Ever watchful of your career success, Bwog sent our anonymous renegade chief expert to the World Leaders Forum for a lecture from Federal Reserve Board Governor Daniel K. Tarullo.

Worried about getting a job? According to last night’s World Leaders Forum lecture by Federal Reserve Board Governor Dan Tarullo, the employment prospects for college grads are fairly good. Unfortunately, he could not say the same thing for the labor market at large.

Before the economic doom and gloom commenced however, PrezBo took the time for an introduction. Our peerlessly coiffed leader expressed disbelief at conservative perspectives on the financial crisis. This was a fitting lead-in for Tarullo—a Clinton administration vet and Obama appointee who has long been calling for an overhaul of the financial regulatory system.

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hopped over to the Islamic Banking lecture at the World Leaders Forum, and translated a few of the biggest words for us. ”>

Jed and his fellow Columbians, dressed to impress, sitting eagerly in the lecture hall waiting for Al-Madani to begin.

There’s nothing that delights Bwog more than to show off the extensive vocabulary we’ve accumulated in our years sitting through Gulati lectures. And by that, we mean Art History lectures and Creative Writing seminars. But one of our newest (and bestest) staff members, Econ Enthusiast and Vocabulary Purveyor Extraordinaire Jed Bush, hopped over to the Islamic Banking lecture at the World Leaders Forum, and translated a few of the biggest words for us. 

Greed, for lack of a better, uh… cliché, is good. That’s how it’s understood, at least, in the world of Western finance.

So as Dr. Ahmad Mohamed Ali Al-Madani spoke on the benefits Islamic Banking can bring to western markets, the recent financial crisis was at the forefront of the discussion. Jeffery Sachs handled the introductions for Dr. Al-Madani, briefly discussing their partnership in efforts to combat global poverty through the Millennium Villages and Drylands Iniative programs.

Al-Madani has been front and center at the Islamic Development Bank, having been its president for all but two years of its existence, since 1975. The Bank has 56 member nations, with a combined 1.5 billion people encompassing nearly 20% of the world’s population, and retains a AAA credit rating with the main rating agencies. Yet despite the impressive resume, Al-Madani’s proposals were surprisingly rudimentary and underdeveloped when it came to their application in the western world of finance.

When Al-Madani took to the podium, he began by discussing some alarming facts regarding the 2008 financial crisis. It singlehandedly wiped out “30% of the world’s gross output,” he said, creating rising unemployment rates around the globe and bringing growth to a halt in most corners of the world. Most troubling about the financial crisis is that, as funds are being diverted towards kick-starting economic growth in domestic markets, many funds devoted to fighting poverty have been the first to be slashed—undermining years of work and further increasing the suffering of the poor and disadvantaged. However, he then abrubtly veered from discussing humanitarian efforts and dived into the issue of debt in western markets. Because that’s what really matters.

Read more of this LectureHop after the jump.

Danny Jordaan greeting participants

Over the weekend, Columbia hosted the annual African Economic Forum. Africa enthusiast Aaron Kohn attended and provides an overview of the weekend-long event. Even-handed Bwog correspondent Katheryn Thayer attended one of the panels and writes a detailed account after the jump.

“Africa has come too far to turn back now,” remarked the CEO of the 2010 World Cup South Africa, Danny Jordaan on Saturday. The organizer of the event encouraged those who met for the 8th annual Columbia University African Economics Forum to represent Africa as the “Roaring Giant,” the theme of this year’s forum.

On Friday and Saturday, panelists and speakers demonstrated Africa’s growth and its undaunted strength in the wake of the financial collapse in 2008. World Bank economists, NYT bestsellers, TV executives and even a Nigerian Vice Presidential Candidate allayed the harsh realities of Africa as it is often portrayed with their own encouraging outlooks.

The SIPA Pan African Network, the African Business Club, and the African Law Students Association, all organizers of AEF 2011, made the case that the World Cup has not been the only encouraging event to take place in Africa. Private investment now outnumbers aid money flowing into the continent, Nollywood (Nigerian Movies) is the second largest film industry in the world (Bollywood is first and Hollywood is third), and cellular communications and natural resource industries continue to grow.

