Chapter 9 Assignment: News Story
October 31, 2008
Intended Audience: Moore County residents
Wachovia Merger with Wells Fargo Expected by Year’s End
October 30, 2008
By Lisa Youngclaus, FINANCIAL NEWS CONTRIBUTOR
SOUTHERN PINES—Wachovia announced today that shareholders will vote on the Wachovia-Wells Fargo merger agreement on December 10, 2008. The merger, which represents a $15.1 billion stock deal for Wachovia shareholders, was approved by federal regulators in mid-October, creating the largest banking network in the United States with 6,675 branches.
Wachovia operates two branches in Southern Pines. A third branch is currently under construction at Olmsted Village, in Pinehurst. The local Wachovia branches represent $130 million in deposits giving Wachovia the third largest market share, following BB&T and First Bank. There are eleven banks operating 40 branches in Moore County, according to the Moore County Chamber of Commerce.
Both Wachovia and Wells-Fargo stockholders must approve the merger on December 10 which will combine Charlotte-based Wachovia banking, Wealth Management and Securities operations with San Francisco-based, Wells Fargo, by year’s end.
In response to recent reports that some Wachovia shareholders might not favor the merger, Stuart Strickland, senior vice president and partner, Wachovia Wealth Management, the personal investment and money management division of Wachovia, says that while there are some “disgruntled” shareholders, he predicts the deal will go through.
“There, of course, have been concerns among a very few shareholders that the Wachovia price may not represent fair market value, but in these economic times, this is the fair market value,“ says Strickland.
Strtickland believes the merger is a good deal for stockholders and a good marriage for the two banking giants. “The more I learn about Wells Fargo, the better fit I see,” said Strickland. “There is a good blend of styles and a shared focus on small business lending and local customers.”
Wells Fargo Chairman Dick Kovacevich has been quoted in the press as stating that the merger combines Wachovia’s customer service culture with Wells Fargo’s sales and cross-selling culture.
The Wells Fargo offer supplants a prior agreement Wachovia had reached in September with New York-based Citigroup to sell Wachovia banking assets for $2.1 billion. Following a week of negotiations, Citigroup bowed out of contention and has yet to drop a $60 million lawsuit claiming damages against Wachovia and Wells Fargo for “spoiling” the deal.
Wachovia customer, Mike Dyer, expressed relief that there is a merger underway instead of a bank closure. “I have my IRA account with Wachovia Securities and they assured us that our assets were safe. Now, with the merger and all the government protection the banks are getting, we are just taking the long view and waiting for the market to turn around.”
As for a market “turnaround”, Strickland believes that improvements in the overall economy are unlikely to occur until the second half of 2009. “There are some tough times ahead. Jobs and homes will be lost through the first half of 2009. But by the second half of next year we should see the signs of an economic turnaround.”
“American banks—and the American consumer—leveraged themselves to a point where it became necessary to go through the painful process of de-leveraging. In this case, the Government has stepped in, which is unlike what they did in the 30’s. That’s why we won’t get into a situation like The Great Depression again, “ Strickland said. “Unfortunately, the government is going to be very involved in business now. There will be lots of new regulations, which will make it harder to do business, but it will bring stability.”
Stability is a benefit local Wachovia customers and employees are anxiously awaiting both with new partner, Wells Fargo and in the broader U.S. economy.
“I just want a good night’s sleep,” says Dyer. Many folks in Southern Pines are likely to agree.
Sources:
Calvey, Mark. “Wells chairman expects faster recovery.” Philadelphia Business Journal.com 22 Oct. 2008. http://www.bizjournals.com/jacksonville/stories/2008/10/20/daily23.html.
Ellis, David. “Wells, Citi square off in Wachovia bid.” CNN Money.com 3 Oct. 2008. <http://money.cnn.com/2008/10/03/news/companies/wells_fargowachovia/index.htm/>.
Levy, Ari. “Wells Fargo Chairman Says Crisis Not Worst He’s Seen (Update1)” Bloomberg.com 21 Oct. 2008. http://www.bloomberg.com/apps/news?pid=email en&refer=us&sid=a8btDJXhCne/>.
Steel, Robert. “CEO Message” 22 Oct. 2008. <http://www.Wachovia.com/>.
Questions for Wachovia executives:
· Number of Wachovia branches in Moore County?
· Number of bank customers or deposits represented?
· Expected Stockholder vote timing?
· Personal view of merger?
· Clients concerns over past few weeks?
· What can customers expect in terms of service, changes?
· Outlook for 2009?
· Banking stability?
· Understanding and implications of the Financial “crisis”?
