Word: dollarization
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...During his 22-month tenure, El-Erian was tasked with bringing stability to an organization that had been rocked by the 2005 departure of its long-time CEO Jack R. Meyer, who left with a quarter of the management company’s staff amid heated criticism over multimillion dollar compensation packages for him and his top managers. Meyer and several of his former lieutenants now run the Boston-based hedge fund Convexity Capital Management. Robert S. Kaplan, a former vice chairman at Goldman Sachs and a professor at Harvard Business School, served as interim CEO after El-Erian stepped...
...might also have veto power over whether a foreign painter gets to set up his outdoor studio on its turf. They're unlikely to have known that Liu was a millon-dollar painter - his support team telling anyone who asked that the Naples work was a "university project." (Liu does teach at Universtiy of Beijing.) Still, one person had told the local driver of the artist and crew, "We know where they're staying." In the end, the project appeared to have garnered a tacit approval, because by the final day, it had become clear that...
...endowment created by him and his wife would cover only about $20 million of the institute’s annual $150 million budget, the rest of which would continue to be filled by federal grants. “So we made this $100 million bet, then a $200 million dollar bet,” said Broad, a well-known philanthropist whose net worth is just under $6 billion, according to Forbes magazine. “Now we’re making a $600 million dollar bet that this will be the place in the world where the greatest scientific discoveries...
...instead of spending more on financial aid. But he did praise a slew of financial aid increases last year from the nation’s wealthiest universities, including a $22-milion expansion at Harvard, as “self-correcting.” Harvard and other schools with billion-dollar endowments have fought efforts to legislate payout rates, saying that donor restrictions and inconsistent returns require more flexibility than a mandate would allow. “We must balance our use of its income to support the current generation against our duty to preserve its purchasing power for future generations...
...become, you know: a country of greed. I don't think that's what they envisioned, and that's why I'm such a complainer about Congress. I really believe Congress has been overwhelmed by greed, power and materialism. That's why we have a nine trillion dollar debt. Congress really is controlling everything. They can blame the president - and he has a lot to be blamed for - but the real blame goes to Congress. You've got 535 people in Congress, 100 Senators and 435 Representatives. Now, [my wife] Gena and I went to the House chamber last year...