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Think Progress

U.s. To Let Banks Do Business With Licensed Pot Shops

Chelsea Clinton: LGBTQ rights 'unfinished business' of this century

Last month, Colorado became the first state to open retail outlets legally permitted to sell marijuana to adults for recreational purposes, in a system similar to what many states have long had in place for alcohol sales. Washington state is expected to follow Colorado's lead later this year. The number of states approving marijuana for medical purposes also has been growing. California was the first in 1996. It has since been followed by about 20 other states and the District of Columbia. U.S. Attorney General Eric Holder said last month that the administration was planning ways to accommodate marijuana businesses so they would not always be dealing in cash. "There's a public safety component to this. Huge amounts of cash, substantial amounts of cash just kind of lying around with no place for it to be appropriately deposited, is something that would worry me just from a law enforcement perspective," Holder said on January 23 at an appearance at the University of Virginia. The American Bankers Association expressed skepticism the guidance would make much difference.

Franco Harris On Building A Business, From Baked Goods To Fitness Gear

When I played everyone knew football wouldnt take care of you forever, says Pittsburgh Steelers legend Franco Harris. We didnt make that much money, so it kept things in perspective. As detailed in this weeks issue of Forbes, Harris moved into the food business following his retirement after the 1984 season, ultimately finding a product a nutritious doughnut that he built a bakery business (Super Bakery) around. Harris learned the business from the ground up though, often loading and unloading boxes or manning a company booth at food shows, which he admits was challenging. After all, as a four-time Super Bowl champion, soon-to-be Hall of Famer and the man who caught arguably the most famous pass in the history of the NFL ( The Immaculate Reception in the 1972 AFC Playoffs ), its understandable that Harris stardom would be expected to continue in retirement. It can be hard, he says, fans expect there to be a lot of glitz and glamour [and] people were in shock to see me loading a truck. What fans didnt realize is Harris, who has remained in Pittsburgh, was building a business and learning lessons that he has brought to other ventures, including his latest. Harris newest company, Silversport, is pushing a line of antimicrobial fitness and workout gear. The companys socks, which profess to remain odor free even after days of wear thanks to nanosilver technology, are currently sold on the website of Kohls and Harris says the firm is talking to retail outlets about getting its products into stores. Just like with Super Bakery though, Harris is starting from the ground floor. To build a brand takes a lot, he says. Ive been lucky that Ive been able to hit some niche things at the right time. Of course, Harris batting average isnt perfect. An effort to save Parks Sausages, a venerable Baltimore-based company, failed in the 1990s and a decade earlier he gave up on what might have been his biggest moneymaker. I had the first license for player-name shirts, Harris says, and he sold such apparel starting around the time he was traded to the Seattle Seahawks in 1984. Ultimately though, Harris lacked the financial know-how and resources to grow the business and gave up the license.

Business of art

What are your views? Artists are now using the web to create networks and alternative forums to discuss their work outside of the commercial art press and to have a more dynamic and real time discussion and response. Additionally, they also showcase their work online making it more accessible than geographically restrictive exhibitions. These are complementary skills and understanding that education needs to prepare students to be effective in the present world of art. What, in your opinion, can be done to provide better learning to prospective art practitioners globally? There has been a shift over the last 10 years, in a conscious policy adjustment, away from art history as a discrete subject area, in favour of art theory as a fully integrated aspect of studio-based teaching and learning. Intellectual development can be integrated into practice-based study through lectures, seminars and critiques, which embody the expectation that students are intellectually ambitious, engaged with ideas as much as with material, methods and skills. This approach is reinforced by the theory-based emphasis of much of the research impetus, themed around issues of globalisation across art, design and media disciplines. Fine Arts are not considered a mainstream career option. Why is it so? Does that affect the global recognition of Indian artists? There is a misconception that only a few artists make a living from their work. The art world is an expansive sector where artists occupy a range of activities outside of their art practice or go into art-related careers like art management, education, curation, art handling, event management, running galleries, working in gallery outreach, etc.

A fully budded marijuana plant ready for trimming is seen at the Botanacare marijuana store ahead of their grand opening on New Year Despite her famed political lineage, Clinton, 33, has said she has no plans to run for public office, unlike her mother, who is seriously considering running for president in 2016. "I am unapologetically biased towards both of my parents. I am glad there are some people in the audience who agree. I am unlimitedly their daughter," Clinton said in response to a question about her mothers political aspirations. "I will support my mother in whatever she chooses to do. And my crystal ball is no more clear than yours." In her address, Clinton pushed for more progress in combating bullying of gay youths. She pointed to celebrities such as Jason Collins, the NBA veteran who announced that he was gay in a Sports Illustrated story in April, and actress Ellen Page, who came out as gay at the same Las Vegas conference last Friday, as role models changing the lesbian, bisexual, gay, transgender, queer narrative. "Changing laws and changing the political dialogue while necessary is insufficient to ensure that bullying stops; to ensure that every young person is supported by their parents and their teachers as they question who they are and they discover who they are regardless of the sexuality," Clinton said. Clinton appeared with her mother last week in New York to launch a new partnership between the Clinton Foundation and the Bill and Melinda Gates Foundation to analyze women's advancement internationally. She will also speak on womens issues at an event at the University of Missouri-Kansas City later this month.

Samoas, Thin Mints and business ethics

My mother looked at me sternly and explained that the money did not belong to me taking it wouldnt be right. Our neighbors trusted me because I was a Girl Scout, she said, and it would be unethical to borrow the money, even if I intended to pay it back. Twenty-five years later, Im interviewing business professionals who rationalized their behavior as borrowing money from their companies and planning to return it at some later date. Ive seen good people commit extraordinary crimes. Specifically, I think back to my interview with Diann Cattani, who said she borrowed almost $500,000 from her company over a period of two years. I believe she intended to pay the funds back later. Unfortunately, they were never repaid, and she spent 18 months in a federal prison. Now Cattani spends much of her time lecturing business students about avoiding fraud. Selling cookies, I learned more than how to resist the temptation to embezzle. Since my parents were not involved in the process, other than walking me around the neighborhood, the buck stopped with me. I was in charge of all orders and counted my money every night. I learned never to set unrealistic sales goals; to always take responsibility for my work; and that if someone says no, have confidence, because another will say yes. A few weeks ago, I received a phone call.

Business digest: Euro zone growth rises; so do gas prices

George Akerlof, husband of Federal Reserve Chair Janet L. Yellen, said he has resigned from the academic advisory board of the UBS International Center of Economics in Society, located at the University of Zurich. Akerlof, a professor at the University of California at Berkeley and one of the 2001 winners of the Nobel Prize in economics, said that he received no compensation for his participation on the advisory board but wanted to avoid even the appearance of a conflict of interest. UBS, Switzerlands largest bank, operates an investment-banking business in the United States and is regulated by the Fed. Apple will open its first Latin American store Saturday in Rio de Janeiro, and it will feature the highest-priced iPhone of all nations listed on the companys Web site. Apples 16-gigabyte, contract-free iPhone 5s will sell for $1,174 in Brazil. That compares with $649 in the United States and $872 in China. The price of the iPhone 5s offered by authorized resellers in Brazil has jumped 17 percent since September on Apples Web site. U.S. airlines have canceled more than 75,000 domestic flights since Dec. 1, including more than 14,000 this week. Thats 5.5 percent of the 1.37 million flights scheduled during the period, according to calculations based on information provided by the flight tracking Web site FlightAware.

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