Word: funded
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Dates: during 1990-1999
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Radcliffe's other current activities--the Bunting Institute, the libraries, the continuing education--may well exist solely upon the sufferance and goodwill of those donors who specifically fund their endowment and income. It is not at all clear to me how much of the "Radcliffe College" income or endowment could legally be spent for these purposes if donors, or indeed any of its alumnae, chose to challenge the corporate status of Radcliffe. Under the terms of the original charter, if Ms. Baker is correct, Radcliffe may have very few options...
...managers? Surely such people--and their very rich clients--know precisely what they're doing. Surely. But that faith didn't prevent penny-ante investors from enjoying a bit of Emperor's-new-clothes schadenfreude at the near collapse of Long Term Capital Management, the secretive multibillion-dollar hedge fund based in Greenwich, Conn...
...fund was founded in 1994 by John Meriwether, a former vice chairman of Salomon Brothers, and its partners included Nobel laureate economists Myron Scholes and Robert Merton, whose market models helped give Long Term Capital an aura of near infallibility. Until September, that is, when word leaked that the firm was in danger of suffering losses so catastrophic they could send the already troubled world financial system into a tailspin. A $3.6 billion rescue package was cobbled together by the Federal Reserve Bank of New York and a consortium of 14 U.S. and foreign lenders...
...golden days have not returned for the firm, where management must now report to an oversight committee. The original investors, relegated to a measly 10% share of the fund, have recovered only a sliver of their pre-August stakes. Meanwhile, the Securities and Exchange Commission is reportedly investigating whether Long Term Capital violated securities laws by withholding information on its financial health. Moreover, the entire debacle may prompt long-term changes in the hedge-fund industry: Treasury Secretary Robert Rubin is examining whether such funds should be more closely regulated. --Reported by Bernard Baumohl/New York...
...only teenager in America who actually wants to live at home. "More time," however, is a relative term. Lipinski's days are filled with promotional appearances at department stores and malls (even before the Olympics she had scored deals with DKNY and Mattel); her nights are filled with fund-raising galas and movie premieres. In her rare spare time, she tools around her home state of Texas in the black Corvette she got as part of her deal with autoweb.com Fans can keep up at taralipinski.com where her online diary--"I'll be in Dallas Sunday for Snapple"--gives...