He's also got some other videos up on YouTube that I'll post in the next couple of weeks.
Now go overdose on Tryptophan.
There's been tons of work on this topic both in the academic and practitioner literatures. But I haven't seen much on similar relationships for universities. I'm sure that a lot's been done- I just haven't seen it.
There's a good illustration in the Boston Globe of directors at Suffolk University (actually, trustees, which serve a similar role for a university) with significant business ties to the school. It turns out they just awarded the University president a 2.8 million dollar pay package. Of course, there were "good reasons" for doing so. Here's the lede from the story:
Boston lobbyist Robert Crowe was key among the Suffolk University trustees who made David J. Sargent the highest paid university president in the nation in 2006, with a $2.8 million compensation package. Less than a year later, Sargent renewed a $10,000-a-month contract with Crowe's lobbying firm to represent Suffolk's interests in Washington.
This month, as controversy flares over Sargent's pay, the job of publicly defending it falls on George Regan, himself a new appointee to the Suffolk Board of Trustees as well as the beneficiary of a $366,000 annual contract with the university.
Read the whole thing here.Is this necessarily a bad thing? Not really - it could be perfectly innocent, and it's not surprising that trustees of a university might have significant business ties to the university. After all, they tend to be prominent alumni with a long history with the school. But, when you have those ties, a pay package like that is going to get far greater scrutiny than it would otherwise. Or as Ricky Ricardo would have said, "they got some 'splainin to do".
As an aside, if you want to see some excellent examples of affiliated directors in the corporate world (along with other examples of bad governance), there's no better place to go than Michelle Lederer's Footnoted.org. She's made a career out of scouring through company documents to find some truly outrageous examples of corporate mis-governance.
I think the president of Unknown University considered having some trustees with business ties to the school, but we didn't have enough money to pay the required graft.
For the lawyers, here's the disclaimer:For 3 years you YouTubers have been ripping us off, taking tens of thousands of our videos and putting them on YouTube. Now the tables are turned. It's time for us to take matters into our own hands.
We know who you are, we know where you live and we could come after you in ways too horrible to tell. But being the extraordinarily nice chaps we are, we've figured a better way to get our own back: We've launched our own Monty Python channel on YouTube.
No more of those crap quality videos you've been posting. We're giving you the real thing - HQ videos delivered straight from our vault.
What's more, we're taking our most viewed clips and uploading brand new HQ versions. And what's even more, we're letting you see absolutely everything for free. So there!
But we want something in return.
None of your driveling, mindless comments. Instead, we want you to click on the links, buy our movies & TV shows and soften our pain and disgust at being ripped off all these years.
Warning- clicking on the link can result in hours of time wasted, a skewed perspective on life, and adoption of British accents.Now go and enjoy.
HT: Barry Ritholtz.
It looks pretty promising. Although it's less than 2 months old (the first post was made on September 26), it already has a lot of high-quality content, with participation from a pretty large nuimnber of the faculty. Just this last month, it has posts by Viral Acharya, Marti Subramanyam, Edward Altman, and Joel Hasbrouk among others).
It's definitely one to add to your feed reader.
It should make for an interesting case. Cuban has the resources to fight this thing pretty much as far as he wants (even potentially all the way to the Supreme Court), and is definitely stubborn enough to do exactly that. He's already posted a response to the complaint on his blog:
Mr. Cuban stated, “I am disappointed that the Commission chose to bring this case based upon its Enforcement staff’s win-at-any-cost ambitions. The staff’s process was result-oriented, facts be damned. The government’s claims are false and they will be proven to be so.”Not surprisingly, Stephen Bainbridge has a very thorough legal analysis of the issue. After all, it's in his wheelhouse.
In the meanwhile, I have SAS programs to run and papers to write.