(In addition to Stuart Strickland, I attempted to contact Richard Guy, local branch executive in the Trust department, who was out of the office.)
Questions for Wachovia customers:
· How do you feel about the proposed merger with Wells Fargo?
· Any concerns?
· How do you feel about remaining with the bank versus moving your accounts?
· Does it mean anything to you when you hear that your local bank will soon be part of the largest banking group in the U.S.?
For Internet publication, I recommend:
· Link to the stories/sources cited above.
· A photo of Stuart Strickland in his Moore County office.
· Photos of customers.
· Link to Wachovia and Wells Fargo websites.
· Photo of new branch office under construction.
· A posting place for other local Wachovia customers and shareholders to express their views. “What do you think?”
· A link to the video of Wells Fargo Chairman’s speech to Charlotte Wachovia employees.
· Possibly, a checklist or question/answer list for bank customers about what new measures now exist to insure protection of bank assets.
Facts I checked were:
· Stuart Strickland’s title
· Wachovia buyout price
· Status of legal action
· Anticipated shareholder voting date and deal closing date
· Whether Wells Fargo was hyphenated
Revision Note: incorporated all your corrections, suggestions including adding two sources, hyperlinking, revised headline and lead.
Wireless Access Points
October 22, 2008
Assignment Number Two: Amend a WIkipedia entry:
http://en.wikipedia.org/wiki/Pharmaceutical_marketing
Task:
1. Updated advertising expenditure dollars to reflect 2005 versus 2004 (latest figures available)
2. Added FDA guidelines for more detail in Regulations section. Only the first sentence was present prior to the addition.
Note: Considered footnotes and links. Opted for and in text citation reference and no external link which has to be approved by wiki and might not be relevant for such a general guideline summary statement.
Assignment Number Three: Twitter a Meeting
http://twitter.com/lisa123y
Task: My partner, Michelle had to leave town due to a death in the family. I twittered a meeting/ presentation I had to make without her. While I was just experimenting, since I use my laptop to take notes in most meetings, this might actually be a good tool for me to use for this purpose.
Blogging the Blues
October 13, 2008
Mom’s Day Out: My Son’s First Blues Performance
by Lisa Youngclaus
I must admit it has been fascinating to watch my son’s musical gift develop. I wondered what was up when he turned on a rock radio station when he was 14 months old and danced naked in perfect rhythm with some very soulful moves. By age six he was playing the piano, then drums and guitar. It’s a beautiful thing to see a God-given talent unfold effortlessly and joyfully. Now fourteen, my son plays in a band and continues to love and study all types of music. Lately, “The Blues” have been absorbing his time. After several weeks of long rehearsals, he and his band headed off to their first serious Blues performance and competition.
“Blues Challenge”, sponsored by The Piedmont Blues Preservation Society.
Oct. 12, Zion Bar and Grille, Greensboro, NC
3:30 p.m.: We arrive at the Zion Bar and Grille, just off I-40 West, on the outskirts of Greensboro. The parking lot is packed with lots of trucks with trailers that hold band equipment. A gray-haired musician is plugged in on an electric guitar, sitting in the back tailgate of his truck. The music sounds good.
3:35p.m.: My son’s band is walking around the parking lot getting psyched. The boys are definitely going to be a novelty with this older crowd. My fourteen-year -old, Will, wants to drink a Red Bull. His teacher, Baxter, warns him about tempo, e.g. “Watch the caffeine”. Will, the drummer, is jazzed up enough.
3:40 p.m.: We all look inside. It’s a very basic place with wood floors, a dance floor and stage, people sitting at tables, eating and drinking at plastic tables covered with striped vinyl table covers. The bar off to the side is packed and lively. It’s a mostly middle-aged crowd with a few younger couples with children.
3:42 p.m.: Here comes a gray-haired man in a hot pink sport coat and black fedora with a matching pink band. Weirdly awesome. His band buddy, in a similar get- up in lime green, has a long ponytail and wire-rim glasses. Hmmmm….what’s going on here?
3:45 p.m.: Our band calls themselves “Members Only” and are wearing vintage 1980’s Member’s only jackets—pretty funny that what I thought was so embarrassing, these kids now think is cool. The three of them, two fourteen-year-old students and their music teacher, come in with instruments and gear. The boys are clean cut and Baxter, their teacher, looks like a punk rocker. Their group is definitely out of place with this crowd.
3:55 p.m.: They are announcing the three finalists from round one. The guy next to me just told me he’s in a band and hopes they are finalists. Here comes the verdict: “T. Hammer”, “WSNB” (We Sing Nasty Blues)–what a name– and “Miles and the Blues Review”.
