Word: legacyism
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As its legacy, Drexel leaves behind a battered junk-bond market and hundreds of corporations staggering under debt. Last week the prices of junk bonds, some of which had lost as much as half their face value in recent months, rebounded as investment firms bought them up to reassure the...
The most powerful firm on Wall Street in the Roaring Eighties was at the center of a gold-rush culture that bankrolled corporate raiders and often seemed consumed by vanity, ego and greed. Drexel vanished almost overnight last week when its parent company, a victim of the very junk-bond...
I would wager, at the risk of becoming Crimson cannon-fodder, that average legacy applicant is more qualified for admission to Harvard than the average minority applicant. The Crimson would surely not like to acknowledge that this might be true.
Just for the record, I am not a legacy. TODD BOURELL '92
Editor's note: The Crimson used the word "aristocracy" in the sense of "a privileged minority or upper class, usually of inherited wealth and social position," [Webster's New World Dictionary]. The Office of Admissions openly acknowledges that legacy status entitles applicants to preferential consideration.