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The Department of Philosophy
The University of Michigan
_ PRESENTS
THOMAS NAGLE
Professor of Philosophy, Princeton University
'EQUALITY"
3:30 p.m., Amphitheatre,
Rackham School of Graduate Studies

Pafe 12-Friday, October 7, 1977-The Michigan Daily

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are you s u re
You know what
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.are best able to afford them ... anti
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But did you know that it also means:
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" counseling young people on how having
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Be sure you know ALL about family planning
it means more than you may have thought.

Mood'
4I
(Continued from Page'1)
next Wednesday to meet with Moody
representatives.
"I REALLY don't think it (the'
bond matter) will have any long-'
term effect," he said.
"I'm confident that everything will
work out," said Mayor Wheeler.
"We've recovered all the money and+
I don't think we're going to end up in
much worse shape than when we
were when this whole thing started.
It's forced us to do some tightening
up that we should have done a long
time ago."
The city's ballooning financial
problems stem from a controversial
arbitrage transaction. Several em-
ployes in the city controller's office
made the transaction last January
with the Merrill, Lynch, Pierce,
Fenner, and Smith, Inc. brokerage
firm.
ARBITRAGE, which is of question-
able legality under state law, in-
volves buying federal securities,
selling them, then using the money
from the sale to buy more securities
with the hope that they will be more
profitable than the first securities.
In fact, the second investment in
the city's case turned out to be a
failure. But this was not discovered
until June 30, when Michael Carroll,
a Merrill, Lynch investment counsel-
or, allegedly fabricated the market#
figures. Carroll has since been fired

y 's: No rati
and may face criminal charges.
CITY ACCOUNTANT Marc Levin,
who entered into the investment with
Carroll, discovered at the end of June
that the city had lost nearly $1.4
million. Since he knew Council would
review the books on June 30, the end
of the fiscal year, he and Carroll
arranged to have enough money put
in the city's account so the loss would
not show. On July 1, the money was
returned to Merrill, Lynch.
Murray, who only learned of the il-
legal investments last week, an-
nounced Wednesday that Levin had
been fired, City Controller Lauren
Jedele had submitted a voluntary
resignation for health reasons, and
Assistant City Controller Steven
Hendel has been demoted for involve-
ment in the affair and the ensuing
cover-up.
Murray's assistant, Patrick Ken-

ng for city bonds

ney, has been reprimanded in writing
for his "lack of effective responsive-
ness" to the crisis.
"LEVIN AND Jedele have really
screwed this city," said Councilman
Ronald Trowbridge -(R-4th Ward).
"They have made colossal and stupid
mistakes and I just don't feel sorry
for them anymore."
"This was a real Watergate style
cover-up. Those guys (Levin and
Carroll) knew that we were going to
look in the books and somehow they
got the money in the account and
then turned around the next day and
gave it all back to them (Merrill,
Lynch),''he said.
The accounting firm of Icerman,
Hoffman, and Johnson is conducting
an audit of the city's entire invest-
ment account. When they are fin-
ished, the state will conduct its own
investigation and decide what, if any,

Speaker supports energy plan
(Continued from Page 1)

punitive action will be taken.
"THIS WHOLE thing is just a
bunch of errors of ignorance," Trow-
bridge said.
In the wake of the mess, Council
Republicans have issued a statement
laying blame for the fiasco at the top.
They also endorsed the personnel
actions taken by Murray.
"You have to blame Sy because he
should have known about it," said
Trowbridge. "But we (Council) are
to blame too, because it's our job to
set the investment policy and the
policy we set was just too vague."
Wheeler said he would have an
announcement about the situation
today, and that he thought that
Murray's actions were "a step in the
.right directioi)." He would not
comment on the Republican press
release.

