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Congressman Russ Carnahan Sends Strong Message to Six Wall Street Banks
St. Louis Front Page - Business and Technology News 
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Wells Fargo Gift Supports Entrepreneurial Students ST. LOUIS, MO, (SLFP.com), August 15, 2010 - Chancellor Mark S. Wrighton has announced a $500,000 gift from Wells Fargo to fund scholarships and internships for Washington University in St. Louis undergraduate business school students. "This gift will help us recognize outstanding students in the Olin Business School and offer them opportunities to apply the knowledge they learn in the classroom to everyday experiences through internships," Wrighton says. "It is our goal to educate and prepare graduates who have keen analytical and critical thinking skills to become leaders in an ever-changing business world," Wrighton says. Daniel J. Ludeman, president and chief executive officer of Wells Fargo Advisors LLC, agrees. "As a leading American financial services company, we have a natural role to play in encouraging and sustaining economic development in the St. Louis area while cultivating the next generation of leadership talent for our industry," Ludeman says. "Our collaboration with the Olin Business School enables us to do that in a number of ways." Ludeman is a member of Washington University's Board of Trustees. Wells Fargo Advisors is the local affiliate of parent corporation Wells Fargo & Company, one of the nation's largest financial institutions. "We are delighted to offer these substantive awards to deserving business students and budding entrepreneurs and thankful to Wells Fargo for recognizing the needs and benefits of such a gift," says Mahendra Gupta, PhD, dean of the Olin Business School and the Geraldine J. and Robert L. Virgil Professor of Accounting and Management. Four-fifths of the commitment, known as Wells Fargo Scholars, will fund annual scholarships for four to six undergraduates. Awards will be given to promising students whose academic studies align with the economic development priorities of the St. Louis Regional Chamber and Growth Association. Other requirements for eligibility include maintaining a high grade-point average and holding sophomore to senior status. In addition, preference will be given to students from underserved communities. The remaining $100,000 is designated for Wells Fargo Interns, which will support five summer internships for undergraduate business students with a demonstrated interest in entrepreneurship. The interns will join the existing cross-campus Skandalaris Center Internship Program, which places 20 students in local commercial and social venture startups. Interns will be drawn from specific clusters such as sustainable technology, multi-modal supply chain management, financial and information systems, medical science and services, and advanced manufacturing and technology. In addition to having an entrepreneurial focus, selected students must have completed their sophomore year. This generous support complements a previous gift by Wells Fargo Advisors for a visiting professorship in entrepreneurship at the Skandalaris Center. The inaugural recipient is Robert E. Wilson III, founding partner of Ouranos Venture Partners, a new venture capital fund based in Rio de Janeiro, Brazil. "St. Louis is fortunate to have Wells Fargo Advisors here, as is Washington University, for its contributions are helping build a stronger and more vibrant community, especially in the business sector," Wrighton says. "Together, we will use our resources to foster future business leaders and entrepreneurs." Teens Now Spend 53 Hours a Week Immersed in Electronic Media ST. LOUIS, MO, (PRNewswire-USNewswire), August 15, 2010 - New omnibus research from the Partnership for a Drug-Free America shows that more than one-third of parents are concerned that TV (38 percent), computers (37 percent) and video games (33 percent) make it harder for them to communicate with their media-engrossed teens about risky behaviors, like drug and alcohol use. The survey of more than 1,200 parents also confirms that a quarter or more are worried that newer forms of media, including cell phone texting (27 percent) social networking sites, like Facebook (25 percent) and Twitter (19 percent) hinder effective parent/child communication about the dangers of teen substance abuse. According to a Kaiser Family Foundation study of 2,000 teens released earlier this year, the average amount of time young people (8-18 year olds) spend consuming entertainment media is up dramatically to almost eight hours per day - that's at least 53 hours a week of immersion in some form of media. The research also noted that the more media teens consume, the less happy they tend to be and those who are most captivated by media reported their academic performance suffered. About half (47 percent) of heavy media users reported they usually get fair to poor grades, mostly C's or lower, compared to about a quarter (23 percent) of light media users. "These new findings present a unique opportunity for parents to play a more active role in what their kids are watching, monitor how they are spending their time online and remain aware of the impact all of this media consumption is having on their impressionable teens," said Partnership President Steve Pasierb. "We know that kids today are bombarded with pro-drug and drinking messages via everything from song lyrics, movies and video games, to social networking sites. Videos of kids abusing cough medicine and common household products to get high are all too accessible online and that's why it's more important than ever for parents to break through the media noise and make their voices heard." The Kaiser study notes the drastic increases in media consumption among youth are driven in large part by easy access to mobile devices like cell phones and iPod media players. Among kids and teens, cell phone ownership has increased sharply since 2004, from 39 percent to 66 percent in 2009, while ownership of iPods jumped drastically from 18 percent to 76 percent over the same time period. Overall, 20 percent of kids' media consumption comes from mobile devices.(3) And, as kids get older and consume even more media, the level of concern among parents increases and can lead to breakdowns in parent/child communication. "I feel the frustration that comes from my daughters' being constantly glued to their cell phones texting and sending non-stop instant messages and watching endless hours of trashy, reality TV shows," said Susan Wilson, mother of three teenage daughters. "But I've accepted that the role that media and technology plays in the lives of our kids is not going away and, as parents, we have to meet teens where they are. We have to be willing to listen to their music, watch their movies and know about the latest TV programs our kids are watching if we're going to stay on top of what they are exposed to." Wilson added, "I've learned that even though I proactively limit it at times, embracing technology has actually improved my communication with my family. I've had some of the most meaningful conversations with my daughters about the pressures of growing up via text messaging. Not only is that less threatening to them, but they can keep a written record of my 'voice' that they can refer to again later."  
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