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...delight of investors, BofA was pushing for the freedom to make risky loans at the same time it was aggressively repurchasing shares. Since 1998, it has spent $62 billion on share buybacks, according to S&P. The result is that over the past decade, BofA's tangible-capital ratio - the amount of tangible equity in relation to tangible assets - has nearly halved from 5% in 1998 to 2.8% in the third quarter of 2008. It became a bank built on air. (See pictures of scared traders...
...been an elected official,” said State Representative and former Cambridge mayor Alice K. Wolf. While some cities will make immediate cuts to balance their budgets, others, including Cambirdge, may be able to eke by without such drastic measures, said Cambridge Vice Mayor Brian P. Murphy, who said the city should be able to slow down programs rather than make wholesale cuts. “This year, we can probably make up the cuts through efficiencies, delays in hiring, and using reserves,” he said. The city manager is currently looking at this year?...
...find out whether his waiver application has been approved within the next couple of weeks. If granted eligibility, Hatch could bring some welcome complication to the Crimson’s quarterback situation. With fifth-year seniors Chris Pizzotti and Liam O’Hagan graduating in June, Coach Tim P. Murphy would have to decide between Hatch, Collier Winters ’11, and Matt Simpson ’11. Winters played in six games as a freshman in the 2007 season, while Simpson has seen more limited action, appearing in only one game in each of his first...
...Staff writer Eric P. Newcomer can be reached at newcomer@fas.harvard.edu...
...Staff writer Wyatt P. Gleichauf can be reached at wgleich@fas.harvard.edu...