Wednesday, June 30, 2010

Geena Davis on Gender Equality!

I have the pleasure of knowing Geena Davis and if I still were living in the New York area, I would have been meeting with her during her recent visit to promote gender equality in the media. (That said, Park City is beautiful!!) CNN reported on her visit. ( click here to read and watch) I would like to thank Geena for her incredible work. What we see on television and in movies matters. Her report on the gender balance in G rated movies and how it may affect our children's development is worth paying attention to. We live in a world that is half women, and half men, and we should seek for that balance in representation in media, in politics, in business and beyond. Of course that goal is not realistic in many contexts, but it the mindfulness of the need for it that will create change. Thanks again Geena for all you do!

Geena Davis Institute for Gender Media works with entertainment creators and companies, educates the next generation of content-creators, and informs the public about the need to increase the number of girls and women in media aimed at kids and to reduce stereotyping of both males and females.

Saturday, June 26, 2010

Goodbye New Canaan! Hello, Utah!

It has been quite a week. A moving week. For all those people that have horror stories about their moving experiences, well, I have one to add to that list. Let's just say the loading of the truck did not go well and it was not a week where I slept very much. The good news is that the truck is on it's way, my husband and son have battled through the crazy weather to cross the country by car with our dog Sunnie, and I leave with my daughter to our new home tomorrow. I am too exhausted emotionally and physically to write anything worth reading but I just wanted to log this entry as it will by last one from the town I have lived in for the past 10 years. I have learned so much in this process and am looking forward to writing about it.

More from the mountains after we get settled. Wishing everyone a fabulous start to summer 2010.

Monday, June 21, 2010

Diversity and Corporate Boards

Friday's WSJ reported that Calpers is yet again exercising its clout on issues related to board composition. This time, Calpers is taking the bold step of creating a broad database of pre-screened candidates that can be tapped to serve as potential directors. But this isn’t just any database. First, it’s being called 3D for “Diverse Director Database”. Second, it’s being created not just to source great potential board candidates (with the usual expertise in finance, management, industry knowledge), but also candidates from “historically underrepresented groups, including women and minorities”.

This is a giant step toward recognizing the importance of diversity on corporate boards but also for the fundamental importance of critical mass. Developing systems endorsed by powerful organizations provides the necessary tools for nominating committees to make smart decisions about board makeup. Calpers 3D plan will give corporations fewer excuses around sourcing gender inclusive talent. In short, ignoring the importance of gender diversity and thus, critical mass, just got harder.

Thursday, June 17, 2010

Town and Country - The June Philanthropy Issue and Donna Karan

What a way to spend my last day in New York City prior to my move to Utah! I headed in bright and early yesterday to attend a special gathering at at a large investment bank - a gathering for Town and Country's annual philanthropy issue. This is my absolute favorite issue of the year of any magazine not only because of the feature articles on celebrity women that are using their power, influence and resources to make the world a better place, but also because their stories are written by great writers and my dear friends, Joanna Krotz and Leslie Bennetts.

The breakfast was in support of the United States Fund of Unicef, and specifically for their relief work in Haiti. The guest speakers were the most fabulous Donna Karan who I had the pleasure of meeting, as well as Malaak Compton-Rock, Corinne Woods and moderated by Juju Chang. A big WOW. Read all about these fabulous women in this month's issue. Also featured in the magazine are Lauren Bush and Sheryl WuDunn.

I left the breakfast feeling so inspired and so motivated to continue the work I am doing with the Women's Funding Network, Women Moving Millions and more. Though historically the majority of women's philanthropy has been grassroots or needs based I sense a change coming. I believe women are increasingly thinking about power, and how to use that power in alignment with their values to create change from the top down. We have to be thinking about how we change the decision making and allocation of resources that results in the injustices that we are locally funding to eliminate. In other words, we need to attack the cause and not just treat the symptoms. Donna Karan opened her remarks by taking about the feminine energy as it relates to sharing, caring and collaborating. Yes these are good things but I would like to include in this new energy more responsible, inclusive and responsible use of power. What does real feminine power look and feel like? I suggest we are just beginning to see it and need to lift up the stories of women that exemplify it.

(Please consider writing a letter to the editor at jennifer.eclipse@parsintl.com in support of the issue!)

Monday, June 14, 2010

The End of Men?

The cover article of Atlantic Monthly Magazine this month has this title - "The End of Men: How Women are Taking Control of Everything" by Hanna Rosin. The article quotes many of the statistics showing the increasing economic, social and political power and influence of women. She refers to much of the same research we featured in our report, "Women in Fund Management: A Road-Map to Critical Mass and Why it Matters," which has a call to action in terms of what we should be doing to increase the number of talented women in the CEO suite, the boardroom, on corporate boards and more. Read this very, very long article and see what you think.

I feel the title, which of course is meant to be provocative, does not frame the issue correctly and honestly, is worrisome. Women are not taking control of everything, nor should taking 'control' be the goal. This women win, men lose thing, (and vice versa ) is both dangerous and plays in to the masculine norms that dominate our society. The goal should be the best outcomes possible, and that happens when the both men and women work together. What men in power need to embrace is the potential that lies in more fully acknowledging and embracing these demographic trends and economic arguments.

What should we strive for? What does it mean to partner? Check out this OPED I wrote wome time ago called - Brokenness, Hope and Women.

