Word: ifc
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Dates: during 1950-1959
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Despite their weakening brotherhood and refined ambitions, most fraternities are retaining their general systems of rushing, pledging and initiations. The fraternal recruitment occurs twice a year, with a "rushing period" each fall and spring. The festival begins when the Inter-Fraternity Council (IFC) calls an organization meeting of all those interested in rushing. The rushees are told the rules of the game and are obliged to complete forms, stating whether they are a "legacy" to any fraternity...
Dean of Undergraduate Affairs, Richard C. Carroll, however, considers such fun juvenile, and the IFC, always one jump ahead of the administration, is discouraging it. So strong is their self-restraint, that some fraternities are considering shortening pledging and promoting social service work...
...sent written invitations for the last evening of rushing. This is the rushees' last chance to put himself across, to reach the brothers. He then leaves the house and goes to bed, while the brothers hold elections. Early in the morning, the successful candidiate is visited by an IFC man, who tells him who has "bid" for him. Rushing is now over, but there is more to come...
Unlike the World Bank, IFC will not require a guarantee of its capital from the government of the country in which it invests. Rather, it will take a chance that its investments will prove so successful that it can sell them at a profit to private investors...
...lieutenants, Mississippi-born Robert L. (for Livingston) Garner, 61, who still talks in a deep Southern drawl, despite his 37 years as a Northern banker-businessman (vice president of Manhattan's Guaranty Trust Co., General Foods Corp. and, since 1947, the World Bank). Garner's IFC starts with a fund of $78.4 million, hopes to prove that private enterprise in underdeveloped countries pays off, attract other investors who might normally be wary of investing in backward lands...