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...deal with Treasury to convert the government's holding of Citi preferred stock into common shares. The U.S. Treasury could end up owning more than 36% of the ailing bank. But confidence in the financial community remains low. Describing a vicious cycle of risk aversion, former Fed chief and current Obama adviser Paul Volcker told Congress's joint economic committee on Thursday that "an insecure bank faced with what it sees as insecure borrowers is not a very eager lender. It's a problem of lack of good borrowers, confident borrowers, as well as weak banks and worried bankers." Testifying...
Harvard Kennedy School Professor Ashton B. Carter was named the U.S. military’s chief weapons buyer by President Barack Obama on Monday. Carter—who is co-director of the Preventive Defense Project—has been a vocal critic of the Pentagon for purchasing what he deems to be unnecessary weapons and has called for greater alignment between military strategy and spending. Carter was originally scheduled to teach the class “American National Security Policy” at the Kennedy School this spring, but he joins the growing list of Harvard professors who have...
...you’ve probably heard that the world as we know it is spiraling out of control, and no one—not even Savior-In-Chief President Obama—knows what to do. Everyone, from salt-of-the-Earth Middle Americans, to class of 2006 Harvard economics graduates, is losing his job. That more than a few current seniors will likely be spending the coming year living in Mom’s house, “working things out,” has gone from an unspoken reality to a common experience. Who knew a little banking...
Before Kenneth B. Schwartz died of terminal lung cancer in 1995, he founded the Kenneth B. Schwartz Center at Massachusetts General Hospital, a facility promoting compassionate treatment for patients in part patterned after the care given by his oncologist—Thomas J. Lynch, Jr. Now Lynch, the chief of hematology and oncology at the Mass. General Cancer Center, will leave Harvard after 23 years to become the director of the Yale Cancer Center and physician-in-chief of the Smilow Cancer Hospital at Yale New Haven Hospital, Yale announced Wednesday. “They gave me the opportunity...
...Chechen feuds may be only one factor in Moscow's rash of murders. The killing of the Tajik worker, for example, has many fearing the start of a wave of racially motivated killings. Moscow chief prosecutor Syomin has said that the financial crisis may also be a contributing factor, with jobless locals taking out their frustrations on migrants. But Galina Kozhevnikova, deputy director of the Sova Center, which monitors racially motivated crimes, argues that the rise in unemployment has nothing to do with the death of 14 Central Asian migrant workers in Russia in January. "The number of deaths...