My conclusion - "We can talk about new appointments and new administrations, but it is in valuing men and women, boys and girls equally and in enabling their full participation in society, that we will set the course for the positive change we need to see in our families and our public and private institutions."

.... we can all win.


Wednesday, June 9, 2010

Okanagan Wineries in the NY Times

I was born and raised in the Okanagan Valley of British Columbia in a town called Kelowna. This area is known as the Napa Valley of Canada as it is overflowing with vineyards. There was just a GREAT write-up on the area in the NY Times and here it is! It is not everyday that one's home gets an article like this so had to share!

Back to packing... two weeks and counting.......

Friday, June 4, 2010

Auburn Lives of Commitment Breakfast 2010I

Thursday was a very special day for me. Auburn hosted their annual Women's Live of Commitment Breakfast and I was deeply touched to be an honoree. Auburn Theological Seminary is an institute for religious leadership and their new President is the most wonderful Katharine Henderson, author of "God's Troublemakers: How Women of Faith are Changing the World." I want to thank the MANY friends and family who showed up bright and early to show their support, and the many more who sent such lovely notes as well as gifts to Auburn. Please know how grateful I am!!! To watch my acceptance speech on YOUTUBE click here.

Following the breakfast I had the opportunity to participate on a panel with my fellow honorees on the topic of "Women, God and Money." The most spectacular Kathy LeMay, author of "The Generosity Plan," was the moderator, and my oh my did she ask some tough questions. That woman knows me too well and was not about to let me off easy. She asked us all the question, in a world where so many have so little, how much is enough to give? Since this was a faith based panel we all acknowledged that we are called to give, a minimum of 10%. But is that enough? I think we are called to be generous, as generous as we can be not only of our financial resources but of so much more. Why we CHOOSE to be give must come from somewhere, and for me, it is because of my faith. In my acceptance speech ( below ) I spoke about my faith and it appears below. My blog entry on the day I mentioned ( October 28th, 2008) and can be found here in case you are interested. It was the day so much changed for me....

I spent that evening with some of the most incredible women on the planet. Thanks to my buddies who planned the gathering..... love you so much. It truly meant the world to me.

Monday, May 31, 2010

The Power of the Purse - Using Our Spending Power to Drive Change

It should not be surprising that one of my favorite BLOGS is called "Power of the Purse." The author is Sondra Shaw-Hardy, J.D., described by Town and Country magazine as “the pioneer” in women’s philanthropy. Since 1995 Sondra has authored, co-authored or co-edited five books: Reinventing Fundraising: Realizing the Potential of Women’s Philanthropy; Creating a Women’s Giving Circle: A Handbook; The Transformative Power of Women’s Philanthropy; Youth Giving Circles: Inspiring Youth to Bring About Change; and Women’s Giving Circles: Reflections From the Founders. Her current book, "Women and Philanthropy: Boldly Shaping a Better World" will be published by Jossey-Bass in September, 2010.

Sondra's latest entry is awesome. She instructs us on how we can use our spending power to drive change. Change takes work. Sometimes it is not convenient. But. Can you imagine what the good we could do, the power we could shift if we, and I mean the big WE, would do what she suggests??

"When making our purchases as the world’s largest economy (yes, author Tom Peters did say women were the world’s largest economy), I think we should ask these six questions that I The Power of the Purse and Vera Bradley call:

Six Spending Requirements From the Power of My Purse:

1.How many women are on the corporation’s board?
2.What charitable efforts does the company support?
3.What does the corporation do to help women and girls?
4.How is the corporation working to increase women’s roles in management and corporate executives?
5.Does the company have a plan for increasing diversity?
6.How is the corporation collaborating with others to further philanthropy?"

Read her full entry by clicking here. Better yet subscribe!

Money is a power tool, let us not forget this. With every dollar we spend, we give, we invest, we have the opportunity to let it speak our values. My goal is to not only do that increasingly myself, but to guide others on how to do that as well. What do you care about? What do you want to change? Then how do you use your money, as well as your time and knowledge, to make it happen?

Friday, May 28, 2010

Tax Rate Expirations


"The current top capital gains rate of 15% is set to rise to 20% in 2011. Next January also heralds both the expiration of capital gains treatment for dividends, returning them to ordinary income rates, and the return of a top 39.6% income tax bracket, up from 35%. This means that for 2011, dividend income could be subject to a federal tax rate of 39.6%, and in 2013, 43.4% (top income tax bracket of 39.6% plus 3.8% investment income tax). Likewise, in 2013, capital gains may be taxed at a top rate of 23.8%. There has been movement in Congress to maintain the capital gain and dividend rates at 15% for those with incomes under $250,000 (joint return) and $200,000 (single)." WTAS

Major tax increases are coming. Major. I cannot imagine how this is going to be a positive for the equity or credit markets. I just read the top income bracket in New York City will be paying over 52% total federal, state and local. California is giving tax refunds in the form of IOUs? NY is weeks away from running out of cash. We are already in a state budget crisis. There is going to be a battle between these three taxing bodies for dollars.

Abundance, Generosity and Friendship

"Show me who a woman's friends are and I will tell you who she is." - Ralph Waldo Emerson

Last night some of the people I love most in this world had a "leaving but not going away" party for me. It truly was one of the most special evenings of my life. I awoke this morning feeling so incredibly blessed and so moved to continue to try to do all I can to make the world a better place.

