IWS Documented News DAILY POSTINGS

IWS Documented News Service
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________

METROPOLITAN AREA EMPLOYMENT AND UNEMPLOYMENT -- JULY 2011 [31 August 2011]

http://www.bls.gov/news.release/metro.nr0.htm

or

http://www.bls.gov/news.release/pdf/metro.pdf

[full-text, 21 pages]

Unemployment rates were lower in July than a year earlier in 257 of the 372

metropolitan areas, higher in 94 areas, and unchanged in 21 areas, the U.S. Bureau

of Labor Statistics reported today. Twelve areas recorded jobless rates of at least

15.0 percent, while ten areas registered rates of less than 5.0 percent. Two hundred

thirty-two metropolitan areas reported over-the-year increases in nonfarm payroll

employment, 133 reported decreases, and 7 had no change. The national unemployment

rate in July was 9.3 percent, not seasonally adjusted, down from 9.7 percent a year

earlier.

AND MUCH MORE…including TABLES….

________________________________________________________________________

This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.

****************************************
Stuart Basefsky                   
Director, IWS News Bureau                
Institute for Workplace Studies 
Cornell/ILR School                        
16 E. 34th Street, 4th Floor             
New York, NY 10016                        
                                   
Telephone: (607) 262-6041               
Fax: (607) 255-9641                       
E-mail: smb6@cornell.edu                  
****************************************

IWS Documented News Service
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________

________________________________________________________________________

This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.

****************************************
Stuart Basefsky                   
Director, IWS News Bureau                
Institute for Workplace Studies 
Cornell/ILR School                        
16 E. 34th Street, 4th Floor             
New York, NY 10016                        
                                   
Telephone: (607) 262-6041               
Fax: (607) 255-9641                       
E-mail: smb6@cornell.edu                  
****************************************

IWS Documented News Service
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________

OECD

Corporate Loss Utilisation through Aggressive Tax Planning [August 2011]

http://www.oecd.org/document/61/0,3746,en_2649_33767_48570813_1_1_1_1,00.html

Corporate losses raise compliance risks if aggressive tax planning is used as a means of increasing or accelerating tax relief in ways not intended by the legislator, or to generate artificial losses. This report describes the size of loss carry-forwards, the rules applicable in relation to losses, and identifies the following risk areas: corporate reorganisations, financial instruments and non-arm’s length transfer pricing. After having summarised aggressive tax planning schemes on losses, as well as country detection and response strategies, it offers a number of conclusions and recommendation for tax administration and tax policy officials.

Press Release 30 August 2011

Tax: Governments concerned that some corporations unfairly claim losses to avoid taxes

http://www.oecd.org/document/6/0,3746,en_21571361_44315115_48587270_1_1_1_1,00.html

30/08/2011 - Due to the recent financial and economic crisis, global corporate losses have increased significantly. Numbers at stake are vast, with loss carry-forwards as high as 25% of GDP in some countries. Though most of these claims are justified, some corporations find loop-holes and use ‘aggressive tax planning’ to avoid taxes in ways that are not within the spirit of the law.

This aggressive tax planning is a source of increasing concern for many countries and they have developed various strategies to deal with it. Working cooperatively, countries can deter, detect and respond to aggressive tax planning while at the same time ensuring certainty and predictability for compliant taxpayers.

Corporate Loss Utilisation through Aggressive Tax Planning, which builds on Addressing Tax Risks Involving Bank Losses (2010), looks at a number of commonly used schemes and identifies three key risk areas: corporate reorganisations, financial instruments and non-arm’s length transfer pricing. Though these are generally used for sound business and economic reasons, some taxpayers use them to obtain undue tax advantages. For example, countries have identified financial instruments that create artificial losses or obtain multiple deductions for the same loss. They have also seen loss-making companies acquired solely to be merged with profit-making companies and loss-making financial assets artificially allocated to high-tax jurisdictions through non arm’s length transactions.

The report outlines strategies to detect and respond to these aggressive tax planning schemes. Detection usually takes place through audits, special reporting obligations on losses, mandatory disclosure rules, rulings, and co-operative compliance programmes. Responses require a comprehensive approach focusing on aggressive tax planning schemes, as well as on their promoters and users. Early engagement between taxpayers and tax authorities in the framework of disclosure initiatives and co-operative compliance programmes also has positive effects, convincing some tax payers not to use or promote certain schemes.

Through the OECD, countries share intelligence on aggressive tax planning schemes and increase international co-operation on detection, responses, and evaluation. Governments should also introduce policies to restrict the multiple use of the same loss and to introduce or revise restrictions on the use of certain losses in the context of mergers, acquisitions, or group taxation regimes. Finally, the report identifies emerging threats for tax revenue, such as aggressive tax planning schemes based on after-tax hedges, and suggests that countries analyse the policy and compliance issues related to them.