3:57 p.m.: Bad Situation,” the band sitting next to me, didn’t make it. Too bad. They look like nice guys. The bass player just told me he is in advertising. He works at the Daly agency in Greensboro. They said they thought they were too Rock and Roll for the judges who are looking for “pure” blues. Probably not good for us, either. ZZ Top might not cut it.
4:00 p.m.: The first band in our set is on. They are good. They have a bass player, drummer and guitarist/vocalist. “Just can never let you go…”
4:05 p.m.: The bass player and guitar player just switched. That’s neat. I’m thinking that Will should do that since he plays drums and guitar. More of the same. Vocalist is screaming. Painful.
4:07 p.m.: Feel worried for the boys. Hope they don’t choke. Baxter is cool. “Just have fun,” he says. “Let’s have a good time.”
4:10 p.m.: The last number is very upbeat and bluesy—the best. “I have love, I will travel.” Two little girls are dancing in the aisles. One is wearing shiny black boots and a blonde ponytail. “These boots are made for walking…”
4:13 p.m.: The nice guys that lost (“Bad Situation”) tell me they are playing at Coopers Ale House on the October 25th.
4:15 p.m.: The next group setting up. Very big guy upfront with a fedora hat. What’s with the fedoras? Is that a blues thing? Two guitarists, bassist, drummer. “Blues de Ville” is the band. Big John Hutchins is the big singer out front. They are introduced as a progressive blues band…raw, bare-boned, electric -in –your- face sound” Let’s see…
4:16 p.m.: Big John is screaming and shaking like three “Elvises”. Oh my. These guys are older than me. Or at least as old as me! They must have fans. “Go Big John!” is being screamed by several loud women. Whoops– the cymbal just fell off. Oh no. I hope that doesn’t happen to Will!
4:17 p.m.: These guys are good. Sound professional. They have been at it awhile. “I can’t see the street for my tears…” Now I am thinking about Chicago Blues Bars, remembering good times.
4:20 p.m.: I just met the bar owner. She wanted to know what newspaper I was with! She shook my hand! “Sorry. Just a class!”
4:22 p.m.: That’s it. We’re next. YIKES! They have 10 minutes to set up,
4:25 p.m.: I Just helped Will secure the cymbal that flew off. I think its okay. He seems fine. I am nervous and, Nick is a bit nervous. Nick’s Dad sets up a new tripod and video camera. He reminds me of a “country” version of Murray, the band manager on “Flight of the Conchords”. I have to film using Will’s little Flip video camera. The crowd is buzzing about the kids. Keep your fingers crossed!
4:30 p.m.: “Introducing, Members Only!”
4:45 p.m.: I’m back from filming. THEY WERE SO AWESOME!!! REALLY! The crowd was clapping and “WHOOOOOING”. If the judges are going for “young, hip talent”, they’re in. If they are going for old-timers, traditional blues, they’re out.
4:50 p.m.: “How did we do? “ Will and Nick are asking? I tell them, “Great”. Will is not sure. He thinks he sped up on the last number. “Big deal,” Baxter says, “You guys were awesome. I am so proud of you.” They beam.
Baxter wants to know how his singing sounded. I tell him great after the first song. For the first song, the mic level was too low. The rest of the set was “fantastic.” He really has the best voice I have heard here so far. Better than Big John. But I am biased.
4:55 p.m.: Next group. Looks like all the others. We shall see. They have a guy with a keyboard around his neck. That’s neat.
5:00 p.m.: Still going. They’re good, but I am bored. I can’t tell the difference between some of the bands. Best thing here is that piano deal in terms of uniqueness. Is “uniqueness” a criterion?
5:15 p.m.: Will just asked for the car keys so he and Nick can go listen to music? What? Isn’t that what we’re doing? I pray everyday for God to let me understand fourteen-year-old boys.
5:20 p.m.: The next band is up, an older group. This one has a sax, which I love. This group has played in the House of Blues in Hollywood, according to the introduction. They are “The Servitones.” Why are the singers all so big? Baxter, in our band, weighs about 90 lbs. But he’s a rocker.
5:22 p.m.: Now a harmonica. I think these guys will make the finals. The big singer has a lot of soul: “Too Sorry For You”
5:30 p.m.: An old drunk man just asked me what I was doing. I told him I was live blogging for a class. He leaned in closer and said, “You wanna dance?” Oh dear. “No thanks. Have to blog on.”
