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...useless. The banks that bought it will have to write it off. They also have to face the prospect that people who are poor credit risks can run up tremendous sums on their cards, expose the lender to greater risk, and not have to pay a tenth of a percent in extra interest because they are increasingly likely to default. Congress uses perverse mathematics that no one else has to make certain that banks will write down more money on credit card losses. This gives the government the opportunity to lend the banks more out of the TARP fund...
...history of the annual Eleganza fashion show exemplifies the moral waffling many student groups demonstrate. According to a 2009 executive producer, Eleganza failed to actually donate to charity for several years, despite fundraising promises to give 100 percent of proceeds to The Center for Teen Empowerment. A 2009 executive producer acknowledged past lapses with the explanation, “We’re a student organization…we have a budget the same size as Yardfest but without any support from Harvard.” Such excuses over mismanagement are inadequate; Harvard event organizers unable to manage basic business...
Stanford President John L. Hennessy announced last December that top administrators, including the university’s provost and seven school deans, will take an immediate voluntary 10 percent pay cut “in light of the extraordinary pressure on the university budget...
...unclear how much of an impact the symbolic measure will have on Stanford’s finances—the university’s endowment valued at $17 billion as of June 2008 is expected to suffer at least a 30 percent decline—but Hennessy earned roughly $700,000 in salary and benefits in fiscal year 2007 according to federal tax filings...
...University’s $36.9 billion endowment is projected to suffer a 30 percent loss by the end of June, Harvard administrators intend to freeze all non-union employees’ salaries for the next year...