Friends. The people you choose and the people who choose you. When I looked around the room last night and rested on each of these amazing women's faces I thought how lucky am I to have these people in my life. The common denominator? They all use their time, treasure and talent to better the lives of others in such a generous and loving way. Ladies you know who you are, you know how much I love you and I ask yet another thing of all of you - please continue to help me be the best person I can be and expect a lot of me, as heaven knows I do not want to disappoint any one of you. Thank you for all you are, all you do, and for giving me the greatest gift we can give each other, love.

Sunday, May 23, 2010

Latest News - Some Facts and Figures to Digest

I spent 10 hours on the soccer field yesterday and in between my daughter's games I had a chance to at least skim the stack of papers I had not had a chance to read this week. ( moving, injury... long story) There are about 100 topics I would like to link to, comment on, write-about ....... not going to happen. BUT... I did jot down some facts that I want to share that get behind some of these key issues affecting the markets and the economy. Food for thought...

- The losses or injections of gov't money in to Fannie and Freddie is already $145 billion. Double the profit of the last 35 years.
- According to MBS 9.38% of ALL LOANS outstanding are delinquent as of Q1.
- US inflation year 4 year lows ( as it is reported by the gov't)
- A NY Police Officer retired at 44 having had a base pay of $74,000 yr and now gets $101,333 a yr for life, retired. ( NYT)
- Our National Household New Worth - $54 trillion ( 18% less then summer 2007) - NYT
- The Median Retirement Account Balance for Heads of Households ages 55-60 - $80,000 NYT
- The Median Annual Salary for Full-Time Workers with a 4 yr College Degree $55,656 (2008) NYT
-$140.5 billion - Net Foreign purchases of long-term US securities, minus open market buys in March. ( Barrons)
- US Reform Bill Clears Senate Hurdle this week
- Surprising jump in US jobless claims
- Germany surprises the market by banning naked short selling on certain instruments
- Bangkok burns and Thai protests spread after a crackdown
- Credit Spreads widening from post crisis tights
- Lots of news about the state and local budget problems - LOTS. "The Center on Budget and Policy Priorities estimates that this coming year alone states will face an aggregate shortfall of $180 billion. In some states the gap is more then 30%." (WSJ)
- The Hedge Fund dudes head to Washington to lobby against an increase in carried interest profits from the cap gains rate to ordinary income rates.
- Cost of going to Georgetown University next year - $53,006 (WSJ)
- Seth Klarman - legendary investor - Baupost Group - "More Worried then Ever." ( WSJ)
- Default rate on credit card loans 9.14% - highest rate since index began to be calculated in 2004.
- Oliver Stone's sequel to Wall Street debuts at Cannes Film Festival.

Markets

- S & P - 1087 week down 4.23% ytd down 2.46% 52 week up 22.63%
- 10 yr treasuries 3.2%
- limber down 30% over the past month
- Asian Markets lowest level in 9 months
- Canada/US dollar out to $1.07 after almost hitting parity again
- GE drops $5.8% - $16.26 share (thurs)
- Euro down 17% versus US Dollar since December
-Nikkei 225 Average closes below 10,000 for first time since Feb. (down 6.48% on week)

Off to pack...

Wednesday, May 19, 2010

Top Ten Risks for the Global Economy ( GS 2005 )

I am in the process of packing up our home for a big move out West and coming across some interesting things while doing it! In 2005 I attended a conference at Goldman Sachs entitled "The Top 10 Risks in the Global Economy." The speakers included heads of states, economists, investment managers and more. All these challenges continue to be extremely relevant today!

Here is what they were. ( again 2005)

1) Hedge Funds and Derivatives
2) World Oil Supply
3) Wealth Disparities in Emerging Nations
4) Global Regulatory Challenges to Economic Growth
5) Opportunities and Challenges For Growth in China
6) Trade Liberalization
7) Environmental Accords
8) Geopolitical Conflicts
9) Global Terrorism
10)World Health Conditions

There is so much to write about, so so much... but the packing boxes are calling my name !!

Saturday, May 15, 2010

Washington Visit


This was one of the coolest weeks ever with respect to the intersection of so many of the things I am passionate about! Women, money, influence, finance, social change, philanthropy, networking, human capital management and more. The only thing missing was the faith component but that is coming June 3rd. A quick plug. Auburn Theological Seminary is having their annual Women’s Lives of Commitment Breakfast at 7:30 am at the Plaza Hotel, NYC. I am humbled to be an honoree this year, with other amazing women leaders who are motivated to do what they do in the world because of their faith. Following the breakfast there will be a conversation, “Women, God and Money” so please consider joining! I will do a whole entry on Auburn soon! On to this week...

I made a trip to Washington on Wednesday to meet with the White House, Presidential Personnel Office to discuss how they can access various networks to attract the best people possible to senior roles in the administration. It was fascinating to learn about the process by which they recruit thousands of people in to various roles and I was deeply impressed with the staff people we met with. We had many senior people in the administration come to speak to us to talk about their careers and I learned so much. Personally I have never thought about a role in government so it was really eye opening. The good news is the government is hiring, the bad news, there is not much hiring going on in the private sector.

