Word: effective
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Dates: during 2000-2009
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...group of operators to act as consistent suppliers. In December 2007, he formed a partnership with an affiliate of a Hong Kong - listed gaming company named Amax Entertainment Holdings; Amax raised $250 million through a stock sale, which was then used to provide financing to eight junket operators. In effect, Amax became like a central bank for the high-roller market. Using this financial leverage, the Amax affiliate funneled gamblers to the Crown and in return got an above-market commission, some of which is passed on to the operators...
...Russia's Satellites I appreciated Samantha Power's commentary on Russia's wounded pride [Sept. 1]. My wife is from Ukraine, and in the past several years we have traveled extensively in Ukraine, Russia, and other former Soviet states. Most of these new nations are in effect banana republics, run by wealthy elites. They treat their Russian minorities very poorly. Russians in these countries feel abandoned by ardently nationalist politicians. They see no advantages in democracy - quite the opposite, in fact. In focusing on politics and the machinery of democracy, the West is forgetting about these people, which only fuels...
...flex their muscles - than in top galleries, where dealers sometimes try to place works only with important collectors who might lend or give them to major museums. It's all part of any dealer's service to the artist's long-term reputation, but it can have the effect of discouraging less prominent customers. This is how Hirst sees it too. "I hate the way when you walk into a gallery and say you want to buy a Damien Hirst they say: 'Who are you?' I much prefer to be in a shop where you can just...
...summer estate, Halcyon, on Lake Michigan. The Blackwells are overwhelming, especially the materfamilias, known as Maj (short for "Her Majesty"). They are classic inbred Wasps, fetishizers of the threadbare--there is only one bathroom, with iffy plumbing, at Halcyon for the truckload of Blackwell siblings. They're bawdy for effect (but prudish in reality), overly familiar, competitive to the point of insanity. Alice, of course, imagines that the Blackwells figure her for a gold digger. "What a clever girl you are!" Maj says when Alice blurts out the news of her and Charlie's engagement...
...Although Harvard and other wealthy schools may appease legislators with more generous aid packages, the trickle-down effect might be minimal. Mark Kantrowitz, a financial-aid expert based in Pitsburgh, Pa., who runs the website Finaid.org, predicts that fewer than 5% of schools will do away with loans entirely. That's because the vast majority of schools don't have large endowments they can tap to supplement lower tuition revenue. Many still depend heavily on net tuition to pay for operating costs, including faculty salaries and facility maintenance. That may be especially true at public schools - which educate...