Volume 41, Number 6

UTAH’S BUSINESS JOURNAL$1.44Sept. 5-11, 2011www.slenterprise.com

THIS WEEK

• Calendar •See page 7.

• Industry Briefs •Begin on page 9.

EMC Corp.leases sitein Draper

Cloud computing firm plans to add 500 jobs over

several years. See page 5.

Dine O' Roundto return

This year's dates are Sept. 16-Oct. 1.

See page 6.

Report: large federalprojects to preventconstruction job losses

Intermountain Lift Truckto more than triple sizeof SL Valley footprint

Three large federal government projects should help prevent more job losses for Utah’s nonresidential construction sector, which is particularly vulnerable due to the anticipated lower levels of state building and road construction, the completion of City Creek Center and the winding down of fiscal stimulus spending. That’s according to Jim Wood of the Bureau of Economic and Business Research at the University of Utah in a report commissioned by Commerce Real Estate Solutions. The most important project,

according to Wood, is the National Security Administration’s massive data center, which began construction in late 2010 near Camp Williams. In terms of construction value, the NSA building will be the largest construction project in Utah’s history. A few non-building projects have had higher value — the Intermountain Power Project and the I-15 reconstruction — but no actual building projects. Construction of the data center will take three years and cost an

By Barbara RattleThe Enterprise Intermountain Lift Truck will more than triple the size of its footprint in the Salt Lake Valley when it relocates in early October. Currently located in 7,400 square feet on one acre in West Valley City, the company has leased 24,000 square feet on 2.25 acres at 3350 W. 2100 S., Salt Lake City, where it is scheduled to be fully operational by Oct. 3. Owner Mark Williams said Intermountain Lift Trucks, which embarked on a diversification path when the economy soured, needs more room because the firm is no longer limited to selling and

servicing lift trucks. For several years, the company has also engaged in the service and repair of cranes, semis and a variety of other construction equipment. “That’s one of the things that’s really helped us through this economy,” Williams said, “to diversify and not just deal with one particular product. Initially it was just lift trucks, and when the economy started turning we started getting into semis and crane work and now that’s kind of expanded into construction work as well. We felt that diversification would be one of the things that would hopefully keep us going.” Intermountain continues to

By Barbara RattleThe Enterprise Two national restaurant chains will open locations in downtown Salt Lake City’s City Creek Center next year — one of them with an existing presence in the valley and the other new to the state. The Cheesecake Factory is slated to open at City Creek next spring, complementing its existing location in Murray, while Texas de Brazil will be new to the market. Both will serve alcohol. Candyce Hedlund, director of public relations and events for Dallas-based Texas de Brazil, said the firm’s Utah debut location

will measure 8,000 square feet, seat roughly 225 guests, employ roughly 55 people and open in March. The eatery will be open seven nights a week for dinner; lunch hours will likely be added later. Regular dinner price is $42.99 per person and a light din-ner price is $24.99 per person. “Texas de Brazil specifically chose City Creek as it is one of the most beautiful centers we have worked with and this will be our fifth location partnering with Taubman,” Hedlund said, refer-ring to Taubman Centers, which is developing the retail portion of the

Dallas-based Braziliansteakhouse to enter Utah

New laws increase transparencyat State Construction Registry

The Texas de Brazil location in downtown Salt Lake City will measure 8,000 square feet and seat about 225 guests.

New laws affecting The State Construction Registry, which is designed to connect owners and their money with the people work-ing on their construction proj-ects in Utah, went into effect last week. The changes are designed to increase transparency on con-struction projects — both com-mercial and residential — by con-necting all parties involved so all participants will get paid. Updates to the law allow financial institu-tions and title companies visibility into construction projects through the website. This is designed to improve management of construc-tion projects by helping payments flow from the bank to the parties working on a construction job if

they have filed a notice on the website. Only those parties who have filed a notice on the State Construction Registry are allowed by law to file a lien against the property. To further increase trans-parency, the Utah Department of Commerce and Utah.Gov, the official state website, have made significant changes that aim to decrease ambiguity and cre-ate more certainty for all parties involved in a property. “The changes to Utah’s mechanic’s lien process will max-imize the capabilities of the State Construction Registry and make it easier for every stakeholder to manage their risk throughout the

see CONSTRUCTION page 2

see LIFT page 2

see STEAKHOUSE page 5see REGISTRY page 2

course of a construction project,” said Howard Headlee, president of the Utah Bankers Association. “This will lower costs, expedite construction, enhance oversight and, most importantly, make it easier to ensure that everyone working on a job is fairly com-pensated.” The website was also updat-ed to be more user friendly for all users, including property owners, banks, general contractors, sub-contractors, suppliers, architects, lenders and title associations. New services available include: • The ability to access all property information from a mobile phone and instantly record data using a property specific QR code. • The ability to view a list of all parties listed on a property. • The ability to control and monitor priority. • The ability to determine work start date The online service allows the user to search by six different categories: name, date, address, permit number, parcel number or entry number. Users can find specific information related to their respective role by selecting from a drop box menu; all related forms and information automati-cally generate.

sell and service Komatsu, Hyundai and Healy forklifts and JLG van lifts, he said. The firm also does a significant amount of service and repair work on IMT cranes. “We’ve pretty much become a

one-stop shop for our customers,” Williams said, noting a staff of 20 will make the move and plans call for new mechanics to gradually be added to staff. The firm leased its new location, which it has an option to buy, with the assistance of Spencer Knight of Knight Realty Co.

estimated $1.2 billion. The project site is at the northern boundary of Utah County and the southern boundary of Salt Lake County. The primary purpose of the facility will be data storage; several hundred people will be employed there. Construction employment estimates range from 8,000 to 10,000 over the three-year build period. Total square footage of the facility is one million square feet. Two other large federal government buildings have recently broken ground — the $110 million Frank E. Moss Federal Courthouse in downtown Salt Lake City and the $75 million FBI field office in the Salt Lake International Center. They should protect the nonresidential construction sector from further job losses, according to Wood. Utah received $212 million in fiscal stimulus funds for transportation. According to Wood, that money is 98 percent spent. The largest project was less than $15 million. Utah chose to spend the funds on 135 smaller projects in a belief that smaller projects would maximize employment impacts. The Utah Constitution imposes a cap on debt for the state at 1.5 percent of the fair market value of taxable property. In the last few years the taxable value has declined, with the economic recession and loss of value in residential real estate. The most recent valuation was at $280 billion, putting the debt cap at around $4.6 billion. The state is currently within 87 percent of the constitutional bonding limit or cap, leaving little room for bonding in fiscal years 2012 and 2013. According to Wood, legislators have used 85 percent as a soft cap and are reluctant to go above that level, reserving the final 15 percent for emergencies such as earthquakes or floods. Wood writes that it is important to note that Utah’s debt is relatively short-term. No bonds exceed 15 years and 75 percent

have terms of 10 years or fewer. All bonds for buildings are on a six-year term. Consequently, debt is paid down rapidly. By 2013 and beyond about $300 million will be added to bonding capacity due to debt maturing. The current bonding limit predicament is unusual and temporary, according to Wood. It was created by the declining value of taxable property and the extraordinary (for Utah) amount of debt taken on in the past few years for highway construction. Utah state government is also a major source of new building construction as well as ongoing rehab and maintenance of existing buildings ($50 million annually). Over the past several years the state ramped up spending on building as a counter-cyclical measure to the housing cycle. Interest rates and construction costs were very favorable. However, according to Wood, beginning in 2013 the level of state building construction will drop by around $100 million annually. The bonding limit is a factor here as well. Another major builder of large projects has been Intermountain Healthcare, which has constructed two hospitals in the past three years (Riverton and Park City). In 2006 IHC finished the $400 million Intermountain Medical Center in Murray. From 2011-2015 the firm has two major construction projects — reconstruction of the Salt Lake Clinic ($40 million) and expansion of Primary Children’s Hospital ($75 million). IHC will not be expanding as rapidly in the 2011-1015 period as in the 2006-1010 period, according to Wood. The loss of construction jobs during the past five years has been staggering. Since 2007 the number of construction jobs has declined nearly 40 percent, a loss of 38,000 jobs. Without the support of large public projects, job losses would continue this year and likely into next year, Wood writes. But the $1.5 billion in construction spending by the federal government will prevent further losses. Employment projections indicate the construction sector is expected to gain about 1,000 new jobs this year and grow by 3,000 jobs next year.

