DOCSLIB.ORG

Strengthening Access to Capital for Minority-Owned Small Businesses

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

S. HRG. 115–566 STRENGTHENING ACCESS TO CAPITAL FOR MINORITY-OWNED SMALL BUSINESSES FIELD HEARING BEFORE THE COMMITTEE ON SMALL BUSINESS AND ENTREPRENEURSHIP UNITED STATES SENATE ONE HUNDRED FIFTEENTH CONGRESS SECOND SESSION SEPTEMBER 14, 2018 Printed for the Committee on Small Business and Entrepreneurship ( Available via the World Wide Web: http://www.govinfo.gov U.S. GOVERNMENT PUBLISHING OFFICE 32–693 PDF WASHINGTON : 2019 VerDate Sep 11 2014 12:56 Apr 02, 2019 Jkt 032694 PO 00000 Frm 00001 Fmt 5011 Sfmt 5011 C:\DOCS\32693.TXT SHAUN LAP51NQ082 with DISTILLER COMMITTEE ON SMALL BUSINESS AND ENTREPRENEURSHIP ONE HUNDRED FIFTEENTH CONGRESS JAMES E. RISCH, Idaho, Chairman BENJAMIN L. CARDIN, Maryland, Ranking Member MARCO RUBIO, Florida MARIA CANTWELL, Washington RAND PAUL, Kentucky JEANNE SHAHEEN, New Hampshire TIM SCOTT, South Carolina HEIDI HEITKAMP, North Dakota JONI ERNST, Iowa EDWARD J. MARKEY, Massachusetts JAMES M. INHOFE, Oklahoma CORY A. BOOKER, New Jersey TODD YOUNG, Indiana CHRISTOPHER A. COONS, Delaware MICHAEL B. ENZI, Wyoming MAZIE K. HIRONO, Hawaii MIKE ROUNDS, South Dakota TAMMY DUCKWORTH, Illinois JOHN KENNEDY, Louisiana SKIFFINGTON E. HOLDERNESS, Republican Staff Director SEAN MOORE, Democratic Staff Director (II) VerDate Sep 11 2014 12:56 Apr 02, 2019 Jkt 032694 PO 00000 Frm 00002 Fmt 5904 Sfmt 5904 C:\DOCS\32693.TXT SHAUN LAP51NQ082 with DISTILLER CONTENTS OPENING STATEMENTS Page Cardin, Hon. Benjamin L., Ranking Member, a U.S. Senator From Maryland . 1 WITNESSES Panel 1 Manger, Mr. Bill, Associate Administrator, Office of Capital Access, U.S. Small Business Administration, Washington, DC ............................................. 6 Medley, Ms. Dawn R., Vice President of Business Finance Programs, FSC First, Largo, MD .................................................................................................. 12 Lewis, Mr. John, Executive Vice President–Chief Administrative Officer, The Harbor Bank of Maryland, Baltimore, MD ........................................................ 18 Bilonick, Ms. Marla, Executive Director, Latino Economic Development Cen- ter, Washington, DC ............................................................................................ 26 Wilson, Dr. David, President, Morgan State University ...................................... 31 Panel 2 Clark, Mr. Kenneth E., Business Consultant, MBDA Business Center—Cap- ital Region, Capital Region Minority Supplier Development Council, Silver Spring, MD ........................................................................................................... 40 Smoot, Sr. Mr. Tim, Vice President, Chief Financial Officer, Co-Founder, Meridian Management Group, Inc., Baltimore, MD ......................................... 46 Miller, Ms. Mary, Senior Fellow, 21st Century Cities Initiative, Johns Hop- kins University, Baltimore, MD .......................................................................... 51 Holmes, Mr. Will, Director of Outreach, Goldman Sachs 10,000 Small Busi- nesses, Morgan State University, Baltimore, MD ............................................. 57 ALPHABETICAL LISTING Bilonick, Ms. Marla Testimony .......................................................................................................... 26 Prepared statement .......................................................................................... 29 Cardin, Hon. Benjamin L. Testimony .......................................................................................................... 1 Prepared statement .......................................................................................... 72 Clark, Mr. Kenneth E. Testimony .......................................................................................................... 40 Prepared statement .......................................................................................... 43 Supplemental Testimony ................................................................................. 95 Addendum 1: Minority Business Development Agency Link: NMSDC By the Numbers .................................................................................................. 184 Holmes, Mr. Will Testimony .......................................................................................................... 57 Prepared statement .......................................................................................... 59 Lewis, Mr. John Testimony .......................................................................................................... 18 Prepared statement .......................................................................................... 21 Addendum 1: Milken Institute Phase I Summary ......................................... 