Goldsmith is waiting for a reply from the Acting President and any member of the Board Of Trustees of Temple University.
Letter to Editor
New York Times
I recently resigned from the College of Liberal Arts Board of Visitors at Temple University. My resignation was prompted by (1) The action by the President with regard to eliminating many high profile sports teams (including baseball, gymnastics and rowing) except for the football team; (2)The action of the President with regard to building a $100 million stadium (not including inevitable cost overruns)and insisting this would be less expensive then paying $1million annual rent and (3) The President’s apparent lack of support of the Provost whose focus was on improving the quality of the students and faculty attracted to Temple University. My concerns fell on deaf ears until this week with the firing of the President.
I now read that the deficit Temple University faces may be greater than the $22 million related to the greatly increased number of students eligible for Merit Scholarships ( actually a good thing in the short and long term for any university). The Board of Trustees should do its duty and call for an independent audit of the finances of the University to determine what the true numbers are so that when interviews begin for a new President, the candidates will know what budget problems they will be facing and the Board of Trustees can determine who the best candidate is to solve those problems.
Ronnyjane Goldsmith, BA, MA, PhD (Temple University)
Letter to New York Times
The CFA Asset Manager Code of Professional Conduct outlines the ethical and professional responsibilities of firms that manage assets on behalf of clients.
What is needed today is an individual investor Bill of Rights that puts forth the expectations of the individual investor with regard to the financial advisor responsible for managing in many cases the life savings of that investor.
On April 8, 2016, the United States Department of Labor released a long awaited fiduciary rule, fully effective January 1, 2018 imposing higher standards on financial advisors. The rule forbids the use of certain investments including annuities, managed account programs and other products within retirement accounts.
More important to the individual investor are the conspicuous loopholes in the rule.
The fiduciary rule: Does not address recommendations made in non-retirement accounts and includes a critical exemption that allows the use of products forbidden in retirement accounts if the client signs a best interest contract.
The fiduciary rule is a boon to class action attorneys and retirement plan sponsors desperate to stem the ever increasing tide of employer sponsored retirement accounts being rolled over into IRA accounts as employees retire.
What the fiduciary rule does not do is protect the individual investor from the irreparable harm that comes from unregulated advice given by advisors motivated by lack of knowledge or greed.
It may come as a surprise that the well-known phrase “first do no harm” is not in the Hippocratic Oath taken by the physician responsible for your physical well-being. Neither is it in any oath taken by the person relied upon to protect your financial well-being, your financial advisor.
In a profession where admission is contingent upon passing a multiple choice exam, buyer beware has unfortunately become the individual investors most important protection, DOL rules notwithstanding.
To date, neither Senator Feinstein, The US Congress or the President has taken any action on this issue to protect the American public.
Email to Senator Feinstein
I sent this email to Senator Feinstein after the Senate yesterday voted against prohibiting the sale of guns to people on the no fly list. I respect that decision since the list is not an indictment. But there is another way to use this information.
To Senator Feinstein: “If prohibiting the sale of guns to people on the no fly list is a denial of due process, why don’t we just require gun sellers to notify authorities when some one on the list buys a gun so they are subject to closer scrutiny by law enforcement and Homeland Security.”
If you agree, please email your Senator as well as Senator Feinstein.
Letter To The Editor
I am amazed today at demands by workers and debates by politicians to increase the minimum wage to $15/hour, an amount that a best seems arbitrary.
I suggest that the criteria used to determine the minimum wage should not be an arbitrary number that fits well in sound bites. We all would be better served if the criteria upon which the minimum wage is based is very simply- The minimum wage should always be higher than what a person would receive on welfare. This would provide a decent standard of living for the working poor, an incentive to work over welfare, and a rational basis for future changes in the minimum wage. A win -win for all.
1234 Howard St.
San Francisco, CA 94103
Letter to Editor
New York Times
December 10, 2015
I thought it might be helpful to put the $1 million annual cost to rent “Eagles” stadium in perspective (assuming this is a long term lease with locked in cost). Debt service on a 30 year $100 million bond issue at today’s low rates and assuming a favorable bond rating could exceed $5 million annually. And this cost does not include maintenance, overhead etc. etc. (In the best of worlds net revenues from concessions etc. could cover these costs). The elephant in the room is whether revenue from seats, boxes, advertising etc. can cover the cost of a $100 million bond issue. Obviously, it is not so much an issue when it comes to covering the rent. The history of other college stadiums being built on the back of bond issues has not been particularly good (the last time I looked. Of course I have been out of the bond issuance business for while). The only winners in those instances were the bond underwriters, consultants, construction contractors etc. ie. those who get paid upfront and are not dependent on annual net stadium revenue. History does not necessarily repeat itself. But many questions should be answered before this decision is made.- After all- if the bonds cannot be paid back in a timely manner, the impact on the university’s credit rating and cost of borrowing could be catastrophic for future generations.
The President of Temple University was dismissed in 2016.
From: Ronnyjane <email@example.com>
Date: January 16, 2014
To: President and Board of Trustees
Subject: Please meet to discuss ideas that will work, cost little and will save Temple Sports teams.
I know little about sports but I do know about finance. If alumni had been involved in this issue i have no doubt that we could have addressed the stated financial issues without eliminating programs that are important to students, alumni, and Philadelphia. For example, it is beyond my comprehension that the rowing team that is close to the hearts of all Philadelphians is to be eliminated for lack of $10 million to renovate the boat house. Between a fund raising program, matching funds from alumni who respect the traditions of Temple University and Philadelphia, and incredibly low current borrowing rates.-it doesnt take much imagination to preserve this important program. What it does take is a little hard work and a passion to improve not destroy a university that has given millions of students a chance they would not otherwise have been afforded. I count myself as one of those that was given a chance thanks to Temple University.
The decision to eliminate the rowing team was reversed by the President and the Board of Trustees of Temple University and the boat house is currently being renovated.
March 4, 2014
To the Sports Editor:
I know little about sports, but I do know about finance.
If alumni had been involved in discussions concerning the value and cost of sports programs to Temple University, I have no doubt that we could have addressed the stated financial issues without eliminating programs that are important to students, alumni and Philadelphia.
For example, it is beyond my comprehension that the rowing team that is close to the hearts of all Philadelphians is to be eliminated for lack of money to renovate the boathouse.
With some creative financing using tax-exempt bonds, or a tax-exempt sale lease-back along with the use of historic tax credits, matching funds from alumni who respect the traditions of Temple and Philadelphia, and low current borrowing rates, this important program could be preserved.
What it does take is a little hard work and a passion to improve, not destroy, a university that has given millions of students a chance they would not otherwise have been afforded.
I count myself as one of those who was given a chance thanks to Temple.