Side of the Rhode: Who’s Hot and Who’s Not? - April 19, 2019

HOT

Tara Granahan

WPRO’s Tara Granahan has been awarded a Gracie Award from the Alliance for Women in Media Foundation.

According to the group, “The Gracies recognize exemplary programming created by, for and about women in radio, television, cable and interactive media.  Honorees are selected in national, local and student markets, including both commercial and non-commercial outlets. Named after the late Gracie Allen, the Gracie Awards acknowledge outstanding team leadership and individual achievement. The Gracies focus on women who are making positive change and who further the discussion of what a fulfilling career in media looks like.”

Other winners are Debra Messing, Leah Remini, Robin Roberts, and Savannah Guthrie.

HOT

Rajiv Kumar

The Chief Medical Officer and President of Virgin Pulse was named one of the 100 most influential in Human Relations Tech Influencers.

Kumar, the Brown grad and founder of Shape Up -- now Virgin Pulse -- has had a powerful impact on RI's economy.

HOT

Tiger Woods

A comeback for the ages, after overcoming injury and highly-public personal issues and snapping an 11-year drought.

HOT

Sproutel

They need a new trophy case.

As GoLocal's tech columnist Rebecca Keister writes:

Not only did Sproutel take home the top award in the Robotics and Hardware category at the 22nd annual SXSW Interactive Innovation Awards Presented by KPMG, but the company—along with their co-creators—also took home the people’s choice award for the My Special Aflac Duck, a “comforting companion” for children with cancer.

“I’m so very proud of our team for both awards, and they represent very different achievements,” said Aaron Horowitz, co-founder and CEO. “For me, the People’s Choice Award means a lot because it was chosen by all of the attendees. I was blown away by so many of the companies and products I saw at SXSW so this award, in particular, was a great honor.”

HOT

Orlando Bravo

Brown University has received a $25 million gift from private equity investor and alum Orlando Bravo.

The gift will help fund the creation of an economics research center at Brown.

“I was excited to learn about Brown’s commitment to its economics department as one of the University’s key centers of excellence. The department is at the forefront of a number of areas of economic research, including an impressive amount of work that helps expose income inequality and promote social mobility, and I am delighted to support the development and growth of those research efforts,” said Bravo.

HOT

Ed Brady

Brady may be one of the most prolific entrepreneurs in Rhode Island. He creates, transforms and reinvents restaurants and entertainment -- constantly.

He appeared on GoLocal LIVE this week to discuss his newest Thirsty Beaver -- complete with an indoor go-kart track.

NOT

CEO Compensation

The news in 2018 was grim for the Providence Journal and other GateHouse Media-owned newspapers, but compensation for the CEO of GateHouse media was a robust $1.7 million for the year.

Kirk Davis, who oversees hundreds of newspapers across the country including the Providence Journal, Worcester Telegram, Newport Daily News, and the Fall River Herald to name a few, received his standard base salary of $550,000, but was also awarded a massive cash bonus ($400,000) and even larger stock bonus ($750,000).

“After considering a variety of factors, including but not limited to Mr. Davis’ level of responsibility, the Company’s financial and operational performance, and other cultural factors specific to the Company’s philosophy and mission, in February 2019 the Compensation Committee approved and recommended to the Board, which subsequently approved, a cash bonus of $400,000 to Mr. Davis for 2018 performance,” according to the companies filings with the Securities and Exchange Commission.

NOT

The Credibility of Rhode Island's Budget Process

Rhode Island’s new sports betting program is underperforming by 90% and top experts with the leading gaming group say Rhode Island’s projections were fundamentally flawed from the onset. Now, the impact is leaving a massive hole in both this and next year's budget -- as much as $40 million combined.

According to top staff at the American Gaming Association (AGA), the projections used by Governor Gina Raimondo’s administration were fundamentally flawed and that Rhode Island misunderstood and used incorrect data from a study.

The AGA says, “We prove the value of the gaming industry through compelling research that supports best-in-class communications tools to inform policymakers and regulators. In addition, we elevate responsible gaming as a signature industry priority."

"Our research presented several possible combinations of tax rates and sports betting availability. Under the scenario closest to what Rhode Island implemented, we estimated that Rhode Island would generate $6.4 million in sports betting gaming tax revenue, $17.1 million less than the state projected," said AGA's Caroline Ponseti, the director, media relations in a statement to GoLocal.

"Further, our estimate is based on a fully stabilized market (not the first four months of operation), a tax rate of 15% (Rhode Island’s is about 50%) and a legal framework that does not include any 'unusual restrictions' (like Rhode Island’s prohibition on in-state college sports bets). All of these factors point to expected 2019 sports betting tax revenue of well below even our modest and reasonable projections," added Ponseti.

In a conference call with Sara Slane, senior vice president of public affairs of the AGA, and top researcher for the group David Foreman, the two told GoLocal that the numbers used by the state were based on a fully mature market and not a startup initiative.

“A mature market is 3 to 5 years,” said Foreman.

NOT

RI’s Job Market

Rhode Island lost jobs for the past five months.

NOT

Ray Bourque

Former Boston Bruins great Ray Bourque was caught on video on Monday exiting a Stop & Shop — as employees are entering their fifth day of a strike. 

The video, posted to Facebook by Christine Fontanez, shows Bourque leaving a Stop & Shop — and being berated by a female. 

"Shame on you…you used to be a union brother! Seriously! What’s wrong with you? Of all days — seriously Mr. Bourque," says the woman off camera. 

"You could have gone to any supermarket but here today. Shame on you! Shame on you!" she continues. 

Bourque put his groceries in his Mercedes SUV and left without responding -- but then took to Twitter to offer an explanation -- and apology.

NOT

Future of Supermarket Jobs

It is a bleak future for those who work retail and especially those at supermarkets.

Consolidation, robots, artificial intelligence, and Amazon are all factors. 

NOT

General Electric

While RI is providing millions in taxpayer subsidies to the company, the U.S. Justice Department is feeling less generous.

The Department of Justice announced on Thursday that General Electric will pay a civil penalty of $1.5 billion under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) to resolve claims involving subprime residential mortgage loans originated by WMC Mortgage (WMC), a GE subsidiary. WMC, GE, and their affiliates allegedly misrepresented the quality of WMC’s loans and the extent of WMC’s internal quality and fraud controls in connection with the marketing and sale of residential mortgage-backed securities (RMBS). 

“The financial system counts on originators, which are in the best position to know the true condition of their mortgage loans, to make accurate and complete representations about their products. The failure to disclose material deficiencies in those loans contributed to the financial crisis,” said Assistant Attorney General Jody Hunt. “As today’s resolution demonstrates, the Department of Justice will continue to employ FIRREA as a powerful tool for protecting our financial markets against fraud.”