99 Addendum 2: Milken Institute Phase II Summary ....................................... 156 Manger, Mr. Bill Testimony .......................................................................................................... 6 Prepared statement .......................................................................................... 9 (III) VerDate Sep 11 2014 12:56 Apr 02, 2019 Jkt 032694 PO 00000 Frm 00003 Fmt 5904 Sfmt 5904 C:\DOCS\32693.TXT SHAUN LAP51NQ082 with DISTILLER IV Page Medley, Ms. Dawn R. Testimony .......................................................................................................... 12 Prepared statement .......................................................................................... 15 Miller, Ms. Mary Testimony .......................................................................................................... 51 Prepared statement .......................................................................................... 53 Risch, Hon. James E. Prepared statement .......................................................................................... 92 Smoot, Sr. Mr. Tim Testimony .......................................................................................................... 46 Prepared statement .......................................................................................... 48 Addendum 1: 2016 Small Business Credit Survey Report on Minority Owned Firms ................................................................................................. 191 Wilson, Dr. David Testimony .......................................................................................................... 31 VerDate Sep 11 2014 12:56 Apr 02, 2019 Jkt 032694 PO 00000 Frm 00004 Fmt 5904 Sfmt 5904 C:\DOCS\32693.TXT SHAUN LAP51NQ082 with DISTILLER STRENGTHENING ACCESS TO CAPITAL FOR MINORITY-OWNED SMALL BUSINESSES FRIDAY, SEPTEMBER 14, 2018 UNITED STATES SENATE, COMMITTEE ON SMALL BUSINESS AND ENTREPRENEURSHIP, Baltimore, MD. The Committee met, pursuant to notice, at 10:04 a.m., at Morgan State University Earl G. Graves School of Business and Manage- ment, Martin D. Jenkins Hall, Behavioral Science Center, Room 514, 1600 Havenwood Road, Baltimore, Maryland, Hon. Ben Cardin presiding. Present: Senator Cardin. OPENING STATEMENT OF HON. BENJAMIN L. CARDIN, RANKING MEMBER, A U.S. SENATOR FROM MARYLAND Senator CARDIN. Good morning, everyone. Let me thank you all for being here. Let me call to order the meeting of the Senate Small Business and Entrepreneurship Committee in this field hearing at Morgan State University, here in Baltimore. This is part of our oversight function of the Small Business and Entrepreneurship Committee, and today we will be talking about the source of capital for minor- ity businesses. And I thank all the witnesses that are here. I want to start by first acknowledging and thanking the leader- ship of our Chairman, Senator Risch, who authorized this field hearing. I serve as the lead Democrat on the Small Business Com- mittee. Senator Risch is the Chairman. The two of us have worked very closely together through this Congress, and we are very proud that we have been able to produce several significant bills that have become law, and we have worked together on oversight of the SBA and small business. I particularly thank Senator Risch for his cooperation and for allowing this Committee field hearing to take place. I want to acknowledge the staff that is here. From Senator Risch’s office, we have Meredith West, Renee Bender, and J.R. Walker; and our Chief Clerk of the Committee, Kathryn Eden. I also want to acknowledge from the Democratic staff, we have Sean Moore, Kevin Wheeler, Beth Bell, Olivia Nutter, Ellen Har- rington, and Sean Bartlett. On my staff, I want to thank Jerome Stevens. Whenever we are at Morgan, Jerome is going to be here with me. He is an incredible asset to our field operations as my outreach director, and I thank (1) VerDate Sep 11 2014 12:56 Apr 02, 2019 Jkt 032694 PO 00000 Frm 00005 Fmt 6633 Sfmt 6633 C:\DOCS\32693.TXT SHAUN LAP51NQ082 with DISTILLER 2 you. And Carleton Atkinson, who is my Maryland director, is also with us today. So we have a full staff that is with us. Steve Umberger is here, who is the SBA director in the Baltimore office. He is also my neighbor. We are both in the Bank of America building together, and I thank Steve. He does a great job in reaching out, getting as much input as we can and providing services to businesses. He was on the ground immediately every time we have had a significant crisis in our business community, Ellicott City being one that stands out, the great work that the SBA office here did in helping those businesses in Ellicott City. Dr. Wilson will be with us shortly, and when he is here,
Recommended publications
  • Artificial Intelligence, Automation, and Work

