Tech Firms in Manhattan Trade Trendy Lofts for Midtown Bargains

The following is an excerpt from an article in 

The New York Times
Wednesday, August 29, 2012

Tech Firms in Manhattan Trade Trendy Lofts for Midtown Bargains

By C. J. HUGHES

A decade ago, in the dot-com boom, technology companies flocked to the neighborhoods along Broadway in Manhattan, with most ending up south of an unofficial cutoff of 23rd Street.

Today, though, that Rubicon is being regularly crossed by a new generation of digital businesses that seem willing to trade Lower Manhattan and its perceived hipness for the more button-down precincts of Midtown.

More than 100 Internet-based marketing firms, retailers and social networking companies are based in the area between the Flatiron Building and Central Park, out of about 1,400 similar businesses across the city, according to data compiled by NYC Digital, an initiative started last year by Mayor Michael R. Bloomberg to promote the city’s technology industry.

“The boundaries of Silicon Alley are definitely pressing outward,” said Jonathan Serko, a broker with Cushman and Wakefield who has worked to bring tech companies to Midtown. He added, “some of the companies are moving out of necessity.”

In pockets of downtown Manhattan, commercial rents have spiked in recent years as increasingly fashionable neighborhoods like Chelsea, Greenwich Village and the financial district have welcomed a surge of new businesses. Residential conversions have also gobbled up the types of industrial buildings that tech companies once favored.

At the same time, fledgling tech companies have become more cost-conscious than their predecessors, many of whom burned through their seed money in a short time, brokers say. Significant savings are possible in Midtown, where rents can be $40 a square foot compared with up to $70 a square foot in trendier areas, according to Cushman data.

GSI Commerce, which provides online services for retailers like Toys “R” Us, was subletting a 10,000-square-foot loft on Broadway in SoHo in 2011 when the company was acquired by eBay, prompting the need to expand.

“There are many spaces out there that are beautiful, don’t misunderstand me,” said Jan Dobris, a senior vice president of GSI Commerce. “They just weren’t good ways to expend dollars.”

For more, visit www.nytimes.com.

Accounting Board Faults Audits of Brokerage Firms

The following is an excerpt from an article in 

The New York Times
Tuesday, August 21, 2012

Accounting Board Faults Audits of Brokerage Firms

By FLOYD NORRIS

The many auditors who inspect the financial statements of brokerage firms appear to be cutting corners and not doing all the work they should do, a worrisome sign after the collapse of the Peregrine Financial Group, a leading commodities brokerage firm, where a fraud had gone undetected for many years.

Having completed the first review of such brokerage firm audits, the Public Company Accounting Oversight Board said on Monday that it had found deficiencies in every audit its inspectors reviewed.

“The auditors,” said Jeanette M. Franzel, a member of the board, “were not properly fulfilling their responsibilities to provide an independent check on brokers’ and dealers’ financial reporting and compliance with S.E.C. rules.”

That does not mean that any of the statements misrepresented the financial conditions of the 23 brokerage firms whose audits were reviewed by inspectors from the board. In most cases, the accounting board concluded that the audit firm had failed to do the necessary work to ensure that the financial statements were accurate or that the firms had sufficient capital.

“In 13 of the 23 audits,” the board reported, auditors “did not perform sufficient procedures to identify, assess and respond to the risks of material misstatement of the financial statements due to fraud.”

Lynn Turner, a former chief accountant of the Securities and Exchange Commission, called the report “mind-boggling” and said it indicated that audit firms had failed to respond to the disclosure of Bernard Madoff’s Ponzi scheme. It was that fraud that led Congress to authorize the oversight board to review audits of brokerage firms.

The Peregrine fraud was uncovered after the National Futures Association, a self-regulator, stopped relying on paper copies of bank records in its own inspections. Peregrine had forged such records for years. Its independent auditor, a one-person firm, did not discover the fraud even though bank accounts are supposed to be confirmed.

For more, visit www.nytimes.com.

New Software for Influx of Mobile Devices to Workplace

News release from IBM:

IBM Announces New Software to Secure the Influx of Mobile Devices to the Workplace

New York-based School System Looks to Mobile Management; New Software Secures Smartphones and Tablets for Apple iOS, Android, Symbian and Windows

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ARMONK, N.Y. - 31 Jan 2012: IBM (NYSE: IBM) today introduced new software to help organizations better manage and secure the explosion of smartphones and tablets in the workplace, while also managing laptops, desktops and servers.

