Category Archives: Economy

At Risk, And In Westport

A provocative article in the New York Times suggests that the massive money today’s “economic elite” spend on their kids may not have the desired effect.

“Being groomed for the winner-take-all economy starting in nursery school turns out to exact a toll on the children at the top,” writes Chrystia Freeland, editor of Thomson Reuters Digital.

That’s not exactly rocket science. But what makes this story “06880″ blog-worthy is that some of the research was done right here in 06880.

In other words: the “children being primed for that race to the top from preschool onward” are not just anyone’s kids.

They’re ours.

Dr. Suniya Luthar

Dr. Suniya Luthar

The researcher cited — Suniya S. Luthar, professor of psychology and education at Columbia University’s Teachers College — has studied a generation of Westport students. The oldest are now in their 20s.

One of her first discoveries was that “substance use, depression and anxiety, particularly among the (affluent) girls, were much higher than among inner-city kids.”

Dr. Luthar’s research has led her to conclude that the children of privilege are an “at-risk” group, Freeland writes. “What we are finding again and again, in upper-middle-class school districts, is the proportion who are struggling are significantly higher than in normative samples,” (Luthar) said.

“It is an endless cycle, starting from kindergarten. The difficulty is that you have these enrichment activities. It is almost as if, if you have the opportunity, you must avail yourself of it. The pressure is enormous.”

Freeland writes:

Increasingly, we live in individualistic democracies whose credo is that anyone can be a winner if she tries. But we are also subject to increasingly fierce winner-take-all forces, which means the winners’ circle is ever smaller, and the value of winning is ever higher.

Life is not always easy in the 06880.

Life is not always easy in the 06880.

Luthar’s research subjects wonder, “What happens to me if I fall behind? I’ll be worth nothing.”

When we read stories “research,” we tend to think of nameless, faceless people in sterile labs.

In this case, the at-risk children we read about are very, very familiar. We see them every day.

They might even be here, next to us — looking safe and secure — as we read this disturbing story about their worrisome, insecure future.

A Decade Of “Ceremonies And Celebrations”

As high school and middle school graduations approach, many Westport students worry about what’s ahead.

Some have more immediate concerns: having the right clothes for the ceremony, and the festivities that surround it.

Class of 2013For 10 years, Westport’s Human Services Department has eased those fears. Its “Ceremonies and Celebrations” program helps purchase new clothing for graduates who cannot afford them.

Last year, 41  Westport students were able to purchase “special event” wear. This year’s need is even higher.

In the grand scheme of things, the right clothes for graduation might not seem like much. To a teenager, it can be the biggest thing in the world.

Tax-deductible checks (payable to “DHS Families Program”; memo line: “Ceremonies”) may be sent to the Department of Human Services, 110 Myrtle Ave., Westport CT 06880. Gift cards of any amount (American Express, Visa, MasterCard, Marshall’s, The Gap, Trumbull Mall/Westfield Shopping Center) are also gratefully accepted.

Human Services notes that donations honoring a teacher or special person in a student’s life will be acknowledged with a letter to the honoree.

(For further information, call Patty Haberstroh at 341-1069.)

Matt Scanlan, Cashmere Tie Mongolia To Westport

The tagline for “06880″ is “Where Westport meets the world.”

And that includes Mongolia.

Matt Scanlan is a Westport native. He left Staples after his junior year — he would have graduated in 2006 — and headed to Pomfret School.

Matt Scanlan (left) and Diederik Rijsemus

Matt Scanlan (left) and Diederik Rijsemus

At Dickinson College Matt met Diederik Rijsemus, a “super-resourceful Dutch guy” who traveled to Beijing to study economics. He roamed around Asia, and in Mongolia was taken in by nomadic herders. Diederik saw them live as they had for thousands of years — shearing sheep, living off meat and milk, their lives dependent on the environment and weather.

But Mongolia is changing more rapidly than any place on earth. Its average temperature has risen nearly 4 degrees in the past 60 years. Livestock are dying for a host of reasons. In a country almost entirely dependent on the cashmere industry, that’s been devastating.