Next I had a meeting with some very senior folks at Treasury to discuss the Women in Fund Management Report, which looks at the barriers and solutions to attracting, retaining and promoting more talented women in to financial services roles. The Treasury Department is perhaps the largest financial institution we have in this country. I had never really thought about that! ( If you are a person with a financial background and are looking for work, or know of others who are, the treasury is hiring! (check out the link here) ) We discussed a variety of issues and opportunities and I looking forward to staying connected with the people I met there and assist them in any way possible! A few weeks back I had the opportunity to meet the most senior woman in Treasury, the Treasurer of the United States, Rosie Rios. I am going to do a separate entry on Ms. Rios as she is truly spectacular and I women we all need to know about. Talking about powerful women in Washington Finance, there was a great article about many of them last week on Yahoo so in case you missed it, here it is. ( "Female Sheriffs of Wall Street - click here)

So what did I learn from all of this? What were my take-aways? First, our country is being largely shaped by government, so to have the opportunity to walk the streets of Washington, and have access to the buildings and the people were decisions were being made me feel like I could be part of it all. That I could have a voice. That we all could have a voice. I shared some of the concerns I had as a resident of this country, and I was listened to. That was very cool. Second, I was deeply impressed with the people I met and their commitment to the work they do. If there are ways I can assist them in doing the best they can do for all of us, I am going to do that. Third I realize the need to see government as a partner to business. I see the need for creative solutions to some very big problems and I am left imagining how to do that. Stephanie Hanbury Brown was there from Golden Seeds, and we had a great conversation with a senior person from the Commerce department on how to breakdown the barriers to accessing capital faced by women entrepreneurs. Unleashing private capital to fund new businesses has to be an urgent priority so how do we partner in doing that? How do we leverage the power of government in partnership with the private sector to improve our economy? So far I have not seen a lot of great examples of that but I left Washington believing that good things could and will happen. So..... I left inspired. I left hopeful. I left feeling like I can, we all can, make a difference.

I have so much more to blog about but this is already a very long entry.... blessings.

Sunday, May 9, 2010

Fannie, Freddie and Financial Markets Terrorism?

Fannie Mae and Freddie Mac. If you are a regular reader you know I have mentioned them a lot over the years. Well they reported quarterly losses late last week but the number barely made a headline. Today in Gretchen Morgenson of the New York Times writes a front page article called "Ignoring the Elephant in the Room."

"Freddie — already propped up with $52 billion in taxpayer funds used to rescue the company from its own mistakes — recorded a loss of $6.7 billion and said it would require an additional $10.6 billion from taxpayers to shore up its financial position." It goes on..."Some $130 billion in federal money had already been larded on both companies before Freddie's latest request."

Gretchen questions why more people are not talking about this situation, and I could not agree more. This two agencies are barely if at all mentioned when talking about financial reform, and for those who think government might be the answer when it comes to running financial institutions, I beg you to think again. The same Washington folks who thought Freddie and Fannie could do no wrong, like ever, are the ones leading the charge for too big to fail institutions that don't include these two entities. It is nuts. It is scary and sad and nuts.

Ok on to the reason for the 1000 market crash. How is it possible that days later no one has a clue what caused this? ( "Origin of Scare on Wall Street Eludes Officials" NYT )Am I the only one out there that think this could have been an act of financial terrorism? If it was a 'fat finger' error how could officials not know from what institution the trade came? It just does not make sense and honestly, it is really frightening. First we had credit derivatives and synthetic CDOs as weapons of mass destruction and now this. We not only have to worry about dismantling physical bombs, but economic and financial ones as well? Capital markets, and especially stock exchanges, work because we have confidence in them. We assume that if you execute a trade in good faith it will be upheld. With what happened last week, including the cancelling of trades which occurred during the drop, it really makes me wonder what the heck is going on.

I think it is equally bizarre that they have no idea what caused the explosion on the oil rig and why NONE of the back-ups kicked in. I am not trying to get all Mel Gibson on you all but ..... Ok I know it is Mother's Day. I need to lighten up.

Happy Mothers Day! A Shout Out to My Mother Rose.

"Mаkіnɡ a ԁесіѕіοn tο hаνе a child–іt’s momentous. It іѕ tο ԁесіԁе forever tο hаνе уουr heart ɡο walking around outside уουr body.” – Elizabeth Stone

I want to thank my mother Rose for being such an amazing example of what a mother should be. She was always there for me as a child, and continues to be as an adult. She loves, she gives, she serves, she listens, she teaches, she guides, she cooks, she cleans, she creates, she holds. My grandmother Sadie, at 92, is the light of our lives and taught us all how to live a generous life. To my big sister Teri, the mother of two spectacular human beings, you are the best mom ever! I am blessed to have so, so many wonderful women and mothers in my lives. Wishing all the mothers out there a truly wonderful day....Pictured above is my mother Rose with my two children, Matthew and Allie.

Saturday, May 8, 2010

Thoughts From John Mauldin on the Crisis in Europe and more...

John Mauldin is one of my favorite economic writers and I highly suggest you subscribe to his free newsletters. His most recent ones, that you can find here and here, put a challenging context around recent events in Greece. What he suggests is that the problems faced by Greece we face here in the US as well.

"Let me briefly sum up last week's letter. They wrote: "Today, interest rates are exceptionally low and the growth outlook for advanced economies is modest at best. This leads us to conclude that the question is when markets will start putting pressure on governments, not if.

