Word: june
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...Staff writer June Q. Wu can be reached at junewu@fas.harvard.edu...
Yale’s endowment fell $1 billion more than expected to $16 billion in the fiscal year ending June 30, marking a 30 percent decline in value, Yale University President Richard C. Levin announced yesterday. In an e-mail to faculty, staff, and alumni, Levin wrote that previous projections of a 25 percent endowment drop had not accounted for the continued slide in private equity and real estate holdings even after stock markets began to rebound this spring. The unexpected additional fall in the endowment will lead to a 6.7 percent decrease in endowment payout this year and another...
...June 2007, one month before he was to officially start managing security for the embassy, Sauer found himself fired, along with his deputy, another retired Marine, Peter Martino of New Hampshire. Their case - which had the support of the Government Accountability Project, a nonprofit public-interest group that promotes government and corporate accountability - was settled out of court; its terms bar the parties from speaking about the case, and Sauer's attorney says neither she nor her client can speak to TIME. Sauer, however, isn't the only former ArmorGroup employee to make similar allegations about the embassy contract...
...Kabul embassy contract can be viewed as a case study of how mismanagement and lack of oversight can result in poor performance," concluded a Senate committee investigation published in June. POGO has said it has lost confidence in the State Department and called for the Pentagon, which has a mixed but improving record at handling contractors, to "immediately" take over supervision of the guards. The State Department, which has launched a number of investigations, continues to insist that, as appalling as the guards' behavior was, embassy safety was never actually jeopardized...
...rival, Wackenhut, which now runs ArmorGroup in the new conglomerate. Before they found themselves under the same big tent, Wackenhut and ArmorGroup had competed for the U.S. embassy contract, which ArmorGroup won with a substantially lower bid. Now, Wackenhut has found itself managing the Kabul embassy contract anyway. In June, Wackenhut vice president Samuel Brinkley admitted to Congress, "We feel we can safely say that adequate guard services for the Kabul embassy cannot be provided for the contract price." Instead of making a profit, he said, the firm was losing $1 million a month. "We would welcome any help that...