________________________________________________________________________

This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.

****************************************
Stuart Basefsky                   
Director, IWS News Bureau                
Institute for Workplace Studies 
Cornell/ILR School                        
16 E. 34th Street, 4th Floor             
New York, NY 10016                        
                                   
Telephone: (607) 262-6041               
Fax: (607) 255-9641                       
E-mail: smb6@cornell.edu                  
****************************************

IWS Documented News Service
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________

Government Accountability Office (GAO)

Defined Benefit Pension Plans: Plans Face Challenges When Investing in Hedge Funds and Private Equity

GAO-11-901SP August 31, 2011

http://www.gao.gov/products/GAO-11-901SP

or

http://www.gao.gov/new.items/d11901sp.pdf

[full-text, 17 pages]

Summary

Millions of Americans rely on retirement savings plans for their financial well-being in retirement. Plan sponsors are increasingly investing in assets such as hedge funds (privately administered pooled investment vehicles that typically engage in active trading strategies) and private equity funds (privately managed investment pools that typically make long-term investments in private companies). Given ongoing market challenges, it is important that plan fiduciaries apply best practices, and choose wisely when investing plans assets to ensure that plans are adequately funded to meet future promised benefits. This statement addresses (1) what is known about the extent to which defined benefit plans have invested in hedge funds and private equity, (2) challenges that such plans face in investing in hedge funds and private equity, (3) steps that plan sponsors can take to address these challenges, and (4) the implications of these challenges for plan sponsors and the federal government.

A growing number of private and public sector pension plans have invested in hedge funds and private equity, but such investments generally constitute a small share of total plan assets. According to a survey of large plans, the share of plans with investments in hedge funds grew from 11 percent in 2001 to 60 percent in 2010. Over the same time period, investments in private equity were more prevalent but grew more slowly--an increase from 71 percent of large plans in 2001 to 92 percent in 2010. Still, the average allocation of plan assets to hedge funds was a little over 5 percent, and the average allocation to private equity was a little over 9 percent. Available data also show that investments in hedge funds and private equity are more common among large pension plans, measured by assets under management, compared with midsize plans. Survey information on smaller plans is unavailable, so the extent to which these plans invest in hedge funds or private equity is unknown. Hedge funds and private equity investments pose a number of risks and challenges beyond those posed by traditional investments. For example, investors in hedge funds and private equity face uncertainty about the precise valuation of their investment. Hedge funds may, for example, own thinly traded assets whose valuation can be complex and subjective, making valuation difficult. Further, hedge funds and private equity funds may use considerable leverage--the use of borrowed money or other techniques--which can magnify profits, but can also magnify losses if the market goes against the fund's expectations. Also, both are illiquid investments--that is they cannot generally be redeemed on demand. Finally, investing in hedge funds can pose operational risks--that is, the risk of investment loss from inadequate or failed internal processes, people, and systems, or problems with external service providers rather than an unsuccessful investment strategy. Plan sponsors GAO spoke with address these challenges in a number of ways, such as through careful and deliberate fund selection, and negotiating key contract terms. For example, investors in both hedge funds and private equity funds may be able to negotiate fee structure and valuation procedures, and the degree of leverage employed. Also, plans address various concerns through due diligence and monitoring, such as careful review of investment, valuation, and risk management processes. The Department of Labor (Labor) has a role in helping to ensure that private plans fulfill their fiduciary duties, which includes educating employers and service providers about their fiduciary responsibilities under Employee Retirement Income Security Act of 1974 (ERISA). According to plan officials, state and federal regulators, and others, some pension plans, such as smaller plans, may have particular difficulties in addressing the various demands of hedge fund and private equity investing. In light of this, in 2008, GAO recommended that Labor provide guidance on the challenges of investing in hedge funds and private equity and the steps plans should take to address these challenges. Labor generally agreed with our recommendation, but has yet to take action. The agency explained that the lack of uniformity among these investments could complicate the development of comprehensive guidance for plan fiduciaries.

________________________________________________________________________

This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.

