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October 24, 1979 - Image 3

Resource type:
The Michigan Daily, 1979-10-24

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MSA won 't sponsor Homecoming activities

The Michigan Daily-Wednesday, October 24, 1979-Page 3

Voicing concern over allocating
money to an already well-funded
-organization, the Michigan Student
Assembly (MSA) last night rejected a
proposal to co-sponsore this weekend's
Homecoming activities with the
University Activities Center (UAC).
1 In addition to doubts about putting
'Assembly funds into what MSA General
"Counsel Dave Fischer terms a "well-
.moneyed organization," MSA members
also questioned UAC's willingness to
-put seed money into the event.
H "I FEEL IT'S unfqrtunate they didn't
. address the issue of the merit of
iHomecoming," John Cadarette, UAC's
iomecoming coordinator, said after
the meeting. "They looked at us as a
financial structure rather than as a
* UAC Chief Financial Officer Mike
Levitt said he could understand MSA's
concerns and expressed his hope that

UAC could continue to work with the
Assembly in the future.
"It wasn't in their allocation struc-
ture to fund a program like ours,"
Levitt explained. "Most groups come to
MSA with a single program, whereas
UAC sponsors over 50 programs per
MSA FIRST confronted the issue of
funding Homecoming during their
meeting last week. After a Budget
Priorities Committee recommendation
to earmark $550 for the event was
slashed down to $250, the Assembly
decided to withhold a final decision
pending additional information on
UAC's budget.
Regardless of MSA's decision not to
fund the event, Levitt said,
Homecoming will still go on as planned.
'"Seeing that we will not get the funds,"
he continued, "UAC will have to absorb
somewhere betweeen six to seven hun-
dred, dollars by making a profit on
future programs."

The Assembly last night also
received assurances from Student
Organizations,. Activities and
Programs (SOAP) Representatives
Maureen O'Rourke and Kevin Taylor
that their office has no power to control
"THE JIST OF MY responsibility,"
O'Rourke said, "is to work with MSA to
clear up matters of concern before the
University - or (Vice President for
Student Services) Henry Johnson sees a
need to step in."
"So you see your main role as ex-
plaining us to Johnson and not the other
way around," said Assembly member
Anne Fullerton.
"No, it works both ways," O'Rourke

reponded. "It's a lot like walking a
The Assembly also questioned the
legality of the administration's supen-
sion of MSA's funding capabilities in
the wake of last year's election
Taylor affirmed the University's ac-
tions, saying there was ample legal
precedent for administrative discretion
in the use of University general funds.
Assembly member Kathy Machle
disagreed with that characterization.
"I've read a number of cases," the
third-year law student said; "and it's
my opinion that the Regents could get
into a nice, messy lawsuit if they try to
withhold our funds."