2 The Enterprise Sept. 5-11, 2011

THE ENTERPRISE[USPS 891-300]

Published weekly by Enterprise Newspaper Group Inc.

825 N. 300 W., Suite C309, Salt Lake City, UT 84103Telephone: (801) 533-0556 Fax: (801) 533-0684 Web

site: www.slenterprise.com. For advertising inquiries, e-mail david@slenterprise.

com. To contact the newsroom, e-mail barbara@slenterprise.com. Subscriptions are $55 per year for online only, $65 per year for print only and $75 per

year for both the print and online versions.or $1.25 per copy. Opinions expressed by columnists

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Union Pacific Railroad said it will continue improving the transportation infrastructure in Utah with an investment of more than $13 million to enhance the rail line that runs from Provo to Lynndyl. The more than 84-mile project includes removing and installing more than 106,000 ties, renewing the surfaces at 88 road crossings and replacing more than

one mile of rail in various curves. Crews will also spread 72,000 tons of rock ballast to help pro-vide a more stable roadbed. The Roseville, Calif.-based railroad firm plans to invest approximately $3.3 billion in capital during 2011 to enhance the safety and efficiency of its 32,000-mile network. According to the Association of American Railroads, the coun-try’s largest railroads keep pace with the top nine states in terms of highway spending, and they do it with private money. In 2010, capital spending by Class I rail-roads totaled $9.8 billion, and the industry plans to spend $12 billion during 2011. All told, freight rail companies have invested $480 billion to maintain and modern-ize the national rail network since 1980. Improved and additional rail capacity allows freight rail service to grow. Union Pacific said it can move one ton of freight nearly 500 miles on a single gallon of diesel fuel, and, according to the U.S. Environmental Protection Agency, freight trains are nearly four times more fuel efficient than trucks.

Sept. 5-11, 2011 5The Enterprise

SM

massive project. Texas de Brazil is a Brazilian “churrascaria” (steakhouse). Guests begin their dining expe-rience with a visit to a seasonal salad area that includes appetiz-ers, soups, salads and gourmet cheeses. They then turn their “flip card” to green, signaling a group of gaucho-clad carvers serving 15 types of seasoned meats tableside with large skewers. The meats are slow-roasted over an open flame and accompanies by garlic mashed potatoes, Brazilian cheese bread and sweet-fried bananas. Family owned and operated and founded in 1998, Texas de Brazil has 18 domestic locations and one international restaurant.

STEAKHOUSEfrom page 1

Union Pacific to invest $13 million in Utah rail line EMC Corp., a global informa-

tion technology firm, has selected a site in Utah for the expansion of its customer service operations, a move that is expected to add 500 new jobs to Utah by the end of 2015. The firm has leased 35,000 square feet at the Lone Peak Center, 11747 Lone Peak Parkway, Draper, which should be ready for occupancy during this year’s fourth quarter, although the hiring process will begin immediately, said EMC spokesperson Lesley Ogrodnick. She declined to say how many people will initially be employed at the Draper facility,

but did say they will perform tech-nical and field support functions. Based in Hopkinton, Mass., EMC core function is helping busi-nesses transition to cloud comput-ing through IT infrastructure prod-ucts and services that are designed to help store, manage, protect and analyze often massive quantities of data in a more flexible and cost-efficient way. The firm also offers security products through RSA and virtualization software through majority-owned VMware. EMC employs more than 48,500 people worldwide and ranks 152 among the Fortune 500 compa-nies.

EMC, which received an incentive from the state to expand here, has committed to investing more than $7 million to bring the new Draper facility online. Wages at the center are expected to exceed 125 percent of the average county salary. During a 10-year period, the state will offer a post-perfor-mance, single taxpayer incentive not to exceed $3.5 million. EMC leased its Draper facil-ity with the assistance of Eric Smith of CB Richard Ellis. Wesley “Tab” Cornelison, also of CBRE, represented the landlord, San Francisco-based Maier Siebel Baber.

EMC selects site for new customer service center

Utah home sales up 16.4 percent in July There was good news for the Utah real estate market in July as home sales rose 16.4 percent compared to last year. This is the biggest increase in sales since May of last year, when buyers were rushing to finalize tax-credit-eligible transactions. During the month, Utah Realtors sold 2,686 homes compared to 2,307 sold in July 2010. The number of contracts signed to buy homes was also higher in July, up about 22 per-cent compared to last year, which signals sales will likely increase next month as well. Year-to-date pending sales are outpacing the

first seven months of last year by nearly 4 percent. This is the third straight month of double-digit gains in pending sales. Other good news from the Utah Association of Realtors report was the fact that inventory dropped significantly in July. The number of homes for sale at the end of July was 25,240, down 17.5 percent from last year, when 30,607 properties were on the market. Combined with the pick-up in sales, it would now take 9.9 months to sell the entire sup-ply of homes at the current sales pace. This is the lowest statewide reading for month’s supply since

March 2008. The median price of homes sold in July was $175,268, down about 12 percent from last year. However, prices have hovered around this level since January. The top 10 counties for closed sales in July were Sevier (up 50 percent), Uintah (up 46.7 percent), Tooele (up 45.1 percent), Sanpete (up 44.4 percent), Salt Lake (up 34.3 percent), Emery (up 33.3 percent), Weber (up 25.9 percent), Cache (up 25.5 percent), Utah (up 21.4 percent) and Juab (up 20 percent).

Some of Salt Lake City’s best restaurants will participate in the Ninth Annual Fall Downtown Dine O’ Round Sept. 16-Oct. 1. In addition to the regular menu, 40 participating restaurants will offer a three-course dinner for $15 or $30 per person and 29 restaurants will offer Lunch On Us!, a two-item lunch for $5 or $10. Zy, Rio Grande Café, Bocata, Hapa Taqueria, Maxwell’s East Coast Eatery, Dojo Asian Inspired

Cuisine and Lounge, Washington Square Café, Stoneground, Thaifoon Taste of Asia and Inferno Cantina are new to Dine O’ Round this autumn. Fifteen dollar three-course dinners will be offered by Biaggi’s Ristorante Italiano, Cannella’s, Cedars of Lebanon, The Garden Restaurant, The Green Pig Pub, Hapa Taqueria, Iggy’s Sports Grill Downtown, Inferno Cantina, J. Wong’s Asian Bistro, Lamb’s