"When, in the absence of fiscal actions, will investors start demanding a much higher compensation for the risk of holding the increasingly large amounts of public debt that authorities are going to issue to finance their extravagant ways?" "

This is the fundamental question I started asking over two years ago when I began this blog. Put another way I suggested that you cannot solve a debt problem with debt. ( yes I studied business to figure that one one.. ha ha ) Sooner or later debts must be paid off, or written down. The former is more painful for the borrower, the second of course for the lender. It seems the day of reckoning is coming sooner versus later. Time to deal with the big problems. If you want to read an insightful comment read Chris Gray's from two blogs ago....

Friday, May 7, 2010

Thoughts on the Market from Merrill Lynch's Michael Hartnett

This just in from Merrill Lynch about the sell-off yesterday. The piece is called "While Athen Burns..." - Head Strategist Michael Hartnett

"Drivers of the sell-off: earnings, interest rates/liquidity and positioning. China
growth fears and European credit contagion & deflation are the key macro drivers."

"Global equities are off over 10% from their April 15th highs. Three reasons why:
earnings, interest rates/liquidity and positioning."

"New lessons
􀂄 The excess liquidity phase of the bull market is coming to an end
􀂄 European deflation a huge risk
􀂄 Market is now differentiating between creditors & debtors; companies with
ambitious funding schedules may be penalized.
􀂄 Companies are safer than countries
􀂄 Best of breed stocks to outperform"

Thursday, May 6, 2010

Greece Problems and the Markets Takes a Big Nosedive

Greece. Spain. Portugal. Contagion. European Banking Crisis. Sovereign Defaults. These were some of the words being thrown around today to explain the big downward dive in global equity markets. A few weeks ago I mentioned Greece and made reference to John Mauldin saying "there is not a happy ending here." Still true. There is no happy ending to countries spending way beyound their means.

I have to say I had a sinking feeling on my way in on the train this morning. Why? Because I read the newspaper. The article that really caught my attention was yesterday's piece in the FT by Martin Wolf ( love him )"A bail-out for Greece is just the beginning." ( love the FT) The article describes the bailout package for GREECE and why they are unlikely to avoid a debt restructuring. Greece is certainly in the worst situation "but several (others )have unsustainable fiscal deficits and rapidly rising debt ratios." Just like the US subprime problem, there is a lot of debt that is going to need to be written down and it mostly the European banks that own it. Is round two of the financial crisis about to unfold? How the heck do I know, but I certainly think there are some very big problems out there that would argue for a more defensive posture.

Monday, May 3, 2010

HUMANITY CALLS AND EBAY LAUNCH FUNDRAISING TOURNAMENT FOR THE ENVIRONMENT

$50,000 from eBay for Fundraising Tournament. Top-voted Nonprofits Win.

I want to share with you some information about a remarkably new and fresh way to make giving fun! It’s a social fundraising movement and the culmination of over 50 people's collaborative efforts, tens of thousands of entirely volunteer hours and less than $5,000 in capital. This platform speaks to and truly engages younger audiences and is BIG and BOLD enough to tackle major world issues and challenge how people really think about fundraising. Humanity Calls is what the world needs now!

Specifically, Humanity Calls is the world’s first fundraising tournament platform designed to bring together nonprofits, companies, and individuals focused on global challenges such as health, education, women and girls and poverty. Its initial fundraising tournament for the environment just recently launched with $50,000 from eBay. For 8 weeks, a global community will vote on the top environmental nonprofits around the world to determine how this money, and much more, will be split up. Currently, over 115 environmental nonprofits have signed up for the tournament, with more expected to join. And last week alone, over 5,000 votes were cast for these nonprofits in the system!

The tournament is at the heart of a movement in which organizations use online voting to inspire philanthropy. Unique to Humanity Calls, however, is a focus on social media and game mechanics, which drive participation and charitable giving and ultimately increase the amount awarded to multiple nonprofits over the course of each Humanity Calls tournament. Nonprofits vie for votes that determine their share in a donated cash pool and individuals from around the world earn votes by taking action, such as donating and spreading the word through Facebook and Twitter.


Humanity Calls is a completely 501(c)3 registered nonprofit organization entirely powered by volunteer efforts and . Top-voted nonprofits receive 100% of individual donations (less third party payment processing fees for donations) at the close of the tournament.

I’ve been following the Humanity Calls story for some time and personally know the outstanding team behind this immense effort!!! To achieve their vision, which is to raise dozens of millions of dollars every year for the world's best nonprofits, Humanity Calls needs your participation! Simply logging in to Humanity Calls provides ANYONE with one initial vote to cast in favor of the organization they believe to be most worthy to share in the +$50,000 tournament cash pool. Additional votes can be earned by donating directly to participating nonprofits, donating to the larger tournament cash pool and referring others to HumanityCalls.org. I urge you to go the website, watch hundreds of nonprofits vying for votes and earning thousands of dollars in donations while engaging tends of thousands of supporters right before your own eyes!
Please pass on the news about this amazing new organization and help Humanity Calls help Humanity.

Thursday, April 29, 2010

The Helen Keller Foundation and Gala - May 17th

Just recently, an incredibly dedicated group of women introduced me to Helen Keller International, a 95-year old nonprofit founded by the legendary Helen Keller. On May 17th, the 5th Annual Spirit of Helen Keller Gala will be held in New York. In connection with the Gala, my friends from HKI are deeply committed to raising $1 million dollars for HKI’s programs, which prevent blindness and reduce malnutrition worldwide. Unfortunately, corporate sponsorship remains weak, which means that HKI must increasingly rely on private and individual support. Please consider supporting this wonderful organization.