    Artificial Intelligence, Automation, and Work

    Artificial Intelligence, Automation, and Work The Economics of Artifi cial Intelligence National Bureau of Economic Research Conference Report The Economics of Artifi cial Intelligence: An Agenda Edited by Ajay Agrawal, Joshua Gans, and Avi Goldfarb The University of Chicago Press Chicago and London The University of Chicago Press, Chicago 60637 The University of Chicago Press, Ltd., London © 2019 by the National Bureau of Economic Research, Inc. All rights reserved. No part of this book may be used or reproduced in any manner whatsoever without written permission, except in the case of brief quotations in critical articles and reviews. For more information, contact the University of Chicago Press, 1427 E. 60th St., Chicago, IL 60637. Published 2019 Printed in the United States of America 28 27 26 25 24 23 22 21 20 19 1 2 3 4 5 ISBN-13: 978-0-226-61333-8 (cloth) ISBN-13: 978-0-226-61347-5 (e-book) DOI: https:// doi .org / 10 .7208 / chicago / 9780226613475 .001 .0001 Library of Congress Cataloging-in-Publication Data Names: Agrawal, Ajay, editor. | Gans, Joshua, 1968– editor. | Goldfarb, Avi, editor. Title: The economics of artifi cial intelligence : an agenda / Ajay Agrawal, Joshua Gans, and Avi Goldfarb, editors. Other titles: National Bureau of Economic Research conference report. Description: Chicago ; London : The University of Chicago Press, 2019. | Series: National Bureau of Economic Research conference report | Includes bibliographical references and index. Identifi ers: LCCN 2018037552 | ISBN 9780226613338 (cloth : alk. paper) | ISBN 9780226613475 (ebook) Subjects: LCSH: Artifi cial intelligence—Economic aspects. Classifi cation: LCC TA347.A78 E365 2019 | DDC 338.4/ 70063—dc23 LC record available at https:// lccn .loc .gov / 2018037552 ♾ This paper meets the requirements of ANSI/ NISO Z39.48-1992 (Permanence of Paper).
  • EPA Administrator Lisa P. Jackson Schedule

    EPA Administrator Lisa P. Jackson Schedule

    Release 4 - HQ-FOI-01268-12 All emails sent by "Richard Windsor" were sent by EPA Administrator Lisa Jackson 01268-EPA-5928 Noah Dubin/DC/USEPA/US To 01/26/2012 06:15 PM cc bcc Richard Windsor Subject 01/30/2012 thru 02/12/2012 Schedule for Lisa P. Jackson *** Do not copy or forward this information *** EPA Administrator Lisa P. Jackson Schedule 01/26/2012 06:11:57 PM Monday, 1/30/2012 08:45 AM-09:15 AM Daily Briefing Location: Administrator's Office ------------------------------- 09:30 AM-10:30 AM HOLD: WH POST-SOTU Ct: Ryan Robison - 202-564-2856 Location: Administrator's Office ------------------------------- 10:30 AM-11:00 AM Personnel Discussion Ct:Ryan Robison - 202-564-2856 Staff: Diane Thompson, Jose Lozano (OA) Paul Anastas (ORD) Optional: Bob Perciasepe (OA) Location: Administrator's Office ------------------------------- 11:00 AM-09:00 PM Out of Office See EA or Jose Location: NYC ------------------------------- 01:00 PM-02:00 PM FYI: Senior Staff Location: Bullet Room ------------------------------- Tuesday, 1/31/2012 09:30 AM-10:30 AM HOLD: WH POST-SOTU Ct: Ryan Robison - 202-564-2856 Location: Administrator's Office ------------------------------- 10:30 AM-10:45 AM Depart for White House Location: Ariel Rios ------------------------------- 10:45 AM-12:15 PM Cabinet Meeting Ct: Liz Ashwell 564.1008 Full Cabinet Meeting w/ POTUS and VPOTUS Location: Cabinet Room, White House ------------------------------- 12:15 PM-12:30 PM Depart for Ariel Rios Release 4 - HQ-FOI-01268-12 All emails sent by "Richard Windsor" were sent by EPA Administrator Lisa Jackson Location: White House ------------------------------- 12:45 PM-12:50 PM Drop-By Meeting with Alaska Eskimo Whaling Commission Ct: Earl Comstock - 202-255-0273 **AA DePass will be lead on this meeting, the Administrator will drop by if her schedule permits **This meeting will last from 12:45 to 1:15 -Mr.
  • DIRECTING the Disorder the CFR Is the Deep State Powerhouse Undoing and Remaking Our World

