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the brown and white lehigh university bethlehem pennsylvania 215 758-4181 vol.loo n0.33 tuesday february 28 1989 executives to examine s&l crisis faculty local businessmen to discuss financial dilemma by kristin upani brown and white senior wrtter while the financial crisis of the savings and loan industry holds the savings of many american families and corporations at stake lehigh faculty members prominent national businessmen and lehigh valley cor porate executives will address the issue at a conference tomorrow m neville auditorium at 2 p.m after an introduction by assistant finance professor geraldo vas concellos and professor of economics and finance eli schwartz john tuc cillo chief economist for the national association of realtors will speak about the problem's impact on real estate finance other speakers include edwin gray president of chase federal bank miami and former chairman of the federal home loan bank board and robert o'brien jr chairman and ceo of carteret savings bank mor ristown,"n.j speaking from a foreign perspec tive will be mark boleat secretary general of building societies associa tion london england and joe o'brien director national housing act canada mortgage housing cor poration during the afternoon panelists will review how the problem arose what lessons may be learned from it the consequences and how borrowers will adjust according to richard bars ness dean of the college of business and economics the savings and loan problem has its roots m fraud and incompetence and is part of a larger problem stem ming from deregulation of the finan cial industry savings and loan institutions or thrifts were originally set up m the 1930s to provide dependable loans for home buyers by issuing government insured deposits to maintain deposi tor confidence and give savings and loan institutions a steady supply of cash in an effort to maintain a cheap steady cash supply the government also set limits on the interest rates that thrifts could pay the industry pros pered until the 1970s when it began to unravel due to inflation which eroded the value of the savings deposits bef ore the thrifts low interest rates could replace them consequently deposi tors began to move their cash into new money-market mutual funds which paid higher interest to help thrifts the governmentelim inated limits on interest rates allow ing them to compete for funds by paying depositors more but the sav ings and loans still relied on 30-year mortgage loans locked into pre-infla tionary interest rates to generate cash lending money long-term at low rates while borrowing short term at high rates led thrifts into financial trouble hoping the thrifts could work their own way out of trouble the govern ment deregulated the thrift industry m 1982 and thrifts began to compete with other i nstitutions by making high yield investments m real estate and oil especially m the southwest but managers did not account for the dangerously high risks involved m mutilation theft wreaking havoc on libraries by steven svekis brown and white editorial page editor l ehigh's president and director of libraries are scratching their heads trying to figure out why i in derman and fairchild-martindale libraries have become hostile learn ing environments unfortunately there seem to be more questions than answers we're not police we don't want to be police lamented director of uni versity libraries berry richards m a recent interview we want to help the students richards and the lehigh libraries have been facing troubled times m the form of physical abuse and noise pollution incidents have ranged from social chatter to an incident earlier this semester when human feces were left m the fairchild-martindale library richards commented we really have two types of problems we have vandalism theft and mutilation that are done by a small percentage of the university student body and then we have a separate problem noise pollu tion that is contributed to by a very large percentage of the university that includes socializing m the lind erman reading room richards said she sees this behavi or as a four-year trend beginning with the opening of the newer library lehigh president peter likins is also disturbed at the occurrences the students who are really des tructive in the libraries are sick in the same way that students who are des tructive in any other environment are sick and they're not likely to respond to a plea from the president or the librarian or anybody else comment ed likins but the great majority of lehigh students need to think through their attitudes toward libraries and for that matter toward books likins referred to reports of library books being torn m half i grew up feeling that there's some thing almost sacred about a book frankly i can't even write m a book baw photo by john lee tin graffiti m linderman library mars the surface of many of the oak tables likins said according to likins the cause of the vandalism arises from the library and its books being treated as consuma bles by the students while likins insisted that the major ity of lehigh's students are good solid intelligent ambitious people he acknowledged a pick-up-after me attitude that exists on campus to illustrate this point likins recounted experiences that have occurred while running every morn ing on campus sometimes running early in the a baw photo by john lef tin one example of the vandalism which has become prevalent in the university's libraries over the past four years see savings page 5 see library page 2 what's inside news i i arts & leisure i i sports " saucon village sororities secur romantic evening provided by men's hoops fall to tigers ity to be upgraded page 3 jazz ensemble-page 12 81-69-page 19 class of 1988 employment debate team going extempor women swim m easterns at status reported — page 5 aneous page 15 | perm state page 17
Object Description
Title | Brown and White Vol. 100 no. 33 |
Date | 1989-02-28 |
Month | 02 |
Day | 28 |
Year | 1989 |
Type | Newspaper |
DPIX | 400 |
DPIY | 400 |
Source Repository | Lehigh University |
Coverage | United States, Pennsylvania, Lehigh, South Bethlehem |
LCCN | 07019854 |
Source Repository Code | PBL |
Digital Responsible Institution | Lehigh University |
Digital Responsible Institution Code | PBL |
Issue/Edition Pattern | Semiweekly |
Title Essay | Published twice a week during the college year by the students of Lehigh University |
Description
Title | Brown and White Vol. 100 no. 33 |
