Saturday, December 8, 2012

Harvard University - a giant hedge fund?

And interesting piece characterizing Harvard University as a giant hedge fund with some students and faculty members attached to it. As the writer puts it:


"Harvard’s Division of Arts and Sciences—the central core of academic activity—contains approximately 450 full professors, whose annual salaries tend to average the highest at any university in America. Each year, these hundreds of great scholars and teachers receive aggregate total pay of around $85 million. But in fiscal 2004, just the five top managers of the Harvard endowment fund shared total compensation of $78 million, an amount which was also roughly 100 times the salary of Harvard’s own president. These figures clearly demonstrate the relative importance accorded to the financial and academic sides of Harvard’s activities.
Unlike universities, the business model of large and aggressive hedge funds is notoriously volatile, and during the 2008 Financial Crisis, Harvard lost $11 billion on its net holdings, teetering on the verge of bankruptcy as its highly illiquid assets could not easily be redeployed to cover hundreds of millions of dollars in ongoing capital commitments to various private equity funds. The desperate hedge fund—ahem, academic institution—was forced to borrow $2.5 billion from the credit markets, lay off hundreds of university employees, and completely halt construction work on a huge expansion project, ultimately surviving and later recovering in much the same way as did Goldman Sachs or Citibank.



Harvard University - a giant hedge fund?

Wednesday, December 5, 2012

Satirist Tom Lehrer on Quantification in Sociology

Tom Lehrer on a certain kind of quantification in Sociology - "The Sociology Song"

Tom Lehrer on Sociology

Vijay Prashad on Real News

The Prashad Report Israel, Palestine, Drones etc. on Real News

The Prashad Report

"Land Grab" in Africa by Indian companies

"Land grab" in Africa by Indian companies - following in the footsteps of other companies who are already there. the nineteenth century "scramble for africa" is not quite over...

Land Grab in Africa by India

American exceptionalism on the rights of the disabled


"The treaty, already signed by 155 nations and ratified by 126 countries, including Britain, France, Germany, China and Russia, states that nations should strive to assure that the disabled enjoy the same rights and fundamental freedoms as their fellow citizens. Republicans objected to taking up a treaty during the lame-duck session of the Congress and warned that the treaty could pose a threat to U.S. national sovereignty.
"I do not support the cumbersome regulations and potentially overzealous international organizations with anti-American biases that infringe upon American society," said Sen. Jim Inhofe, R-Okla.
He and other opponents were not swayed by support for the treaty from some of the GOP's prominent veterans, including the 89-year-old Dole, who was disabled during World War II; Sen. John McCain, who also suffered disabling injuries in Vietnam; Sen. Dick Lugar, the top Republican on the Foreign Relations Committee; and former Attorney General Dick Thornburgh. Eight Republicans voted to approve the treaty."


Sunday, December 2, 2012

the presentation of self at seminars

In his memoir The Gatekeeper, Terry Eagleton has a hilarious section where he sketches out portraits of members of the audience who ostensibly seek to contribute to the discussion at seminars and conferences.  In the same spirit, with more than a little help from Erving Goffman, here are some of my observations on "The Presentation of Self at Seminars and Conferences"

1. Although many attend seminars to hear and, more importantly, to be heard, there will always be that person who under the guise of asking a question will preface his/her query (if it is ever articulated), by an extensive, well prepared and honed statement about their own research, publications - existing as well as forthcoming. In the company of a really relevant audience (consumers), the temptations of selling oneself and accumulating career capital are hard to resist. A minority of those who cannot help but operate in this mode actually manage to get to a genuine question at the end of their sales pitch.

2. Members of another tribe will begin to vigorously nod in agreement, ostensibly to signal their enthusiastic agreement with the speaker -  even before the speaker has made any significant claims. Once in a while I have worried about the more enthusiastic nodders sustaining serious neck injury. Eventually, many of these congenital head shakers, particularly those who make it a point to sit quite close to the speaker, fall asleep. Not sure whether the rhythmic rocking of the head eventually induces sleep, or whether the manic rocking was actually meant to (unsuccessfully) resist a sleep attack. In either case, when they periodically force themselves to wake up, the action can sometimes be camouflaged - with a little tacit support from others who are in the know but do not want to disrupt the performance of the seminar - as a particularly vigorous expression of agreement with the speaker.

3. Then there are those who while not specifically in the business of self-advertizing, when given the chance to comment or ask a question, will ramble on forever. A colleague of mine who once chaired a seminar in which one such rambler really took up about ten minutes, concluded the session by thanking "both the speakers".

4. Then there those who come armed with their Mac Airs. They also shake and nod their heads vigorously as they type away energetically. Some of them are possibly taking notes. One suspects that a few might actually be helping themselves to the ideas presented at the seminars - in an era of "publish and perish", an efficient way to write a paper without too much effort. Some MacAir owners are also busy googling and fact checking. When they finally get a chance to ask a question, they can appear confident and eminently knowledgeable about facts acquired a few minutes earlier.

5. There are others who take special delight in pouncing on, attacking and ridiculing the speaker of the day. A heckler-lite as it were. On one memorable occasion, one such almost heckler lite got more than he expected when the speaker upped the ante in the ridicule register. "Look, I don't come to these seminar series to be insulted!" responded the academic heckler. To which the speaker coolly retorted "Well, why don't you go where you usually go for your weekly dose of insults?"


Christian Parenti's _Tropic of Chaos_

Democracy Now interviews Christian Parenti on his book _Tropic of Chaos_ on climate change

Christian Parenti _Tropic of Chaos_