fwm mm 7A STRICTLY BUSINESS/The Charlotte Post Feds monitor Texaco settlement By Jim Fitzgerald THE ASSOCIATED PRESS WHITE PLAINS, N.Y. - Federal regulators will have power to monitor Texaco’s treatment of blacks under an agreement reached Friday that gives a federal agency a role in the company’s antidis crimination settlement. The agreement “reflects our serious concerns with the employment practices at Texaco,” said James Lee, regional attorney for the Equal Employment Opportunity Commission. The EEOC had investigated Texaco’s hiring and promotion practices and found them to be racially discriminatory. That was before the separate civil suit became a national embarrassment to Texaco with the release of tape recordings in which executives mocked blacks and plotted to destroy documents. Shortly after Texaco announced a tentative $176 million settlement of the suit in November, the EEOC asked federal Judge Charles Breiant to let it intervene "to protect the public interest.” The agreement is contingent on final court approval of the civil settlement, which includes back pay and raises to black employees and vari ous programs to diversify Texaco’s work force and improve working conditions for black employees. The agreement allows the EEOC to moni tor the progress of those pro grams, specifies how future com plaints will be handled and orders Texaco to provide the EEOC with detailed infor mation on every promotion, including the race of each applicant. Cyrus Mehri, an attorney for the plaintiffs, said the EEOC agreement “com plements what we've done here and makes clear exactly what Texaco has to do.” Texaco spokesman Chris Gidez said the agreement is consistent with measures Texaco has already announced and “we believe fully satisfies all the EEOC’s concerns.” The tape recordings were made by an executive who said he wanted to keep accu rate minutes. He gave them to the plaintiffs in the civil suit after he lost his job in a corpo rate reorganization. U.S. oil companies under fire Continued from page 6A workplace, no one in big oil has taken it on, Graham said. “I can’t think of one oil execu tive who has been outspoken on the issue of bias in the work place. That tells you some thing,” Graham said. Texaco agreed to the record settlement payment after a dis gruntled former executive released a tape in which top company officials were heard using racial slurs, mocking the black cultural festival Kwanzaa and plotting to hide or shred documents sought by the plain tiffs. At Shell, a group of black workers is suing for $100 mil lion, alleging a system of racial and sex discrimination. A sec ond group of Shell employees filed suit last February charging racial discrimination by the Racial, sexual harassment suits have corporations on the run company. Plaintiffs like Wilson Jackson, 49, say the company has held down black employees by with holding deserved promotions and merit awards and has low ered positive evaluations for black workers. They also charge Shell failed to reprimand work ers for racist conduct at work. 'The first trial is schedided for September in U.S. District Court in Sem Francisco. “Caucasians ... move up faster than blacks who do the same or a better job,” said Jackson, who stiU worfe at Shell. Jackson, who has worked in Oklahoma, Missouri, Indiana, Ohio and Michigan in 27 years at the company, said he beheves that if he were white he would have been promoted to senior management years earher. “They do things like give the African Americans the toughest territories to work in, they bust their humps and then get moved when they become suc cessful,” he contended. “You get left with nothing.” Jackson said he stayed at the company for nearly three decades “because I’m not a quit ter. Once years passed by, I felt I had too much invested here to just walk away.” Shell denies the charges amd said in a statement, “We take the issue of diversity and equal opportunity very seriously.” Pete Brown, a spokesman for the Independent Petroleum Association of America, acknowledged a lack of minori ties in the upper reaches of the oil industry but denied racism is to blame. “Most of the major oil compa ny top executives and CEOs come from the geophysics or chemistry fields, and we haven't seen minorities attracted there,” Brown said. “Minorities usually are in the downstream areas of the company like marketing and accounting.” Brown added: “I think most people in the oil business are smart enough to know that racism can cost you money, not only in a discrimination suit but also because you might be hold ing back someone who can make you money.” Meet with CPA before deciding Continued from page 6A ing out what kind of assistance you require and your ultimate expectations. Are you looking for a CPA who can help you work toward meeting a specific need, such as funding your child’s college education or sav ing for retirement? Do you want someone who can develop a comprehensive finan cial plan and help you to imple ment it? Are you primarily interested in tax planning strategies or in having someone complete your tax return? The more you know about your own needs, the better you’ll be able to express them to the CPA. Conducting the interview During the interview, let the CPA know clearly the kinds of assistance you need. Then ask about his or her qualifications, profiles of t3q)ical clients, and avaQabihty to work with you. It’s also important to get a feel for the chemistry that develops between you and the CPA you are considering. Make sure you are comfortable with his or her style and personality. By carefully considering the abilities and attributes of prospective CPAs, you’ll be able to select a CPA with whom you can develop a long-term rela tionship. Be sure to talk openly about how the CPA will be com pensated for his or her services. Normally, CPAs base their fees on the amount of time they spend performing services on your behalf. The services you need, the complexity of your financial situation, the experi ence level of the CPA, and the area of the country in which you five will aU impact the level of your CPA’s fees. MaximiziDg the relationship To lay the groundwork for a more productive relationship, you should organize your finan cial mformation. Depending on your requirements, a CPA may need information about your assets and liabilities, retirement and other company benefits, current insurance coverage, and additional financial data. AU of these have £m important bear ing on your financial future - and the ability of you and your CPA to work together to reach your goals. In addition to under standing your goals, it's also helpful for your CPA to know Insurance costs can be trimmed with work Continued from page 6A terns. Insurance costs can vary wide ly depending on in what part of the coimtry you live. Life insurance If you are part of a two-income