Word: money
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Dates: during 1960-1969
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Tempting Bait. Equitable, also headed by Wellman, and Mission need more capital, but neither is large enough to raise it easily. Thus they can use the aid of the Lytton holding company, which, thanks to its listing on the New York Stock Exchange, has readier access to Wall Street money. Even so, Wellman had to offer investors some tempting bait. They will pay substantially less than the current market price for the Lytton stock, which closed last week at $11.50 a share...
Kramer has mixed feelings about the value of this perverse group therapy. Professionals talk a lot about the money, as if that were motive enough. But Kramer knows better. What justifies it for him finally is the comradeship and sense of celebration when the pounding stops-the feeling Victorian families must have had at Christmastime. The charade ends with Daddy happy for the moment, and a new trophy on the shelf: an unprecedented third world championship mounted on a field of broken collarbones. This psychic manipulation complements the military planning of the Packer High Command. Kramer starts on Tuesday...
...faculty receives a percentage of each research grant as payment for overhead costs--such as maintaining the labs and offices for the researchers. So when the research contracts are cut, overhead payments drop correspondingly. The overhead costs, however, keep right on going, and the Faculty begins to lose money on its labs instead of breaking even...
LAST YEAR, the Faculty ended up collecting more of the overhead costs than Ford had predicted, and the unexpected money helped bail the budget out of its predicted deficit. This year, however, prospects are bleaker. The Faculty will still get its overhead percentage--7 per cent of all research money--but the total amount of research grants will be much lower. For the first time since the 1940's, the grant totals will drop, and Ford predicts 25 per cent less research money than would have come with normal expansion...
...grossly improbable that Harvard would decide to subsidize a money-losing Faculty from endowment funds. There is, however, part of the Faculty budget that does not immediately appear on the balance sheets. In addition to the $500,000 balance, the Faculty has salted away an additional $9 million or so in the University's investment funds. The reason is obvious: while the departmental balance money is not really too active, the money put in the University funds is busy increasing itself. Harvard's investment policies have always been shrewd, and four times in the last 12 years the investment funds...