    DIRECTING the Disorder the CFR Is the Deep State Powerhouse Undoing and Remaking Our World

    DEEP STATE DIRECTING THE Disorder The CFR is the Deep State powerhouse undoing and remaking our world. 2 by William F. Jasper The nationalist vs. globalist conflict is not merely an he whole world has gone insane ideological struggle between shadowy, unidentifiable and the lunatics are in charge of T the asylum. At least it looks that forces; it is a struggle with organized globalists who have way to any rational person surveying the very real, identifiable, powerful organizations and networks escalating revolutions that have engulfed the planet in the year 2020. The revolu- operating incessantly to undermine and subvert our tions to which we refer are the COVID- constitutional Republic and our Christian-style civilization. 19 revolution and the Black Lives Matter revolution, which, combined, are wreak- ing unprecedented havoc and destruction — political, social, economic, moral, and spiritual — worldwide. As we will show, these two seemingly unrelated upheavals are very closely tied together, and are but the latest and most profound manifesta- tions of a global revolutionary transfor- mation that has been under way for many years. Both of these revolutions are being stoked and orchestrated by elitist forces that intend to unmake the United States of America and extinguish liberty as we know it everywhere. In his famous “Lectures on the French Revolution,” delivered at Cambridge University between 1895 and 1899, the distinguished British historian and states- man John Emerich Dalberg, more com- monly known as Lord Acton, noted: “The appalling thing in the French Revolution is not the tumult, but the design. Through all the fire and smoke we perceive the evidence of calculating organization.
  • Yucaipa Companies

    Yucaipa Companies

    YUCAIPA COMPANIES: “POSTER CHILD FOR THE ILLS OF POLITICAL DONATIONS AND BUSINESS” Yucaipa is a holding company that invests across a wide range of industries—from groceries to logistics to magazine distribution. Ronald Burkle, chairman of Yucaipa, has been a multi-million fundraiser and donor for Bill and Hillary Clinton and in Bill Clinton’s post-presidency, Burkle has emerged as a close friend and rain- maker for the Clintons – and the friendship has been prosperous for both. “The mainstream business press beats up on [Burkle], essentially for buying access and influence among politicians and leaders of the pension funds that invest with him (FORBES included). ‘I basically became the poster child for the ills of political donations and business. It’s preposterous!’ Burkle protests.” [Forbes, 12/11/06] BILL CLINTON AND YUCAIPA 2006: Bill Clinton Has Guaranteed Payments “Over $1,000” From Yucaipa And Has Invested In Several Yucaipa Funds. Hillary’s financial disclosure report indicates that Bill Clinton has “over $1,000” in guaranteed payments from Yucaipa Global Holdings. Because the Clintons are not required to report the actual amount or any range of income that is more specific than “over $1,000” we do not know how much Bill has been compen- sated. Through WJC International Investments GP, Bill Clinton invests in Yucaipa Global Holdings and Yu- caipa Global Partnership. The Yucaipa Global Partnership Fund “invests in securities of corporations that con- duct significant operations in foreign countries.” Clinton reported interest income between $201-$1,000 from Yucaipa Global Holdings and between $1,001-$2,500 from Yucaipa Global Partnership Fund.
  • Racial Economic Inequality Amid the COVID-19 Crisis