Grill Café, Maxwell’s East Coast Eatery, Red Rock Brewing Co., Rio Grande Cafe, Settebello Pizzeria Napoletana, Squatters Pub Brewery and Stoneground. Thirty dollar three-course dinners will be offered by Alforno’s, Bambara, Caffe Molise, Christopher’s Seafood & Prime Steakhouse, Copper Canyon Grill House & Tavern, The Copper Onion, Dojo Asian Inspired Cuisine and Lounge, Eva, Faustina, Fleming’s Prime Steakhouse and Wine Bar, Market Street Grill, Market Street Oyster Bar, Martine, The Melting Pot, Metropolitan, Naked Fish Japanese Bistro, New Yorker, Oasis Cafe, Ruth’s Chris Steak House, Star of India, Takashi, Thaifoon Taste of Asia, Tin Angel Café, Wild Grape Bistro and Zy. Five dollar two-item lunches will be offered by Bocata, Gracie’s, The Green Pig Pub, Hapa Taqueria, J. Wong’s Asian Bistro, Maxwell’s East Coast Eatery, Stoneground and Washington Square Café. Ten dollar two-item lunch-es will be offered by Alforno’s. Caffe Molise, Canella’s, Cedars of Lebanon, Christopher’s Seafood and Prime Steakhouse, Copper Canyon Grill House & Tavern, The Copper Onion, Faustina, Iggy’s Sports Grill Downtown, Inferno Cantina, Lamb’s Grill Cafe, Market Street Grill, Market Street Oyster Bar, Martine, New Yorker, Red Rock Brewing Co., Settebello Pizzeria Napoletana, Squatters Pub Brewery, Thaifoon Taste of Asia, Tin Angel Café and Wild Grape Bistro.

6 The Enterprise Sept. 5-11, 2011

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BELFOR Property Restoration’s office in North Salt Lake recently added a specialized high-capacity flood restoration vehicle to its equipment fleet, something unique to the Utah market, and one of only 65 such vehicles BELFOR owns in the U.S. According to general manager Jason Leavitt, the six-passenger vehicle cost more than $120,000 for the truck and equipment, including a $30,000 state-of-the-art Sapphire Scientific 570SS water extraction system. The system includes a 31HP Kubota gasoline engine and a 90-gallon in-truck waste tank. The vehicle was custom-made by Japanese-headquartered Isuzu, with the water extraction system installed at BELFOR’s Philadelphia office. “This truck is designed for larger commercial property losses,” said Leavitt. “We can fit 45 fans and 12 dehumidifiers in one load, which is a lot of equipment. Plus, it can be a nightmare trying to park multiple vehicles at a scene, especially at places like the University of Utah or downtown Salt Lake.” Marketing manager Linn Griffith said the vehicle “eliminates the need for other trucks and equipment. Being able to carry six technicians and three times the amount of equipment of a regular-sized truck saves us on fuel consumption and time.” BELFOR’s Utah office has increased annual revenues every year since it opened in North Salt Lake four years ago. Sales are cur-rently up 148 percent over last year, and rose 300 percent from 2009 to 2010.

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• Calendar • • Sept. 8, 6-9 p.m.: Social Commerce Exchange, hosted by Whitehall Ventures. Interactive learning sessions with leading experts and networking opportuni-ties with like-minded businesses will be available. Representatives of Adobe, BlueGrass, KSL.com and others will lead discussions on effective Facebook and Twitter strategies, social content manage-ment, social media measurement and mobile applications. Location is the Miller Campus of Salt Lake Community College, 9750 S. 300 W., Sandy. Free, but seating is lim-ited. Register at http://socialcom-merceexchange-6428.eventbrite.com. • Sept. 12, 8:30-10:30 a.m.: “Economics of the Cloud — the U.S./U.K. Perspective,” sponsored by the World Trade Association of Utah. Leading proponents of cloud computing will provide their insight and advice to help attend-ees understand how to access the benefits of the cloud, dispel nega-tive myths associated with cloud computing, empower business leaders with basic knowledge they need when developing a road map for cloud adoption within their organization and outline essential legal considerations. Location is the Zions Bank Founders Room, 1 S. Main St., 18th floor, Salt Lake City. Free, but seating is limited.

Register with egorn@wtcut.com or by calling Elizabeth Goryunova on (801) 532-8080. • Sept. 13, 3-5 p.m.: “Workforce Preparation,” a Utah Technology Council Life Science workshop. Co-chairs of the workshop will be Clark Turner of Aribex and Ronald Weiss of ARUP Laboratories. Location is Bionnovations Gateway, 2500 S. State St., Room M, South Salt Lake. Free to UTC members, nonmembers pay $30. Register at www.utahtech.org. • Sept. 13, 10 a.m.-noon: “Developing Superior Customer Service,” sponsored by Associated Builders and Contractors of Utah. Henry “Dutch” Hempel, a busi-ness consultant for the construc-tion industry, will be the presenter. Location is the ABC offices, 2130 S. 3140 W., Suite B, West Valley City. Cost is $10 for members, $15 for nonmembers, who must prepay. Register with Jodi Frank at (801) 708-7036 or jfrank@abcu-tah.org. • Sept. 13, 7 p.m.: “Advantage: How American Innovation Can Overcome the Asian Challenge,” presented by Westminster College and the Utah Council for Citizen Diplomacy. Dr. Adam Segal will make the case for the crucial role of the “soft-ware” of innovation and argues

that by strengthening its politics, social relations, and institutions that move ideas from the lab to the marketplace, the United States can play to its greatest economic strengths and preserve its posi-tion as a global power. Segal is currently an Ira A. Lipman Senior Fellow for Counterterrorism and National Security Studies at the Council on Foreign Relations. Before joining the council, Segal was an arms control analyst for the China Project at the Union of Concerned Scientists. He is the author of Digital Dragon: High-Technology Enterprises in China and writes for the blog Asia Unbound. Location is the Vieve Gore Concert Hall in the Emma Eccles Jones Conservatory at Westminster College, 1840 S. 1300 E., Salt Lake City. Free. • Sept. 13, 7:15-9 a.m.: Association for Corporate Growth Breakfast Meeting. Guest speaker will be Tom Holmoe, ath-letics director at Brigham Young University. Location is the Little America Hotel, 500 S. Main St., Salt Lake City. Free to ACG members, nonmembers pay $30. Register at www.acgutah.org. • Sept. 20, 8-9:30 a.m.: “European Regulatory Affairs — Update on Medical Device Directives,” sponsored by the Utah Technology Council. Dr.

Michael Rinck, CEO of MT Promedt Consulting in Germany, will review the changes over the past year and to provide infor-mation on how Utah companies can maintain compliance with the EU regulations. There will be Q & A session following the pre-sentation. Location is the Little America Hotel, 500 S. Main St., Salt Lake City. Cost is $15 for UTC members, $30 for nonmem-bers. Register at www.utahtech.org. • Sept. 28, 8 a.m.-3 p.m.: Smart Women Smart Money Conference, presented by Zions Bank’s Women’s Financial Group. Guest speaker will be actress Geena Davis. Breakout sessions will show participants how to trav-el at full speed toward retirement, how to fuel a business career, and how to navigate the financial free-way with a budget. Davis’ keynote speech will motivate the audi-ence to drive the road to success by highlighting the importance of gender equity and empower-ment for success in life, finance and business. Location is the Salt Palace Ballroom, Salt Lake City. Free, but registration is required. Register at www.smartwomen.zionsbank.com or by calling 800-737-6586. • Sept. 30, 9 a.m.-5 p.m.: Dave Ramsey’s EntreLeadership

Nationwide Simulcast Training Event, presented by ChamberWest and hosted by the Salt Lake Community College Jordan cam-pus. Cost is $39. Register at www.chamberwest.org or by contacting Holly at (801) 673-332 or holly@chamberwest.org. • Nov. 4, 7 p.m.: Utah Technology Council 2011 Hall of Fame Gala. Keynote speaker will be Larry Ellison, founder and CEO of Oracle Corp. Location is the Grand America Hotel, 555 S. Main St., Salt Lake City. A networking session will begin at 6 p.m. Cost is $300 for UTC members, $450 for nonmembers. Register at www.utahtech.org.

