The Michigan Daily - Monday, November 9, 1992- Page 7 The Michigan Daily .We've got it all NEWS * SPORTS * ARTS * PHOTO * OPINION rite it. Read It. II Recycleil TeMichigan Daily Take the money and run Three women help pick up the remaining dollar bills from the floor of Cliff Keen arena after the Dash for Cash, a contest among four people to see who could pick up the most money within a time period. The contest was held between two women's volleyball games against Penn State Friday night. Corporations, fat-cat donors, PACs fill owarchests for winning 1992 candidates Career opportunities at J.P. Morgan for University of Michigan students interested in Corporate Finance Management Services (Consulting) Sales, Trading, and Research Please plan to attend our information presentation on Uhesday, November 10 Michigan Union Kuenzel Room 6:30 pm All majors welcome JPMorgan J.P. Morgan is an equal opportunity employer WASHINGTON (AP) - Big money was bigger than ever in the 1992 election. An estimated $100 million poured into the presidential election from corporations and fat-cat donors exactly the kind of donations that post-Watergate reforms sought to eliminate by financing White House campaigns with tax dollars. In the congressional races, big * spending equaled winning once again, as all but a few incumbents survived the anti-Washington mood of the electorate. As usual, their warchests got plenty of help from political action committees. TXpayers support former presidents _ WASHINGTON (AP) - ,President Bush is about to join the 9 nation's most elite group of pen- sioners - and the costliest to taxpayers. With the inauguration of Bill Clinton as his successor Jan. 20, :,Bush will bring to five the number of living former presidents - join- ing Richard Nixon, Gerald Ford, 'Jimmy Carter and Ronald Reagan in comfortable, taxpayer-provided * retirement. The cost, including Secret Service protection, totals $17.2 mil- < lion this year for the first four. Congress will have to provide more money next year to cover Bush's retirement. "The budget did not contemplate him becoming a former president," said Bill Early, budget director for the General Services Administration. Even without the security, the taxpayers' bill for a six-figure pen- ;;sion, office space, staff and travel wexpenses approaches half a million dollars for each of the former presi- dents - and more in the case of 'Reagan: $770,900 this fiscal year. But security is the most expen- sive item. Only Nixon among the °:former presidents does not have Secret Service protection, which he waived in 1985. _Congress has provided $15 mil- -'ion for Secret Service protection of the other three former presidents this year. "It's 24 hours a day," said Early. "That's expensive - and it's forever." The cost of protecting former presidents drew notice when Reagan made a highly publicized trip to Japan in 1989. He collected $2 mil- 'ion in honoraria from a Japanese corporation while U.S. taxpayers paid for his traveling security agents. A provision added to an appro- priations bill this year at the behest of Sen. Dennis DeConcini (D-Ariz.) requires the director of the Secret Service to meet with each of the former presidents by next spring to discuss their protection and its cost., The idea is to find ways to cut or eliminate the security. Samuel Dash, who observed these abuses as the former Senate Watergate committee chief counsel, agreed. "I think once again we're in a situation unfortunately where money is buying power," he said. But Dash said Bill Clinton's in- coming administration is poised to make a change, noting the Democrat has already said he would have signed the sweeping campaign fi- nance reform bill passed by Congress earlier this year but vetoed by President Bush. That bill would have eliminated the so-called soft money loophole that unions and corporations, forbid- den from donating directly to candi- dates, have used to plow large sums of money, often upwards of $100,000, to the political parties. Christine Varney, general counsel to Clinton's campaign, predicted campaign finance reform would be a concern "early on. ... He's committed to real change," she said. Clinton's own campaign bene- fited much from the Democratic Party's explosion of soft money from rich donors who'll now have an interest in the policies his administration crafts. i PAI D ADVERTISEMENT J.P. Morgan Recruits on Campus this Fall . (cvninued from last year,) J.P. Morgan seeks under- graduates with potential to become part of the Morgan team that provides sophisticat- ed financial services to corpo- rations, governments, finan- cial institutions, institutional investors, nonprofit institu- tions, and wealthy individuals throughout the world. If you're interested, watch for recruiters from J.P. Morgan who will soon con- duct information sessions on campus. Meanwhile, read on. An overview of J.P. Morgan J.P. Morgan's business is complex, and the role we fill often crosses organizational and geographic boundaries, but broadly speaking the financial services we provide include the following: " Strategic advice: We are a leading financial advisor, counseling our clients on the financial implications of cor- porate strategy and structure and executing transactions such as mergers, acquisitions, and divestitures. Morgan is especially strong on cross-bor- der transactions, taking advan- tage of our global presence and international depth. * Financing and capital raising: We are experts on raising capital for clients using all major financial instruments including equity and debt underwriting, loanasyndica- tions, and private placements, in all major markets in the United States, Europe, and the Asia/Pacific region. " Trading and risk manage- ment: Our business often requires transactions in the capital markets, where stocks, bonds, and other instruments .are launched and traded. Morgan is a major participant in world markets, as a market maker (matching buyers and sellers) and as a position taker rities portfolios to managing cash on a global basis. " Asset management and private banking: Morgan pro- vides large investors - such as pension funds, insurance com- panies, and wealthy individu- als - with sophisticated, glob- al investment management. * Research: Morgan's busi- ness activities are supported by a strong research capabili- ty. In some cases, dedicated research units support specific business areas, such as our Financial Advisory Department, a group of com- pany/industry specialists with- in our Corporate Finance group. In addition, the firm's Global Research group pro- vides a full range of macro- economic analysis and securi- ties and other financial instru- ments research. To be continued at an upcom- ing information session. Do career opportunities still exist on Wall Street? They do at J.P Morgan, a world leader in global finance. We offer exceptional career opportunities for the highly motivated graduate in auditing and financial management, corporate finance, global technology and operations, internal consulting, sales, trading and research. You don't need an educational background in finance to succeed at J.P Morgan. Successful candidates will receive extensive on-the-job training. This training includes special- ized programs that help develop requisite business knowledge and technical skills, and introduce the ethics, culture and team orientation that distinguish our firm. Attend our upcoming information session. Watch for the time and location on campus. J.P. Morgan & Co. Incorporated, 60 Wall Street, New York, NY 10260-0060. Career opportunities at J.P. Morgan iL