    Racial Economic Inequality Amid the COVID-19 Crisis

    ESSAY 2020-17 | AUGUST 2020 Racial Economic Inequality Amid the COVID-19 Crisis Bradley L. Hardy and Trevon D. Logan i The Hamilton Project • Brookings MISSION STATEMENT The Hamilton Project seeks to advance America’s promise of opportunity, prosperity, and growth. The Project’s economic strategy reflects a judgment that long-term prosperity is best achieved by fostering economic growth and broad participation in that growth, by enhancing individual economic security, and by embracing a role for effective government in making needed public investments. We believe that today’s increasingly competitive global economy requires public policy ideas commensurate with the challenges of the 21st century. Our strategy calls for combining increased public investments in key growth-enhancing areas, a secure social safety net, and fiscal discipline. In that framework, the Project puts forward innovative proposals from leading economic thinkers — based on credible evidence and experience, not ideology or doctrine — to introduce new and effective policy options into the national debate. The Project is named after Alexander Hamilton, the nation’s first treasury secretary, who laid the foundation for the modern American economy. Consistent with the guiding principles of the Project, Hamilton stood for sound fiscal policy, believed that broad-based opportunity for advancement would drive American economic growth, and recognized that “prudent aids and encouragements on the part of government” are necessary to enhance and guide market forces. ii The Hamilton Project • Brookings Racial Economic Inequality Amid the COVID-19 Crisis Bradley L. Hardy American University Trevon D. Logan The Ohio State University AUGUST 2020 This policy essay is an essay from the author(s).
  • 2017 Mid-Market Private Equity Transactions

    2017 Mid-Market Private Equity Transactions

    2017 MID-MARKET PRIVATE EQUITY TRANSACTIONS Sale of Key Acquisition of Minority investment Retirement Group to Buyout of Future Investment in Media Buyout of Reapit by Syslink by Synova in Radius Payment Partners Group by Investment in Industrial Services iQ by ECI Partners Accel-KKR Capital Solutions by Phoenix Equity ChargePoint by NorthEdge Inflexion Partners Technology by LDC Capital Advised ECI Advised Accel-KKR Advised Synova Advised Inflexion Advised Phoenix Advised LDC Advised NorthEdge Sale of Fine Acquisition of Investment in Make Investment in Sale of The Creative Industries by Acquisition of AllClear Insurance It Cheaper by ECI Rayner Surgical Acquisition of Engagement Group NorthEdge Capital Thornbridge Services by Synova Partners Group by Phoenix Fastflow Group by by LDC to Sawmills by Capital Equity Partners Elysian Capital Huntsworth plc Advised NorthEdge Cairngorm Capital and other Advised Synova Advised ECI Advised Phoenix Advised Elysian Advised LDC shareholders Advised Cairngorm Sale of MKM Investment in Sale of Admiral Building Supplies to Law Firm of the Year Sygnature Discovery Buyout of Cawood Buyout of Fishawack Taverns to Proprium UK Legal Adviser of Bain Capital by 3i (Deal Structuring) by Phoenix Equity Scientific by Communications by by Cerberus and the Year and LDC Partners Inflexion LDC management 2017 2017 Advised 3i and Advised Phoenix Advised Inflexion Advised Admiral LDC Advised LDC 2017 GROWTH AND DEVELOPMENT CAPITAL TRANSACTIONS Minority investment in Sale of JCRA to Shaw Healthcare by Investment in
  • How COVID-19 Could Widen Racial Gaps in Financial Outcomes 27

