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...1880s, England's Prince Edward (later to become King Edward VII) hired a prominent London plumber named Thomas Crapper to construct lavatories in several royal palaces. While Crapper patented a number of bathroom-related inventions, he did not - as is often believed - actually invent the modern toilet. He was, however, the first one to display his bathroom wares in a showroom, so that when customers needed a new fixture, they would immediately think of his name...
...know (and honestly, why would you?), Nov. 19 is World Toilet Day - an event hosted by the World Toilet Organization to raise awareness for the 2.5 billion people around the world who live without proper sanitation. But even for those of us with access to modern plumbing, how often do we really think about our toilets? From outhouses to water closets - even former Merrill Lynch CEO John Thain's $35,000 "commode on legs" (technically a table, not a toilet) - humans have been devising creative ways to go to the bathroom since, well, the first person crossed his legs with...
Conglomerate banks that are too big to fail are often too big for executives to manage effectively. As Spitzer pointed out last week, most bank CEOs probably did not want to take on ruinous amounts of risk, but the scale of their operations hindered their oversight. Unsurprisingly, these financial behemoths tend to become unwieldy as they attempt to do too much at once. Consider the case of Citigroup, the product of Citibank’s historic 1998 merger with Travelers, an insurance company. The one-time “financial supermarket” was exposed as a bloated, mismanaged basket...
Finally, conglomerate banks are often large enough to stifle competition. Last month, Alan Greenspan argued that institutions deemed “too big to fail” operate under an implicit subsidy from the government, since they would likely be rescued in a future financial emergency. This allows these banks to borrow more cheaply than their competitors and gain even greater market share. Today, four conglomerate banks (JPMorgan, Citigroup, Wells Fargo, and Bank of America) hold 39 percent of all domestic deposits. Placing this many eggs in four baskets will harm the entire economy should one mega-bank falter...
From Walter Camp, a Yale grad often referred to as the “father of American football”, to the Yale Bowl—the inspiration for the iconic Rose Bowl, Coliseum and Michigan Stadium—Harvard-Yale’s contribution to college football has been significant...