• Friday Footnotes: Questions for the CFTC; Big 4 Partner to CFO; An Ode to Tax Season | 01.22.16

    By | January 22, 2016

    Always read the footnotes, capital market servants. Drop us links and tips over the weekend by hitting the button at the top of the page or emailing us directly. Follow us on Twitter, Facebook and Pinterest and subscribe to our daily newsletter. Submit questions, career conundrums and blizzard survival tips in Open Items.

    Senate committee chairman asks CFTC to explain major accounting error [Reuters]

    Why Doesn’t Silicon Valley Hire Black Coders? [Bloomberg]

    Auditors Must Beware the Consequences of Settling SEC Enforcement Actions [Lexology]

    Listeria Outbreak Linked to Dole Salads From Ohio Facility [WSJ]

    How Successful People Network with Each Other [HBR]

    Introspection Leads Longtime Big Four Partner to CFO Role [CFO]

    On economic turf, Rams move is neither a big win for L.A. nor crushing loss for St. Louis [TaxVox]

    An Ode To Tax Season: How To Bid Farewell To Your Family [Tony Nitti]

    KPMG moving Buffalo office to Larkinville [TBN]

    Google strikes £130m back tax deal [FT]

    Building a Better Egg McMuffin [SeriousEats]

    • KM

      The Bloomberg article about silicon valley and black coders is interesting but I think misses the mark. The author acknowledges that the curriculum at Howard isn’t as strong as top tier target school and the students don’t has as much experience but blame the big tech companies for hot hiring them.

      • Justine Browsing

        The problem is the top tier target schools themselves are not diverse as their entrance criteria is geared towards people who started coding early and attended hackatons and code competitions. So just by recruiting at top tier schools you will continue the cycle of not having diversity. The thing with the black coders is they have the raw talent but the talent needs to be developed and the best way to do that is through a mentoring culture which a lot of tech companies and start ups don’t have. For example you saw one student hope to gain a job in Silicon Valley by dropping out of Howard University but if companies made it clear that you need a University Degree for the job that would probably have changed her decision.

        The other big stumbling block is that black coders are not given constructive feedback during their internships as people don’t want to tell them that they are weaker then their peers from top tier schools for seeming to be racist and they privately tell the recruiting managers that the interns are weaker resulting in full time offers not being extended. What needs to be done to increase diversity is increase talent development and mentoring in the valley. The firms can build special programs for non-top tier schools that focus on improving students programming skills while teaching their mentors (people from top tier schools) about leadership thus creating a win win situation.

        • KM

          If I’m a tech company, I don’t want to recruit from non-top tier schools because I know those hires will be behind (at least at the beginning) the hires from the top tier schools. If I’m a top tier school, I don’t want to recruit kids who don’t have a base knowledge in coding because I’m liable to lower to graduation rate and lower my placement rate. It’s a tough cycle to break.

          So it sounds like the one of the solutions is to get black coders to be coders at a younger age. These companies and schools should set up programs to get teaching coding to younger kids. Start building a base of black coders that started early and attended hackatons and code competitions. Have classes or after-school programs in high schools or middle schools that expose kids to coding. Have a program that goes out into neighborhoods and gives away 100 Raspberry Pis every year to young kids and gives them resources to code and create.

          • done with the rain

            Here in Atlanta we are seeing those programs. The problem is that they are small and not free. My kids and I live in East Atlanta and they attend great schools but the majority (65%-85%) are poor and primarily black. The rest are pretty well off ($500K+ houses) and have highly educated parents. They offer after school and summer coding classes as early as Kindergarten. The problem is they cost money and they fill up fast with the wealthier students. Those kids parents are often programmers or other computer related professionals. Also, scheduling is difficult. Families with two working parents have a hard time changing their schedule to drop off/ pick up kids from these programs. That is my issue. I have to rely on afterschool care with buses to pick my kids up because I can’t be there in time to get them. I’d like to see nfp’s partner with neighborhood daycares and other more economical afterschool programs to offer these type of programs in a more convenient and affordable environment. That will definitely help bridge the gap.

          • Justine Browsing

            I thought you would be interested in this Bloomberg article on Appalachian miners who are learning to code.

            http://www.bloomberg.com/news/articles/2016-02-03/from-coal-to-coding-appalachian-miners-getting-a-fresh-start