People may look at Africa and see the wars taking place, government corruption, and a troubling colonial history. Yet, as hundreds of millions of people who used to be living under $2 a day rise out of poverty, Nigeria expects to have the world’s second-largest city, and citizen-driven reform begins to affect policies across the continent, investment and growth show a positive outlook.

Binyavanga Wainaina, author and Director of the Chinua Achebe Center for African Literature joked that when his colleagues call a publisher and ask, “Is it okay if I email my transcript? Postage is very expensive,” the publisher probably thinks, “Oh, there must be a drought.” It is time to stop thinking of Africa as a sleeping lion. The Giant is awake and its opportunities and talents are still slow to be recognized.

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In the spirit of Enlightenment salons from centuries past, we present the latest installment of BwogSalon. Below, check out an excerpt from Raphaela Sapire’s article from the inaugural issue of the Columbia Economics Review. Sapire discusses the growth of the tech sector in New York City. Its new nickname, “Silicon Alley,” is a testament to this rapid rise to a rivalry with its west coast counterpart. Sapire believes the success of tech industry in New York can be historically traced, reaching back to the entrepreneurial spirit of the first Dutch colonists, (aid from public funding programs hasn’t hurt either). But don’t just take our word for it; read the introduction! You’ll make your fave French intellectual and your financially savvy friends happy.

The Bright Lights of Silicon Alley: New York City’s Growing Entrepreneurial Sector

With over 45 startups, six venture capital firms, and five entrepreneurial working hubs, New York City’s startup scene is booming and shows no sign of slowing. A multitude of factors, such as a favorable economic environment, private and public funding initiatives, historical business leadership, and an overall decrease in startup costs all help to explain the burgeoning entrepreneurial landscape in New York that has come to be known as Silicon Alley. At a technology conference in rival Silicon Valley, Mayor Michael Bloomberg highlighted New York City’s leadership across several industries and the resulting advantages, emphasizing, “When you want to start a business, you don’t have any choice. This is where the best and the brightest are.” Despite the current economic climate, the evolution of Silicon Alley places New York City at the heart of a technological convergence that revives its historic entrepreneurial leadership.
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Home(-coming) Economics

For those of you not in the know, this weekend is Columbia’s Homecoming. This means there is free food! Head over to College Walk at 2 p.m. for the Baker County State Fair, a.k.a. Columbia’s Homecoming pep rally. The event will feature FREE funnel cake, cotton candy, and popcorn, in addition to a whole host of fun things one would associate with a county fair.

Once you’ve had your fill of funnel cake, check out the Columbia Economics Society’s discussion on the OECD’s recent Economic Survey of the United States at 5 p.m. in 502 Lerner. Afternoon tea will be served. Sounds fancy!

Photo via Wikimedia Commons

• Our own econ professor, Jagdish Bhagwati, won the Nobel Prize for Economics–on the season premiere of The Simpsons, that is. It’s in the first minute. (Fancast)
• Because we still care a tiny bit (even if we don’t want to admit it), James Franco says he wasn’t sleeping through class that one time he was sleeping through class. (Gawker)
• The MacArthur Foundation announced the 23 recipients of their “Genius” grants–among ‘em: a beekeeper, a high school science teacher, and David Simon, creator of “The Wire.” (Reuters)
• Mayor Mike: “TENURE BAD. MAYOR MIKE NO LIKE TENURE.” (New York Post)
• We seem to be getting along just fine without LeBron. Cavs fans, not so much. (New York; New York Times)

quite the commotion lately, spoke to a surprisingly positive audience in Low last night as part of Columbia’s World Leader’s Forum lecture series. Principles of Economics Bureau Chief David Hu gives us the report from on high.”>

Citigroup’s CEO Vikram Pundit, who has been causing quite the commotion lately, spoke to a surprisingly positive audience in Low last night as part of Columbia’s World Leader’s Forum lecture series. Principles of Economics Bureau Chief David Hu gives us the report from on high.

