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...been turned. The market was driven by speculators, interested only in trading - or "flipping" - incomplete units, which often sold for more than completed buildings, and might get flipped 10 times before construction finished. "You can't believe how crazy this was," says Robert McKinnon, head of real estate research at Al Mal Capital, a local investment firm. "Everyone knew it was like a game of musical chairs. When prices were going up and there was liquidity, you could get three offers by the end of the day. But when prices went down, liquidity dried up, and you got stuck...

Author: /time Magazine | Title: Dubai's Sand Castles | 5/25/2009 | See Source »

...allowed to pay back TARP funds until they can raise money on their own. Some banks have been able to venture out into the market on their own, but the rates they are now paying investors - without government backing, that is - are significantly higher. Analyst Brad Hintz of Bernstein Research estimates that JPMorgan, one of the healthiest banks, will have to pay three percentage points more per year to borrow without the FDIC guarantee. That would boost the interest JPMorgan has to pay on five-year loans to 6%, from an FDIC-backed rate of 3%. For Goldman, the cost...

Author: /time Magazine | Title: Paying Back TARP: Good for Banks, Bad for Investors? | 5/22/2009 | See Source »

...that will be gone.” There will also be reductions in lunch funding for freshman academic advisers, likely leading to reductions in “number of lunches people have with their advisees,” the document suggests. A year-old program for students to discuss research opportunities with faculty over lunch will also be slashed. The peer advising fellows program will go virtually untouched, and there is no indication that the $1000 stipend for advisors will be cut. Funds allocated for study breaks—$20 per semester for every advisee—also...

Author: By Laura G. Mirviss, CRIMSON STAFF WRITER | Title: Advising Programs, Events Face Cuts | 5/22/2009 | See Source »

...Harvard were not tax-deductible, this number would be a small fraction of this total. According to Harvard’s Office of Government, Community, and Public Affairs, Harvard received $535 million in federal grants in fiscal year 2008 that accounted for 82 percent of Harvard’s research revenue. Under the federal stimulus package, federal grants to Harvard are expected to increase considerably. Non-federally funded research is made possible through tax deductions on donations made by corporations and foundations...

Author: By Laura M. Binger, John F. Bowman, and Benjamin J. Oldfield | Title: Harvard’s Role As a Nonprofit | 5/21/2009 | See Source »

...argue that these benefits bring added responsibility besides just educating students and providing research, as there are plenty of for-profit institutions that fulfill these roles. In the midst of a recession, Harvard is in a better position than almost any other large institution to support the local community and national economy through providing fair and stable jobs. If Harvard thought it worthwhile to create these jobs, then it has the responsibility to keep them when Cambridge, Allston, and America need them the most. If Harvard continues to benefit from taxpayers and local community members, it must meaningfully and equitably...

Author: By Laura M. Binger, John F. Bowman, and Benjamin J. Oldfield | Title: Harvard’s Role As a Nonprofit | 5/21/2009 | See Source »

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