By way of background, HKI currently works in 22 countries, including Africa, Asia Pacific and the US. HKI’s model -- partnering with local non-governmental organizations and governments to introduce interventions that save life and preserve sight -- is technically proven and unbelievably cost-effective. In light of recent abuses highlighted by the New York Times in the micro-lending world, HKI’s model and work continues to command tremendous respect and support around the world.

The Benefit Committee at HKI is determined to continue building upon this organization’s great strength so that it can operate in more villages and reach even more children and adults. Simple donations also go far at HKI: for $2/year, a child can be given the two Vitamin A capsules that give her enough fortification to ward off blindness and hold onto life. For $9, village community gardens can give mothers to a way to provide not only essential nutrients for their families, but also produce to sell in the market.

I am incredibly inspired by HKI and its ability to impact lives in truly meaningful ways. As a direct result of this organization’s great work, children will live and people’s eyesight will be saved. Please give, support and pay tribute to the great work of HKI!

Wednesday, April 28, 2010

Bethany McClean - on the GS Hearings and more..

I have a very long list of favorite people on the planet, and Bethany McClean is one of them. For many years she wrote for Fortune Magazine, and more recently moved to Vanity Fair. In addition she co-wrote "The Smartest Guys in The Room" - a book about Enron, and you if you have not seen the movie, you should.

She weighed in about the Goldman, well, mess... by writing this oped for the New York Times - Meet the Real Villain of the Financial Crisis. She has this to say.....

"But the transaction at the heart of the S.E.C.’s complaint is a microcosm of the entire credit crisis. That is, there are no good guys here. It’s dishonest and ultimately dangerous to pretend that Goldman is the only bad actor. And the worst actor of all is the one leading the charge against Goldman: our government."

This article is a must read as it puts other actors in to both this transaction and others like it that are at the heart of this crisis. I did not watch the hours and hours of testimony yesterday, only about 30 minutes, but if you did, I ask you, what was accomplished? Do you think the folks asking the questions asked balanced ones? Do you think they understood the nature of this transaction, or even how institutional market making firms like GS work? ( from what I watched, not at all ) Where does it all go from here?

I am not defending GS in this transaction. I am not even defending Wall Street. Nor am I attacking anyone. It just seems to me that educated, unemotional, thoughtful and truth seeking dialogue was not what I witnessed yesterday and I would have thought that would be the purpose of those hearings.

A list of other lead articles written about the testimony yesterday... "'Fabulous Fab' breaks cover to face grilling as Goldman's woes mount"-Financial Times, "Goldman Sachs on the defensive as senators ask blunt questions"-The New York Times, and "Goldman is bruised, defiant in senate"-The Wall Street Journal.

Monday, April 26, 2010

A Call From SheWrites - My Heroines...

Deborah Seigel (pictured) of SHEWRITES has started something! She has asked all us bloggers to create a list of our women heroines. Love it. (click here to read more) So here is the problem.. I have way, way, way too many.... So if you are not included in this list, forgive me, and you will be in the next one... Not many on my list are bloggers, but they should be.

1) Deborah Seigel - Back at ya sista! ( girlwpen )I am not sure I would be blogging at all without your support. You are a gifted writer and a spectacular person.

2) Ann Kaplan - Founder of Circle Financial Group. Our friendship goes way back to the early 90's when Ann as a senior women in Fixed Income at GS and I was a lowly associate. She has been my mentor forever.

3) Barbara Dobkin - Barbara is one of the most selflessly generous people I know. She gives and gives and serves and serves and always with humor and joy.

4) Kathy Lemay - Kathy you have rocked my world. She is the writer of the new book, "The Generosity Plan" and since the day I met she has challenged me about who I am and how I can make a difference.

5) My 92 year old Grandmother Sadie, my mother Rose, and my sister Teri - I have the most amazing women in my family and I love them all so much.

6) Helen Lakelly Hunt - For stepping out of her comfort zone and encouraging women of means to step up to fund women and girls.

7) Chris Grumm - President of the Women's Funding Network - She is a force of nature and I am honored be a part of the community.

8) Stephanie Hanbury Brown - Creator of Golden Seeds, and angel investing network that funds women entrepreneurs. She walks the walk.

....... I could go on and on and on. I am so blessed and thank all the incredible women in my life.

Sunday, April 25, 2010

Men, Feminism, Gender Equality and Call to Action!

The Women’s Movement has not been very good at including men in the discussions and strategies to advance gender equality. We justly complain about being excluded from men’s tables, but I truly challenge us to ask ourselves if we are doing the same thing by not inviting them to ours? This has to, and is, slowly, changing.

I want to honor the history of women’s organizing and action. Women needed a safe place to share stories, be heard and create strategies for change. We certainly still need that, but broadening our movement to include men that share our values has, I believe, become mission critical.

