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...Europe, and Kelly's eventual answer was basically just that business had been good. But bank financial statements are never that simple: Citi's overall investment-banking earnings were boosted by a $2.5 billion derivatives valuation adjustment "mainly due to the widening of Citi's CDS spreads." In somewhat dumbed-down but still utterly flummoxing language: credit-default swap (CDS) spreads represent the cost of insuring against Citi's default. That cost went up in the quarter as investors fretted about Citi's solvency, so Citi was able to book $2.5 billion in gains. Got that? Without that boost, Citi...

Author: /time Magazine | Title: Citigroup's Surprising Profit: Is It for Real? | 4/17/2009 | See Source »

...comes to procurement. So Gates is spending this week visiting the services' war colleges, trying to convince the future brass that his plan is the right one for the country and the military. He let them know that, so far, his strategy seems to be working. "I've been somewhat surprised, frankly, by the lack of a stronger reaction to the proposals that I've made," he told Air Force students Wednesday. "But I anticipate that the next few weeks will be fairly exciting on the acquisition front...

Author: /time Magazine | Title: Gates' Battle Plan for the Defense Budget | 4/17/2009 | See Source »

...somewhat dismayed, however, that Smith did not discuss the possibility of pay cuts for high-level administrators, even as other universities move in that direction. At Brown University, for instance, President Ruth Simmons is reported to have taken a pay cut of 20 percent whereas at Harvard, salaries of faculty members and high-level officials have merely been frozen. In an economic climate that threatens the livelihood of many staff members, it seems wrong not to at least consider the feasibility of lower pay for senior university officials...

Author: By The Crimson Staff | Title: Behind the Curtain | 4/16/2009 | See Source »

...placed moniker. “This is absolutely outrageous, its totally undemocratic,” said Dylan R. Matthews ’12, an avid Colbert Report viewer. “I am morally outraged,” added Brendan C. Quinn ’12. But they were somewhat appeased when they learned of NASA’s reason for dubbing the component Tranquility. NASA chose to name Node 3 Tranquility because of the 40th anniversary of Apollo 11, which landed in the area of the moon known as the Sea of Tranquility, according to a NASA press release...

Author: By Kristi J. bradford, CONTRIBUTING WRITER | Title: Students Angered At NASA Decision | 4/16/2009 | See Source »

...many cases, work fanaticism is either an avoidance or cultivation of inadequacies in other, less structured, domains. Although students’ original dedication to work was likely based on an innate love of algebra, it is possible that this interest was also motivated by a somewhat diminished temptation for the frolics of youth. A highly scientific straw poll of the first 20 people I recognized in Quincy revealed that only four felt they were popular at the age of 12 to 14; past social reclusion is not a universalistic trend, but it does seem to be prevalent...

Author: By Olivia M. Goldhill | Title: The Silver Lining | 4/14/2009 | See Source »

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