****************************************
Stuart Basefsky                   
Director, IWS News Bureau                
Institute for Workplace Studies 
Cornell/ILR School                        
16 E. 34th Street, 4th Floor             
New York, NY 10016                        
                                   
Telephone: (607) 262-6041               
Fax: (607) 255-9641                       
E-mail: smb6@cornell.edu                  
****************************************

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• American Community Survey:
  Estimates based on a sample of households for those areas with 20,000 or more inhabitants:

• Demographic profile from the 2010 Census:

• Census 2000 population, demographic, and housing information:
  Complete counts from questions collected on both the short form and the long form:

• 1990 Census population, demographic, and housing information
• Population Estimates:

• Population Projections to 2030
• Historical population counts, 1900 to 1990, for all counties in New York
• 2009 Income and Poverty, model-based estimates for New York
• 2009 Health Insurance Coverage, model-based estimates for New York

• Economic Census:

• County Business Patterns Economic Profile: 2008 | 2007 | 2006 | 2005 | 2004 | all years
• Statistics of U.S. Businesses (firms by employment size): 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998
• Nonemployer statistics: 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997
• Governments:

• Consolidated Federal Funds Report: all years
• Building Permits: all years

• Congressional Districts
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• Statistical Abstract of the United States
• USA Counties General Profile
• State Data Centers
• Federal/State Coop Program for Pop Estimates(FSCPE)

IWS Documented News Service
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________

Census

STATE & COUNTY QUICK FACTS

http://quickfacts.census.gov/qfd/index.html

Quick, easy access to facts about people, business, and geography

________________________________________________________________________

This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.

****************************************
Stuart Basefsky                   
Director, IWS News Bureau                
Institute for Workplace Studies 
Cornell/ILR School                        
16 E. 34th Street, 4th Floor             
New York, NY 10016                        
                                   
Telephone: (607) 262-6041               
Fax: (607) 255-9641                       
E-mail: smb6@cornell.edu                  
****************************************

IWS Documented News Service
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________

European Foundation for the Improvement of Living and Working Conditions (Dublin Foundation)

European Working Conditions Observatory (EWCO)

EUROPEAN LEVEL

Reconciliation of work, private and family life in the European Union

http://www.eurofound.europa.eu/ewco/surveyreports/EU1101011D/EU1101011D.htm

or

http://www.eurofound.europa.eu/ewco/surveyreports/EU1101011D/EU1101011D.pdf

[full-text, 16 pages]

The reconciliation of work, private and family life is a key area for European employment policy, which aims to increase the participation of both men and women in the labour market and to encourage initiatives to support the health and well-being of employees. This survey data report examines employment rates for men and women, the impact of children on labour market participation, the various forms of flexibility to support the reconciliation of work and family life (part-time work, flexibility of working time, work organisation and place of work) and the satisfaction of individuals with their work–life balance.

CONTENTS

Employment targets and employment rates

The influence of children

Part-time work

Flexibility in the organisation of work

Varying the working day

Taking days off for family reasons

Flexibility in the place of work

Satisfaction with work–life balance

Commentary

Bibliography

Annex: Methodology and data sources

________________________________________________________________________

This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.

****************************************
Stuart Basefsky                   
Director, IWS News Bureau                
Institute for Workplace Studies 
Cornell/ILR School                        
16 E. 34th Street, 4th Floor             
New York, NY 10016                        
                                   
Telephone: (607) 262-6041               
Fax: (607) 255-9641                       
E-mail: smb6@cornell.edu                  
****************************************

IWS Documented News Service
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________

Challenger, Gray & Christmas, Inc.

CONTACTS 

James K. Pedderson, Director of Public Relations

Office: 312-422-5078

Mobile: 847-567-1463

jamespedderson@challengergray.com

Colleen Madden, Media Relations Manager

Office: 312-422-5074

colleenmadden@challengergray.com

After Three Consecutive Increases, Layoffs Plunge

jOB cUTS dROP 23% IN AUGUST TO 51,114

http://challengergray.com/press/press.aspx

CHICAGO, August 31, 2011 – United States-based employers announced plans to trim 51,114 workers from the payrolls in August, a 23-percent decline from July, when the number of job cuts hit a 16-month high of 66,414, according to the report released Wednesday by global outplacement consultancy Challenger, Gray & Christmas, Inc. 

The August decline follows three consecutive increases in the monthly job-cut total that saw job cuts rise from 36,490 in April to the July peak.  The August total, however, was up 47 percent from a year ago, when employers announced just 34,768 job cuts during the month.

Employers have now announced 363,334 planned layoffs so far this year.  That is only 2.9 percent below a 2010 eight-month job-cut total of 374,121.  The gap between 2010 and 2011 year-to-date job cuts has steadily fallen over the last few months.  In March, year-to-date job cuts were 28 percent behind 2010.  By June, the difference dropped to 17 percent.  Now, less than three percent separates 2011 and 2010.