I also want to honor the many incredible women leaders and activists, so many of which I had the good company of this past week in Denver, at the Women’s Funding Network Annual Conference including Gloria Steinem, Chris Grumm, Helen Lakelly Hunt, Barbara Dobkin, Katherine Acey and so many more. These women have been fighting for the rights of women and girls for decades. But for the movement, our movement to advance, I believe we need to do a much better job of including men and male leaders who share our mission and our values. We need more than a few good men, we need a lot of them, and one such man is Kumi Naidoo, International Executive Director of Greenpeace International, who joined us in Denver.

Kumi travelled all the way from Amsterdam to speak on a panel at the conference called “United In Purpose: A Cross-Sector Stakeholder Exchange.” The other panel members were Saadia Zahidi ( World Economic Forum) , Anne Mosle (Kellogg Foundation), Ana Maria Enriquez (UNIFEM), Pamela Shifman (NOVO) , Cathy Woolard (CARE) , Kim Azzarelli (Goldman Sachs) and moderated by Nicky McIntyre ( Mama Cash) (link to all speakers bios). More and more organizations are investing in strategies that see women and girls as solution builders to the world’s problems, and the question is, how do we work together for maximum impact? How to we make sure that this is not a trend but sustainable? Organizations like CARE, Goldman Sachs 10,000 Women Initiatives, and the NOVO Foundation are BIG, yet relatively new players in this work, so how do they partner with Women’s Funds that have been doing this work for 30 years? How do they both absorb and leverage the knowledge that exists and not reinvent the wheel? And what can we as a network of women’s funds learn from these organizations and how they come to see investment opportunities and strategies? Rather than give you all my notes, I will link to the session when it becomes available next week.

My point in this blog entry is that a MAN, a self defined Feminist MAN, was there with us brilliantly adding to the conversation with insightful perspective and great tactical ideas. He did not need to be convinced that including women and girls in discussions around climate change, poverty, health issues was the right thing to do, but the absolutely necessary thing to do. He did not need to be coached about what to say and how to say it in a respectful and inclusive tone, be modeled it. He did not duck tough questions about inclusion and voice, he addressed it head on. He did not cushion his comments about what hold the women’s movement back, he gave targeted advice on how we could both gain access and influence. This man was a breath of fresh air and I for one sat there wishing for more of guys like him. I cannot wait for you all to watch the video of this session, I cannot wait!!

Now I know of course there are many feminist men, (my hubby, James B to name a couple) but my point is that there are not enough, and few that are in positions of power and influence like Kumi is. If you ask most men, and sadly some women, if they are feminist they are likely to say no. ( see definition below ) We need more, so many more feminist men, and it gives me great hope to know that Kumi is at Davos, is leading conversations about climate change around the world, is meeting with the top CEOs of the world at their request, and is one of us! He is someone who believes that gender inequality is the root cause of so much that ails the world and that reducing it offers the hope for what can heal it.

So here is the call to action Girlfriends. Increasingly see the recruitment and engagement of men, our men and men we do not know, as key to OUR success. Let’s help them understand that gender inequality is NOT a women’s issue, it is a human rights issue. Let’s help them understand that when women and girls are safe and secure, so are families, communities, and our nations. I must have said this 100 times on this blog, and I will say it 100 more. Reducing global gender inequalities – in leadership, education, political participation, wages, civic engagement, legal rights and more…. is what will help save and heal our planet. I know this with every ounce of my being and I will work, engage, fund, fight and march for this until the day I die. Join me and let me join you.

As for you men who might be reading this here is your call to action. I challenge you to ask yourselves do you believe that women and girls should have the same access, opportunity and security as men and boys have? If the answer is yes then think about why it is ok that women still earn in the country 77 % of what men earn? Why is it ok that women are largely absent from corporate boards and leadership positions? Why is it ok that 70% of the world’s poor women and children? Why is it ok that millions of girls go missing every year and so little is done about it? Why is it ok that you can buy the body of a teenage girl on Craig’s list? If none of this is ok, please ask yourself what are YOU going to do about it?

The great news is that it is not JUST about giving money to organizations that do this work, the work can begin in your home in terms of how you interact with and empower your wives, daughters, and yes, your sons too. Turning the TV off when you see women and girls objectified would be a great place to start. In the workplace, hire, mentor and encourage women, as well as men. We need so many more men understanding, caring about and acting like gender inequality matters TO THEM.

Thank you Women’s Funding Network Staff for an incredible few days at your annual conference, and I hope next year that if you are reading this and have not attended, you will. It is my goal as Vice-Chair of this organization to make this event the must attend gathering for those funding women and girls around the world.

footnote...
• Feminism has this definition - "the policy, practice and/or advocacy of political, economic and social equality for women." (It does NOT mean anti-men) For those of you, especially women, who say you are NOT feminists, I urge you to think about and explore the definition. Many people think it to be a very left wing political movement, which is not it's true definition.

If you just cannot for whatever reason embrace the word feminist consider owning this ...

Humanist - "a person having a strong interest in or concern for human welfare, values and dignity." Men and women, boys and girls.

Thursday, April 22, 2010

Gloria Steinem, Judy Chicago, Ana Deavere Smith and more....

It started at 10:30 pm Tuesday night. I landed in Denver for a gathering of "Women Moving Millions" prior to the Women's Funding Network Annual Conference, and headed straight in to a meeting with Gloria Steinem. Over water and orange juice, in a dirty meeting room we found our way in to, we spoke about the future of the women's movement. There were just three of us, and we shared thoughts about what it meant for the first time in history that women were stepping forward in a big and bold way to fund women and girls. We shared models and ideas and and and.... I truly had to pinch myself. Was I really there, in that discussion, with Gloria Steinem? Just a few hours later Gloria addressed a group of donors about what she thought was the significance of this community, and how we could help create a more just and equitable world. It is about bringing more resources to the tables, but it is so much more. It is about women claiming their voice and standing together to be heard.