The Enterprise Sept. 5-11, 20118

Legal Matters

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Design Matters

Executive Lifestyle

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Executive Lifestyle

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Do you have human resourc-es questions? Most employers do, although many business owners don’t realize these questions are actually HR-related. In work-ing with clients of all industries, our ESG human resources consultants hear questions that might be educational (or great reminders) for all employers to read. Test your knowledge and see if you’re in line with where the law stands. Q: Do I have to pro-vide paid sick or vacation time to my employees? A: No, not in Utah. There is no Utah labor law that requires employers to pro-vide benefits to its employees. However, employers who do pro-vide PTO and/or other paid leave must establish and abide by their paid leave policies in a non-dis-criminatory manner. This gener-ally means that employees with-in a given class (i.e., first-level employees, mid-level employees, managers, etc.) should be offered

the same amount of paid leave across the board to avoid discrimi-nation charges. Some employers take a risk by offering varying amounts of PTO to employees within a given work group (often-

times extra PTO days are offered as a “deal sealer” when recruiting employees); however, this is a gray area. If an employee someday believes he or she is not being treated fairly in regards to PTO amounts and entertains the rea-son to be due to some protected class char-acteristic (because I’m

Catholic, I’m a woman, I’m an ethnic minority, I’m over 40, etc.), this risk could someday turn into a lawsuit. Q: My Utah business has employees that occasionally travel into California. I don’t have to abide by California labor code when those employ-ees are actually in California, do I?

A: It’s complicated. Perhaps you are concerned about this because California requires that employers pay overtime for any time worked more than eight hours in a day rather than based on the federal standard of 40 hours in a workweek. And perhaps add-ing to your concern is the recent California Supreme Court ruling that nonresident employees work-ing for a California-based compa-ny would, indeed, have to be paid according to California rules when actually working in California. What complicates this issue even more is the careful wording used by the California Supreme Court after this case ruling, where it stated, “California law might not apply to non-resident employees of out-of-state businesses who enter California temporarily dur-ing the course of a work day.” Our interpretation of this (and final answer to the question) is no, you do not currently have to abide by California labor code for your non-resident employees working for your out-of-state business who

occasionally enter California for business purposes. However, this answer is subject to change pend-ing the next lawsuit that is bound to occur by somebody also want-ing a piece of California’s gener-ous overtime payout. Q. My business partner and I own two separate compa-nies with different FEINs. They are both wholly owned by the same partnership and we have employees that work for both companies (they bounce back and forth). Are we required to combine their hours in order to calculate overtime? A. Yes. Whenever there is joint employment (meaning employers share control of the employee, or there is common ownership of the employers, or there is common management of the employers), then hours must be combined in the week to deter-mine overtime (OT). Q: I have given all of my employees smartphones so I can reach them when they’re out on the worksite. Is this a good or

bad idea? A: Both good and bad. Advancements in technology have allowed employers and employees to become much more produc-tive and efficient than they were even just a few years ago. And, as you’ve experienced, smartphones have greatly enhanced communi-cation when employees are typi-cally out-and-about for their jobs. The tricky side to providing an employee with any smartphone-related device is both calculating work time accurately, as well as having a comfortable level of trust with how the phone will be used. Anytime employees are actu-ally performing work for the com-pany, they must be paid for time worked. This includes respond-ing to e-mails and answering work-related phone calls on their smartphones. Wage and hour laws clearly state that simply having an electronic device on your per-son for work purposes does not necessarily mean the person is working, however. To help track

Human resources Q&A

Wyatt Curran

see Q&A next page

ARTS/ENTERTAINMENT • The hillside behind Red Butte Garden amphitheater will be closed next year to people who are now using it as a free viewing area for the Red Butte Garden Concert Series. The new policy for the University of Utah prop-erty takes effect as soon as this year’s concert season concludes. In closing the area, the university is citing the inherent fire danger posed by people smoking, damage to vegetation on the hillside that prevents native grasses and plants from thriving, the risk of injury due to the rough terrain and lack of lighting and also potential revenue loss. Signs have now been posted along the main access routes to the hillside area and will remain in place for the remainder of this year’s concert season. These signs will serve as advance notice to those who have been using the hillside as a free alternative to the paid concerts. BANKING • Virginia-based Chartway Federal Credit Union has appoint-ed Bruce Bryan regional president of the organization’s Utah region. Having been involved in the cred-it union industry for more than 30 years, Bryan attended Ricks

College, BYU and the University of Phoenix. He also holds a degree in business Administration. In his new role, Bryan will over-see the HeritageWest, SouthWest Community and Utah Central Credit Union brands. • A $10,000 donation by Bank of American Fork to West Valley charter school American Preparatory Academy-School for New Americans has resulted in the school’s first playground to serve students in grades K-9. The playground comes two years after the school’s opening and was met on the first day of school today with gleeful shouts by the stu-dents, many of whom are refugees and immigrants. • TAB Bank, Ogden, will be the title sponsor at the annual Ogden Rescue Mission Charity Golf Tournament Sept. 9 at the Wolf Creek golf course in Eden. TAB Bank has been a sponsor of the Ogden Rescue Mission Charity Golf Tournament every year is has been held. The first tournament was held in 2001, where with TAB’s help, $8,500 was raised. To date, the golf tournament has raised $173,325 for the Ogden Rescue Mission or an average of $17,332 per year. The last six years have been the most success-ful in terms of dollars earned with a total of $136,300 being raised or an average of $22,716 per year. COMPUTERS/SOFTWARE • Provo-based INVISUS has launched iDefend Business, which it bills as the first identity theft protection service specifically designed to protect entrepreneurs and their businesses against busi-ness identity theft and fraud. iDe-fend Business includes proactive monitoring and identity restoration services for both the business and the business owners. To provide early detection of compromised information, iDefend Business proactively monitors the Internet black market, underground sites,

and other sources for business and business owner information. When a problem is reported, reso-lution experts stand ready to take immediate action to protect the business and its owners. • A new website by a Utah blogger aims to help people in Utah save money. The site, found-ed by Mindi Eldredge, is located at www.UtahSweetSavings.com and has a selection of daily deals and coupons. Eldredge teach-es a weekly coupon class at the Saratoga Springs Walmart. She has also taught classes at the Jump Start 2011 Conference, Avondale Academy, West Lake High School and other groups throughout Utah. • South Salt Lake-based VLCM, an IT provider for the Rocky Mountain region, will hold its fourth annual United Against

Cancer Golf Tournament at the Wasatch Golf Course on Sept. 21. The tournament benefits Huntsman Cancer Foundation (HCF). All proceeds fund research and development of new ways to diagnose and treat cancer. The main purpose of HCF is to support the mission of Huntsman Cancer

Institute (HCI). Annually, they secure one third of the operating budget for HCI.

CONSTRUCTION • The historic ZCMI façade has returned to Main Street in

The EnterpriseSept. 5-11, 2011 9

hours outside the workplace, the company may want to set up an online time-keeping system and then train employees on how to record time worked, particularly when they are unable to clock-in immediately. Perhaps allowing employ-ees to keep the smartphone device for personal use should be in conjunction with an elec-tronic device policy that out-lines the company’s expectations and appropriateness of its use. If employees violate the phone use policy, they may be disciplined for the misuse and/or have their phone rights amended so as to only have it at the start of the work day and returned at the end. Generally speaking, demonstrat-ing to employees that you trust them enough to keep a smart-phone at all times will provide greater morale and higher pro-ductivity returns.

