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...banks, which collect mortgages in bulk, securitizing them as collateralized debt obligations (CDOs). These CDOs are packages of mortgage-backed bonds, securitized from pieces of mortgages. As such, they can contain varying qualities of mortgages, despite tranches—or divisions of CDOs—that are intended to rank based on risk. Rating agencies are also to blame, because they facilitate the bank’s sale of securities to institutional investors. Many funds are restricted to buying only the highest quality securities with a AAA rating. This motivates the banks to seek these AAA ratings for their CDOs...

Author: By Jeffrey D. Nanney | Title: Greed Is Not Good | 2/11/2008 | See Source »

...helping to plant an AK-47 on him to make the killing look justified. It is a sentence that demonstrates the Army's willingness to hand down serious punishment to soldiers who kill noncombatant civilians. The jury ordered Vela to 10 years in prison, a reduction to the rank private, forfeiture of all pay and benefits and a dishonorable discharge. But the penalty was also seen as a concession to the extraordinary pressures under which soldiers decide whether to take or preserve life. The maximum possible sentence was life without parole; the prosecution had recommended a minimum sentence...

Author: /time Magazine | Title: Murder Verdict in Iraq: Guilty | 2/10/2008 | See Source »

...What this plot twist has really exposed is that the shepherds have no sheep. You get the sense that rank-and-file evangelicals are just as sick of their own "leaders" as they are of the political arena in general. This actually represents a return to normal: evangelicals have historically been suspicious of getting too deeply involved in worldly matters, preferring a focus on individual salvation. So their willingness to vote their hearts with Huck and leave the rest to the Lord is perfectly normal behavior...

Author: /time Magazine | Title: The Evangelicals' New Clothes | 2/8/2008 | See Source »

...simply wasn’t designed to be a first stop in course selection, and it’s ridiculous to think that we can gain very much in the way of useful information from a string of highly subjective numbers or an ordering based on very fuzzy ranking. Worse, though, this focus on ratings encourages us to assume there is a measurable and identifiable route to academic happiness. There isn’t, and when we fool ourselves into thinking there is, we set ourselves up for an unpleasant fall. As a student, I reserve the right to stumble...

Author: By Garrett G.D. Nelson | Title: An Academic Color-by-Numbers | 2/7/2008 | See Source »

...generate enough shots.” The special-teams defense did not fare much better, surrendering a power-play score as well as a backbreaking shorthanded goal in the second period that ran the score to 3-1. WHAT CAN BROWN DO FOR YOU? The Bears may currently rank as one of the two worst teams in the ECAC, but when they host the Crimson, the games are never lacking in excitement. Last February, Brown and Harvard skated to a 6-6 tie at Meehan Auditorium in a contest that featured 23 penalties, five ties, three lead changes, and several...

Author: By Daniel J. Rubin-wills, CRIMSON STAFF WRITER | Title: Shot Advantage Means Nothing in Final Tally | 2/4/2008 | See Source »

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