No, it’s not SIPA graduation, but Vikram Pandit, CEO of Citigroup and 4-time Columbia graduate, is speaking at Columbia regardless. He spoke yesterday as part of Columbia’s World Leaders Forum lecture series—a situation that some found surprising, due to the fact that Pandit isn’t a president of a nation or even a high-ranking government official. Nevertheless, recent World Leaders Forum talks have been focused the current economic climate, so it makes sense that a person of Pandit’s caliber would talk.

Pandit’s less-than-remarkable run at being a CEO has been well publicized, and PrezBo’s introduction of the speaker did not serve to alleviate these notions. He spoke of the recent economic collapse of Citigroup, how it “all came to a head” under Pandit’s reign, and how the CEO has been harshly criticized for this situation. However, Bollinger did say that those who knew Pandit were surprised at these allegations, frequently mentioning his intellect and academic nature and describing his otherwise seemingly successful career in detail.

Photo via Columbia University

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Foiled New York terror plot was scheduled for September 11 of this year, says prosecutor in the case of alleged terrorist. (AP)

A Columbia Econ professor claims that good signs from the stock market don’t necessarily mean improvement in the economy. All the suited would-be analysts swarming yesterday’s career fair beg to differ. (Reuters)

Because skinny jeans and ironic T’s clothed the whore of Babylon: “equal opportunity haters” from Westboro Baptist take the love to Brooklyn, meet with similar level of success. (Gothamist, NYT)

 U2 plays at Giant’s Stadium, backs up the subway, draws larger crowds than the Pope did. Bwog advises Benedict to take up the “perpetual sunglasses” look if he wants remain a serious contender. (NYT)

Want your own little piece of presidential residue? Psh, is that even a question? Theater seats warmed by America’s first couple (for around 2.5 hours) to be auctioned off, starting at $500. Well, in terms of presidential merchandise, it could be much, much worse. (NYT)

 Image via Oprah.com

- Image via Gothamist

Last September, we reported that PrezBo made a cool $1.4 million in Fiscal Year 2007, and in November we learned that that number ranked him third among all university presidents in the country. Sounds respectable, right?

Well, maybe not: it turns out that Fearless Leader still is not the highest paid university employee. No, that honor once again goes to dermatology professor Dr. David Silvers, who received $4.3 million in compensation in FY 2007, second in the country only to some dude who draws arrows on blackboard for a living (USC head football coach Pete Carroll, who received $4.4 million for winning two national championships and being on national TV way pretty much every Saturday in the fall).

This is at least the fourth year in a row that Silvers has been Columbia’s highest paid employee, and he’s making it count: according to the Daily News, as of last year “he owns a $1.3 million Tribeca apartment, a Park Ave. home and a $1 million pad in Southampton.” Three houses – why, that’s more than Dr. Zizmor! Maybe he can spare a dime.

- JCD

- Photo via The Earth Institute

It’s not uncommon to see Columbia’s celebrity economist in the news, but three times in one day? First, “the noted economist” tell the Press Trust of India (India’s AP) that India needs to spend more money stimulating the economy to ensure a quick recovery. Sounds kinda like what a Columbia alum just signed.

Not content to merely be interviewed, Sachs also has his own essay on Fortune‘s website, detailing his plan on how to fix the Big 3 auto companies. “The Big 3 are not just another industry segment,” he writes, “they are world-leading organizations that can reassume that role in technology and markets with an appropriate public-private partnership over the coming decade.”

And because writing isn’t enough, he’s also headlining the launch of a new Earth Institute project, GlobalSoilMap.net, today at Casa Italiana. According to the event description, “this initiative, which will map most of the ice-free land surface of the globe over the next five years, will help scientists and policy makers tackle pressing issues like food security, climate change and water scarcity.”

Next up: leaping tall buildings in a single bound. Hey, it’s easier than saving the Dow.