Wyatt Curran has a B.S. degree in management, emphasis in OB/HR. He is a human resources consultant for Employer Solutions Group (ESG), a PEO that pro-vides human resources consult-ing, payroll and administrative services, creative benefit offerings and employer liability reduction to its client companies. For more information, visit ESG online at www.esghr.com.

Q&Afrom previous page

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downtown Salt Lake City fol-lowing three years of restoration. Removed for construction of City Creek, the cast iron structure has been reinstalled approximately 25 feet north of its former location, attached to the west face of a new Macy’s store set to open next spring. The façade’s return heralds the spring 2012 full completion of City Creek, the mixed-use, master-planned project developed by City Creek Reserve Inc. and the March 22, 2012, opening of City Creek Center, the retail centerpiece of

the overall development. The new Macy’s is one of two depart-ment store anchors at City Creek Center. EDUCATION/TRAINING • In celebration of its 30-year anniversary, The Waterford School in Sandy will host a sym-posium entitled Citizenship and Education, featuring nationally renowned speakers and Columbia University professors Richard Bushman and Andrew Delbanco. The Symposium will take place

Sept. 20 at 6:30 p.m. at the Waterford School Concert Hall (1700 E. 9600 S.) The symposium is free and open to the public.

FINANCE • Participants in Grow Utah Ventures’ Medical Device and Technology “Concept to Company” Contest have until Oct. 7 to submit their ideas for consideration. The contest is open to any Utah-based entrepreneur or small business with a new product or service innovation involving

medical devices or technology. Entrepreneurs and small business owners interested in participat-ing can apply online at www.ConceptToCompany.org. A group of finalists will be selected and will have the opportunity to pres-ent their ideas to a panel of expert judges on Oct. 19 in Salt Lake City, where the field will be nar-rowed to three. One grand-prize winner and two runner-up win-ners will be selected that day and then announced on Oct. 26 at the MD4 Utah 2011 Summit and lun-cheon event at Thanksgiving Point

in Lehi. The grand-prize winner will receive a cash and service prize up to $21,000. Runner-up winners will each receive a cash and service prize up to $9,500. Service prizes are being offered from Workman Nydegger, Ballard Spahr, Advanced CFO Solutions and Bio Innovations Gateway. Grow Utah Ventures and Zions Bank are providing the cash prize. GOVERNMENT • Salt Lake City has unveiled a new mobile phone app, Salt

from previous page

Lake 311, which is available free of charge. It allows members of the public to take an active role in their neighborhoods by requesting services from, or reporting issues to, Salt Lake City government. Initial features will allow requests for weed abatement, reporting of inoperable vehicles, construction without permits and illegal signs while expanded service request options are in the works. The pro-gram walks the user through an anonymous process that requires simply choosing the type of request or complaint, verifying the address and shooting a photo of the issue. On completion, the user also gets a tracking code that allows verification of resolution. See how the new system works and link to the free application at www.slcgov.com/slc311.

LAW• Douglas P. Farr, an associ-

ate in the Salt Lake City office of Snell & Wilmer, has been elected to serve on the board of directors for the Indian Walk-in Center, a cultural, medical and behav-ioral health facility for American Indians and Alaska Natives in Utah. • Labor and employment attorney Karen M. Clemes has joined Ballard Spahr as of coun-sel in the firm’s Salt Lake City office. As a member of the firm’s Litigation Department and Labor and Employment Group, Clemes will concentrate her practice on representing employers of all sizes, both in litigation defense and in preventive counseling and training. She has experience han-dling employment litigation and has defended numerous lawsuits, including claims of wage and hour violations, discrimination, harassment, wrongful termination, retaliation, leave law violations, defamation, breach of contract, unfair/unlawful competition, and trade secret violations. Previously, Clemes served as in-house employment attorney and chief ethics officer for The Church of Jesus Christ of Latter-day Saints in Salt Lake City. Prior to that she was a labor and employment part-ner at Luce, Forward, Hamilton & Scripps LLP in San Diego. MEDIA/MARKETING • SOAR Communications, Salt Lake City, has picked up several new clients. Focusing on the sports, outdoor, athletics and outdoor recreation indus-tries — thus the moniker SOAR - the marketing communications company recently signed agree-ments with the Bicycle Leadership Conference, Gyrobike, Sea Otter Classic, Taiwan Trade (TAITRA) and Vittoria Cycling Shoes. REAL ESTATE • Agents and staff in

Commerce Real Estate Solutions’ Utah offices and divisions com-peted against each other during the past five weeks to collect sup-plies for seven Title 1 schools. The firm’s School Supply Drive Competition grossed 3,156 items to be shared among the seven schools, such as crayons, glue sticks, pencils, sanitizing wipes and hand sanitizer. Each agent and staff member spent their own money to purchase the supplies, which will be delivered just in time for teachers and students to start the school year. • Sales of previously-owned homes in Salt Lake County in July rose 35 percent compared to July 2010, according to the Salt Lake Board of Realtors. In July, there were 1,012 housing units (all housing types) sold, up from 752 units sold in July 2010. The median home sales price (all housing types) in July declined to $189,000, a 16 percent decrease compared to a median price of $226,244 in July 2010.

RESTAURANTS • Kneaders Bakery and Café, a Utah-based restaurant franchise that specializes in serv-ing gourmet sandwiches, soups, salads, pastries and European hearth breads baked daily in on-site hearthstone ovens, has opened its newest location in Layton at 480 W. Antelope Dr. It is run by franchisees Andrew and Shauna Smith and their partners Riley and Allison Booth.

RETAIL • Harmons Grocery Stores Cooking School at Bangerter Crossing is partnering with The King’s English Bookshop to offer a monthly class that pairs cook-ing with reading. Recipes will be inspired by the contents of the selected book of the month. Cooking demonstrations will be led by Harmons’ chef Evan Francois, and a reading discus-sion will be led by select book-sellers from The King’s English. Whenever possible, the book’s author will attend to cook and discuss their books. The first book will be Day of Honey: A Memoir of Food, Love and War by Annia Ciezadlo to be paired with Middle Eastern cuisine. Other fall classes include Small Sweet Treats by Marguerite Marceau Henderson, to be paired with chocolate cook-ies and other desserts on Oct. 12 and Chocolate Snowball: and Other Fabulous Pastries from Deer Valley by Letty Halloran Flatt to be paired with desserts on Nov. 9. Classes will be held the second Wednesday of each month beginning in September from 6:30 to 8:30 p. m. at the Bangerter Crossing Harmons store. The cost is $50 per participant, which includes the price of the book and food. To participate, sign up at

www.harmonsgrocery.com/cook-ing-school, print the receipt, pick up the book either at the Business Center at Harmons Bangerter Crossing at 125 E. 13800 S. in Draper, or at The King’s English Bookshop at 1511 S. 1500 E. in Salt Lake City, and then simply attend the class.

SCIENCE • Salt Lake City-based Lifetree Clinical Research, one of the largest specialized clinical research organizations in the west-ern region of the United States, has appointed Matthew Iverson as vice president of the organiza-tion. Iverson most recently held the position as executive director of clinical trials management at Lifetree, where he was responsible for managing third-party vendors and project management. Prior to joining Lifetree, Iverson worked for 10 years with ZARS Inc. in Salt Lake City.

