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For copies of articles in their entirety, please contact Barbara Donehue at 412-268-9885.

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Archives for: June 2005

All Eyes on Wolfowitz as He Ascends at World Bank
Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, is quoted in this article about Paul D. Wolfowitz, president of the World Bank. Meltzer said he thinks President Bush chose Wolfowitz because he wants to make major changes to foreign aid, and Melter believes that Wolfowitz will try to do so. "Let me say, it's in his interest to put on a charm show in the bank. But we'll see what happens when heads begin to roll -- if they do," said Meltzer.

C-M commencement exercises tonight
Canon-McMillan High School’s class valedictorian, Nicholas Basso, plans to attend Carnegie Mellon University's Tepper School of Business in the fall. Basso is senior class president, treasurer of Future Business Leaders of America, captain of the academic and math teams and a member of the Spanish and Latin clubs.

REUTERS, 6/2/2005
Wolfowitz test is to keep World Bank relevant
Some experts are urging Paul Wolfowitz, president of the World Bank, to continue the bank’s role in counties like China and India to help alleviate poverty, while others want to see the bank revamped. Allan Meltzer, the Allan H. Meltzer University Professor of Political Economy, argues that the World Bank should not be lending money to quickly developing countries that are able to raise money from the global market.

A Blueprint for Paul Wolfowitz at the World Bank
In 2000 Allan Meltzer, the Allan H. Meltzer University Professor of Political Economy, chaired the International Financial Institution Advisory Commission (IFIAC), appointed by Congress to access the performance of international organizations, including the World Bank. The IFIAC proposed a new system of performance-based grants for the World Bank to improve the current system of loans that often remain unpaid. The new system calls for funding from the bank and the counties in need.

The Blair Debt Project
This article calls for a change at the International Monetary Fund to make countries accountable for the money they borrow. Highly indebted poor counties, dubbed HIPCs, are countries that have not alleviated poverty despite the international loans they have been receiving. According to Adam Lerrick, the Friends of Allan H. Meltzer Chair in Economics, in a new paper from Congress’s Joint Economic Committee, HIPCs have been regular recipients of new funds to cover their debt service. This pushes them further into debt, while the IMF can report that it did not have any "bad" loans, according to the article.

Federal Document Clearing House Congressional Testimony Capitol Hill Hearing Testimony
Allan H. Meltzer, the Allan H. Meltzer University Professor of Political Economy, spoke to the Committee on Senate Banking, Housing, and Urban Affairs Subcommittee on International Trade and Finance on June 7, 2005. “In the view of the Meltzer Commission, the IMF has two main tasks. Its most important activity is to increase the stability of financial markets or, if crises cannot be prevented, to localize problems or crises and keep them from spreading to countries or markets that would be unaffected,” said Meltzer. “A related but distinct activity is to reduce market risk by improving the quality and increasing the quantity of information available to lenders and creditors.

Tap the College Cash Machine
Bonnie Lack, associate director of financial aid, was interviewed for this article about how college students can get grants and scholarships. Even graduate students can find free money. At the Tepper School of Business at Carnegie Mellon, graduate students are considered for merit scholarships that on average amount to $7,500 per year.

REDIFF (INDIA), 6/8/2005
B-school grads shunning jobs at manufacturing firms
This article examines why very few Indian MBA graduates join the manufacturing industry. The perception for many graduates is that other sectors offer more opportunities and better compensation. Unlike the manufacturing companies, the other industries aggressively pursue graduates from top-tier business schools. The Tepper School is mentioned as a recruiting source for Cognizant Technology Solutions, an IT services company.

China Currency Issue Is Risk, Not Crisis, Leading Economist Says
During testimony at a Senate subcommittee hearing, Allan Meltzer, the Allan H. Meltzer University Professor of Political Economy, recommended that the IMF switch to more conditional loans to give countries better incentives to reform. When discussing China’s exchange rate policy, Meltzer supported a gradual floating exchange rate, not a “one-shot” revaluation since he believes that it is not a crisis situation.

