Issue 9 2009: September
WHO NEEDS THE HUBBLE TELESCOPE?
Spending only $148, two MIT students have invented a camera system that can take pictures of Earth from a height of almost 18 miles. Justin Lee and Oliver Yeh hung a styrofoam beer cooler containing a Canon A470 compact camera from a helium-filled balloon. The camera was equipped with an interval timer to snap shots every five seconds. Chemical hand warmers kept the camera from freezing, and a GPS-equipped cell phone tracked the cooler to earth when the balloon burst. Lee and Yeh say they will post instructions on how to make the device on the internet free of charge. ..... The Week
REVENGE OF THE DOGS
Main Line Animal Rescue, a Philadelphia animal-rescue group, promised to donate five bags of dog food to a shelter every time Philadelphia Eagles quarterback Michael Vick, a convicted dogfighter, is tackled during an upcoming game. ..... The Week
A SMOKING SENIOR
A British woman is trying to kick the cigarette habit - at the age of 102. Winne Langley smoked her first cigarette when she was 7, as World War I was breaking out. Explaining her decision to quit after 95 years, Langley cited the rising cost of cigarettes, but not her health. "The price of cigarettes is disgusting," she said. Her step grandson, Clive, 53, said Langley's "doctors have told her there's not much point stopping now." ..... The Week
A TIME TO EAT
There's a time to eat and a time to sleep; eating while you should be sleeping "might be doing double damage" to your waistline. A new study suggests that simply eating at the wrong time of the day (upsetting the body's natural circadian rhythm) may contribute to weight gain. Researchers observed that shift workers whose schedules force them to eat at times when they'd normally be sleeping tend to be overweight. They mimicked the behavior with mice: One group ate at night and slept by day, and a second group slept at night and ate during the day. After several weeks, the first group had gained 20 percent more weight than the others. .... Scientific American
HARVARD ENDOWMENT
Harvard University's endowment fell by 27.3 percent, or $10 billion, in it's latest fiscal year, to $26 billion. Officials blamed poor performance in non-traditional investments such as hedge funds and private equity. ..... The Boston Globe
OUTRAGEOUS EXECUTIVE BEHAVIOR CONTINUES
Wells Fargo has fired an executive for using a $12 million Malibu Beach house seized by the bank in a foreclosure proceeding. The executive, who oversees foreclosed commercial properties, reportedly stayed in the home on weekends and held parties there. ..... Marketwatch.com
MORE BANK FAILURES?
Chicago's Corus Bank has become the largest bank failure of the year. The bank expanded rapidly over the past decade, tripling its loan portfolio in five years. Nearly half its loans were concentrated in California and Florida. "Corus failure is the latest sign that banks, particularly small and midsize lenders, face a new round of pain beyond deteriorating home mortgages," said Nick Timiraos and Jessica Holzer. Losses on commercial real estate, which sank Corus, could amount to more than $100 billion, affecting some 900 banks. Banks have $6.7 trillion in U.S. commercial real estate loans outstanding. ..... The Wall Street Journal
ANOTHER BANK MISCUE
A Florida bank refused to cash a check for a man with no arms because he couldn't provide a thumbprint. Steve Valdez, who wears prosthetic arms, says that even though he produced two forms of photo ID, bank officials refused to let him draw a check on his wife's account. Bank of America later apologized. ..... The Week
MILT'S MORSEL OF THE MONTH
"Unless somebody can find a way to change human nature, we will have more crises."............Alan Greenspan, arguing that the problems that caused the economic crisis are bound to recur .....quoted in Time Magazine
JIM'S STETHASCOOP
"Mistakes are part of the dues one pays for a full life." ..... Sophia Loren, quoted in Vanity Fair
