Word: overheads
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...school had charged the government for upkeep on a yacht and flowers and cabinets for Kennedy's home. Federal investigators were throwing around figures near $200 million in monies improperly awarded Stanford in reimbursements for research overhead costs, called "indirect costs...
...that time, Stanford was neck-deep in a public relations debacle, the byproduct of a grueling Congressional investigation into federally-reimbursed research overhead costs...
...merger could eventually reap savings of $1 billion annually for the two institutions as they combine functions and reduce overhead. This may mean layoffs of up to 10,000 workers, or 11% of the work force, as excess branches and departments are closed. But the merger with the revitalized BankAmerica was a necessary maneuver for CEO Robert Smith's troubled Security Pacific, which has been weakened by bad real estate loans. BankAmerica will now be a force in 10 Western states, and is reportedly considering a bid for New England's Shawmut National as well...
...Another Dingell probe, which revealed that Stanford University had charged some strange items to overhead expenses funded by federal science grants, mortified university president Donald Kennedy, led to his resignation and raised questions about misuse of funds at other universities. "I challenge you to tell me," said Dingell, "how fruitwood commodes, chauffeurs for the university president's wife, housing for dead university officials, retreats in Lake Tahoe and flowers for the president's house are supportive of science...
...American style is to gut it out stubbornly, blame overzealous subordinates or no one in particular ("Mistakes were made") and equate resignation with personal culpability. Kennedy, to be sure, had become the personification of the Stanford scandal; the university's aggressive billing techniques had included calculating as research overhead such expenditures as the cost of sheets, flowers and antiques for the presidential residence. No one had accused Kennedy of personal gain or even knowledge about the accounting practices. Against this background, there was something admirable about Kennedy's conceding in his letter to the trustees, "It is very difficult...