Diederik enlisted Matt’s help. They created Naadam Cashmere. Named for Mongolia’s largest cultural festival, it’s a clothing company that flips the luxury fashion industry on its head.

Satchel cable from Naadam.

Satchel cable from Naadam.

Naadam buys raw cashmere fibers from Mongolian herders, and manufactures high-end sweaters there. Profits are invested back in the herders — in the form of livestock insurance.

Run by the World Bank, livestock insurance enables herders to be reimbursed for losses — helping them live to the next season. It costs $250 to cover one family for a year. “That’s astronomical by Mongolian standards,” Matt notes.

Their 1st year — as juniors in college — Matt and Diederik turned 100% of their profits back to the herders. That $2,000 helped 8 families.

Naadam — which branched out into cashmere hoodies, hats, scarves and socks — is now a for-profit business. They take 45% margins, to keep the price down.

Naadam made in MongoliaThey sell through high-end stores in New York and Washington, and on consignment with a few boutiques. Westport’s Bill Mitchell has been very helpful behind the scenes, Matt says.

They’ve also created a Kickstarter site, to help fund an e-commerce site that would drive costs even lower. In its first 3 days, it raised $17,000.

Designs — inspired by Matt and Diederik’s friends — are durable but luxuriously soft. Many are limited edition pieces.

Most manufacturers require large minimums, Matt says. But when the Mongolian partners see that Naadam is trying to protect their culture and provide for the future, they do what they can to make special orders.

Yurts, in a Mongolian field.

Yurts, in a Mongolian field.

It’s not easy running a US company working with Mongolian herders and manufacturers, delivering a luxury product that helps an impoverished nation.

But Naadam Cashmere is one way in which one Westporter truly meets the world.

(Click here to purchase Naadam cashmere items through Kickstarter. Click here for a video on “Voices from Mongolia.”)

Why The Arts — And The Arts Center — Matter

The news that the Westport Arts Center is considering a new building on Jesup Green brought out the “06880″ commenters. Some opposed the site; others opposed the WAC itself.

Lost in the discussion was an appreciation of the long — and important — role the arts have played in Westport.

Here — far more eloquently than I could say it — are some insights into that subject.

WAC director of visual arts Helen Klisser During, at last year's "Toy Stories" exhibition. (Photo by Keelin Daly for the Connecticut Post)

WAC director of visual arts Helen Klisser During, at last year’s “Toy Stories” exhibition. (Photo by Keelin Daly for the Connecticut Post)

We can quantify our arts services. We can show how many people visited the Arts Center this past year for concerts, exhibits, lectures and classes. But the story is much more.

It is offering programming that nurtures creativity and broadens opportunities for learning. It is providing affordable studio space for artists, allowing them to remain productive in our community.

It is generating audiences to and from the Center, and in that process providing stimulus to local merchants and restaurants.

It is being a visible symbol to people looking to settle in our region, that we value and support culture.

Peter Van Heerden, the Westport Arts Center's dynamic executive director. (Photo by Helen Klisser During)

Peter Van Heerden, the Westport Arts Center’s dynamic executive director. (Photo by Helen Klisser During)

Corporate and foundation grants, individual gifts and money generated from our concerts, classes and lectures is money that is all returned to the community in services purchased, salaries paid and opportunities provided to people of all ages.

The arts are good business and good sense.  They contribute day in and day out to the quality of our region’s social, cultural and intellectual life. Support spurs us to renewed faith in ourselves, and doubles our commitment to even broader and more exciting arts services in the future.

Wise words indeed. And they are as true today as they were 21 years ago, when they were written by Ralph Sheffer. In 1992, he was president of the Westport Arts Center board.

Bridgewater Is Weird

The Daily Beast recently published a long piece on Bridgewater Associates — the Westport-based hedge fund that, if all goes according to plan, it will take its 1300 employees and considerable tax dollars to Stamford a few years down the pike.

