2008 Woodie Awards
Keeping business afloat after Katrina
Sarah Vaz
Issue date: 9/21/06 Section: World
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When Katrina hit New Orleans, we watched in horror from the relative comfort of our living rooms. We were shocked by the loss of life, the destruction of a cultural landmark, and the chaos that ensued both in the streets and in the boardroom. In the months that followed, we donated our money to rebuild, and we sent our prayers that the once vibrant community might have the chance to rebuild.
But with the lives of many taken, and the lives of so many others changed forever, few of us took pause to address the economic impact that the storm would have-unlike any storm before it. Soon thereafter, it was this impact that affected the average American the most, as we learned the hard way just how integral New Orleans was to our economy.
Considering it is one of the most important urban centers, energy producers, and transportation arteries, we all felt the crunch. According to the Insurance Information Institute, insured losses alone amounted to more than 40 billion dollars.
And yet, through the tireless work of so many, New Orleans and its port are getting back on their feet. The national economy has begun to absorb the impact, thanks in part to the money flowing into the rebuilding effort. Providence College alum Len Alsfeld '74 is just one of those whose efforts have made the difference, and as a prominent member of the city's financial community, he was affected both personally and professionally by the disaster.
Alsfeld is the founder, president and CEO of FBT Investments, Inc., a New Orleans-based brokerage firm. When the storm hit, Alsfeld and his family evacuated to Baton Rouge, La., and within a few days had subleased space, rented furniture, and managed to get wireless enabled laptops. While his client base is distributed in more than twenty states, more than half of his clients were Louisana based, and he estimates that about 40 percent of them were affected by Katrina.
The challenges he faced (and conquered) were many. "New Orleans would have no electricity for the next three months," he said, "and everything you got in the mail, from business matters to bills, junk mail to correspondence from creditors, could not be delivered; it was lost."
But with the lives of many taken, and the lives of so many others changed forever, few of us took pause to address the economic impact that the storm would have-unlike any storm before it. Soon thereafter, it was this impact that affected the average American the most, as we learned the hard way just how integral New Orleans was to our economy.
Considering it is one of the most important urban centers, energy producers, and transportation arteries, we all felt the crunch. According to the Insurance Information Institute, insured losses alone amounted to more than 40 billion dollars.
And yet, through the tireless work of so many, New Orleans and its port are getting back on their feet. The national economy has begun to absorb the impact, thanks in part to the money flowing into the rebuilding effort. Providence College alum Len Alsfeld '74 is just one of those whose efforts have made the difference, and as a prominent member of the city's financial community, he was affected both personally and professionally by the disaster.
Alsfeld is the founder, president and CEO of FBT Investments, Inc., a New Orleans-based brokerage firm. When the storm hit, Alsfeld and his family evacuated to Baton Rouge, La., and within a few days had subleased space, rented furniture, and managed to get wireless enabled laptops. While his client base is distributed in more than twenty states, more than half of his clients were Louisana based, and he estimates that about 40 percent of them were affected by Katrina.
The challenges he faced (and conquered) were many. "New Orleans would have no electricity for the next three months," he said, "and everything you got in the mail, from business matters to bills, junk mail to correspondence from creditors, could not be delivered; it was lost."