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Clarksville, TN ? The Clarksville Parks and Recreation Department received a total of eight awards from the Tennessee Recreation and Parks Association at this year?s state convention held in Knoxville, Tennessee.
Four Star Benefactor Award for Cumberland Bank and Trust?s sponsorship of the Queen City Road Race being presented.
Founded in 1952, the TRPA is a professional society of more than 1,200 individual and agency members interested in the recreation and parks movement in Tennessee. The TRPA is involved in lobbying, education and scholarships related to the field of parks and recreation.During its annual conference in September, the TRPA awarded Clarksville three Four Star Awards. The department won the Four Star New Facility Award for Liberty Park, the Four Star New Program Award for the Mayor?s Summer Night Lights Program, and the Four Star Benefactor Award for Cumberland Bank and Trust for their many years of support and sponsorship of the Queen City Road Race.
Other awards received include the Robert H. Horsley Award for Outstanding Community Center Programs and the Program Excellence Award for the Hershey Track and Field Program. Individuals who also received awards; Frances Sumner, Bob Parker, and Mike Connel received Volunteer Service awards for their work at the Fort Defiance Interpretive Center. Tina Boysha, Athletics Director, received the Dennis Rainier Award for Excellence in Athletic Planning and Programming.
For more details on Clarksville Parks and Recreation, please contact the main office at 931.645.7476 or visit www.cityofclarksville.com.
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(Reuters) - The days when Wall Street banks could blithely hand out half their revenue in compensation to their staff without a murmur from shareholders have come to an end.
In an era of leaner times and tighter regulation, big mutual funds and pensions are growing more vocal in pushing executives at investment banks to rein in pay and bonuses and consider more staff cuts. Investors worry that bank employees are getting too big a piece of a shrinking pie, leaving shareholders a much smaller slice.
So far, much of the jousting is taking place behind closed doors. But the debate over whether investment banks should keep devoting roughly 50 percent of revenue to employee compensation is starting to enter the public realm through proxy battles and as more large shareholders speak out on the issue.
"Sometimes executives are being rewarded immensely for just sitting in their chairs, just coming into work every day," said Aeisha Mastagni, an investment officer at California State Teachers' Retirement System, which manages $154 billion in assets. "There is a need to conform to truly performance-based compensation."
Wall Street pay was not a big concern to investors when investment banks were highly profitable and shareholders were reaping benefits too, Mastagni and other investors said. But large shareholders are becoming more vocal because earnings no longer justify compensation at pre-financial crisis levels.
Last year, Morgan Stanley executives came under fire during some investor meetings, according to one person who attended those meetings but was not allowed to discuss them.
At one meeting, he said, "furious" representatives from mutual funds who were among the bank's 10 biggest investors sharply questioned executives, including the chief financial officer and head of investor relations, asking why Morgan Stanley could not cut compensation to about 30 percent of revenues.
Wesley McDade, a spokesperson for Morgan Stanley, which has paid out 51 percent of revenue for compensation the past two years, did not initially offer a comment on the matter.
But later on Thursday, Morgan Stanley Chief Executive James Gorman told the Financial Times that the bank was planning to consider lowering pay and bonuses in its next round of cost-cutting.
"There's way too much capacity and compensation is way too high," Gorman was quoted as saying.
Gorman told the paper that traditionally Wall Street kept compensation ratios flat when revenues went up but increased the ratio when times were bad, arguing they needed to retain people.
"That's a classic Wall Street case of ?Heads I win; tails, you lose'. The current Wall Street management is a little tougher-minded about that and shareholders are certainly tougher-minded," he told the paper.
When asked about Gorman's comments, McDade, the bank spokesman, said he did not dispute the Financial Times story.
Jeff Harte, an equity research analyst at boutique investment bank Sandler O'Neill, who often organizes meetings between investment bank executives and investors, said compensation has been "a theme in management meetings."
"Investors are saying, 'We're past the crisis; you guys still have low returns'," Harte added. "At what point do you admit that this is the new normal?"
Mastagni said some large Wall Street banks, such as Goldman Sachs Group Inc
"I'm not sure that we could agree with the fact that 50 percent of the revenue should be going to the employee base," said Mastagni. "That's just very difficult for us to come to grips with."
With tougher talk from big shareholders, the balance of power may be shifting from bank employees who use capital to the asset managers who supply it. The longer banks suffer from weak earnings, the harder it will be to ignore shareholders on pay.
Bank executives have been delaying big changes to staff levels or compensation for as long as possible, hoping economic growth will pick up and trading volume will rise.
Wall Street banks say they are worried that if they slash compensation, top talent may flee for hedge funds and private equity firms. If they cut staff, it can be more expensive to add workers again when markets improve. Also, layoffs can actually boost near-term compensation costs because of severance.