    How COVID-19 Could Widen Racial Gaps in Financial Outcomes 27

    Chapter 3 | How COVID-19 Could Widen Racial Gaps in Financial Outcomes 27 How COVID-19 Could Widen Racial Gaps in Financial Outcomes Diana Farrell1 Amidst the COVID-19 crisis, policy makers are grappling with the potential short- and long-term economic impacts RACIAL GAPS IN of efforts to mitigate the spread of the virus on families. Unemployment rose at an unprecedented pace in the FINANCIAL OUTCOMES first months of the crisis, and the U.S. government issued Longstanding gaps in income and wealth between stimulus payments to hundreds of millions of Americans. White families and Black and Hispanic families have been well documented and have only grown In a recent report, “Racial Gaps in Financial Outcomes: Big following the Great Recession (Bayer and Charles Data Evidence,” the JPMorgan Chase Institute offered a lens 2018; Chetty et al. 2019; McKernan et al. 2014a; on how different segments of the population might manage Thompson and Suarez 2019). Many factors have income fluctuations in a COVID-19-induced downturn.2 systematically contributed to wealth-building of Drawing on data from between 2013 and 2018, we found that many White families while impeding wealth-building among Black and Hispanic families, including: Black and Hispanic families’ spending is more sensitive to short-term income fluctuations than that of White families. • Intergenerational transfers of wealth within families (e.g., Meschede et al. 2017; Chiteji This result is largely explained by the large racial gap in and Hamilton 2002; McKernan et al. 2014b) liquid assets we observe—Black and Hispanic families have • Neighborhood conditions such as poverty just 30 to 40 cents in liquid assets for every dollar held by rates, racial bias, and home values (e.g., White families.
  • The US Imbalancing Act: Can the Current Account Deficit Continue?

    The US Imbalancing Act: Can the Current Account Deficit Continue?

    McKinsey Global Institute The US Imbalancing Act: Can the Current Account Deficit Continue? June 2007 McKinsey Global Institute The McKinsey Global Institute (MGI), founded in 1990, is McKinsey & Company’s economics research arm. MGI’s mission is to help business and government leaders develop a deeper understanding of the evolution of the global economy, and provide a fact-base that contributes to decision making on critical management and policy issues. MGI’s research is a unique combination of two disciplines: economics and management. By integrating these two perspectives, MGI is able to gain insights into the microeconomic underpinnings of the broad trends shaping the global economy. MGI has utilized this “micro-to-macro” approach in research covering over 15 countries and 28 industry sectors, on topics that include economic productivity, global economic integration, offshoring, capital markets, health care, energy, demographics, and consumer demand. MGI’s research is conducted by a group of full-time MGI Fellows based in offices in San Francisco, Washington, DC, London, and Shanghai and led by MGI’s director Diana Farrell. MGI project teams also include consultants drawn from McKinsey’s offices around the world, and are supported by McKinsey’s network of industry and management experts and worldwide partners. In addition, MGI teams work with leading economists, including Nobel laureates and policy experts, who act as advisors to MGI projects. MGI’s research is funded by the partners of McKinsey & Company and not commissioned by any business, government, or other institution. Further information about MGI and copies of MGI’s published reports can be found at www.mckinsey.com/mgi.
  • Financing Growth in Innovative Firms: Consultation

    Financing Growth in Innovative Firms: Consultation

    Financing growth in innovative frms: consultation August 2017 Financing growth in innovative frms: consultation August 2017 © Crown copyright 2017 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: [email protected]. Where we have identifed any third party copyright information you will need to obtain permission from the copyright holders concerned. This publication is available at www.gov.uk/government/publications Any enquiries regarding this publication should be sent to us at [email protected] ISBN 978-1-912225-08-8 PU2095 Contents Page Foreword 3 Executive summary 5 Chapter 1 Introduction 7 Chapter 2 The patient capital gap 9 Chapter 3 Strengths and weaknesses in patient capital 17 Chapter 4 Root causes (1): deployment of / demand for patient capital 29 Chapter 5 Root causes (2): supply of capital 35 Chapter 6 Current interventions 43 Chapter 7 Implications for policy 51 Annex A List of consultation questions 61 Annex B Terms of reference for the review 63 Annex C Terms of reference for and members of the Industry Panel 65 Annex D Data sources 69 1 Foreword Productivity is important. As I set out in my speech at the Mansion House earlier this summer, improvements in productivity ultimately drive higher wages and living standards. This makes it much more than just another metric of economic performance.
  • Morgans Hotel Group Co. Form 10-K/A Annual Report Filed 2013-10