5:35 p.m.: Wow! A really beautiful, older, very thin black lady in a fabulous brown jersey dress just went onto the dance floor and started dancing! Now a group of younger women just joined in. Oh no! The old drunk man is out there grabbing at all the women! I’m not sure I want the kids here tonight. This is a little weird and hilarious.
People are getting drunk. This thing started at 2:00p.m.
5:40 p.m.: I love the black lady. She is so cool. She is wearing a long strand on pearls and her hair is in a French knot. Awesome. She must be eighty years old and she looks great!
5:45 p.m.: Last band in this set. Another big guy singer. Middle- aged again. No vocals? They are good musicians though. It’s a shame they don’t have a singer.
5:46 p.m.: I am trying to text my best friend while I blog. I am 48 years old, sitting in a bar trying to live blog, film a video with a Flip camera, while taking pictures and texting. I might explode.
5:50: “Pearl” (my nickname for her) is dancing again. She is my hero. So cool and can she move! I want to talk to her.
5:55 p.m.: I just talked to Pearl! I told her I thought she looked beautiful on the dance floor. She smiled. Then I asked her how old she was? “Ninety one”. WOW! Highlight of the day!
5:56 p.m.: Old drunk man’s wife is trying to get him to go home. She is not getting anywhere.
6:00 p.m.: Waiting for the announcement of the finalists. Whoops! Another band. Must be a late entry. I’m taking a bathroom break.
6:10 p.m.: This band is the same. The boys are outside throwing rocks. They’re still boys. Reminds me of Will digging for worms in the outfield during Pee Wee league baseball games.
6:13 p.m.: I am suddenly becoming paranoid that I have lost a significant amount of hearing which was already not good. I could go completely deaf if they make the final round.
6:20 p.m.: I just heard a little girl say, “I think my eardrums are blew”. I’m with you, honey.
6:30 p.m.: We are all waiting for the results of the second round. The winners will play again from 7:00 to 10:00. Right now I am having a hard time being up for that!
6:40 p.m.: Waiting. Hungry. Finally. Here comes the lady with the results card. Here she goes: “Round two winners are…”Blues de ville”… two more I couldn’t clearly hear, but not “Members Only”.
Epilogue: After a nice dinner at Carrabas Italian Grill, we all vow to try a Blues competition again sometime and congratulate the boys. They are a bit down but glad to be going home. We all agree it was a good experience and now the band has a good solid set and are ready to perform around town. The boys smile about that. So cute. Will is the most insightful about the results: He says, “Mom, you guys thought they would vote for us because we were kids. I think they wouldn’t vote for us because we were kids. How would you feel if you had been playing blues for 30 years and some kids came in here and beat you?” The mouths of babes….
Links:
Piedmont Blues Preservation Society
Personal Affects: Reactions to ”Blogging the Blues”
The mere thought of taking my laptop into a smoky bar and trying to type while my son played drums in one of his first “public appearances” gave me a bit of anxiety. How was I going to type constantly and not miss the performance and socialize with the other people I was there with? My son protested, too, “Mom, that is going to be so embarrassing. Why do you have to take your computer?” Despite these reservations, and being quite unsure of what I was actually doing, having never live-blogged before, I packed up my Mac book and hoped for the best.
After the initial self-consciousness and explanations about my class assignment, I just sat down, opened my Mac and started typing. After awhile, I actually didn’t mind the distraction which allowed me to be somewhat anti-social, which is not my nature. But even I would have otherwise had a hard time “shooting the breeze” for three hours amid the deafening sounds of electric blues riffs.
The hardest things were keeping track of the time, writing meaningful phrases instead of boring observations, and getting the full “gestalt” of the event while being distracted by the details I was blogging about. Yet, in the end, I think the “whole” did convey the gestalt. I find that fascinating as I have never considered writing in that manner to be a viable form of good communication.
Overall, I still feel a lack of confidence that my minute by minute thoughts are “worthy” of readership, entertaining or otherwise. I am more “old school” and still feel as if any writing I do must be well thought out, edited, researched, supportable, etc. On the other hand live-blogging was a freeing experience. These actual “notes”, and a little “gussying up” afterwards, are the final product? You mean I’m done? Hmmmmm….
Revision Note: Incorporated your corrections and added an introductory paragraph, per your advice.
Evansville Living: Local Business Scene
October 2, 2008
Staying in Style with Venerable Carolyn’s Fashions
By Lisa Youngclaus, October 2008
Carolyn's Fashions Style Show
Some things never change, and while fashions certainly come and go, not so with Evansville’s longest-standing women’s fashion boutique, Carolyn’s Fashions. Catering to the better-dressed woman with an emphasis on career professionals and special occasion wear, Carolyn’s has withstood the test of time and continues to bring vibrancy, style and a commitment to community service to the tri-state area.