SPORTS • USA Cycling has awarded the 2012 and 2013 Collegiate Road National Championships to Ogden. The events, to be held May 4-6, 2012 and May 3-5, 2013, will utilize roads from the 2011 Larry H. Miller Tour of Utah for the road race. The team time trial, a mainstay event of collegiate cycling, will take place on a scenic course with expansive views of the Wasatch Mountain range while the criterium will make circuits through Ogden’s downtown district. The Weber State University cycling team will be assisting the city of Ogden and the Ogden/Weber Convention and Visitors Bureau in hosting the

event.

TELCO • Salt Lake City-based Sorenson Communications has unveiled CaptionCall, a new service that will benefi t millions of Americans with hearing loss. The service is for anyone who has diffi culty hearing on the telephone. Similar to captioned television, CaptionCall uses innovative voice recognition technology and a transcription service to quickly display written captions of what callers say on a large, easy-to-read screen. The free, Federal Communications Commission (FCC)-funded service is delivered through the state-of-the-art CaptionCall telephone, which works like a regular phone.

TRANSPORTATION • C.R. England, a Salt Lake City-based global transportation provider, has partnered with the University of Utah football program and donated a 2012 Freightliner Cascadia truck and two Ute branded trailers (one 53-foot trailer and one 28-foot trailer) to transport the team’s equipment to all road games. When not in service for the Utes during the football season, the truck and trailers will be incorporated into England’s regular transportation routes in its Southern California dedicated fl eet. The truck and trailer donation also includes the costs for fuel and the assignment of two of C.R. England’s most experienced drivers to the transportation team. The Cascadia meets and exceeds the EPA SmartWay voluntary specifi cations

that dramatically improve fuel economy and reduce emissions. The England family is a supporter of both academic and athletic programs at the University of Utah, most recently having donated $3.5 million to the David Eccles School of Business complex.

TRAVEL/TOURISM • The Utah Valley Convention and Visitors Bureau has hired Dan Williams as its new director of sales. Williams will be responsible for managing group and convention sales efforts for the UVCVB. He has worked for Marriott, Hilton and Carlson hotels, holding similar sales and management positions. Williams will also oversee event booking for the Utah Valley Convention Center, scheduled to open in spring 2012.

The EnterpriseSept. 5-11, 2011 11

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AUTHOR’S NOTE: This article came about because of a spam e-mail I received claiming that “excellent communication is the golden ticket,” and all you have to do to get it (you guessed it), is give them some of your gold. I mentally corrected the concept. It’s not excellent communication. It’s transferable communication! And my thoughts about a golden ticket went on to become this … Who is Roald Dahl? He wrote Charlie and the Chocolate Factory in 1964. You may have seen “Willy Wonka & the Chocolate Factory,” the original star-ring Gene Wilder, or “Charlie and the Chocolate Factory,” the darker ver-sion (not dark chocolate) with Johnny Depp. The book and movies focus around a slightly nutty entrepreneur, a chocolate factory, tiny workers and a contest to find one of the five “golden tickets” inside Wonka’s chocolate bars. Almost like a lottery, if you got a Golden Ticket, the reward was an all-day tour of the secret candy factory by Willy Wonka himself. Charlie Bucket, the hero and ideal child, was one of the five winners. The other four children were spoiled brats, and as they went on the factory tour they revealed their greed or misbehaved in such a way as to be punished or banished. Charlie Bucket was the winner of the tour, and was rewarded with the entire factory and empire. Not a bad day of work! But there’s much more to this children’s story. There are lessons to be learned, both in sales and in life. Charlie Bucket was an impoverished kid with a vision and a belief. You may call it a dream – but his vision and belief were so strong, he made them a real-ity. He was certain he would find the golden ticket, in spite of his doubting family. And he did. Looking for your golden ticket? Hoping for it? Have doubters? What’s your vision of it? How strong is your belief for it? Maybe you already have a golden tick etc. Maybe more than one. NOTE WELL: A golden ticket is NOT a winning lottery ticket. It doesn’t have to be money. But it may lead you to money by turn-ing your gold into wealth. Here are several areas to evaluate as you begin the search for your golden ticket. There may be several golden tickets you already possess but you haven’t yet realized their value. 1. Communication that’s transferable. Who is acting on your words? 2. Customers that are loyal and give repeat business without a bid or quote. How many of your customers fit into that cat-egory? 3. Customers who give referrals with-out you asking for them. How many refer-rals did you earn last month? As many as you wanted? What are you doing about it? 4. Prospective customers who call and want to buy. How many unsolicited referrals did you get last month? Ouch! 5. Followers who re-tweet you. Do you understand the power of Twitter is in the re-

tweet? 6. Customers who post positive things on your business Facebook page. Do you even have a business Facebook page? 7. People who watch your videos on YouTube. How many testimonial videos are on your YouTube channel? Not enough! 8. People who ask to connect with you on LinkedIn. Do you have more than 500 connections that you “value message”

weekly? 9. People who subscribe to your e-mail magazine. If you’ve been thinking of starting your own e-zine, but you’re not sure where, how, or what, go to www.aceofsales.com. Mystery solved. 10. People who subscribe to your blog. No blog either? Yikes! Blogspot.com and wordpress.com are both no cost (except for your labor), and come with complete instructions.

Launch! 11. Your reputation in your business and in your community. This is more pro-found. Maybe most profound. What are you known for? What are you known as? What is your image? 12. Your personal assets. Not your material things. Golden tickets are found among your intellect, your health, your per-sonal development, your drive, your dedica-tion, your creativity and other priceless intan-gibles. 13. Your inner circle of friends and connections. People who encourage you and lift your spirits. People who help you without expectation. 14. Your YES! Attitude. This is the foundation for finding and taking advantage of your ticket. Your YES! Attitude is not an option. It’s gold. 15. The random acts of kindness you perform. Doing things that make others feel good make you feel GREAT! They’re the best one-a-day vitamins in the universe. 16. Your family. Family strength com-pounds personal strength. Family is both gold and golden. It’s love at its unconditional best. As an aid to your self-discovery, it may be time to read or re-read the Russell Conwell lecture “Acres of Diamonds.” It gives an inter-esting perspective to those in search of their diamonds, their gold or their golden ticket. Or yours. “Acres of Diamonds” has been in the public domain for years. It’s easy to find a copy on the Internet. The best version I’ve found, which contains historical background and interesting facts on Conwell’s life, is here: http://www.igniteyouressence.com/ebooks/AcresOfDiamonds.pdf Hope you find your golden ticket. It may be closer than you think.

Jeffrey Gitomer is the author of Social BOOM!, The Little Red Book of Selling and The Little Gold Book of YES! Attitude. President of Charlotte, N.C.-based Buy Gitomer, he gives seminars, runs annual sales meetings and conducts Internet training programs on sell-ing and customer service at www.trainone.com. He can be reached at (704_ 333-1112 or salesman@gitomer.com.

