As a junior in high school, Anne Marie Urban spent seven weeks at a summer program at Harvard University, and received recommendations from professors there that she's sure helped her get into the University of Chicago. The lure of Harvard endorsements comes with a hefty price tag: $10,490 for the program, and it's much the same at other elite colleges, where summer courses for high school students have become a lucrative business. While the colleges say they help prepare students for the transition to university, critics charge they give false hope of gaining admission, are unfair to poor students who can't attend and add to the debt burden by depleting parents' savings. "A lot of these programs really prey on the anxiety of parents about getting kids into selective colleges," said Elizabeth Morgan, director of external relations at the National College Access Network in Washington. "It's a revenue strategy. It's available to those who can afford it." Filling the dorms for the … [Read more...] about Harvard summer program recommendations come at hefty cost
Columbia university graduate school of business
Major US universities that jumped into financial markets during the boom years are now paying the price for taking on too much risk with their endowments ahead of the global financial crisis. Some of the most prestigious US learning institutions have been hit hard after having shifted in recent years from a conservative strategy into riskier bets such as commodities, real estate and private equity ventures outside traditional markets. Harvard University has acknowledged its endowment tumbled 27 percent in the 2008-2009 fiscal year to 26 billion dollars. Ivy League rival Yale University lost 30 percent over the same period, leaving its balance at 16 billion dollars. The past year "marked the close of what was very likely the most challenging period in modern times for the financial markets as well as for the Harvard portfolio," said Jane Mendillo, who took over as president and chief executive of Harvard Management Company on July 1, 2008. Some say that a growing number of … [Read more...] about Elite US universities feel pain of market slump
Bretton Woods is like the memory of an old flame: She seems to become more beautiful as time passes. Searching for an elixir to a world suffering from a debilitated banking system, sinking economic growth and a credit crunch, economists and statesmen have turned to the post-World War II global monetary system fashioned at the Mount Washington Hotel in Bretton Woods, New Hampshire, in 1944. "Perhaps what we need is to go back to the first Bretton Woods, to go back to discipline," European Central Bank President Jean-Claude Trichet said on Oct. 14. "It's absolutely clear that financial markets need discipline: macroeconomic discipline, monetary discipline, market discipline." … [Read more...] about Gold standard is wrong salve for global ills
Susanna Mancini cherishes a photo of herself at 27: a smiling face behind a pair of dark sunglasses. On it, she scrawled to her future husband: "Too bad you can't see my eyes. I am so proud of my tough yuppie stare!" Her professional pride propelled her early career as a lawyer. She was successful and well paid for it. She kept working when her first child was born and was promoted to a more senior position in Citibank after her second child arrived. But her career eventually succumbed to something Mancini never expected would end her rise at the bank - her husband's even bigger success. She quit in 2005 when her six-digit income was overtaken by his seven-digit one. "At that point, it was clear that my wage had become family pocket money. There was a real opportunity to do other things that did not require being chained to a desk," said Mancini, now 50. She is far from alone, according to a new study from the Federal Reserve, due to be published shortly. It shows that between … [Read more...] about Educated women quit work as spouses earn more
If any doubt exists about whether President Obama gets the message that the American public wants him to put revitalizing job growth at the top of his priority list, the last two weeks should surely put them to rest. President Barack Obama speaks about the future of energy and technology competitiveness during his visit … Even as the White House was forced to turn much of its attention to the crisis in Egypt, the president and his aides unveiled an almost daily array of new initiatives aimed at demonstrating that jobs and the economy are now solidly at the forefront of the president\'s agenda.[ For complete coverage of politics and policy, go to Yahoo! Politics ]The onslaught started with the State of the Union address, which the president largely devoted to laying a longer-term vision for strengthening the American economy and competitiveness. Since then, he and his advisors have followed up with a series of proposals … [Read more...] about Obama’s olive branch to big business: Will it work?