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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 6, 2008
U. of Washington Settles Lawsuit With Bank
The University of Washington has settled a lawsuit with Northern Trust over a dispute involving the university’s loss of $7.5-million in the bank’s $750-million securities-lending program.
“We are pleased to have reached a reasonable settlement with the University of Washington,” said John O’Connell, a spokesman for the Illinois-based bank.
He declined to comment on the terms of the settlement. A representative of the university acknowledged that the deal had been completed over the weekend but said the university had agreed not to comment on the details.
After learning on September 17 that it had suddenly lost nearly $750,000 — a figure that would grow to $7.5-million — as part of the securities-lending program that began in April, the university filed the suit charging that its written requests to end the lending agreement had been denied by the bank. The university’s contract with Northern Trust had stipulated that university officials could end the lending agreement “at any time by written notice.”
Securities-lending programs are common among large investors, including college endowment funds, as a way of earning extra money. Banks that hold securities for investors — like the university — lend them to other investors, most of whom then “bet,” in effect, that they can sell the securities and snap them up later at a lower price.
Northern Trust had acted as custodian for about $1.4-billion of the university’s money, nearly half of its estimated $3-billion endowment. —Reeves Wiedeman
Posted on Monday October 6, 2008 | Permalink |
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