In fact, my favorite Churchill story is the one about the time that Churchill was standing at the urinal in the men's room of the House of Commons. Atlee came into the room and stood at the urinal next to Winston's. Churchill looked up at him, zipped up, moved a couple of urinals farther down and resumed his business. "Why Winston, I had no idea you were so modest.", said Atlee. "It's not modesty, Prime Minister. It's only that every time you find something that is large and functions well, you try to nationalize it, and I thought it best not to take a chance!".What will they nationalize next?
C is for Credit Default Swaps, defined for me by a Wall Street watcher as: Risk whatever you want, and we insure it; risk too much, taxpayers insure it.The other 21 letters are pretty good too. Read the whole thing here.
L is for leverage (a means of maximizing your losses), liar loans, Lehman (pronounced "lemon")--and the losses/liabilities that unite them all.
M is for where it all started: the mortgage (which, aptly, means death-pledge). Like the dog, it comes in a variety of breeds, "sub-prime" being a cross between a pit bull and a chihuahua.
Q is for quants, who forgot that, every so often, past performance is no indicator of anything at all.
S is for securitization, the process by which one passes off cat food as caviar.
HT: The Big Picture.
The latest new one is a put out by The Applied Portfolio Management Program at Washburn University.
Unlike other academic blogs, this one is unique in that material is contributed both by faculty and by students in the program.
Go check it out, and add them to your feed reader - it's been added to the blogroll. And if you come across any other ones, drop me a line.
That reminds me - I have to check up on my grad assistant to see how he's doing on the assignment I gave him at the beginning of the semester.
It's interesting how much the reported ratios change by data source. As one example, for GATX corp, the reported operating margin (trailing 12 months) ranged from 18.92% (reported on Reuters) to 46.7% (on Marketwatch).
HT: Jim Mahar at Finance Professor
Don't ask me why - I just thought it was funny.
Heisenberg gets pulled over by the cops for speeding. Cop walks up to his care and asks,"sir, do you have any idea how fast you were going?"
Heisenberg replies, "no, but I know exactly where I am."
Update: if you haven't managed to get your geek on, click here (hey - a couple of people asked, and I'm nothing if not accommodating).
SnowFlake starts out by blaming the instructor (who, by the way, is one of the best in the college). After some questions and comments on my part like "Gee, that doesn't sound like Professor X at all. Are you sure?", it turns out that he hadn't been keeping up with the work, and hadn't worked more than a problem or two from the end of chapter material. Instead, he tried to cram for the first exam, and did poorly. Since that strategy worked out so well on the first exam, he decided to try it once more on the second exam for good measure. Lo and behold, the same approach yielded the same result (funny how that happens).
So, I gave Snowflake some standard advice on how to study, and then he asked if he could set up a time early this week to set up his classes for the next semester. We set a time (Monday morning at 10), and then came the kicker:
He asked if it was alright if his MOTHER came to the appointment.
I managed to keep my jaw off the floor, since he was a second-semester junior, and if you have hover-moms, they usually get cured of it by sophomore year (and they're almost non-existent in Business schools). But since I couldn't think of anything else to say (other than "You'll be all right once they drop", which didn't seem prudent at this juncture). I said, "Well, Precious, that's entirely up to you".
Monday morning comes around, and I'm running late for our 10:00 a.m. appointment. So, I have the secretary leave a note on my door saying I'd be a few minutes late, and hurry in to the office with visions of MomZilla running loose in the hallway and going on a rampage in the Dean's office.
I get there five minutes late, and there's no sign of either Snowflake or MomZilla. I hang out in my office for a few hours just in case, and it seems like a larger-than-usual number of faculty seem to filter by my office (they keep me off the beaten path, which is probably a good thing). I guess after hearing about Mom coming in, they just couldn't resist sneaking a peek.
In any event, I get a call late that morning from SnowFlake informing me that he had to be in traffic court that morning, had completely forgotten, and wanted to reschedule.
I guess I should have had his Mom remind him.
It's pretty cool explaining how our political system works to an 8 year old and a ten year old. This year, I think I'll start working through the Declaration of Independence, the Constitution, and the Bill of Rights with them - it's never too early, and most people (myself included) don't know enough about these foundations of our country.