Word: downturn
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...downturn's effects are visible everywhere: Harrah's recently halted construction of a $700 million casino project on Mississippi's Gulf Coast, leaving barely a set of pillars, and threatening the recovery of an area battered by a series of hurricanes earlier this decade. Meanwhile, bankers in Charlotte, N.C., are awaiting their walking papers: No one knows how many of Wachovia's roughly 20,000 employees there will be cut in the company's merger with Wells-Fargo. Or how many of Bank of America's 15,000 Charlotte employees will survive the company's plans to shed some...
...general, deans make good money too: according to her federal disclosure forms, former Harvard Law School Dean Elena Kagan earned $437,000 last year. Pay cuts of $50,000 to $100,000 for each senior manager would show that they too are feeling the pain of the downturn and could save well over a million dollars if implemented broadly...
...MIT—which already cut junior varsity programs earlier this year—joins the ranks of schools such as John Hopkins, University of Massachusetts-Amherst, and the University of Vermont, all of which have cut varsity programs in the past three months in response to the financial downturn. “Since well before the current financial crisis, we have faced hard questions about how to sustain our broad scope of offerings at the level of excellence that participants have come to expect,” Julie Soriero, MIT’s Director of Athletics, Physical Education...
...This tension over pricing helps explain the leaked stories on Wednesday announcing that Treasury Secretary Timothy Geithner will make public the results of the banks' "stress tests" next month. The tests started out in March as a gauge of banks' ability to handle a worst-case economic downturn; now they've become a weapon for Obama and Geithner to force the banks to clean up their acts, officials say. "It gives [Obama and Geithner] leverage to make large institutions do things they otherwise wouldn't do," says a senior government official involved in the tests...
There's a natural longing to find the upside in the downturn. A college-admissions officer, watching families reassess their means and ends, suggests that maybe the insane competitiveness will recede. The yoga instructor says living more simply relaxes us, as if the entire country needs to slow its breathing. The buyer at the used-car lot feels both frugal and green: that hatchback isn't used, it's "pre-owned," and this counts as recycling. The discount shoppers view their task as a scavenger hunt and take a certain pride in finding the bargain, cutting the deal...