Word: presidentã
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...also taught a seminar this fall. Recent departures have worsened the situation. In the past few weeks, the department has lost several faculty members to the Obama administration. Former University President Lawrence H. Summers, who was slated to co-teach a junior seminar this spring, left to head the President??€™s National Economic Council. Professor David M. Cutler ’87 departed to work with Obama on health care policy, and Professor Jeremy C. Stein joined Summers at the NEC. Visiting Professor Owen A. Lamont and Professor Raj Chetty have replaced Stein and Cutler, respectively, but department...
...running to become the state’s first black governor, and leading many in the media—and even Davis himself—to draw parallels between the aspiring governor and President Barack Obama. Davis—the first congressman outside of Illinois to endorse the future president??€”led Obama’s campaign in Alabama and referenced his strong connection with the president in his candidacy announcement on Friday. “There was a time when what I am about to try to do seemed as inconceivable as the idea of a Kenyan...
Part of the president??€™s decision should be understood as a well-timed political move. The month of January witnessed accumulating reports of multi-million-dollar bonuses, corporate retreats, and profligate spending in corporations either receiving or courting federal bailout money. Then it was confirmed that Wall Street employees had received $18.4 billion in bonuses for 2008, in spite of dismal performance for banks as a whole. Meanwhile, the Obama administration, riding on a wave of high ethical expectations, has faced embarrassing criticism for political appointees accused of tax evasion and misuse of corporate privileges. Between declining consumer...
...provisions in the president??€™s pay limit, now confirmed by the Treasury, will only have a limited effect. The government’s restrictions on executive compensation are firm, with opportunities for additional compensation only through the unpalatable option of restricted stock. The total savings to taxpayers, however, cannot be immense, mostly because the Treasury provisions have a narrow application. First, the provisions will not apply to the $350 billion of bailout funds already spent or allocated. Second, the provisions bypass large-time traders, brokers, and consultants, whose salary and bonuses often surpass the half-million-dollar limit...
Political moves, for all their shortcomings, can nonetheless be highly symbolic. In this case, the symbolism in the president??€™s declaration is both welcome and warranted. In a time of financial crisis, it is important for Americans to have greater faith in the banking system. When the government is doling out large numbers of taxpayer dollars, it matters that individuals feel that their tax money is being spent wisely. We can also hope that the message to corporate executives will be clear: Taxpayers expect discipline, especially from a sector that has come to be seen by many...