The story — pegged to this year’s recruiting season at Ivy League schools — called Bridgewater a hot company for “many of the smart young finance things who used to flood to positions at name-brand banks in lower Manhattan.”

The “alternative alternative asset-management company”

isn’t for ex-jocks or day traders. Rather, it tends to attract—and look for—self-styled intellectuals and deep thinkers who like constructing arguments as much as they enjoy constructing portfolios. It’s “the thinking Yalie’s destination,” as one recent Yale graduate put it.

Bridgewater’s Glendinning Place headquarters — off Weston Road — “more closely resembles The Master than Wall Street,”  the Daily  Beast said. “The trading day is like a long encounter session in which people learn about themselves, and then trade their way to prosperity.”

Bridgewater headquarters.

Bridgewater headquarters.

But landing a job there is no day at the beach.

The interviews themselves have become legendary. “Really weird” and “very confrontational” were two phrases used by students to describe the on-campus interview. A candidate is likely to be put in a room with about seven people. Instead of being grilled about stock trades or economic issues, students will be asked to debate controversial topics like Roe v. Wade or gun control for an hour.

Bridgewater logoWhen Beast writer Daniel Gross approached founder Raymond Dalio for an interview, he said, “I know you don’t do a lot of interviews because—”

(Dalio) completed the sentence: “Because we’re weird?” (I was actually going to say because Bridgewater is privately held and isn’t engaged in the constant grind of fundraising—but yes, Bridgewater does have a reputation for being weird.)

Gross didn’t get the interview. Nonetheless, he knows a bit about Bridgewater. He lives in Westport. Comparing it to Stamford, Gross calls it

 a more distant, but lovely, suburb… filled with 40-something and 50-something professionals, rather than 20-something finance newbies. The company’s headquarters are tucked in a wooded area in the northern part of town. Unless you knew it was there, you wouldn’t know it was there. Many of the young hires share rental apartments in the area during the week and live in Manhattan. The company runs buses back and forth from New York every day.

Bridgewater, from the air.

Bridgewater, from the air.

But, Gross says, “it’s not simply the location or even the money that makes Bridgewater trendy.” No; it’s that the firm “isn’t really part of the crisis-era financial system. Bridgewater wasn’t involved in the bailouts, took no Troubled Asset Relief Program money, didn’t securitize mortgages, doesn’t borrow from the Fed, and hasn’t been implicated in any insider-trading scandals.

Ivy League kids still want to make money and are still drawn to the financial-services industry. Last December I guest-taught in a session of an undergraduate course on finance and economics at Yale, and virtually all the students in the class expressed an interest in working in finance. But they didn’t want to be seen as embracing the negative aspects of finance.

For years, Goldman had the greatest cachet and mystique among this crowd. No longer. If you’re 22, notes Kevin Roose, “all your friends are skeptical of the banking industry.”

“If you tell someone you do finance, they’ll say ‘You sold your soul,’” says a Harvard undergraduate. “There’s been a big surge in interest in startups, computer science, and entrepreneurship. They call it the Zuckerberg effect.”

With its intensely intellectual work climate, flat hierarchy, and lack of attachments to the tainted sectors of the financial complex, Bridgewater offers bright young things a way to work on Wall Street without really being part of it. Which is nice work if you can get it.

True? False? Do you work there? Did you interview there?

Is Bridgewater “weird,” or the wave of the industry’s future?

Click “Comments” to weigh in.

For some reason, I bet these comments will be even more anonymous than usual.

Water Under The Bridge?

Save the Children‘s possible move out of its Wilton Road headquarters has generated plenty of headlines.

And you’d have to be living, brain dead, under a very large rock to not know that the Westport Y‘s move 2 miles up that same Wilton Road has caused considerable agita in town.

Why, then, has the proposed relocation of Westport’s largest employer — and biggest taxpayer — been met with a thunderous round of “meh”?