Banks raise prime
rate to record 15%

~r Y
Max Kade German House-Jonas (German, without subtitles), 8 p.m., 603
Oxford. Free.,
Adult Resources Center, Washtenaw Community College-Single Parent,
noon, Drop-in Center, Student Center Building, 4800 East Huron River Drive.
Ann Arbor Film Co-op-Hamlet, 8 p.m., Aud. A, Angell Hall.
Cinema Guild-Buster Keaton night, Film, Sherlock, Jr., Steamboat Bill,
7,9:05p.m., Old Arch. Aud.
College of Engineering-William A. Beckman, University of Wisconsin,
"Design Methods for Solar Energy Systems," 4 p.m., Room 15, Cooley
Building. Refreshments at 3:45 p.m.
WUOM-John Waller, sixth bushop of Episcopal Diocese of Washington,
D.C.,Broadcast of discussion of Episcopal Convention. in Denver, Colo., and
impact of Pope's visit to U.S., 10:05 a.m. ,
Center for Chinese Studies-Prof. Albert Feuerwerker, History Depar-
tment, "China in the last Decades of the Twentieth Century: The Promise
and Perils of Modernization," 7:30 p.m., 150 Hutchins Hall, Law Quad.
Center for Western European Studies, Art History Department, Medieval
and Renaissance Collegium-Prof. John Martin, Princeton, University,
"Reuben's Last Paintings for Philip IV," 4:10 p.m., Aud. A, Angell Hall.
International Association for the Advancement of Appropriate
Technology for Developing Countries-Dr. Louis Porretta, Office of Inter-
national Projects, Eastern Michigan University, "Education and Develop-
ment: The Swaziland and Yemeni Education Projects," 8 p.m., E. Conf.
Room, Rackham.
Thomas M. Cooley Lecture-Guido Calabresi, "Nonsense on Stilts? The
Lew Law and Economics Twenty Years Later," "The Need for
'Distributional Analysis: The Future of the New Law and Economics," 4
p.m., 120 Hutchins Hall, Law Quad.
Washfenaw Association for Retarded Citizens-Marjorie Mitchell,
president of Western Wayne Association and principal of Norris School,
Wayne-Westland, "Mainstreaming the Trainable-Why, Where, How,' 7:30
p.m., High Point Cafetorium,1735 S. Wagner.
Spartacus, Youth League-Mary Jo McAllister, SYL national-secretary,
"For Worker's Revolution in Iran!: The Mullah's Left-Wing Apostles
Paved the Way for Khomeini's Islamic Reaction!," 7:30 p.m., Conf. Room 4,
Michigan Union.
Center for Afro-American Studies-Linda Dunley, "Unveiling Swahili
Mysteries: Islam in East Africa," 12:15 p.m., 246 Architecture and Design
Institute for Social Research Founders Symposium-Herbert A. Simon,
Carnegie Mellon University, "Behavioral Science, Theory and Public
Policy," 1:30 p.m., Rackham Auditorium.
Eastern Michigan University, Office of Campus Life, Office of Minority
Affairs-Carl Rowan, "Politics 1980-The Battle for America's Soul," 7
p.m., Pease Aud, EMU.
Center for Eastern Studies-Subrata Roy Chowdhury, member of Inter-
national Committee on Human Rights, "Rule of Law in Time of Emergency:
The Indian Experiment,"8 p.m., West Conf. Room, Rackham.
Department of Geology and Mineralogy-Richard R. Buffer, University of
Texas Marine Science Institute, "Geologic History of Deep Gulf of Mexico
Basin," 4 p.m., Room 4001, C. C. Little Building. Coffee at 3:30 p.m.
American Statistical Asociation-Ann Arbor chapter -Prof. J. N.
Darroch, Flinders University, Adelaide, Australia, "A Cohtingency Table
Anslysis of Some Pedestrian Accident Rate," 7:30 p.m., Michigan Room,
Michigan League.
Ann Arbor Bahai Community-Sdndra Moyyad, "One People, One
Planet,"8 p.m., Ecumenical Campus Center, 921 Church.
Women's International League for Peace and Freedom, Ann Arbor
League of Women Voters-Regent Sarah Power, "The Children of the World
and the World They Live In," celebration of founding of United Nations, 7
p.m., City Hall'Council Chambers.
Center for Russian and East European Studies-Robin Ackerman,
"Yugoslav Culture in General and Folk Dance in Specific," noon, Lane Hall
Communication Department-Chris Segure, NEH fellow, "Serving the
Latino Community," 12:10 p.m., 2040 LSA.
Center for Research on Learning and Teaching-W.J. McKeachie, "Get-
ting Feedback-Evaluating Teaching," 3 p.m., 2417 Mason.
Psychology Department -Gene P. Sackett, University of Washington,
"Can Behavior Development Be Studied in Primates-And, If So, How?",
4:30 p.m., 3415 Mason. Wine and cheese at 4 p.m.
Journeys-Pemba Tsering Sherpa, discussion and slide show of
Himalayan travel, 7:30 p.m., Kendall Room, Michigan Union.
Hillel - Wilfred Grenville-Gray, "Toward a Jewish Response to
Repressions in South Africa," 8 p.m., 1429 Hill.
Stilyagi Air Corps-University science fiction club, 8 p.m., Conf. Room 4,
Michigan Union.
Commission for Women-noon, 2549 LSA Building, open to public.
Studio Theater Serbes-Edna St. Vinvcent Millay's Aria da Capo, L.
Melfi's Birdbath, 4:10 p.m., Arena Theater, Frieze Bldg. Free.

Women in Action-self-defense workshops, 7:30 p.m., Qonf. Rooms 1, 2, 3,
Michigan Union.

NEW YORK (AP)-Several major
U.S. banks, faced with high costs of
acquiring funds, yesterday raised their
prime lending rates on business loans to
a record 15 per cent. {
Analysts expect the rest of the
nation's biggest banks to follow suit in a
few days.
ONLY TWO WEEKS ago, the nation's
major banks raised the rate they
charge for loans to their most credit-
worthy corporate borrowers by an un-
precedented full percentage point, to
14.5 per cent.
Morgan Guranty Trust, the fifth
largest U.S. bank, in ranking by
deposits, was the first of the big banks
to post the half-point rise yesterday.
It was soon joined by more than a
dozen commercial banks, including
most of the 15 largest.
BANKS USE THE prime rate as the
basis for setting interest rates on
almost all commercial-industrial loans,
Although the prime has no direct effect
on consumer loan interest rates, it is
Exxon reaps
uge profits,
gas mark-up
NEW YORK (AP)-Oil companies
say their profits for July, August and
September were huge. And, as with the
previous quarter, the numbers are
raising questions about where all the
money is coming from.
Ekxon, the world's largest oil com-
pany, more than doubled its profits in
the July-September quarter to $1.14
billion. Other companies also reported
huge gains-Conoco Inc. said its profits
rose 134 per cent.
A spokesman for a union represen-
ting oil industry workers called
Exxon's earnings "pornographic."
President Carter said they demonstrate
need for a "windfall profits" tax.
The oil companies are quick to ex-
plain that most of their profits did not
come from refining and marketing
See EXXON'S, Page 6

viewed as an indicator of trends in in-
terest rates generally.
Many banks in several areas of the
nation have cut back lending or raised
interest rates for consumer credit such
as installment loans or home mor-


MhaOS Company
is now
Open for Business.
514 E. Washington
11 AM-2 AM
Lunch & Dinner

Ask VISTA volunteers why they work a year with residents of
Chicago's Westside to set up community greenhouses. They'll
probably say they're concerned for America's poor, they want to
be involved in social change and help people learn to be
advocates for resourses and services they need. Ask them:
OCT 30 - NOV. 1



.t -


th eoun_

IETA-Pi contest
Prize is a Car
5-7pm Fri.Oct.26
Must be6 registered
by 4:00 at he bar.
1140 S.University 668-8411.
Mon.-Sat. 11am-2am Sun. 3pm-12am

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