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First, the fragility. Allowing Lehman to fail - cited often as the government's biggest boo-boo - started a chain reaction. There was a run on money-market funds after one big money-market fund revealed that it owned a lot of suddenly worthless Lehman debt. London-based hedge funds that relied on Lehman for day-to-day financing found themselves unable to do business because their accounts with Lehman's U.K. subsidiary were frozen. Similar dislocations played out around the world. Before long, financial institutions were paralyzed by fear. They simply didn't trust each other anymore, and didn...
Duncan's choices could have a transformative impact on America's beleaguered public-education system. On July 24, he stood beside President Barack Obama and announced the guidelines for states to compete for most of that cash. The $4.35 billion Race to the Top (RTT) fund lets states apply for grants that focus on a short list of reforms guaranteed to anger one of the Democratic Party's core constituencies, the teachers' unions. (The remaining $650 million will go to innovative local school districts and nonprofits.) With Duncan handling the ball, the Obama Administration is about to square off with...
...Diane Ravitch, a pre-eminent education historian at New York University, says Duncan's RTT initiative is in effect an extension of the Bush-era reforms. "This whole fund is being used to lure or bribe or implore or compel states and school districts to do things that we don't actually know are going to make things better," says Ravitch, who is critical of the accountability movement's emphasis on standardized testing. "My biggest problem with Duncan and Obama on education is that they are giving Bush a third term in education." Duncan counters that he is merely breaking...
...apparently self-inflicted gun-shot wound. Caspersen, the former Chairman of the Beneficial Corporation, a consumer finance corporation, donated over $30 million to the Law School and served as the chairman of the successful capital campaign which ended last year and raised $476 million, the most successful fund-raising campaign in the history of legal education. Caspersen’s death comes at a time when his fund-raising abilities may have been most needed for the Law School when academic institutions around the country are facing challenges in raising funds. Law School Professor Charles Fried, who holds an endowed...
...international community seems to agree: A World Bank delegation visited Zimbabwe earlier this year to assess whether to resume aid delivery (verdict: yes, but not too much); the International Monetary Fund has dispersed $510 million in aid this month; and individual donations amounting to another $500 million have come in from the U.S., Britain and other Western powers...