After a glorious day of visioning phase two of WMM with some of the most incredible women on the planet we headed to a Dinner Party. It was just under a year ago that Women Moving Millions celebrated the end of their phase one campaign to encourage women and men to make million dollar gifts to women's funds. Their goal was $150 mm, and $180 million was raised. The celebration was held at the Brooklyn Museum, the home of Judy Chicago's Dinner Party. This important icon of feminist art after years of not being available to the public, found it's place in history thanks to Elizabeth Sackler. The story is told that she when she approached the Museum to say she wanted to create a center of Feminist Art for them they said, "great, but do we have to use the word feminist?" To that she answered, "if you want my money, yes you do." And so it is named. In a room in the museum a dinner party was staged for all those women and a few good men, who contributed to the campaign. This women claimed their space in history as the first every community of high-net worth women to fund women and girls. This year we celebrated not with the art, but with the artist, Judy Chicago. Judy talked to us about her inspiration behind the dinner party, the process of creating it, and perhaps most imporantly, her lifelong effort to bring recognition to women artists. She spoke, and gave shocking examples, of women that have been and continue to be erased from history. She is on a mission to give women artists their place in history and we all can help. Please check out Judy's website to learn more. Judy totally inspired me to seek out women artists when I am looking for art, and as importantly make sure we pressure the art organizations we are affliliated with to make sure women artists are included and added to their permanent collections. PS. This is one super cool lady!

So moments ago I had the honor of watching and listening to Anna Deavere Smith perform a one women show for the Women's Funding Network conference attendees. Anna is a writer, an actor, an activist, a playwrite.... a gift to this planet. Anna interviews women around the world, and performs as them, in their own words. She took us on a journey from behind prison walls with a women who stood silent as her boyfriend beat her daughter to death, to Stanford University with a woman from Rwanda who at 6 years old watched as her family members were killed, to a meeting with Anne Richards, just prior to her passing. Her performance was breathtaking in it's authenticity. To me, that is what makes women's gatherings like these different. Authenticity. I don't see women walking around pretending to be what they are not, but rather celebrating and enjoying both they are and why they are doing the work they are doing in the world. I listen to stories not of what vacation someone just went on, but what grantee partner just made a major milestone in their work. We talk about changing the world and stepping in to our power to do that. One day I truly hope that the room is filled not just with women, but with men too. Men that share in the understanding that you cannot leave out half the population and hope for good outcomes. Men that see that sharing power is not losing power, but expanding it. Men who realize that eliminating the effects of gender stereotyping is liberating not just for women, but for men as well. Men that realize that it is just not right, or fair, or tolerable, that thousands of women and children go missing, are uncounted, and are so much more likely to live in poverty.

Off to dinner with some completely amazing women... have a great evening.

Monday, April 19, 2010

Goldman and the SEC Case....

This from a friend of mine about the Goldman case....

"I have been studying this area for months now. The SEC case against Goldman is a very technical one on the issue of fair disclosure. The Wall Street Journal says the allegations were that Paulson initiated the idea of that deal and had been in discussions with respect to bond selection with the credit manager for the deal ACA. And the SEC feels that that fact should have been disclosed to investors. As stated, that is really a stretch.

The newspapers are putting on a different spin. That these deals were sucker plays in which investors were sold securities with the knowledge that another party was short the securities. What the papers fail to understand is that unlike with other securities, a credit default swap always has mirroring long and short positions from the get go. So for every synthetic CDO deal done, the investment bank knew (and investors should have known) there was someone buying protection out of the insurance created in the deal, hence short.

The much more troubling aspect of all this comes out of a much earlier NY Times article on December 24, 2009 by Gretchen Morgenson

That article says that Goldman created synthetic CDOs for the purpose of creating capacity in credit default swaps to cover its own long positions in real estate. And that it is the reason Goldman kept the policies on their books rather than sellling them off to likes of Paulson.

If that is the case, then Goldman could be criticized on its ethics and perhaps sued.

As an addendum, I used to wonder why insitutions were willing to invest in synthetic CDOs and thereby become the issuer of a credit default swap giving protection on pools of subprime mortgages. The answer is that writing a credit default swap and receving the quarterly "insurance premiums" plus owning a Treasury is equivalent to owning a high-yield bond, and a bond having a credit rating. "

This OPED in the Wall Street Journal today is certainly worth a read. They come to the defense of Goldman with respect to this case which has knocked off some $1o billion in market value, to be felt not just by Goldman people, but everyone who owns a share of stock. They say the "real impact of this case is political. The SEC charges conveniently arrive on the brink of the Senate debate over financial reform, and its supporters are already using the case to grease the bill's passage." The WSJ has critisized the firm in the past over many issues, but this is not one of them.

Here is the challenge - To bring appropriate reform to the financial system while maintaing sufficient confidence and trust in those implementing the reform, and those on the receiving end. They have to work together. I do not see this as a war where one side wins and the other loses, but rather working in partnership for a better long term outcome for all. I know... dream on.