couple with no dependents, maybe you don't reaUy need life insurance. But if you have a famUy that would be financiaUy crippled at your death, you should be covered. The National Insurance Consumer Organization sug gests you be covered at an amovmt equal to five years of your income, plus an added amoimt for emergencies. Life insurance comes in two basic formats, term and cash value. Term is basically a death benefit polity and can be bought as a poUcy to be renewed each year at a higher premium, or with a guaranteed level premi um. Ceish value insurance com bines a death benefit with a sav ings or investment plan. With a cash value policy you have the choice of providing a large death benefit or saving for a goal such as retirement. Cutting insurance costs Considering the fact that of every dollar spent on insurance premiums, only 60 cents is returned in benefits, it makes sense to find ways to minimize your cash outlay for all insur ance coverage. One way to do that is to carry higher deductibles. Handle smaller losses out of your own pocket. This will cut your premiums considerably. The other way to save on insurance is to shop around for lower rates. Prices for equal or similar pohcies can vary widely Thursday, January 9, 1997 Inner city businesses can thrive, according to university study THE ASSOCIATED PRESS GAINESVILLjE, Fla. - Black-owned businesses can thrive in inner- cily neighborhoods, even earning more money than their suburban counterparts, according to a new study from the University of Florida. “Some of the largest and most profitable firms owned by blacks are foimd in the iimer dty, despite research suggesting that only ‘mom and pop’ businesses exist there,” said Russell Benjamin, a UF gradu ate student in political science, who surveyed 102 black-owned busi nesses in Jacksonville and Daytona Beach. Also, many of the businesses su'e not in traditional fields such eis retailing, nightclubs and beauty or barber shops but in emerging areas such as law, medicine, insurance and real estate, he said. “Not all of the inner cily is an entrepreneurial and social waste land,” Benjamin said. “Some black businesses in emeiging fields stay in the inner city and do well. Perhaps this is because many of the gov ernment offices designed to assist black business development are located either in the inner city or very near to it.” In the UF survey, the median 1993 sales figure for black businesses in the inner cities of Jacksonville and Daytona Beach was $161,000, compared with $105,000 for those on the outskirts. Many inner-dty businesses drew their customers fiom outside the inner city. “Despite the prevailing belief that inner-city black businesses are disadvantaged because they are cut off fiom good markets and cus tomers who have money, this research shows that such firms can be successful,” said James Button, a UF poUtical science professor who supervised Benjamin’s work. “That’s important because healthy businesses in the inner dty can not only beef up the area’s tax base - providing money for education and other services - but raise the standard of living by produdng more jobs for inner dty residents, who are disproportionately poor and black.” Lack of minority set-aside contracts, exclusion from ‘good ol’ bo/ networks and difficulty getting loans when banks ‘redhne’ poor black communities are problems the entrepreneurs dted. Farmers criticize loan process Continued from page 6A the problem for years. Eddie Slaughter, one of the witnesses at the Albany hear ing, said the USDA has been harassing him about a $200,000 from loan. “I don’t want to fight my gov ernment any more,” said Slaughter, who has a 221-acre farm near Buena Vista. “I don’t weint to be £mgry any more.” Slaughter said blacks need more representation on county agricultural conunittees, which control farm losms, quotas and disaster payments. The three- member committees, usually dominated by influential whites, are not sensitive to the needs of minority farmers, he said. “You’ve got hundreds of thou sands of dollars coming info these counties,” he said in an interview. “The system is run by good ol’ boys. It is a close-knit group that controls the money. They don’t want you to see how the money flows, how it’s spent or even how much is coming in.” Quitman County farmer Willie Head said there are about 65 black farmers in his coimty and since 1986, only two or three have been given federal crop loans. “Hard work alone doesn’t get it,” he said. “To me there is some discrimination. These local committees aren’t fair.” Democratic Rep. Sanford Bishop, who represents Georgia’s heavily agricultural 2nd Congressional District, said he gets frequent complaints about the committees, which are elected by farmers. Glickman said the committees are likely to be a priority of his task force. “We have a real opportunity to make positive change in the area of civil rights enforcement at USDA and to ensure that both our employees and cus tomers are treated fairly and with dignity,” Glickman said. “I am committed to bringing about that change.” something about your attitudes toward spending and saving, your tolerance for risk, and whether you prefer to take an aggressive or conservative approach to tax-saving strate gies. Be sure you clearly convey your attitudes on these and other areas while working with the CPA. Finally, it’s critical to keep your CPA up to date on various turning points in your personal and professional life. Such life events as a marriage, divorce, the birth of a child, a new home, death of a spouse, and changes in your career can all impact your tax habUity and personal financial plan. Money Management is a week ly column on personal finance prepared and distributed by the North Carolina Association of Certified Public Accountants. CHARLOTTE MBA PROGRAM Wake Forest University offers an evening MBA program in Charlotte designed for experienced managers. Join us for an from company to company and location to location, so you’d be wise to compare prices before you buy any insurance product. If you’re really interested in saving, you might consider investing in a comparison ser vice. For $50, Insurance Information Inc. will research term-life rates with a guarantee to save you at least $50. Call them at (800) 472-5800. Charles Ross is host of the nationally syndicated radio pro gram, ‘Your Personal Finance, ” and author of Your CommonSenseGuide to Personal Financial Planning. Information Session Monday, January 13 Wednesday, January 29 5:30 - 7:30 p.m. (Formal remarks begin at 6.-00 p.m.) One Morrocroft Centre, Suite 150 6805 Morrison Blvd. Information on our weekend executive program in Winston-Salem will also be available. WAKE FOREST Babcock Graduate School of Management For more information about Wake Forest's MBA programs, call (704) 365-1717 or contact us at http:llwww.mba.-wfu.edu.