Bridgewater logoBridgewater Associates employs 1,200 people. It pays $500,000 a year in taxes. In 5 years, though, they hope to take all those workers — and tax dollars — down I-95 to Stamford.

(Then again, maybe not. On Monday the CT Mirror posted a long story describing opposition to the 750,000-square foot headquarters — “smack in the middle of a high-risk flood zone.”

(Plus, some folks are atwitter that Bridgewater will receive $115 million in state assistance to ease the move. The firm has $130 billion under management. And CEO Ray Dallio — worth $10 billion himself — is one of the world’s richest men, according to Forbes magazine.)

Oh, did I mention that Bridgewater Associations is not just “a” hedge fund. It is, according to CNN Money, the largest hedge fund.

On the planet.

Whoa! So not only is Bridgewater Westport’s largest employer and taxpayer — it’s also the mother of all hedge funds.

This guy does not work at Bridgewater Associates. At least, I don't think he does.

This guy does not work at Bridgewater Associates. At least, I don’t think he does.

Yet when was the last time you heard anyone say anything about them leaving?

Or, in fact, the last time someone said something about the fact that they’re even here?

I understand hedge funds are somewhat secretive. But think of the big corporations we’ve had in Westport.

Everyone knows Save the Children. Its predecessor, Famous Artists Schools, was also world-famous. (Okay, they had to get their name out there. Their customers were people paying a few dollars to learn to draw and write, not fabulously wealthy customers hoping to become even fabulously wealthier.)

But when Marketing Corporation of America — the world’s largest marketing firm, at the time — was headquartered on Riverside Avenue, everyone in town sure knew they were here.

Tauck logo 2 We knew Tauck Tours was here too. They’re the company that invented the group travel industry, then modernized it with high-end, worldwide itineraries.

Same with Stauffer Chemical, which made (hey, someone had to) herbicides for corn and rice.

And before that, Embalmers’ Supply Company — yes, the largest in the world — called Westport home.

All of those businesses — big, robust, important — were integral parts of Westport. As corporations, they were good neighbors. As human beings, the men and women who worked there were our neighbors.

But Bridgewater has been virtually invisible. Scattered in 5 locations — the 2 biggest sites are the old Glendinning building on Weston Road (very convenient to scooting on and off the Merritt Parkway) and Nyala Farm (ditto for 95) — it was easy for the hard-working, high-rolling hedge fund men and women to have little to do with Westport life.

Bridgewater Associates' Weston Road headquarters.

Bridgewater Associates’ Weston Road headquarters.

When Bridgewater leaves Westport, 5 or so years from now, we’ll miss their tax dollars.

But I don’t know that we’ll miss them. Because, really, were they ever really here?

Human Services’ Holiday Help

Westport’s Human Services Department‘s work is never done.

Just a few days after caring for hundreds of Hurricane Sandy victims, the agency turns its attention to the holidays. As always, this is its busiest time of the year.

As many Westporters shop, cook, plan vacations and share gifts, hundreds of children, families and seniors wonder how they’ll cope.

Many turn to Human Services’ Holiday Giving Program.  It’s a great, confidential way for Westporters to provide gifts for kids — and ease the financial burden on entire families. Last year, 445 residents — including those served by Homes With Hope and the Westport Housing Authority — received holiday assistance. In the aftermath of Sandy, this year’s number is sure to rise.

“This unbelievable program enabled us as a family to breathe a little easier, knowing our child could have some fun and joy in life,” one grateful recipient wrote.

Another said:  “I am overwhelmed by the generosity of the community.  It is a truly humbling experience.”

Contributions come from individuals, as well as garden and book clubs, scout troops, schools, churches and businesses. Donors and receivers are assured of confidentiality.

“Some of the most appreciated gifts are grocery and gas cards of any amount,” says Human Services director Barbara Butler. Also well received: gift cards to local stores.

Cash donations are always welcome. They allow Human Services staffers to buy last-minute gift cards for clients.

