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Secretary Henry Paulson is requesting unprecedented powers to resolve and dispose of billions of dollars of mortgages and mortgage-backed securities that would turn the Feds into the liquidator of last resort for business deals gone bad. Those powers, should Congress grant them, would come on top of authority Paulson was quietly granted earlier this summer to resolve the Fannie Mae and Freddie Mac messes. And the federal fire sale may not be limited to problem portfolios at home; there are reports that some of those entities subject to Treasury's purchase-and-resale powers may be foreign...
...Wallace, who won a MacArthur "genius" grant in 1997, was a tennis prodigy and a math whiz (his Amherst philosophy major focused on modal logic, whatever that is). His thoughts sprawled beyond the boundaries that most writers observe into notes and equations, one sentence going on for so many pages even Faulkner would have demanded a period. He seemed curious about everything: he wrote nonfiction articles about food and porn conventions and Dennis Hastert and women's tennis. His essay for the New York Times' Play Magazine celebrating "Federer as Religious Experience" is a classic of sports writing...
With reporting by Grant Rosenberg
...over 10 years. The gave another $100 million gift in 2005. Broad said that the 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...
...loan-elimination program, Bowdoin will earmark approximately $22 million, or about 16%, of its $140 million operating budget. Claremont McKenna, which has 1,200 students, has said only that the school plans to increase its financial-aid-grant budget by $1 million...