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...quick action by the president and his advisors in the midst of this truly frightening recession deserves praise. We are disappointed, however, that certain members of Congress have used this recession as an excuse to enact legislation that makes it all but impossible for financial firms to hire skilled foreign graduates of American universities, including Harvard. A little-known provision in the ARRA classifies all firms receiving federal bailout funds from the Troubled Assets Relief Program as H-1B dependent, legally mandating them to find American citizens or legal permanent residents to fill any job opening before offering a position...

Author: By The Crimson Staff | Title: A Poor Excuse | 3/8/2009 | See Source »

...describes the lavish world of financer R. Allen Stanford, a near Madoff who, according to the SEC, allegedly pulled off a 15-year Ponzi based on suckering investors with $8 billion or more of so-called high-yield certificates of deposit. According to the SEC, he has yet to hire a lawyer of record, and he could not be found for comment...

Author: /time Magazine | Title: How to Spot a Ponzi Con Artist? Follow the Yachts | 3/6/2009 | See Source »

Here's how it worked. The FDIC decided to run the bank itself rather than rely on the bank's past managers or hire new ones. So almost immediately after the agency took over IndyMac last July, it sent over two of its top officials, chief operating officer John Bovenzi and Dallas-based assistant director Rick Hoffman, to Pasadena, Calif., to run the bank. Bovenzi became IndyMac's CEO. Hoffman took on the role of president. For Bovenzi and Hoffman, cost-cutting was high on their agenda. They slashed the rate the bank was paying on certificates of deposit. Expensive...

Author: /time Magazine | Title: Nationalized Banks: Why They Might Work | 3/6/2009 | See Source »

...Hiring a new person in a strong downturn takes a certain amount of courage. At this point courage is being aided by the calculus of workforce filled with a huge number of people who are willing to work for much less than what they were paid in their former jobs and are often overqualified for most new positions they might find. Investment bankers actually do look for work as retail store clerks if they need the money enough. Unfortunately, no company in the retail industry will hire a soul until the next holiday season...

Author: /time Magazine | Title: Despite Rising Unemployment, Here's the Economics Of Hope | 3/6/2009 | See Source »

...some time, FAS began to seriously consider implementing it around November, when it became clear that the financial crisis was going to hit the University hard, said Dean of the Faculty Michael D. Smith. Since Smith has slashed the number of visiting professorships for next year and the hiring slowdown will limit the number of new lecturers FAS will be able to hire, the new program provides an economical alternative to fill teaching vacancies. While professors acknowledged that FAS needs to cut costs, some said the program may detract from the ladder faculty system. Others also voiced concern that...

Author: By Bonnie J. Kavoussi, CRIMSON STAFF WRITER | Title: Ph.D.s To Fill Teaching Posts | 3/6/2009 | See Source »

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