A tipster has just forwarded the following PrezBo Communique to Bwog, in which your President assures recipients that despite the terrifyingly awful economy—PrezBo refers to it as “a landscape largely defined by uncertainty,” but a crisis by any other name…—Columbia will be just fine, thank you.

For one thing, the University is still ahead of schedule Capital Campaign-wise, with over $3 billion in the bank. Still, expect the grant enviornment to “deteriorate further.” 

Regarding financial aid, PrezBo writes: “Let me also make clear that we will not permit the economic downturn to affect Columbia’s long-standing commitment to need-blind admissions and the meeting of full financial need in student aid for undergraduates in the College and the School of Engineering and Applied Sciences.  We will also work to sustain, and when possible enhance, current levels of financial aid in other schools and programs.”

Full email after the jump.

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The B-schoolers aren’t the only ones effected by the recent economic downturn.  It turns out undergrads are too! Instead of offering advice on how to save money, this week Bwog on a Budget returns with a special money-making feature. 

The long and the short of it is simple: Bwog is broke.  Given our economic state, there’s little sense in discussing how to save money since there’s no money to be saved.  Yes, indeed the time has come for Bwog to make some money. But when the times are tough, finding work is hard.   And finding work is especially hard for Columbia students, who not only prefer not to waste their talent doing remedial labor but also have their cumbersome class schedules to take into account.  And while the minority of employed folks may receive a steady flow of cash each month, by October 18th, September’s paycheck certainly must have diminished.

Bwog’s done some research and discovered that Columbia’s most lucrative resource is just where you’d expect to find lucrative things and people.  Tucked away on the second floor of the business school library is Columbia’s Behavioral Research Lab.   If you are desperate enough, Bwog understands and suggests you sign up to receive the Behavioral Research Lab‘s bi-weekly announcements. 

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It’s not often Bwog takes pity on the young masters of the universe of the Columbia Business School. They’re territorial with small spaces, and not terribly warm to the idea of mere undergraduates purchasing food in Uris.

But still, this week is not a good week for the b-schooler. Here, observe as they stand in Uris and watch updates about the banking collapse. 

Things are not looking good — they can have those group study rooms.

Photo by Lydia DePillis

Meet Graciela Chichilnisky, an econ professor who was just awarded a $200,000 settlement from Columbia, which is roughly the amount of your tuition or any one product from Nussbaum & Wu. She has been suing Columbia on and off since 1990 (back when some of you Terrible 12s weren’t even born!), claiming gender discrimination and unequal pay, claims that were also previously settled in 1995 for $500,000. As a result of the earlier suit, Chichilnisky’s salary was raised from $60,000 to $110,000.

So then, in 2000, Chichilnisky stopped teaching math and started working exclusively in the econ. department because Columbia was terminating the United Nations Educational and Cultural Organization, which she had chaired. She found that her office in the Mathemetics building was hers no longer. “It’s almost impossible to believe this is happening,” she told Spec. “The destruction and removal of one’s office space, without notice is like a violation of one’s physical space.” Columbia repsponded that the school is crunched for space and that Chichilnisky wasn’t making full use of her math office.

She filed another lawsuit claiming that her pay was less than that of her male counterparts, and that in dismantling her office, Columbia “has retaliated against her by breaching the terms of the settlement.” In turn, Columbia filed counterclaims, charging that Chichilnisky had a secret second job — she was the founder and CEO of a multimillion dollar corporation — and that she never disclosed that to anyone in Low. According to CU, this was a breach of the previous settlement agreement.

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Economics Prof. Joseph Stiglitz (who has recently filled in, on occasion, for Nicholas Kristof on his New York Times blog) may be January’s most-quoted man — and he’s well on the way to claiming the same role in February. On Wednesday, he wrote a guest column in the Times preaching economic gloom, offering a suggestion to address pretty much every economic problem America is [potentially] facing. He also appeared on Monday in the Times of London (Day of Reckoning in the US Glasshouse) and, earlier in the month, in the Guardian (Stagflation Cometh). The winning quote? Describing the Fed’s recent rate cuts as “pushing on a piece of string.”