But investors say the problems keeping profits down may be more permanent than banks acknowledge. In addition to the weak economy and low trading volumes, new regulations and higher capital requirements have cut into returns in fixed income and equity trading.
Trouble in trading is one of the biggest factors behind depressed bank earnings. It was a big reason Goldman Sachs earned just $4.4 billion last year, a 60 percent decline from fiscal 2007.
Those earnings represented a 6.6 percent return on common equity - a measure of how effectively the bank wrings profit from its balance sheet by comparing net income to common equity. Investment banks have historically aimed for more than 15 percent.
"People are starting to get the idea that investment banks right now aren't run for the investors ? they're run for the bankers," said Ralph Cole, a portfolio manager at Ferguson Wellman Capital Management, which manages $3.2 billion.
PRESSURE IS ON
Compensation is the biggest expense for most investment banks, so cutting pay is a logical way to boost returns.
But for Goldman to have earned a 15 percent return on equity last year, it would have had to pay just 15 percent of its revenue to employees ? far less than the 42 percent it did pay.
Wall Street executives contend that cutting pay to even 30 percent of revenue would cause a massive flight of talent and evaporate profits, hurting shareholders even more.
But many investors have little patience with these arguments. If employees cannot generate high enough returns for their banks, their pay should be cut, multiple hedge fund, mutual fund and pension fund investors told Reuters.
Some shareholders have taken dramatic steps.
Nelson Peltz's Trian Fund Management LP acquired a 5 percent stake in investment bank Lazard Ltd
Jefferies Inc
At Citigroup Inc
Some banks have conceded that times have changed. Deutsche Bank AG
"The payout ratio, it's got to go down," said the bank's co-Chief Executive Anshu Jain about the level of bonuses. "Employees must make their contribution." (This story corrects paragraph 30 to fix spelling of names: Nelson Peltz's Trian Fund Management)
(Reporting By Lauren Tara LaCapra and Dan Wilchins; Editing by Martin Howell and David Gregorio)
Source: http://news.yahoo.com/analysis-big-funds-seek-rein-pay-wall-street-164228517--sector.html
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When mental health workers experience discrimination from a manager or a visitor, they are more likely to become depressed or anxious than if the discrimination had come from a patient, according to a new study.
Professor Stephen Wood at the University of Leicester?s School of Management and a research team looked at the effects of prejudice, including sex, racial and age discrimination, coming from different groups of people on mental health workers.
For the study, 1,733 mental health workers in the UK, including doctors, nurses, psychiatrists and support staff, filled out questionnaires that measured four states of mind: anxiety, depression, emotional exhaustion and job satisfaction.
Participants were asked whether they had experienced discrimination in the past year, as well as more general questions such as how fair they perceived their organization to be.
The researchers used advanced statistical analysis to assess whether workers who suffered discrimination at the hands of four different groups of people ? patients, visitors, managers and co-workers ? were more or less likely than other workers to feel distressed.
Of the four groups of people, discrimination from managers had the largest impact on the anxiety, depression, emotional exhaustion and job dissatisfaction of the mental health worker. Furthermore, discrimination from patients? visitors had a larger impact on depression and emotional exhaustion than discrimination from the patients themselves.
Discrimination from coworkers actually had the least effect compared to that of managers or visitors.
?The finding that managers can distress workers the most can be explained by managers? large power over staff?s working lives, including their chances of keeping a job and winning promotion. Moreover, workers feel distressed if they feel the organization employing them is not treating them fairly ? and the behavior of managers is key to this sense of fairness,? said Stephen Wood, Professor of Management at the Leicester School of Management.
?Aggression from relatives and other visitors is, like aggression from managers, viewed as reflecting badly on the procedures and fairness of the organization. However, aggression from patients is not readily attributed to failings in the organization.?
Source:? University of Leicester
APA Reference
Pedersen, T. (2012). For Mental Health Workers, Discrimination from Manager Feels the Worst. Psych Central. Retrieved on October 6, 2012, from http://psychcentral.com/news/2012/10/06/for-mental-health-workers-discrimination-from-manager-feels-the-worst/45681.html
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1 hr.
Suzanne Choney
If we had a dollar for every time we've heard or read, "Steve Jobs never would have ..." (fill in the blank) in the past year, we?might be able to afford a share of Apple stock. Maybe two.
In the year since the company's co-founder died, his name has never been invoked so often by so many who think they know what Jobs would or wouldn't do or approve, from releasing a?not-fully-baked Apple Maps app?to waiting six?weeks to patch a large security hole. The practice is almost as arrogant and self-righteous as Jobs was. But?it keeps his name alive, as if he's still part of the conversation.?
And he is. Our fascination with the man described as a modern-day Thomas Edison by New Yorker?writer Ken Auletta has not ebbed; if anything, it's grown larger with his?passing,?all too soon, at age 56.
SLIDESHOW: Remembering Steve Jobs -?1955-2011
On Friday, Apple paid tribute to Jobs on the front page of apple.com?with a touching video montage of photos and sound bites.