Date | 1989-02-28 |
Month | 02 |
Day | 28 |
Year | 1989 |
Page | 1 |
Type | Page |
DPIX | 400 |
DPIY | 400 |
FileSizeK | 2685585 Bytes |
FileName | 19890228_001.jp2 |
Source Repository | Lehigh University |
Coverage | United States, Pennsylvania, Lehigh, South Bethlehem |
LCCN | 07019854 |
Source Repository Code | PBL |
Digital Responsible Institution | Lehigh University |
Digital Responsible Institution Code | PBL |
Issue/Edition Pattern | Semiweekly |
Title Essay | Published twice a week during the college year by the students of Lehigh University |
FullText | the brown and white lehigh university bethlehem pennsylvania 215 758-4181 vol.loo n0.33 tuesday february 28 1989 executives to examine s&l crisis faculty local businessmen to discuss financial dilemma by kristin upani brown and white senior wrtter while the financial crisis of the savings and loan industry holds the savings of many american families and corporations at stake lehigh faculty members prominent national businessmen and lehigh valley cor porate executives will address the issue at a conference tomorrow m neville auditorium at 2 p.m after an introduction by assistant finance professor geraldo vas concellos and professor of economics and finance eli schwartz john tuc cillo chief economist for the national association of realtors will speak about the problem's impact on real estate finance other speakers include edwin gray president of chase federal bank miami and former chairman of the federal home loan bank board and robert o'brien jr chairman and ceo of carteret savings bank mor ristown,"n.j speaking from a foreign perspec tive will be mark boleat secretary general of building societies associa tion london england and joe o'brien director national housing act canada mortgage housing cor poration during the afternoon panelists will review how the problem arose what lessons may be learned from it the consequences and how borrowers will adjust according to richard bars ness dean of the college of business and economics the savings and loan problem has its roots m fraud and incompetence and is part of a larger problem stem ming from deregulation of the finan cial industry savings and loan institutions or thrifts were originally set up m the 1930s to provide dependable loans for home buyers by issuing government insured deposits to maintain deposi tor confidence and give savings and loan institutions a steady supply of cash in an effort to maintain a cheap steady cash supply the government also set limits on the interest rates that thrifts could pay the industry pros pered until the 1970s when it began to unravel due to inflation which eroded the value of the savings deposits bef ore the thrifts low interest rates could replace them consequently deposi tors began to move their cash into new money-market mutual funds which paid higher interest to help thrifts the governmentelim inated limits on interest rates allow ing them to compete for funds by paying depositors more but the sav ings and loans still relied on 30-year mortgage loans locked into pre-infla tionary interest rates to generate cash lending money long-term at low rates while borrowing short term at high rates led thrifts into financial trouble hoping the thrifts could work their own way out of trouble the govern ment deregulated the thrift industry m 1982 and thrifts began to compete with other i nstitutions by making high yield investments m real estate and oil especially m the southwest but managers did not account for the dangerously high risks involved m mutilation theft wreaking havoc on libraries by steven svekis brown and white editorial page editor l ehigh's president and director of libraries are scratching their heads trying to figure out why i in derman and fairchild-martindale libraries have become hostile learn ing environments unfortunately there seem to be more questions than answers we're not police we don't want to be police lamented director of uni versity libraries berry richards m a recent interview we want to help the students richards and the lehigh libraries have been facing troubled times m the form of physical abuse and noise pollution incidents have ranged from social chatter to an incident earlier this semester when human feces were left m the fairchild-martindale library richards commented we really have two types of problems we have vandalism theft and mutilation that are done by a small percentage of the university student body and then we have a separate problem noise pollu tion that is contributed to by a very large percentage of the university that includes socializing m the lind erman reading room richards said she sees this behavi or as a four-year trend beginning with the opening of the newer library lehigh president peter likins is also disturbed at the occurrences the students who are really des tructive in the libraries are sick in the same way that students who are des tructive in any other environment are sick and they're not likely to respond to a plea from the president or the librarian or anybody else comment ed likins but the great majority of lehigh students need to think through their attitudes toward libraries and for that matter toward books likins referred to reports of library books being torn m half i grew up feeling that there's some thing almost sacred about a book frankly i can't even write m a book baw photo by john lee tin graffiti m linderman library mars the surface of many of the oak tables likins said according to likins the cause of the vandalism arises from the library and its books being treated as consuma bles by the students while likins insisted that the major ity of lehigh's students are good solid intelligent ambitious people he acknowledged a pick-up-after me attitude that exists on campus to illustrate this point likins recounted experiences that have occurred while running every morn ing on campus sometimes running early in the a baw photo by john lef tin one example of the vandalism which has become prevalent in the university's libraries over the past four years see savings page 5 see library page 2 what's inside news i i arts & leisure i i sports " saucon village sororities secur romantic evening provided by men's hoops fall to tigers ity to be upgraded page 3 jazz ensemble-page 12 81-69-page 19 class of 1988 employment debate team going extempor women swim m easterns at status reported — page 5 aneous page 15 | perm state page 17 |
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