• Professor Elam

    Tuesday Jan 23, 2024

    oday's encore selection — from The Horde by Marie Favereau. Chinggis (alternate spelling Genghis) Khan and his Mongol successors built an empire that, at its peak, covered some 9 million square miles of territory, making it the largest contiguous land empire in world history:
     
    "The Mongols interfered with the economic organization of their subjects and projected their power further than any other im­perial formations of their time. Yet the Mongols understood that con­trol over craft production, currency, traders, harvests, and crops had to be flexible and supple, and respectful of the practices and traditions of dominated peoples. Thus, for instance, when Mongols conquered new territories, they usually minted coins that were familiar to the locals and were easily accepted in existing circuits of exchange. Furthermore, the Mongols did not try to extract value from subjects no matter the cost to the subjects — that is, the Mongols did not enslave their subjects and work them to death, as much later colonial regimes in the Atlantic world did. Rather, the goal of Mongol imperial oversight and interven­tion was to motivate and empower subjects to produce and trade across the empire, thereby enriching their Mongol overlords. Why was there no clash between globalization and empire building during the height of Mongol domination? This is a phenomenon that needs explaining, and I believe the explanation lies in the unique imperial policies of the Mongols.

    _________________

    In other words Mongols understood what Dale Carnegie would say centuries later, speak in the interest of your subject and all will succeed.

  • Professor Elam

    Monday  1/22/2024

    Wed Feb 7/ 5 30

     

     
    CAUTION: This email originated from outside of A&M-SA. Do not reply, click links or open attachments unless you recognize the sender and know the content is safe.

    Meet the Firms event, Friday, February 9, 2024 at La Quinta Hotel on IH-10 frontage road in the Medical Center area, next to the Japanese Restaurant/Hibachi Grill and right before Mamacitas! FREE event, FREE Student Membership, FREE FOOD!!

     

        Register here: https://www.tx.cpa/sanantonio/events/event-details/?eventId=9bf8d12b-52cd-4a2a-aef2-11a3c61fed2b

     

    Attend anytime between (5:30 – 7:30) and meet firms/companies and network with your peers and CPA’s!  Cruise into your Accounting/CPA future!  We hope to see you there! 

     

    Join the Wednesday Webinar – (Zoom/Virtual) February 7, 2024 (12:00 – 1:00), the flyer and zoom link is attached.  FREE Event!

     

     

    Save the date Wed Feb 7 Noon for Webinar

    February 2024 Monthly Webinar Flyer

  • Professor Elam

  • Professor Elam

    1/16/2024

    WSJ

    Notice the language of Morgan, did not admit or deny the fidings but did pay the fine.

    There is no end to this slap on the wrist type of enforcement, oh well just another cost of doing business.

    Surely Morgan employs legions of attorneys and CPAs who knew this was a violation, not to mention the exteral CPAs.

    \How a out fining CEO Jamie Dimon who makes  $26 M in salary plus fabulous stock options, perhaps he would start paying attention to what his people are doing?

     

     

    subsidiary will pay $18 million to settle charges that it violated protections for whistleblowers.

    The Securities and Exchange Commission alleged Tuesday that J.P. Morgan Securities had prevented hundreds of advisory clients and brokerage customers from reporting potential violations of securities law to regulators with confidentiality agreements.

    The SEC alleged that, from March 2020 to July 2023, J.P. Morgan Securities asked retail clients who had been issued a credit or settlement of more than $1,000 to sign agreements which required them to keep confidential information related to the settlement.

    The SEC said the agreements did not allow clients to voluntarily contact the SEC and violated the whistleblower protection rule.

    J.P. Morgan Securities did not admit or deny the findings and agreed to be censured, to cease and desist from violations and to pay a $18 million civil penalty.

  • Professor Elam

    1/16/2024

    WSJ Today Tuesday 1/16/2024

    The American welfare state is built on the idea of taxing those who are better off to give to those who are in need. Yet in today’s massive welfare state, many who receive benefits from the government also pay substantial taxes.