"I hope that today everyone will reflect on his extraordinary life and the many ways he made the world a better place," CEO Tim Cook wrote of his former boss and mentor.?
And as people continue to reflect on the life of Steve Jobs, their biggest challenge will be narrowing down the many ways to do so.
"Steve Jobs," Walter Isaacson's biography,?hurried into print after Jobs died, became a best-selling book, the No. 1 book of 2011 on Amazon.com. Even now, the book is on Amazon's top 20 list?for 2012???in hardcover.
On Thursday, St. Martin's Press told the New York Times it has acquired the rights to a memoir by Chrisann Brennan, Jobs' high school girlfriend and mother of his daughter, oldest child,?Lisa. The book is to be published next year.
At least two movies are in the works; one by an?independent studio will star Ashton Kutcher as the mercurial CEO; another movie, based on Isaacson's biography, will be done by Sony Pictures, with a?screenplay by "The Social Network" scribe (and "West Wing" creator) Aaron Sorkin.
Comic books?about Jobs are?popping up everywhere?but efforts to create a Steve Jobs action figure have been squashed by Apple on several occasions.?
Meanwhile, an artist created a new Steve Jobs figurine, crafted with a resin that allegedly contains pieces of trash taken from Jobs' home before his death. The intent was?to protest poor conditions at?Chinese factories often associated with the?Apple manufacturing process, and the creation may debut on Oct. 13 in Los Angeles.
(That wasn't the only noted?instance of someone stealing from Jobs' home.?In July, a burglar broke into the Palo Alto residence?and took more than $60,000 worth of jewelry and computer equipment. The burglar ? who was unaware of the significance of the home he had hit ? gave Jobs' own iPad to a friend of his, a?professional clown, who was dismayed to learn the truth about his shiny new tablet.?"I'm a big admirer of Steve Jobs," Kenny the Clown told us at the time.)
In a less controversial tribute,?Hungary put up the first?Steve Jobs statue?and also issued memorial postage stamps in his honor.
President Barack Obama paid homage in this year's State of the Union speech, with Jobs' widow, Laurene Powell Jobs, in attendance as a guest of honor.?The president?said the country needs to support innovators including "every risk taker or entrepreneur who aspires to become the next Steve Jobs."
The Recording Academy issued Jobs an honorary Grammy for helping to "create?products and technology that transformed the way we consume music, TV, movies and books."
In recent days, a cassette tape of Jobs' remarks at a 1983 design conference surfaced, and was put into digital form by Marcel Brown, who received the tape from one of his clients, and wanted to literally share it with the world. It's remarkable because we hear Jobs' vision for the iPad, the iTunes Store, the App Store, Siri???many years ahead of their time.?
It also gives us a chance to hear something "new" in Jobs' own words, something only a relative few had heard until now.?
The company Jobs co-founded continues to perform exceptionally well,?despite initial concerns after Jobs' death.?Its stock, which was around $378 after Jobs died Oct. 5, 2011, hit a record high of $700 last month. Despite nearly doubling in a year, however, some analysts,?including one quoted in?Forbes?Thursday,?question whether those "good times" are over.
That analyst, Jamie Townsend of?TownHall Investment Research, cited a variety of reasons for recommending "avoid" when it comes to Apple stock???from a slowing smartphone market to the company not keeping its "edge in innovation"???adding?that Jobs' death is "a?contributing factor."
Longtime technology analyst Ross Rubin, of Reticle Research,?told NBC News that the past year has offered "validation of something that was becoming clearer late in Jobs' life, that Apple's success was not due to a cult of personality, but rather the efforts?of many talented employees, as is the case for all successful corporations at its scale."
Still, he says, "people are waiting for a new product line to see just how the company can bring innovation and disruption to a space in which it didn't compete prior to Jobs' involvement."?
During 1985 to 1997,?the years Jobs was exiled from?Apple, the company may have introduced new products and entered new categories, but it didn't see any further unparalleled hits?until Jobs returned, and spurred the creation of the iMac, the?iPod, the iPhone and the iPad.
Since Jobs died, articles and speculation about "who will be the next Steve Jobs" have been almost as rampant as the "Steve Jobs never would have...." line. Both lines?ring hollow.?Even though people occasionally point to Facebook's Mark Zuckerberg or Amazon's Jeff Bezos, the truth is that?there isn't a next Steve Jobs ??not now. Maybe there never will be.
That may be why so?many of us are keenly aware of his absence,?a year after his death, why we'll likely go see a movie about him, or even play a "lost" tape of him speaking, just to hear his voice. A year later, we still need some kind of?connection to this famously troubled but always charismatic visionary, even though we know he is?gone.
Check out Technolog, Gadgetbox, Digital Life and In-Game on?Facebook,?and on?Twitter, follow Suzanne Choney.
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