    Morgans Hotel Group Co. Form 10-K/A Annual Report Filed 2013-10

    SECURITIES AND EXCHANGE COMMISSION FORM 10-K/A Annual report pursuant to section 13 and 15(d) [amend] Filing Date: 2013-10-02 | Period of Report: 2012-12-31 SEC Accession No. 0001193125-13-387531 (HTML Version on secdatabase.com) FILER Morgans Hotel Group Co. Mailing Address Business Address 475 TENTH AVENUE 475 TENTH AVENUE CIK:1342126| IRS No.: 161736884 | State of Incorp.:DE | Fiscal Year End: 1231 NEW YORK NY 10018 NEW YORK NY 10018 Type: 10-K/A | Act: 34 | File No.: 001-33738 | Film No.: 131128139 212-277-4100 SIC: 7011 Hotels & motels Copyright © 2013 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K/A Amendment No. 2 (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2012 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-33738 Morgans Hotel Group Co. (Exact name of registrant as specified in its charter) Delaware 16-1736884 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 475 Tenth Avenue New York, New York 10018 (Address of principal executive offices) (Zip Code) (212) 277-4100 (Registrants telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Name of Each Exchange on Which Registered Common Stock, $0.01 par value The NASDAQ Stock Market LLC Securities registered pursuant to Section 12(g) of the Act: None Copyright © 2013 www.secdatabase.com.
  • The Work Ahead Machines, Skills, and U.S

    The Work Ahead Machines, Skills, and U.S

    Independent Task Force Report No. 76 The Work Ahead Machines, Skills, and U.S. Leadership in the Twenty-First Century John Engler and Penny Pritzker, Chairs Edward Alden, Project Director Laura Taylor-Kale, Deputy Project Director ENDNOTES 1. Bureau of Labor Statistics, “Labor Force Statistics From Current Population Survey: Databases, Tables and Calculators by Subject,” February 16, 2018, http://data.bls.gov /timeseries/LNS11300000. See also Arne L. Kalleberg and Till M. von Wachter, “The U.S. Labor Market During and After the Great Recession: Continuities and Transformations,” RSF: The Russell Sage Foundation Journal of the Social Sciences 3, no. 3 (April 2017): 1–19, http://rsfjournal.org/doi/full/10.7758/RSF.2017.3.3.01; Sandra E. Black, Diane Whitmore Schanzenbach, and Audrey Breitwieser, “The Recent Decline in Women’s Labor Force Participation,” Hamilton Project, October 2017, http:// hamiltonproject.org/assets/files/decline_womens_labor_force_participation_ BlackSchanzenbach.pdf. While labor force participation did fall more steeply during the recession, there has been a reasonably steady decline since 2000 driven by rising retirements and declining work among prime-age men. See Alan B. Krueger, “Where Have All the Workers Gone? An Inquiry Into the Decline in the U.S. Labor Force Participation Rate,” Brookings Papers on Economic Activity, September 2017, http:// brookings.edu/bpea-articles/where-have-all-the-workers-gone-an-inquiry-into-the -decline-of-the-u-s-labor-force-participation-rate. 2. Annie Lowrey, “The Great Recession Is Still With Us,” Atlantic, December 1, 2017, http://theatlantic.com/business/archive/2017/12/great-recession-still-with-us/547268. 3.
  • Administration of Barack Obama, 2014 Remarks on the Nomination Of

    Administration of Barack Obama, 2014 Remarks on the Nomination Of

    Administration of Barack Obama, 2014 Remarks on the Nomination of Maria Contreras-Sweet To Be Administrator of the Small Business Administration January 15, 2014 Please have a seat. Thank you so much. Well, welcome to the White House. And I am pleased to be joined by many of the people on the frontlines when it comes to creating jobs and new opportunities: America's small-business owners. And I want to thank all of them for the hard work and the sacrifice of these entrepreneurs, as well as the workers and the families across the country that have helped us pull ourselves out of one of the worst recessions in our history. Now what we're seeing is businesses having created more than 8 million new jobs since we hit bottom. Manufacturing is growing, led by a booming auto industry. Our investments have helped bring about new technologies, more affordable energy, and are slowing health care costs, all of which are making America even more attractive for investors. And we're starting to see a lot of the jobs that had left our shores in manufacturing, for example, starting to come back, because we put ourselves in a much more competitive position. And so all the pieces are there to bring back even more new jobs to America this year, but it's not going to happen by itself. This has to be a year of action. We've got to keep our economy growing. We've got to make sure that our working families are sharing in growth and increasing success.