acknowledge they might vote for Trump.What most so called columnists are not grasping is that Trump only got 40% of the primary votes. Those were not votes for Trump, they were votes against another slew  of Democrat lite Republicans.  It was inconceivable that Trump would get the nomination.But Trump keyed into the Tea Party disenchantment with previous candidates. Sure he's unpredictable and off course and disorganized. But Real Clear Politics polls consistently show some 70% of the voters believe the country is headed in the wrong direction. If those 70% vote that conviction, the incumbent party will lose.

    We shall see, consider this article from Of Two Minds, Trump by a landslide.

     

     

  • Professor Elam

    Tuesday Sept 6, 2016

    I never lack for new scandals to discuss in the spring ethics class. Looks like 2017 will be no exception.

    The Malaysian Prime Minister has apparently embezzled some $3.5 B from the Malaysian Development Bank.

    Proquest does not have all articles on this one but

    here are two on following the money.

    http://www.wsj.com/graphics/1mdb-money-flow/

    http://graphics.wsj.com/1mdb-decoded/

    Who is Najib Razak?

    The Malaysian prime minister at the center of the 1MDB scandal is a member of one of the most prominent political families in the country. Najib Razak’s father was a revered prime minister and leader of the political party that has ruled the country since independence. But he also helped create a system of preferences that is seen by some as a cause of corruption in Malaysian politics. Mr. Najib, who is facing protests and criticism for his role in 1MDB, has denied wrongdoing or taking any money for personal gain.
     
    Professor Elam comment
     
    gee, if he had a quit at say $100 million, the scam might not have been uncovered at all.  Who couldn't retire on $100 M, but this is how fraudsters are caught.
    And now for the Jeff Foxworthy I can't make this stuff up moment
    Some of the money apparently went to finance the movie
    The Wolf of Wall Street
  • Professor Elam

    Labor Day Sept 5 , 2016

    Apple's Tim Cook responded to EU's $14.5 B retroactive tax as he put it.

    This is from the WSJ site and I do not know if the link will work but the EU minister tells Tim Cook that Apple does not understand the obligatino of big firms to pya European taxes.

    Here is an excerpt of the EU comments

    “The Apple response shows that they don’t grasp what’s going on in society and they do not grasp what’s going on in the public debate,” Mr. Dijsselbloem, president of the Eurogroup of finance ministers, said on the sidelines of the Ambrosetti forum of business leaders in Italy. “This is a very strong moral issue and large companies, even if they’re this large, can’t say ‘this is not about us, there’s no problem here.’”

    Actually Cook understands this perfectly. Big firms with cash are being targeted by left wing governments as cash cows. The governments want the firms to make up for tax shortages due to their own failed programs which have left 10-20% unemployed and paying no taxes. Cook's first obligation is to his shareholders not to the increasingly failing EU.

    This is a good time to have this debate. As the article notes, even heavily indebted Ireland would rather have the jobs and research and development expenditures than the tax. Ireland understand what it takes to attract business.Ireland has the welcome mat out for business.

    Italy and France do not. This is why their countries have double digit unemployement among young people graduating from collgee.

     

     

  • Professor Elam

    Labor Day Weekend Sept 4, 2016

    In today's SA Express News Michael Taylor note the Dallas Police and Fire Pension system has an unfunded liability per member of

    $213,712. Houston is next at $128,576. In what is surely an hilarious , knee[slapping moment Moody's downgraded Houston  debt this last March 16, 2016 to

    Aa3. With an unfunded liability like that I would think below investment grade at least  would be more like it.

    More on Dallas Police Fire liability here.

    Worse the problem is so bad in Houston, it may defy any solution.

    Taylor reports that the Houston plan assumes an annual return of 8-8.5%. But only one of 127 pension plans earn that kind of return.

    So what is going to happen?  I would guess the social securitization of the plans.  In short the pension liability is paid for by the current contributions of those working, a ponzi scheme to be sure with no Al Gore  lockbox in sight. The plans are under funded and will likely remain so.