In addition to the new mobile security and management software introduced today, IBM also announced the acquisition of Worklight. Worklight accelerates IBM’s comprehensive mobile portfolio, which is designed to help global organizations leverage the proliferation of all mobile devices -- from laptops to smartphones and tablets.

As the mobile workforce is expected to reach more than 1.19 billion by next year, there are new pressures to connect personal smartphones and tablets to corporate networks and provide employee access to business data on them. At the end of 2011, almost half of mobile devices used in the workplace were employee owned according to IDC. This “Bring Your Own Device” (BYOD) trend raises additional concerns about managing security risks. Mobile exploits doubled in 2011 from 2010, according to the IBM X-Force Mid-Year Trend and Risk Report.

IBM Endpoint Manager for Mobile Devices helps organizations support and protect the growing mobile workforce. Through this software, firms can use a single solution to secure and manage smartphones and tablets, as well as laptops, desktop PCs, and servers. It manages Apple iOS, Google Android, Nokia Symbian, and Microsoft Windows Mobile and Windows Phone devices.

The software extends security intelligence to deal with the growing threats from mainstream adoption of the BYOD trend. Organizations can install the IBM software in hours, remotely set policies, identify potential data compromises and wipe data off the devices if they are lost or stolen. The software helps configure and enforce passcode policies, encryption and virtual private network settings.

“As the BYOD movement accelerates, it presents new opportunities and challenges for organizations. In order for them to take advantage of this trend, it is important that organizations have mobile security and management policies in place,” said Bob Sutor, vice president, IBM Mobile Platform. “The new offering from IBM will help organizations manage personal and enterprise-owned mobile phones and tablets across IT networks in order to minimize risk, increase productivity and enhance innovation.”

New York-based School System Automates its Computing Endpoints and Looks to Mobile Management
The Western New York Regional Information Center (WNYRIC) housed within Erie 1 BOCES, a regional public education services organization in Buffalo, N.Y., manages hundreds of thousands of computing endpoints for more than 100 school districts. IBM Tivoli Endpoint Management software automatically updates security protection and power management of its computers and servers across the school district. Before using the software, one of the ways to perform these functions was for someone to drive to each location and manually update each machine. IBM software will help the WNYRIC reduce energy usage through automating power settings of these thousands of endpoints, resulting in an estimated savings of $3.2 million in a year.

Now more of the district's administrators, teachers and students are looking to tap their district-issued and personal iPads, iPhones and Android devices to create lesson plans, communicate and share documents on their network. The WNYRIC is planning a comprehensive way to manage mobile security issues and compliance and has gotten early access to IBM Endpoint Manager for Mobile Devices.

“Our school districts are looking for a way to manage and secure hundreds and potentially thousands of smartphones, laptops and other computers,” said Jill Holbrook, associate director of the WNYRIC. “Automating the computer updates and security protection across our entire network—including mobile—would speed our ability to provide more secure and efficient services to the administrators, teachers and students we support.”

Managing and Securing Mobile Devices throughout the Workplace

This new release of IBM Endpoint Manager extends IBM capabilities in managing the security and compliance of servers, computers and point-of-sales devices, such as ATMs and self-service kiosks to smartphones and tablets using mobile operating systems while addressing the unique aspects of those devices. IBM Endpoint Manager for Mobile Devices enables customers to:

·        Safeguard Data -- Selectively wipe enterprise data when devices are lost or stolen and configure and enforce passcode policies, encryption, VPN, and more.
·        Provide Flexible Management -- Secure and manage employee- and corporate-owned mobile devices using a combination of email-based and agent-based management, while preserving the native device experience.
·        Maintain Compliance -- Automatically identify non-compliant devices and take action by denying email access or by issuing user notifications until corrective actions are implemented.
·        Unify the Infrastructure -- Leverage a single infrastructure to manage and secure all devices: smartphones, media tablets, desktops, laptops, and servers.
The IBM Endpoint Manager for Mobile Devices is built on IBM’s 2010 acquisition of BigFix software.
For more information, please visit: http://www-01.ibm.com/software/tivoli/solutions/endpoint/mdmbeta/