Word: accountants
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Dates: during 1970-1979
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Like so many relationships in Harvard's administration, that between the Corporation and Harvard Management is ambiguous from the outside. Someone may be taking moral considerations into account in deciding where Harvard invests its money, but it's hard to figure out just who that...
Anyone opening a new savings account has long had his pick of desk lamps, hair dryers or blenders, but the East New York Savings Bank is showing up the purveyors of discount detritus for the pikers they are. Full-page newspaper ads offered depositors something more than "a tacky little toaster" in return for $160,000 left on deposit for eight years -an $84,000 Rolls-Royce Silver Shadow II. When the Desert Empire Bank of Cathedral City, Calif., tried the same gimmick in 1977 in return for a $ 1 million six-year deposit, it failed to find even...
With inflation running at 13.1% for the first seven months of this year, the saver has discovered that he is throwing his money away if he puts it in a passbook account paying the federal maximum of 5¼% to 5 ½%. The real interest rate is usually less than that because it is clobbered by federal, state and city income taxes. Since interest is considered "unearned" income, the federal tax alone can go as high as 70% for wealthy people...
...small saver need not keep his money in a passbook account, but he has fewer choices than large investors. If he is willing to tie up his money for a long time, he can buy four-year bank certificates linked to the Treasury note rate, now paying over 8%. But depositors with $10,000 can earn 10% from six-month money market certificates, and people with $100,000 can pick up 11% from three-month bank certificates of deposit...
This plot is loose and baggy enough to give Vonnegut plenty of leg room, and he strolls about at will. He offers a lengthy account, for instance, of the trial of Sacco and Vanzetti and of their subsequent executions in the 1920s. Not all of the digressions are somber. Starbuck meets Nixon and finds the President's smile "like a rosebud that had just been smashed by a hammer." The hero's meditations on money are childlike enough to produce odd insights. On his first morning of freedom, Starbuck leaves his seedy hotel to buy a newspaper...