“July job cuts spiked as a result of a handful of surprisingly large job-cut announcements in the private sector.  It is too soon to tell whether those cuts were an anomoly, but they appeared to be driven by industry- and company-specific trends, as opposed to larger economic ones.  In August, the private sector once again took a backseat to the  government sector, which saw job cuts surge to the second highest monthly total this year,” said John A. Challenger, chief executive officer of Challenger, Gray & Christmas, Inc.

In August, government agencies announced plans to cut 18,426 workers from their payrolls.  That is nearly double the 9,389 job cuts announced in the sector in July and not far behind the largest government job-cut month of the year: March, when these employers announced 19,099 job cuts. 

The government sector has now announced 105,406 job cuts this year.  The next closest sector is retail, which has announced 40,173, including 5,901 in August.

“Unlike previous months, the government job-cut announcements in August were not dominated by state and local agencies.  Instead, the federal level led the way with heavy reductions among the civilian and officer ranks across three branches of the military.  More workforce reductions at the federal level are undoubtedly coming down the road.  Congress and the White House are under immense pressure to cut federal budgets and while the heaviest cuts are due in 2014, we will probably begin seeing some fallout starting this year and into 2012,” said Challenger.

“Furthermore, while state and local agencies saw fewer cuts in August, they are not exactly out of the woods in terms of the budget issues they face.  Many states are still struggling with high unemployment and falling home ownership, which are taking a huge bite out of tax revenues for states and their cities.  And most can expect fewer federal dollars that are needed to prop up their finances,” he said. 

“Meanwhile, the private sector is still being hampered by low consumer and business spending.  While we do not see any indication of a sudden resurgence in private-sector job cuts, conditions definitely are not ideal for hiring.  We expect hiring to remain slow through the end of the year and into 2012,” said Challenger.

“That is not to say there is no hiring.  Government surveys of employers show that they are hiring more than four million new workers per month.  It just so happens that employers are losing about four million workers each month to layoffs, terminations, retirements and other voluntary and involuntary departures.  As a result, the net change in employment is not very impressive, but it is important for job seekers to realize that there are opportunities and that they should not give up because of some negative economic reports,” he noted.

# # #

CHALLENGER, GRAY & CHRISTMAS, INC.

JOB-CUT ANNOUNCEMENT REPORT

Copyright 2011 Challenger, Gray & Christmas, Inc.

CHALLENGER, GRAY & CHRISTMAS, INC.

JOB-CUT ANNOUNCEMENT REPORT

JOB CUTS BY INDUSTRY

*Through June, education and non-profit job cuts were included in the category Government/Non-Profit. In July, Challenger separated those categories. They will remain separate from this point forward. Historically, job cuts in those industries will remain tallied together.

Copyright 2011 Challenger, Gray & Christmas, Inc.

CHALLENGER, GRAY & CHRISTMAS, INC.

JOB-CUT ANNOUNCEMENT REPORT

JOB CUTS BY REGION, STATE

Copyright 2011 Challenger, Gray & Christmas, Inc.

CHALLENGER, GRAY & CHRISTMAS, INC.

JOB-CUT ANNOUNCEMENT REPORT

JOB CUTS BY REGION, STATE

Copyright 2011 Challenger, Gray & Christmas, Inc.

CHALLENGER, GRAY & CHRISTMAS, INC.

JOB-CUT ANNOUNCEMENT REPORT

JOB CUT REASONS

Copyright 2011 Challenger, Gray & Christmas, Inc.

CHALLENGER, GRAY & CHRISTMAS, INC.

JOB-CUT ANNOUNCEMENT REPORT

QUARTER-BY-QUARTER

*Estimate based on half-year total. Challenger began tracking job-cut data in 1993.  Before that, it was tabulated by an independent newsletter no longer published.

Copyright 2011 Challenger, Gray & Christmas, Inc.

CHALLENGER, GRAY & CHRISTMAS, INC.

JOB-CUT ANNOUNCEMENT REPORT

ANNOUNCED HIRING PLANS

Copyright 2011 Challenger, Gray & Christmas, Inc.

CHALLENGER, GRAY & CHRISTMAS, INC.

JOB-CUT ANNOUNCEMENT REPORT

ANNOUNCED HIRING PLANS

MONTHLY TOTALS

Copyright 2011 Challenger, Gray & Christmas, Inc.

________________________________________________________________________

This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.

****************************************
Stuart Basefsky                   
Director, IWS News Bureau                
Institute for Workplace Studies 
Cornell/ILR School                        
16 E. 34th Street, 4th Floor             
New York, NY 10016                        
                                   
Telephone: (607) 262-6041               
Fax: (607) 255-9641                       
E-mail: smb6@cornell.edu                  
****************************************