Word: dollarization
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Dates: during 2000-2009
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...race. "The parts we buy are in some instances half-price from last year, so your $600,000 engine program may cost $300,000 this year," says Kalik. "Same engine, same everything - just tremendously less demand. Therefore the engine builders and chassis builders are hungry for the dollar, so they'll work for less...
...working with all sections of the University to make sure that layoffs are last resorts and that we save every dollar we can in ways that don’t hurt people and programs," Jaeger added. "We’re still hopeful about that...
...want to stay at the top of their field, through all kinds of market cycles and economic conditions,” she wrote. Because of the recent losses in the endowment, HMC has drawn renewed criticism from some alumni, who called for the University to withdraw the multi-million dollar bonuses paid to top managers in a letter to University President Drew G. Faust. Former endowment chief Mohamed A. El-Erian and his five highest-paid associates received a total of $26.8 million in compensation for the year ending last June. In 2003, the same group of alumni from...
...response to guidance from the University, several of Harvard’s schools are planning for a decline in endowment income for the next fiscal year, according to University administrators interviewed this weekend. Earlier expectations had been for a flat payout—or the same dollar amount in endowment income as last year—a School of Public Health spokesperson wrote in an e-mail. The Harvard Corporation, the University’s highest governing board, has yet to set next year’s endowment payout rate—a figure generally announced in December?...
...however, cannot be immense, mostly because the Treasury provisions have a narrow application. First, the provisions will not apply to the $350 billion of bailout funds already spent or allocated. Second, the provisions bypass large-time traders, brokers, and consultants, whose salary and bonuses often surpass the half-million-dollar limit. Third, healthier banks receiving funds through the Troubled Asset Relief Program will be effectively exempted from the provisions. Finally, the Treasury’s directives for increased financial transparency may pressure companies to reduce luxury spending, but they cannot entirely eliminate...