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...Securities-lending is supposed to be a sort of Christmas club of high finance. Companies like insurers, which own tons of equities and Treasury bonds that they are holding long term, lend them out short term, often overnight, to borrowers who need the shares to fulfill other commitments. For instance, if hedge funds want to sell shares short, they borrow them, putting up cash collateral that includes a small spread to the lender. Typically, the owner of the shares takes that collateral and invests it in something with low risk and of short duration, like commercial paper. The lender...
...anger. It's time for some symbolic action. One suggestion: an agreement that every firm receiving taxpayers' money should pay its employees the same as other public-sector workers, such as teachers. That would assuage public fury, and provide an incentive for the banks and insurers in question to sort out their problems fast...
Fame, fortune and Hollywood should have followed. But little changed for McKellen. "I am an RSC sort of actor," he says of his decision to stay in Stratford. "There is nothing more sinister or enlightening than that." Besides, the RSC was in its golden age. The concentration of talent intensified with the arrival at Stratford of a new generation of actors including Kenneth Branagh, Jeremy Irons, Charles Dance and Sean Bean. By then, the veterans had developed an informal set of rules for themselves: Take the craft seriously (Dench: "deadly"). Don't take yourself seriously (Stewart: "That's death...
Since Bok had decided to take on the presidency for a second time without being paid, and he himself had overseen the creation of the Core Curriculum, his determination to finish the curricular review was “this sort of heroic thing,” according to Menand...
...like people on drugs, these citizens of PfoHo made grand promises. 210 square foot singles. Perpetual ragers in the “Belltower.” Many mirrors lining the hallway walls. I like looking at myself, I thought. Maybe things could be bearable. Then came rooming assignments. Some sort of technology glitch must have occurred, for my roommate and I were given two adjacent cupboards under the pretense of a double. And the view from the cramped quarters inspired nothing but nostalgia in me—another year to be spent looking out on pavement and fading skid marks...