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"Some college administrators seem so distracted with fund raising, academic infighting, and community initiatives that they set up their emergency communications departments very poorly. Training is poor to nonexistent, secretaries are pressed into service with tremendous responsibilities for running 'notification systems' 24/7 and on weekends because no one else knows how to do it and the administration won’t pay for additional staff. Procedures are seat-of-the-pants and dependent on HIPPO (highest paid person’s opinion), except when something like Virginia Tech happens and there is some sort of scramble to do something different." --Donna
Most Colleges Avoid Risk Management, Report Says
Jill Biden Shines a Global Spotlight on American Community Colleges
Speaking at a Unesco conference in Paris, the vice president’s wife stressed the importance of two-year institutions to the nation’s educational goals.
Connecticut Public Colleges Lose 200 Professors to Early Retirement
Administrators are scrambling to plug holes in their course schedules for fall, with most expecting to do so by hiring more adjuncts or increasing class sizes.
U. of Georgia Paid 2 Fraternities $2.4-Million to Relocate, Contracts Show
The two were among five with houses on property where the university plans to build new academic facilities.
New Allegations in Admissions Controversy at U. of Illinois Suggest Ex-Provost Played a Role
Linda P.B. Katehi, the incoming chancellor of the University of California at Davis, has insisted she knew nothing of the admission of politically connected applicants at Illinois.
Sonoma State U. Foundation May Lose $350,000 on Loan to Former Board Member
The foundation will be forced to issue fewer scholarships in the 2010-11 academic year because of a diminished endowment, a university official said.
College Suspends Student for Working in Gay Pornography | 58
President Obama's Visit to Notre Dame Carries Barely a Hint of Controversy That Preceded It | 58
Drug Sting Nabs 21 Students at U. of Illinois | 57
Faculty Members and Union Protest Staff Layoffs at Temple U. as 'Cruel' | 57
North Dakota Board's Vote Puts 'Fighting Sioux' Mascot on Thinner Ice | 57
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October 1, 2008
Wachovia Freeze on Short-Term Funds May Affect Colleges' Credit Ratings
Moody’s Investors Service said today that it was reviewing the effect of Wachovia’s decision to freeze the short-term accounts of nearly 1,000 colleges who invest through the Commonfund.
The assessment, which will initially focus on 20 institutions that use the money as collateral for debt, could affect some colleges’ credit ratings.
Roger Goodman, a Moody’s vice president, said the ratings agency expected to provide more information about the review in the next day or two.
The freeze, announced on Monday, stems from the pending purchase of Wachovia by Citigroup. The move has left 900 institutions unable to get access to billions of dollars they depend on for salaries, campus construction, and debt payments.
A spokeswoman for Wachovia said today that the bank had restricted withdrawals to ensure an orderly liquidation of the fund, which is dissolving on December 31. Without the freeze, some colleges might have withdrawn all of their money at once, leaving the bank without enough cash to cover the remaining investors.
“This was done to protect our investors,” said the spokeswoman, Laura Fay. “We wanted to ensure that every investor in the fund had fair and equitable treatment should they need to withdraw.” —Kelly Field
Posted on Wednesday October 1, 2008 | Permalink |
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