Still at the helm of Carolyn’s Fashions on Lincoln Avenue, is Carolyn Barnett, the boutique’s creator, sole owner, sole buyer, fashion show producer, alteration specialist and personality extraordinaire. “She never gets tired of it, “ says friend and loyal customer, Jackie Smyth, “Carolyn is amazing. She has so much energy and she just loves what she does. It shows in the clothes and the fashion shows.”
Despite Tough Times, Carolyn’s has Survived, Even Thrived
Cashmere and silk wrap from Carolyn's
Though still enthusiastic about fashion and her Evansville customers after more than 30 years, 2008 may be starting to look a bit like 1977, the year Carolyn Barnett started her classic women’s clothing boutique. In 1977, with interest rates at 23 percent, business loans were as hard to get and afford as they are fast becoming in 2008. But Carolyn, a former high school English teacher and mother of three, was undaunted. She stepped into the retail world with tenacity, a desire to please her customers and a love of the fashion business. Against all odds, the rogue start-up quickly became a necessity for many Evansville women.
“You just can’t find the quality and style of the clothes that Carolyn carries anywhere else in town,“ says customer Sharon Miller. “Carolyn will measure you, special order a suit in the fabric you want or alter one of her beautiful evening gowns right in the store. You can’t get that kind of service anywhere else.”
Evansville’s Style Specialist: Just Ask Carolyn
Whether it’s an alluring gown for the Coronet Ball, a sophisticated, elegant suit for a Board of Directors meeting or a designer umbrella from Italy, Carolyn’s Fashions on Lincoln Avenue is where Evansville women go to shop for their most important fashion needs.
Classic suits and dress lines, evening wear, mother-of –the-bride specialty wear, casual chic apparel and accessories, Carolyn’s brings styles to Evansville that women would have to travel elsewhere to find. Her specialty lines can’t be found in department stores or discount outlets. She has carefully crafted her inventory over the years, selecting fashions from around the world to create a collection that meets her customers’ desires and keep them abreast of new trends.
“When I first opened the shop thirty years ago, I remember women feeling like they could never be stylish unless they wore a size four and were twenty years old. I have spent my life changing that opinion,” says Carolyn, who at age 73 looks twenty years younger and as stylish as a magazine ad, wearing a black Louben suit with scarlet silk charmuese blouse. “Clothes are fun. I have fun dressing all my ladies.”
Carolyn’s Collection Includes: (Click on item for link to designer site)
Classic suits, dresses and trousers for sophisticated daytime wear.
Specialty wedding attire. Special orders available.
One of a kind designer handbags,
carried exclusively by Carolyn’s.
Modern evening dresses and daytime suiting.
Customized silks in 27 colors, 52 design options.
Imported Italian umbrellas with jeweled handles. Exclusive to Carolyn’s in the Midwest.
The “Angel of Evansville”: Supporting Local Charities
Carolyn Barnett (second from right) with customers.
Carolyn’s Fashions has become synonymous with fashion shows, luncheons and cocktail parties with a cause. Carolyn uses her customers as models and always draws a crowd. The boutique has raised hundreds of thousands of dollars for the city’s most important charities. The Easter Seals Benefit Fashion Show, which has been an annual fashion event for Carolyn’s for 19 years, alone raised $52,000 for the charity last November. Carolyn’s Fashions produces events for the following Evansville charities:
Easter Seals, Evansville Museum, Evansville Philharmonic, St. Benedict Church, Vanderburgh Medical Association, Junior League of Evansville, Holley’s House for Abused Women, Evansville’s Komen’s Race for the Cure.
“Many of my customers are involved in these organizations either serving on their Board of Directors or volunteering their time. I am proud to support my customers and they, in turn support my business, “ says Carolyn.
Market Prediction: Specialty Boutiques Will Survive
According to Carolyn, many of the vendors she meets with at the Apparel Markets in New York and Chicago, predict that specialty boutiques that focus on personal service will survive, while department stores may experience harder times. “When you give personal service and shop for your customers individually at market, they will be your loyal customer and keep you in business, “ says Carolyn who remains optimistic about her boutique, despite a tough economy. “It’s so exciting each season, to see what the market has to offer. I love to picture my customers in the new gowns or ready to wear. It’s just so much fun. I will never retire. It gets better each year.”
To Find out more:
Visit Carolyn’s Fashions At 2801 Lincoln Ave. in Evansville
Or call Carolyn at her boutique: 812-471-2880
Revision Note: Incorporated all your corrections and comments including hyperlinking.
