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...received investment commitments from certain institutional clients and understood that those clients, like all professional investors, expected to see their investments out-perform the market. While I never promised a specific rate of return to any client, I felt compelled to satisfy my clients' expectations, at any cost. I therefore claimed that I employed an investment strategy I had developed, called a "split strike conversion strategy," to falsely give the appearance to clients that I had achieved the results I believed they expected...

Author: /time Magazine | Title: Bernard Madoff's Full Statement to U.S. District Court | 3/12/2009 | See Source »

...were explicitly insured by the Federal Deposit Insurance Corporation (FDIC) up to $100,000 before the crisis, and the banks paid for that insurance (though not in full, given that FDIC coverage has been raised to $250,000 and seems effectively without limit at bigger banks) and passed the cost on in the form of lower interest rates than on, say, an uninsured money-market account. That, plus the fear that panicked depositors could start a devastating run on the banking system, explains why we're going to continue to be protected. (See the worst business deals...

Author: /time Magazine | Title: The Great Bond Bailout | 3/12/2009 | See Source »

...tidbit from Harvard Business School, which held a weeklong course this month geared to help women re-enter the workforce: steer clear of the term part time. Use flexible hours instead. "Part time has a connotation of not full commitment," says Timothy Butler, who chairs the Harvard program, which cost attendees $5,000 apiece. Cheaper options include iRelaunch's $125 one-day return-to-work sessions around the country and its new $19.99 webinars. The first topic: What the heck is LinkedIn, and how can it be used as a job-search tool...

Author: /time Magazine | Title: Hard Times Send 'Economoms' Back to the Job Market | 3/12/2009 | See Source »

...want their presence in the dining hall.” While proctors emphasized the importance of interacting with students—especially in Annenberg—they also said they understand the necessity of possible cuts. “I think the meal plan is a significant source of cost to the FDO...if you look at things being cut around the university it’s not surprising,” said Aaron D. Chadbourne ’06, a freshman proctor. “As much as I respect HUDS, the food is not the reason I wanted...

Author: By Jillian K. Kushner, CRIMSON STAFF WRITER | Title: Proctors’ Meal Plans May Be Restricted | 3/12/2009 | See Source »

...uses mice as a way to test methods of applying stem cell research. He called Obama’s announcement “a decision that’s been long overdue.” Baetscher also said that with the ban lifted, stem cell research will be more cost-efficient. According to Baetscher, researchers under the ban could not use equipment purchased with federal funds on human stem cells, meaning that oftentimes, research facilities had equipment reserved for humans and other equipment dedicated to animals. As for climate change, Brian F. Farrell, professor of meteorology, cautioned against expecting immediate...

Author: By Naveen N. Srivatsa, CRIMSON STAFF WRITER | Title: Reforms Promote Scientific Integrity | 3/12/2009 | See Source »

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