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...aggressive capital financing.Harvard is now aiming to halve its spending in capital projects—currently estimated at $1 billion a year over the next three to four years, with an additional $3 billion in debt, according to Moody’s Investors Services. But even before markets began to plunge and Harvard announced a 22 percent decline in the endowment for the four months ending Oct. 31, Faust was reportedly uneasy about the rigor of Harvard’s financial planning for its Allston expansion, according to one faculty member closely connected to University officials. While she was generally...
When the financial giant American Insurance Group began wading into a world of new and complex financial instruments, putting hundreds of billions of dollars on the line, the company’s top brass was unconcerned.AIG had hired Gary B. Gorton—a financial economist at Yale—to use quantitative models to project the worst case scenario for the company’s balance sheet.Using historical data, the models predicted a rosy future not too-unlike the recent, prosperous past, giving AIG’s leadership confidence in entering uncharted markets.But by last September, one of AIG?...
...student-faculty committee that would work to nail down J-Term logistics. The UC was able to choose two students—William R. Rose ’11 and Morgan L. Paull ’12—to serve in the group. On budgetary issues, Flores began to push harder for a seat at the table. At the same April 14 meeting, Flores inquired into the level of involvement the Council would have on budget cuts.“I was trying very hard to prevent or change how that May 11 announcement happened...
...Harvard Houses? We have spent hundreds of hours of faculty, student, and staff time studying House expansion and renewal. Five or six years ago, we were looking at Allston. Houses, athletic fields, buildings were being imaginatively moved hither and yon to create a new campus. As the financial crisis began, that came to a halt. Then it was renewing the infrastructure of the Houses, particularly the river Houses like Lowell, still vastly overcrowded and deeply in need of full-scale renovation. That too had to come to a halt. We are, however, moving ahead on the basic, urgent issues...
...Over the past five months, the Democratic monopoly has expanded the federal government by historic proportions. It began with further taxpayer-funded bailouts of Wall Street and the auto companies, then extended the bailout fever to the housing industry. After campaigning on a promise to end the Republicans’ tenure of irresponsibility, full Democratic control in Washington has produced policies that reward rampant irresponsible behavior and penalize innocent and responsible taxpayers who are forced to foot the bill...