Cards and checks (made payable to “DHS Family Programs,” with “Holiday” on the memo line) can be mailed to Human Services, 110 Myrtle Ave., Westport, CT 06880 at any time (the sooner the better, of course). They can also be dropped off in Town Hall Room 200 during business hours.

If you’d like to shop for a family’s actual gift request — in full or part — or for questions, contact Patty Haberstroh (hsyouth@westportct.gov; 203-341-1069).

Families needing extra support during the holidays should call 203-341-1050.

Larry Perlstein Looks To Make A Difference

Longtime Westporter Larry Perlstein wrote today’s “06880″ post.

As he explains below, he’s not doing this only for work. He hopes to shine a light on a side of Westport that’s seldom talked about.

And he’s happy to help others facing similar situations.

Needed:  Challenging, engaging role for experienced technologist/marketer with diverse background (aka “generalist”)

Note:

  • This is not a plea for financial help – my family and I are doing fine (for the moment).
  • This is not a political statement – I’m fiscally conservative, socially liberal (whatever that makes me these days).
  • I’m not whining – I’m simply trying to expose a rarely discussed segment of our community.
  • This treatise is not EEO correct. I’ll tell you my age/race/situation simply to help you understand who I am.
  • I’m not easily categorized (i.e., CIO, CTO, etc.), hence part of the difficulty finding a new role. These are different times, and so we must use different strategies to make our situation known.
  • “I have more to give,” and so do the many other talented yet unemployed professionals in Westport.

Hello, my name is Larry and I’m a 54-year-old white male who has been unemployed for nearly 15 months since being laid off from my last position.

Larry Perlstein

My personal situation is likely a bit different from most people my age who are looking towards retirement and have children heading off to college. My wife and I have an amazing 4 ½-year-old daughter (our only child).

I’ve had a great career thus far, and worked for some well-respected companies. Most recently 15 years for Gartner, based in Stamford – the largest information technology advisory and research firm in the world. Previously I held a variety of roles at IBM, GE and PepsiCo in Connecticut, New York and California.

My background is primarily software technology (that is, all the things that programmers and application users care about) – a constantly changing field that requires regular reinvention, with a bunch of marketing mixed in. I’ve held roles that run from programmer to business analyst, marketing program manager, industry research analyst, vice president and research team manager to, most recently, group vice president and ombudsman (think New York Times public editor).

I am a Staples grad (1975). I have an undergraduate degree in marketing and an MBA in information systems, both from Pace University. We are not wealthy by Westport standards, but we’re not complaining either.

Simply, I’m looking for a role that takes advantage of my skills/talents sweet spot: I’m great at taking a chaotic, stressful situation and driving it towards a successful result. It could be a project gone awry, extreme interpersonal relationships interfering with business processes, difficult technology strategy and evaluation decisions, dissatisfied customers, or even litigious business partners.

Larry Perlstein (left) and his co-chair at the Pace University Seidenberg School for Computer Science and Information Systems Leadership and Service in Technology Award reception. It raised over $125,000 for scholarships.

Sure, you can call me a project manager, client partner executive, program manager or service delivery executive, but these titles are one-dimensional and don’t express my full range of talents. It’s sometimes easier to express what I am not: a slap-on-the-back salesperson (I’m a long term relationship builder), a uni-tasker (I do my best work when managing multiple activities), simply a manager or an individual contributor (I’ve been both), or out of touch (I’ve spent the past 15 months consulting on social media and marketing communications issues, working with non-profits pro bono, and writing freelance industry research).

I can make a difference … and I hope to do so at a company where I’m treated with respect, challenged by their business, and passionate about their purpose and culture. For full CV details see my LinkedIn profile: http://linkedin.com/in/lperlstein

If you know of a role (or even simply a problem) in your company that might be served by my skill set, or if you have a friend who might know of something, please contact me (lperlste@yahoo.com).

And if you’re one of the many others in town also looking for their next gig, stay positive and let me know so I can make my network available to you.

Minding The (Y’s Funding) Gap

“No one wakes up in the morning and asks, ‘How much money should I give the Y today?’ People don’t walk into the lobby with bags of money.”