    New research by the Manhattan Institute analyzes the amount of government benefits that are offset by taxes on the same households in the same year. The report estimates that about 20% of government benefits are returned to the government through taxes. That means that in 2022 almost $800 billion—or roughly what the government spent on defense—went out one door and in another.

    These taxes cancel or net out equivalent benefits, so some could argue that they aren’t a problem. But taking money only to give it back again is costly and inefficient. Families ultimately bear the cost of applying for and maintaining benefits. The government takes hard-earned cash through taxation but often provides benefits in a less useful form, such as housing vouchers or food stamps.

    Both taxes and benefit programs distort decisions. Taxes deter people from working. Means-tested programs such as food stamps pay less benefits as recipients’ incomes go up. This amounts to an implicit tax on earnings. Abundant evidence shows that certain kinds of taxes and welfare can also deter marriage. Giving benefits and then taxing recipients doesn’t only recirculate money; it destroys wealth and limits options.

    Many claim that the so-called “middle-class welfare state,” including health insurance subsidies and means-tested programs for workers far up the income ladder, is a boon to working families. But taxes that cancel out benefits are the highest for households that aren’t poor and don’t receive Social Security. For them, about 45% of all benefits are returned as taxes. For those in poverty, only about 3% of benefits are returned in taxes.

    Understanding this should make lawmakers think twice about creating a universal European-style welfare state in the U.S. Europe’s programs come with payroll and sales taxes that are in some cases double the American rates. These high taxes are paid by the same families that receive the supposed benefits. It would be better for the U.S. to give targeted help to those in need instead of increasing taxes only to return some of the money in less useful forms.

    By any reasonable measure, taxing people and then giving them benefits is a waste of time and money. Government can shrink itself significantly without costing any household a dime by cutting both taxes on and benefits to households receiving government support. This would reduce waste and increase options for everyone. That would be better than forcing Americans to chase after money they already earned.

    Mr. Glock is director of research at the Manhattan Institute and author of “The Dead Pledge: The Origins of the Mortgage Market and Federal Bailouts, 1913-1939.”

  • Professor Elam

    1/16/2024

     

    Five million have fled four blue states in the last 10 years

    Meanwhile, the so-called “red states” have seen an influx, per Moore.

    “If you look at, for example, the states that gained the most population over the last 10 years, you're talking about obviously, Florida, Texas, South Carolina, North Carolina, Georgia, those states, the Southeast now has a larger GDP — total combined economic output — than the Northeast,” Moore pointed out. “That's the first time that's ever happened in American history.” He's possibly referring to a Bloomberg story which sparked debate on X, formerly known as Twitter.

    The trend is clear in recent numbers. According to a recent report from the Census Bureau, the population in the South grew by over 1.4 million residents in 2023, with 706,266 people added via net domestic migration alone. Meanwhile, the Northeast’s population declined by 43,330.

    Of course, the reason behind this domestic migration pattern isn’t known for sure, but Moore theorized that two factors are driving it.

     

  • Professor Elam

  • Professor Elam

    1/15/2024

    MCD launches biggest Big Mac

    Bull markets feature an interest in personal health, physical fitness, nutrition and exercise. Bear markets are just the  opposite.

    A super sized Big Mac is yet another indication of a waning interest  in health and the start of a bear market.

    McDonald’s will begin selling the Double Big Mac at the end of the month.

    McDonald’s will begin selling the Double Big Mac at the end of the month.

    Joe Raedle/Getty Images

    One of America’s favorite burgers is expected to get bigger at the end of the month. 

    McDonald’s says its iconic Big Mac burger is now getting a bigger sibling — the Double Big Mac, with four beef patties instead of the usual two. 

    The fast-food chain will begin selling the Double Big Mac at participating McDonald’s restaurants nationwide for a limited time starting Jan. 24. 

  • Professor Elam

  • Professor Elam