Chester Spatt, Mellon Bank Professor of Finance, is currently serving as chief economist at the Securities and Exchange Commission (SEC). Spatt recently spoke about Sarbanes-Oxley at Carnegie Mellon to a group of executives and lawyers. When discussing how companies can know if they are paying executives fairly if they don’t know how much they are spending, Spatt noted: “It does raise the question of how a firm can be comfortable that it is meeting its fiduciary responsibility to its shareholders when a substantial portion of its compensation is paid through a tool whose anticipated cost it does not understand and cannot qualify.”

Upward & Onward
Pittsburgh Logistics Systems, Rochester, has appointed Mark Ohlund (MSIA 1994, BS 1983) as vice-president, Technology Strategy. The announcement details his responsibilities: “Ohlund will be responsible for the development and strategic direction of and related technologies. Ohlund previously worked at Cope Consulting Inc. and the Straightline Division of U.S. Steel Corp. He has more than 20 years of technology experience. He earned his bachelor's and master's degrees at Carnegie Mellon University.”

TECHYVENT, 6/13/2005
You Don't Want to Hear This but...
“I believe we are in the midst of a Perfect Storm. Just as George Clooney and Donny Wahlberg, or their characters to be more accurate, faced extraordinary weather conditions at sea, today's entrepreneurs are facing extraordinary conditions in fund raising markets,” wrote Frank Demmler, associate teaching professor of entrepreneurship. Demmler explains some of the financial concerns which range from how angel investors are not generally doing new deals and how local venture capitalists have limited capacity to do deals. Demmler’s advice to entrepreneurs is to “Build your company to succeed in the environment that exists, not the one that 'should' be there.”

IMF Lending Faces an Uncertain Future
Allan H. Meltzer, the Allan H. Meltzer University Professor of Political Economy, is quoted in this article. The International Monetary Fund (IMF) agreed to forgive $40 billion in debts from the 18 poorest nations in the world. “G-8 finance ministers proposed to partially compensate the World Bank and the African Development Bank for their "losses" but the poor old IMF will have to draw on its own resources,” explains the article.

Cancellation of debt breaks cycle of loans
"For more than two decades, a system of 'defensive lending' has miraculously matched the dates and amounts of repayment and interest schedules to disbursements under 'new' loans to create a perpetual rollover of defaulted debt obligations," said Adam Lerrick, the Friends of Allan H. Meltzer Chair in Economics and director of the Gailliot Center for Public Policy. Wealthy nations have agreed to eliminate the entire principal on more than $40 billion in loans owed by 18 of the world's poorest nations. Lerrick is critical that the old debts have been paid by new loans.

NEWS BRIEF Oakland: CMU report addresses toxic gas emissions
Jay Apt, executive director of the Carnegie Mellon Electricity Industry Center and distinguished service professor in engineering and public policy, and Lester Lave, Harry B. and James H. Higgins Professor of Economics, University Professor and co-director of the Carnegie Mellon Electricity Industry Center, co-authored a report commissioned by the Pew Center on Global Climate Change. Their report, “U.S. Electric Power Sector and Climate Change Mitigation,” finds that carbon dioxide emissions from electric generation plants can be dramatically reduced and ultimately eliminated without damaging the economy.

MBA Students in U.S. Eager for Internships at India's Outsourcers
“What's the latest must-have on any ambitious graduate's resume? Increasingly, it's work offshore,” begins this article. A trend in the MBA community is to intern at Indian firms abroad. Students from top-tier schools, including Carnegie Mellon, are choosing internships with India’s outsourcers to create a competitive resume.

Walter deal wins over Wall Street
Walter Industries, a homebuilder, mortgage lender and cola-mining company, acquired Mueller Water Products. David Tepper’s company, Appaloosa Management, is Walter’s largest shareholder, holding 15 percent. Tepper commented that he would like to see Walter sell this stock to the highest bidder quickly to prevent confusion of the company’s image and to keep away the debt that Mueller brings. "We hope that happens sooner rather than later," said Tepper. "There's no reason to hold this (water) business with (Walter's) other businesses, if they're noncomplementary."

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