© 2011 All Rights Reserved

Your golden ticket is within your grasp; maybe you already have it

Jeffrey Gitomer

Since the release of Apple’s iPad, tablet computers have been increasing in popularity with consumers. As more manufacturers release their tablet offer-ings, the devices have also made their way into the boardrooms and offices of many businesses. Do tablets make sense for businesses? Are there enough appli-cations and customization available for tablets to permeate the business world like laptops and smartphones have? So what do tablets bring to the table that notebook comput-ers and handheld smartphones can’t? For starters, most tablets run operating systems that are similar to smartphones, with incredibly fast start times and multiple desktop options. The devices allow easy access to e-mail and calendar programs, play video and display pictures in a snap, and offer easy web browsing. Some tablets can even make phone calls and access 3G and 4G wireless networks. Most of the devices have screen sizes of seven to 10 inches, offering high quality view-ing. Tablets are generally lighter than notebooks, with most weighing in at less than two pounds. Some of the devices have USB, HDMI and DVI ports, allow-ing for connections to external devices such as keyboards and storage, as well as displays and projectors. Built-in micro-phones and speakers make the tablets handy for conference calls, while some devices allow for recording audio and most include a camera for still pictures and video. Borrowing technology from smartphones, the touchscreens work well for navigating applications, and even the onscreen keyboard has tested well for moderately fast typing. With remote access applications like VNC Viewer, tablet users can remotely access their desktop or laptop computer, allowing them to run full versions of applications not available on a tablet device. Using a touchscreen and onboard keyboard may be a little difficult to use those applications on a normal computer, but for quick access to information, this solution may be a help for a mobile user. Do all these features make sense for businesses? With their compact size and weight, tablets help redefine the mobile office. Unlike laptops, that can be bulky to hold and work best on a flat surface, tablets are extremely portable and can be used nearly anywhere. One great feature that may help a business-person is the note-taking ability. Imagine sitting in a board meeting, writing notes, drawing diagrams, viewing spreadsheets and recording the entire meeting with one device, and not having your face blocked by the screen. Using a tablet to make a presen-

tation can be a unique way to show prospects and clients your message, and communicate that your company uses the latest technology. Businesses that are service-based can use Web applica-tions to gather customer information, fill out invoices and even take credit cards. A business can use tablets to create a paperless process for invoicing and bill-ing. Some medical offices use tablets to

record patient vitals and other information. Many sales people use CRM (customer relation-ship manager) websites such as salesforce.com, and using a tab-let is a snap to update and pull customer information. Retail businesses like coffee shops, restaurants and clothiers have started implementing tab-let devices into their operations,

allowing serving staff to enter food orders right from table, and retail stores can swipe credit cards and input cus-tomer information anywhere inside their store. Some hotels use tablets inside rooms, allowing guests to control tem-perature and lighting, place orders for room service and housekeeping, and make reservations. Are there any drawbacks for tablets in the corporate world? Many people want a tablet computer to be a replace-ment for a laptop or desktop computer. Apple’s iPod and subsequent release of the iPad2 opened the door to the tablet revolution; however, the applications available on the iPad can be limited for business purposes. Displaying docu-ments and pictures are a snap for the Apple tablet, but creating presentations and editing spreadsheets can be some-what taxing. Tablets running the Android oper-ating system have many applications, and integrate with Google Apps, which can be a plus for e-mail and calendar tasks. Most tablets boast good graphics and many options for gaming, which may be a negative for a business owner or manager contemplating a purchase of tablets for their employees. As the popularity of the devices grow, expect more applications that help businesses stay on top of the cutting edge of technology. Running a small business today can be challenging, and does not always take place sitting in front of the desk. The mobility of the tablets, along with business applications, help the business-anywhere professional.

John Stewart is the operations manager for inQuo, a computer support and repair company based in Salt Lake City. With more than 20 years of combined expe-rience, the inQuo staff can fix a wide variety of computer issues for small businesses and home users. For more advice and information visit www.inquo.wordpress.com, call (801) 349-2762, or send e-mail to info@inquo.com.

September tech tips — do tablets work for business?

John Stewart

The EnterpriseSept. 5-11, 2011 13

I have noted previously that the Federal Reserve (this nation’s central bank) has set its most important interest rate, the federal funds rate, at a record low target level of 0-0.25 percent since December 2008, a period now reaching 32 months. Equally important, the Fed’s monetary pol-icy arm — the Federal Open Market Committee (FOMC) — noted a few weeks ago that it would maintain this rate at the current record low “at least through mid-2013,” unlike any statement the Fed has ever made. A Federal Reserve that has traditionally found value in keeping financial mar-ket players guessing as to impend-ing monetary policy changes, for the moment, abandoned such pol-icy in a major way.

Good Intentions The intent of incredibly low longer-term interest rates is clear-ly to provide greater incentive for consumers and businesses to borrow for various reasons, and for homeowners to take advan-tage of very attractive refinance or home purchase opportuni-ties. Unfortunately, the combi-nation of weak U.S. economic growth, high unemployment, anx-iety about Europe, enormous and destructive budget deficits and a general mistrust in the political direction of this nation have large-ly kept consumer and business borrowers on the sidelines. One might logically assume that incredibly low mortgage interest rates of recent weeks and attractive home prices would lead mortgage applications to jump sharply. One would be incor-rect. In fact, as reported last week, applications for new mortgages hit a 15-year low! Refinance applica-tions dropped as well. Why aren’t more homeown-ers and would-be homeowners taking advantage of such low inter-est rates? The Mortgage Bankers Association in a statement blamed the fall on “volatile markets and rampant uncertainty,” which kept home purchasers on the sidelines. Last week’s reported plunge in consumer confidence only sup-ports that view. Fewer mortgage lenders and more complex and onerous lend-ing documents compliments of Uncle Sam have only added to the weakness. Businesses have kept new borrowing under wraps and limited hiring for the same general reasons, including major anxiety

about the damage being done by politicians in Washington, D.C.

Flip Side of the Coin Even as the low interest rate game has largely failed to ignite the housing and business sec-tors, another major victim of the extremely low interest rate policy exists. It is the millions of older

and retired people who have seen their interest income drop like a rock. The old adage of invest-ing in stocks during one’s primary working years and then shifting from stocks to “fixed-income” invest-ments for greater “safe-ty” has been a disaster in recent years. It will get worse over the next two to

three years. Tens of millions of retirees would argue they did everything right. They shifted from volatile stocks to bonds and certificates of deposit (CDs) and money market funds and saving accounts, seek-ing to sleep better at night with the 3, 4, 5 or 6 or 7 percent annual returns provided by these fixed-income investments over the past 20 years. Then the bottom fell out. The Fed cut its key inter-est rate to near zero, with all other short- and intermediate-term interest rates plunging as well. Money market funds now pay an average of 0.01% annually. Savings accounts average 0.15 percent. One-year CDs pay 1 per-cent or less. Two-year U.S. Treasury notes now provide a less-than-exciting annual return of 0.19 percent. Even a five-year U.S. Treasury note yields less than 1 percent annually. Overall interest income in the economy fell by 27 percent between 2008 and 2010 (The Associated Press). Additional painful declines will occur as bonds and CDs that were pur-chased three or four or five years ago at more attractive rates are rolled over at rates approaching zero.

Individually … Collectively I see this with my own moth-er, who now rolls over maturing CDs or IRAs at incredibly low interest rates. She noted that she recently had an IRA mature and was offered 0.10 percent annually on the renewal. A few complaints finally pushed the rate all the way up to 0.40 percent. We all know retired people with similar stories. However, the cumulative “macro” or col-

lective impact on the U.S. and global economies is highly sig-nificant. Tens of millions of retir-ees have seen their monthly and annual incomes cut dramatically. Retirees now travel less; sup-port the arts, local restaurants and museums less; and donate less. In addition, the value of their homes has declined sharply in recent years, also leading to less confi-dence about tomorrow’s financial future. It would be better if incred-ibly low interest rates were matched by incredibly low infla-tion. Such is not the case. As dis-cussed in last week’s column, con-sumer inflation during the most recent 12-month period was 3.6 percent. Many economists would argue that inflation is actually higher for retired people as they spend more on health care, food and basic necessities, and less on technology, where prices have been consistently declining.