    When does the panic set in I wonder?

     

    We study accounting for liabilities in Intermediate II Accounting . Clearly too many optimistic assumptions and lax accounting rules have let too many cities

    dodge honest reporting on long term liabilities.

  • Professor Elam

    Labor Day Weekend Sept 3 2016

    We have funds to register 8*10 students to attend the Hispanic Association of Colleges and Universities 30th Annual Conference. It will be held here in San Antonio at the Grand Hyatt Oct 8-10.

    If you are interested in my nominating you, please let me know in person or to delam@tamsua.edu.

    http://www.hacu.net/hacu/Annual_Conference1.asp

     

  • Professor Elam

    Labor Day Weekend Sept 3 2016

    Jeff Bridges stars in Hell or High Water.

    This movie since an early August open in selected theaters cost $12 M to produce and has taken in $9.7 M so far. The big test will be this weekend when it moves to 1300 screens. Screen Shot 2016-09-02 at 1.55.34 PM

    My research interest regards socionomics.

    This theory holds that internally generated mood determines social actions. This is a rejection of the conventional idea that mood is generated by external events.

    The more likely a movie theme coincides with the current mood the better the box office is liable to be.

    And that appears to be the case for this film.

    The plot involves a pair of down and outs resentful that the bank has foreclosed on a mortgage. Their solution is to rob West Texas banks. Interestingly this is an echo of the success of Warren Beatty's Bonnie and Clyde which debuted about the time of Easy Rider.

    1966-1982 was a prolonged bear market. Bear markets are the result of negative mood. And bank robber films, seeking revenge on banks, certainly reflect the mood.

    This article noted the army of men no longer working in America.

    That sort of negative mood would resonate in a movie like this one. Whether the out of work men have the money to see the movie is of course another issue.

    In the meantime, speaking of costs, another example of low budget success is the hilarious 1986 release of Ruthless People. Screen Shot 2016-09-02 at 2.04.20 PM

    Now contrast these successes with the current release of the $100 M budget re make of Ben Hur.

    It rates a mere 5.6 stars on imdb.com. And it is fading fast at the Box Office.  Looks like re releasing the Charleton Heston 1959 original to new audiences with

    improved sound and such would have been a much better idea.

    The bottom line is, it is better to bet on nine films costing $12 M than one costing $100 M.

     

  • Professor Elam

    Sept 3, 2016 Labor Day Weekend

    Peter Fonda spent $400,000 producing Easy Rider in 1969.

    The movie grossed $60 million. Fonda was never able to  repeat the success and apparently spent much of the gain trying to do so. Screen Shot 2016-09-02 at 1.48.51 PM

    Watch the original trailer here.

    There of course are always low budget films around but few make that kind of splash.

    We study break even and target profit in managerial accounting. And that is what efficient movie makers understand.

     

     

     

     

     

     

     

    In our second month of this blog back in 2006, we noted that one of the under appreciated reasons for Clint Eastwood's success has been his understanding of this concept. See our post hte Good Bad and Ugly of Film budgets.

    We visited the topic again in 2009.

    Consider that Gran Torino cost $33 M and grossed $148 M.

    Notably Eastwood was the only recognizable actor in the film. The rest were locals recruited in a few days of screen tests. Clearly Clint knows how to get the best from his actors.

    I have read that the most frequent word heard on his sets is Next!  He shot Honky Tonk Man in a mere three weeks.  this keeps Clint popular with both his studio and the theaters that show the films.

     

     

     

     

  • Professor Elam

    Friday Sept 2, 2016

    Screen Shot 2016-09-02 at 1.20.03 PM

  • Professor Elam

    Thursday Sept  1 2016

    Plan on attending the San Antonio CPA Society Career night Friday Sept 30.

    5:30-8: PM

    Norris Conference Center at Park North

    NW Loop 410 Between San Pedro and Blanco Road

    Stadium Food Provided, Business Casual Attire Required

    Download CPA Workshop

     

    How to Become a Student TSCPA and SA CPA member

    http://www.sacpasociety.com