1'11

President Carter's energy programs,
currently under debate in the U.S.
Senate.
He said the average American uses
the energy equivalent of about one
barrel of oil a week or about six gallons
of oil per day. In terms of coal, he ad-
ded, that's about 500 pounds of coal
each week.
Today, the U.S. uses nearly 30 per
cent of the world's energy for only six
per cent of the world's population.
Many have questioned why such a
small proportion of the world's people
uses such a large proportion of the
world's energy.
But, Israel pointed out, national
energy use is closely related to gross
national product. He acknowledged the
nation's disproportionate energy con-
sumption, but added that it also
produces about one-third of the world's
GNP.
America's energy is derived from
four major sources, according to
Israel's figures. Of these sources, oil is
the largest, providing 47 per cent of the
nation's energy. Half of that is used in
transport, h& added. Natural gas is
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used for 27 per cent of U.S. energy
needs while coal provides 19 per cent.
Right now, there are 60 nuclear plan-
ts operating across the country,;
providing three per cent of its energy.
Other sources such as geothermal
energy and hydroelectric power make
up the remaining four per cent.
According to Israel, domestic natural
gas production peaked in 1973 and
domestic oil production peaked in 1970.
Now, he added, the U.S. imports almost
half of its crude oil.
This dependence on foreign crude is
"unacceptable except for the fact that

we've accepted it," he said.
Israel, like many before him, said
there is no easy answer to America's
energy problem, nor is independence
from imported OPEC oil forseeable.
"Technology is not the knight in
shining armor. It's not going to save us
in this situation."
Instead, the answer lies in a program
that stresses both conservation of
existing resources and greater use of
coal and nuclear power, he said.
"I know of no reasonable approach to
the energy problem that is not being
tackled at this time," he said.

Textbook blues bow
to browsers' spree

1

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4I

'r_'

J 0

Just for the
heal th of it.
Get moving, America!
March 1-7, 1977 is
National Physical Education and Sport Week
Physical Education Public Information
American Aiiance for Heaith.
Physicai Education and Recreation
1201 26th St N W Washingion 0 C 20036

(Continued from Page 1)
an autographed Frank Sinatra record
were stacked on a table marked "rare
and Unusual."
"Prices are really low," Pat More,
chairwoman of the Ann Arbor AAUW
said as she scanned the room.
"On Saturday," she continued, "it's a
real bargain. You can buy all the books
that fit into a grocery sack for two dol--
lars."
THE AISLES were filled with biblio-
maniacs, although More said attend-
ence was down from other years. Some
browsers came with particular pur-
chases in mind, but most came just to
inspect the books in hopes that
something would strike their interest.
Few were disappointed.
"I was looking for a certain set of
books," explained LSA junior Sarah
Hook. "They're called the Elsie
Dinsmore books. We had two at
home; I came hoping to find more -
and I found one."


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Michigan v. Michigan State

Tomorrow at 1:15 EDT
The Wolverines meet
their traditional rivals
from Michigan State at
East Lansing tomorrow.
Join Tom Hemingway
and Tom Slade for the
most accurate play-by-play
on the air.
Follow all the action on
The University of
Michigan public radio
station'
WVUOM
91.7 FM Ann Arbor

SHE HELD the volume aloft: "I'm so
excited."
Local resident Katherine Aldrich
contemplated the rows of books as
she explained her quest. "I'm looking
for some fiction books by (John)
Cheever. They're not in paperback
yet. Probably I'll find something else.
_in my search."
AAUW's profits from the sale go
toward women's education, More
said.
Pat Lounge, an LSA junior, ges-
tured at the box of books under his
arm and said, "I'm just cruising
around getting books I like - not
anything specific though, just what
catches my mind."
A MAN SAT sorting through piles
of books in a far corner of the room.
"I'm extremely systematic," he ex-
plained. "I have a couple of sections
that I'm interested in. One is
psychology and a second is philoso-
could easily be labeled 'obsessive'."
"It's kind of amazing how many
books they have," said Jeff Green as
he clutched a copy of "Wellington,
the Years of the Sword." "I'm going
to buy this and ..His voice trailed
off as he contemplated the passible
to by itisnal choices to his library.
ABIGAIL'S
PRESENTS
Salem Witchcraft
FRIDAY & SATURDAY
NEXT WEEK: THE ROCKETS
327 E. MICHIGAN
YPSILANTI 482-7130


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