If It Sounds Too Good to Be True …

One unfortunate byproduct of retirees facing severe financial pressures is their susceptibility to financial schemes. Yes, this is also true for all age groups. It seems that one can find in a newspaper almost weekly some-one who was arrested for running a Ponzi scheme or a “get rich quick” program geared to older consumers. There is an invest-ment adage that is always true: the higher the return, the higher the

risk — and vice versa. If someone promises you a 5, 7 or 10 percent monthly return in an investment opportunity, run the other way! They can tell you it is safe and it is guaranteed. They can and will tell you whatever is necessary to satisfy your fears and get their hands on your money. If it sounds too good to be true… it is!

Jeff Thredgold is the only econo-mist in the world to have ever earned the CSP (Certified Speaking Professional) interna-tional designation, the highest earned designation in professional speaking. He is the author of econ-America, released by major pub-lisher Wiley & Sons, and serves as economic consultant to Zions Bank.

Jeff Thredgold

Low interest rates — a two-sided coin

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The Enterprise Sept. 5-11, 201114

Like so many Republican officials of the tea party persua-sion, Rick Perry despises the Environmental Protection Agency — a feeling he has expressed repeatedly in speeches, lawsuits, legislation and even a book titled Fed Up! Perhaps that is only natural for the gov-ernor of Texas, a “dirty energy” state where the protection of air, water and human health rank well below the defense of oil company profits for most politicians. But Perry has at least one other reason for smack-ing down those bureaucrats so eagerly. When environmental regulators do their job properly, that can mean serious trouble for Perry’s largest political donors. The outstanding example is Harold Simmons, a Dallas mega-billionaire industrialist who has donated well over a million dol-lars to Perry’s campaign commit-tees recently. With Perry’s eager assistance — and despite warn-ings from Texas environmental officials — Simmons has gotten approval to build an enormous radioactive waste dump over a crucial underground water supply. “We first had to change the law to where a private company can own a license, and we did

that,” Simmons boasted in 2006, after the Texas legislature and the governor rubber-stamped initial legislation and approvals for the project. “Then we got another law passed that said (the state) can only issue one license. Of course,

we were the only ones that applied.” Most Americans have never heard of Simmons, despite his fantastic wealth, because he wisely keeps his head low, generally refusing press inter-views and avoiding media coverage. Last year, a local monthly in

his hometown published the head-line “Dallas’ Evil Genius” over a scathing and fascinating investiga-tive profile that examined not only the peculiar history of litigation between Simmons and his children (who no longer speak to him), but his political machinations, corpo-rate raiding and continuing corpo-rate penchant for pollution. In D magazine, reporter Laray Polk explained how Simmons and a company he owns — innocu-ously named Waste Control Systems — manipulated state and federal law to allow him to build a nuclear-waste disposal site in West Texas. But construction has been delayed for years in part because

the site appears to overlay the Oglalla Aquifer, an underground water supply that serves 1.9 mil-lion people in nine states, raising obvious concerns over radioactive contamination. In the Simmons profile and subsequent posts on the Investigative Fund website last year, Polk explored the controver-sy over the proposed WCS facility, including strong objections by staff analysts at the Texas Commission on Environmental Quality who found evidence that atomic waste might indeed leach into a huge pool of drinking water. Now reporters for the Los Angeles Times have revived, advanced and updated the WCS story with much additional detail, including interviews with the Texas environmental officials who oversaw the approval process for the facility. For a period last sum-mer, that process appeared to have been slowed down to allow seri-ous consideration of the scientific data collected by the commission’s staff. In other words, the regula-tors were trying to do their job, which meant expensive delays and perhaps an eventual ruling against the nuclear waste site. That would have protected the Oglalla Aquifer and cost Simmons hundreds of millions in lost investment and

profit. But then Perry’s appointees on the commission voted by two to one to issue licenses for the WCS site. This year, officials on anoth-er Texas commission appointed by Perry — who oversee low-level radioactive waste in the state — voted to allow the WCS site to accept nuclear waste from 34 other states in a highly contro-versial decision later ratified by the state legislature and signed by Perry himself. Not long after that, according to the Los Angeles Times report, Simmons gave $100,000 to Americans for Rick Perry, an “independent” com-mittee supporting his presiden-tial candidacy. (Back in 2004, Simmons was a major contributor to another “independent” political committee, the notorious Swift Boat Veterans group that distorted Democratic presidential nominee John Kerry’s war record in a series of TV ads.) According to a spokesman for WCS, the Texas governor’s happy and lucrative relationship with Simmons did nothing to help the company except to turn the billionaire into “an easy target. ... It made the state redouble its efforts to be thorough.” But the Texas officials who opposed the approval on principle have since

quit their jobs with the state. As one of them told the Times report-ers, “This is a stunningly horrible public policy to grant a license to this company for that site ... . Something had to happen to over-come the quite blatant shortcom-ing of that application. ... The only thing I know in Texas that has the potential to do that is money in politics.” As for the Texas official (and Perry appointee) who overruled his own scientists and approved the deal, he left state government, too — to work as a lobbyist for Simmons. He says that no undue influence led to the favorable out-come for his new employer. Texas must be the only place on earth where anyone would believe that.

Joe Conason’s articles have been published in Harper’s, The Nation, The New Republic, The Guardian (London) and The New Yorker, among many other periodicals in the United States and abroad. He also appears frequently as a com-mentator on television and radio programs. A winner of the New York Press Club’s Byline Award, he has covered every American presidential election since 1980.

Copyright 2011 Creators Syndicate

Why Perry hates regulators: they're bad for (his) business

Joe Conason

Sept. 5-11, 2011 15The Enterprise

Many in the media are saying how unusual it is for our economy to be so sluggish for so long, after we have officially emerged from a recession. In a sense, they are right. But, in another sense, they are profoundly wrong. The American econ-omy usually rebounds a lot faster than it is doing today. After a recession passes, consumers usually increase their spending. And when businesses see demand picking up, they usually start hiring workers to produce the additional output required to meet that demand. Some very sharp downturns in the American economy, such

as in the early 1920s, were fol-lowed quickly by bouncing back to normal levels or beyond. The government did nothing — and it worked. In that sense, this is an unusu-

al recovery in how long it is taking and in how slowly the economy is growing — while the government is doing virtually everything imaginable. G o v e r n m e n t intervention may look

good to the media but its actual track record, both today and in the 1930s, is

far worse than the track record of letting the economy recover on its own.

Americans today are alarmed that unemployment has stayed around 9 percent for so long. But such unemployment rates have been common for years in Western European welfare states that have followed policies similar to poli-cies being followed currently by the Obama administration. Those European welfare states have not only used the tax-payers’ money to hand out “free” benefits to particular groups, they have mandated that employers do the same. Faced with higher labor costs, employers have hired less labor. The vast uncertainties created by ObamaCare create a special problem. If employers knew that ObamaCare would add $1,000 to

their costs of hiring an employee, then they could simply reduce the salaries they offer by $1,000 and start hiring. But, since it will take years to create all the regulations required to carry out ObamaCare, employ-ers today don’t know whether the ObamaCare costs that will hit them down the road will be $500 per employee or $5,000 per employee. Even businesses that have record amounts of cash on hand are reluctant to gamble it by expanding their hiring under these conditions. Many businesses work their existing employees overtime or hire temporary workers, rather than get stuck with unknown and

unknowable costs for expanding their permanent work force. As unusual as 9 percent unemployment rates may seem to the current generation of Americans, unemployment rates stayed in double digits for months and years on end during the 1930s. Franklin D. Roosevelt’s admin-istration followed policies very similar to those of the Obama administration today. He also got away with it politically by blam-ing his predecessor.

Thomas Sowell is a senior fellow at the Hoover Institution, Stanford University, Stanford, CA 94305. His Web site is www.tsowell.com.

Copyright 2011 Creators Syndicate

An unusual economy?

Thomas Sowell

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