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EDITORS NOTE: Most students have speculated, at some point or another, whether it is possible to ace Harvard exams without actually studying. In 1950, The Crimson published "Beating the System," by Donald Carswell '50, which seemed to provide an answer. The piece won the Dana Reed Prize for undergraduate writing in 1951, and since then The Crimson has proudly reprinted Carwell's work as a service to its readers. In 1962, one anonymous grader was irked enough to write a lengthy reply...
While Rose has done quite nicely from his investments, customers of Ace Cash Express and other payday lenders have not fared nearly so well. As you might expect, people who pay interest charges of 300% or more often end up in bankruptcy court. Says David Nixon, a lawyer in Fayetteville, Ark.: "The kinds of people who use payday loans are just barely getting by. They have jobs. They work hard. They try to pay their bills, but they come up short. Here's an easy way to get cash fast--at least it seems easy. But it's like getting...
Sometimes the people on the treadmill aren't those you might expect. In Greenwood, Ind., one of Ace's customers was Eva Rowings, 60, a retired high school Latin teacher. In 1995 Rowings began teaching part time at a reduced salary. "I tried to make ends meet," she says, "and I did pretty well for a couple of years, but then it all went downhill." She had four operations, including gall bladder surgery and orthoscopic procedures on both shoulders...
...began borrowing at two other payday-lending firms before turning to Ace, where she was "astonished at the number of senior citizens that were coming in each month." In a typical transaction, she borrowed $200 for 12 days and paid a $30 fee--an annual interest rate of 456%. If she missed a payment, she says, she would owe an additional $30. "By the end of the month," she says, "I would have no money." Finally, a distressed Rowings, who had always believed in paying her debts but was worn down by the endless dunning calls from bill collectors...
...case, Time Warner Cable chairman Joe Collins held an apparent ace. He could shut down access to Disney's ABC network on TW systems at the beginning of May, the "sweeps month," which determines ad rates for the coming broadcast season. But if Collins did play that card, Disney executives surely realized, the public relations victory would be theirs. If you begin with the premise that people don't like their cable company, it would have been hard for TW to win a hearts-and-minds-of-the-public battle with Attila...