Word: recordability
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After Harvard’s last capital campaign, which raised a record-breaking $2.6 billion ($3.4 billion in today’s dollars)—then the largest in the history of higher education—the University had intended to gear up for another campaign in 2006 or 2007. But the 2006 resignation of then-University President Lawrence H. Summers effectively put those plans on hold...
...sharp shock of the 2008 financial crisis paralyzed the U.S. economy. Mass layoffs have been at a record high, flooding the labor market with job hunters. Six years of manufacturing-job losses were compressed into 18 months, overwhelming retraining programs. The collapse of home values and the tightening of credit make worker mobility a moot issue. Instead of connecting the jobless to new jobs, the employment system has seized up. After 33 weeks of searching for work, Whitfield is looking warily to December, when his unemployment insurance ends...
Taken together, the complaints help explain how such a high-profile contract, flawed from the outset, could have led to the current scandal. ArmorGroup's record at the embassy has not been impressive; according to the POGO letter, nearly 90% of the Americans and other Western expats quit in the first six months of its contract, which meant there had to be constant training of new staff and a dissolution of any semblance of team cohesion. At one point, 18 guards were not at their posts, requiring embassy personnel to be redeployed to fill critical gaps. The State Department said...
...viewed as a case study of how mismanagement and lack of oversight can result in poor performance," concluded a Senate committee investigation published in June. POGO has said it has lost confidence in the State Department and called for the Pentagon, which has a mixed but improving record at handling contractors, to "immediately" take over supervision of the guards. The State Department, which has launched a number of investigations, continues to insist that, as appalling as the guards' behavior was, embassy safety was never actually jeopardized...
...that it is bad economics." We learned this all over again after the collapse of Lehman Brothers, the shame of subprime mortgages and the brazen Ponzi scheme of Bernie Madoff. But even amid the Great Recession of 2009, people have been trading in their SUVs for Priuses, buying record amounts of fair-trade coffee and investing in socially responsible funds at higher rates than ever before. What we are discovering now, in the most uncertain economy since FDR's time, is that enlightened self-interest - call it a shared sense of responsibility - is good economics. (Read TIME's interview with...