Too bad. If they did, Paul Bernetsky’s job would be a lot easier.

The 51-year-old Watertown native is the Westport YMCA‘s new chief development officer. His job is to raise the $3.2 million still remaining to build a 54,000-square foot facility at Mahackeno.

When he’s done, he’ll start raising money for Phase 2 of the new building — the 50,000 or so square feet that were deferred when the Y’s initial campaign fell short.

All along, he’ll oversee the Strong Kids Campaign — the Y’s annual fundraising effort.

Fortunately, Paul is a big believer in the importance of non-profits.

Paul Bernetsky, with the Y’s capital campaign slogan.

He’s spent his career in that world. He began with the Boy Scouts, then served as executive director of Youth for the Third Millenium, a Catholic youth missionary organization. Most recently, he managed St. Joseph High School‘s development campaign and marketing program.

About the only thing the Y shares with those organizations is its non-profit status.

“It’s been a long process, I know,” Paul says, referring to the many years the Y has spent trying to build a new facility — and of donor fatigue.

“Some people wonder if it’s every going to happen. When we get shovels in the ground, people will really start to believe what we’re doing.”

Paul adds, “I’m a glass-is-half-full guy. If I can bring my passion for this great, exciting facility, we’ll bring more volunteers forward. The staff can’t do this alone.

Plans for the new YMCA facility at Mahackeno.

So far, the Y has solicited funds from “folks with means,” Paul says. The next step is smaller donations, from families and individuals. Many, he said, have not yet been solicited.

“I’m not naive,” Paul notes. “I know it will take hard work.”

He took his new post with eyes wide open. CEO Rob Reeves and fundraising consultant Jon Simons sent him background material dating to 1995.

“I know folks are disappointed the Y is moving out of downtown,” Paul says.

“Change is difficult. I’m a traditionalist too. But this facility will serve the 21st century. We’re thinking ahead, to the next 50 years.

“We’re at a crucial point in the history of this Y. It’s a privilege for me to be part of this organization.”

Was there any hesitation in accepting the position?

“A little,” Paul admits. “But as I dug deeper, I saw that most questions and concerns have been addressed, time and time again.

“I have faith in the goodwill of the people in Westport and Weston. It takes courage to tackle something new like this. I give lots of credit to the board. They’ve made some tough decisions, and stood by them.”

His job, he says, is to “educate, inspire and invite people to be part of this project. I’m not going to be walking around with a club, hitting them over the head.”

He looks forward to building confidence, opening doors, helping people feel comfortable donating money, and asking others to do the same.

The dicey national economy does not help. But, Paul says, after the sharp drop in philanthropy in 2008-09, people are starting to donate again.

“If there’s a cause you believe in, you’ll give year after year,” he notes. “That’s the great thing about our country.”

He calls it a “blessing” that Westporters and Westonites have the means to help the Y. Of course, they do not wake up every morning planning to donate. And they sure don’t walk through the door offering bags of money.

So Paul Bernetsky will ask.

$500K For Main Street

If you’re not a big fan of government incentives, chances are you won’t like this.

But if you think government can help towns attract small business, promote commercial activity and add jobs by providing grants for infrastructure renovations and improvements to municipal commercial centers, you’ll want to know how Westport can get a piece of the pie.

Under Governor Malloy’s new Main Street Investment Fund, towns with populations less than 30,000 can apply for up to $500,000 for a variety of projects: building renovations, improved street lights, sidewalk construction, signage, recreational space or other renovations “deemed necessary to contribute to the economic success of the municipality.”

The program also provides financial incentives to owners of commercial private properties for expenditures that directly support and enhance a qualified project. 

The Main Street Investment Fund seems perfect for Westport — particularly for our Main Street.

Alert “06880″ readers: Click “Comments” to give Westport officials some idea of the project(s) they should seek funding for.

Note to town fathers: The application deadline is September 28.

How can $500,000 in state funding help revitalize downtown Westport?