2 - The Michigan Daily - Friday, October 2, 1998 NATION/W ORLD
Greenspan defends fund's rescue
AROUND THE NATION
/ , -
The Washington Post
WASHINGTON - Federal Reserve ChairAlan
Greenspan defended the Fed's role in brokering a res-
cue of Long Term Capital Management LP last month,
saying yesterday that failure of the huge investment
fund could have severely disrupted world markets and
damaged "the economies of many nations, including
But skeptical members of the House Banking
Committee, both Republicans and Democrats, peppered
Greenspan and William McDonough, president of the
New York Federal Reserve Bank, with questions about
why government regulators didn't know much sooner
that the fund was in deep trouble and that some of the
nation's largest banks and brokerage firms were exposed
to very large losses if it went under.
Committee chairperson Rep. Jim Leach (R-lowa)
acknowledged that failure of the fund would have
posed a risk for financial markets, but he labeled the
episode a "fiasco."
"From a social perspective, it's not clear that Long
Term Capital or any other hedge fund serves a suffi-
cient social purpose to warrant government-directed
protection," he said.
Leach and several other members suggested that
additional regulatory powers might be needed, either
by the Fed or other government financial agencies, to
prevent such situations from occurring again.
But Greenspan and McDonough said no addition-
al powers are needed and that direct regulation of
hedge funds -- unregulated investment funds orga-
nized for large. save, investors - isn't feasible. If it
were attempted, the funds could easily leave the coun-
try, the officials said.
Greenspan told the committee that if world financial
markets had not already been in turmoil as a result of the
Russian government's default on a portion of its debt in
August, the Fed might not have become involved.
Instead, discussions held under McDonough's auspices
at the New York Fed resulted in a rescue plan in which
16 major banks and brokerage firms with large amounts
of money already at risk in deals with the fund put up
3.6 billion to keep it alive. The new money is intended
to allow an orderly liquidation of most or all of the fund's
California law strikes at paparazzi
LOS ANGELES - California has passed a law that tries to put a lens cap on
paparazzi and their raw, high-priced and widely circulated photos of celebrities in pri-
Next year, it will be illegal to take the now infamous pictures of Brad Pitt in the
buff on a private beach or to shoot Madonna's 1985 wedding to Sean Penn from one
of the army of helicopters that swirled above her Malibu mansion.
Gov. Pete Wilson signed the bill into law Wednesday, saying it would give celeb
ties, crime victims and others grounds for lawsuits when they feel their privacy has
been violated by photographers or reporters.
It becomes law on Jan. 1.
"Under this bill, the so-called 'stalkerazzi' will be deterred from driving their
human prey to distraction - or even death," Wilson said.
The bill was introduced after Princess Diana was killed last year in a Paris car
crash following a high-speed flight from paparazzi, or celebrity photographers.
However, the paparazzi who chased Diana would not have been covered by
California's law because her activities were in a public place and there was no expec-
tation of privacy.
Outrage at the paparazzi following Diana's death came from some of the bigge
names in show business - like Madonna, Tom Cruise and Arnold SchwarzeneggeW
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Continued from Page 1
public, make them excited, and create
meaning," ICMC98 music coordinator
and Music Prof Evan Chambers said.
"When I was in high school, I used to
play around with sounds on my parents'
tape recorder,' Chambers said. "Every
year, a part of me gets very excited
about the experience of listening to
sound worlds created by minds from all
over the Americas, Europe and Asia."
ICMC98 is composed of a rigorous
schedule of lectures and workshops that
explore the spectrum of issues concern-
ing computer music.
From discussions about cosine fre-
quency systems to waveguide mesh
geometries, approaches to and theories
about integration of technology and
music consume the conference.
In the Media Union Virtual Reality
Laboratory yesterday, conference par-
CANTERBURY HOUSE JAZZ MASS
Episcopal Center at U of M
721 E. I luron St. Ann Arbor, Mi 48104
The Re. Matthew Lawrence, Chaplain
I ioly Eucharist with live jazz
Steve Rush and Quartex
ASSEMBLY OF GOD
EVANGEL TEMPLE - 769-4157
2455 Washtenaw (at Stiiilluml)
Free van rides from campus
"Seven" labits of I lighly Effective
People" Colege/Career Claws:30am
SUNDAY WORSI IP: (10:30am
LUTHERAN CAMPUS MINISTRY
Lord of Light Lutheran Church( IfA)
801 S. Forest (at Hill Si.) 668-762-
Sun. Worship 10 am, Bible Study 9 am
Tuesday 7 pm: Issues at Faith Group
Wednesday 7 pm: Evening Praver
Thursday 7 pm: Conversation on Race
John Rollefson and Donna Simon
ST. ANDREW'S EPISCOPAL CHURCH
300 N. Division 633-0518
(2 blocks north and I block west
of intersection of I luron and State)
SUNDAY: Eucharists-Sam and lam
Call for weekday service times,
to get on mailing list,
or if you have questions.
UNIVERSITY LUTHERAN CHAPEL, LCMS
1511 Washtenaw, nar Hill
Sunday Worship 10:30 a.m.
Pastor Ed Krauss, 663-5560
ticipants conducted a demonstration of
the multimedia potential of new forms
"Virtual reality is an emerging field.
This is a technology that goes beyond
radio and television, that allows people
to explore," said associate electrical
-engineering and computer science Prof.
Gregory Wakefield. The challenge to
engineerng is to create the new brush-
es, palettes and paints that artists can
use in creating and organizing sound.
"Music has been around as long as
humans, and there are many dialects to
this international language;" he said.
An exhibit showcasing early elec-
tronic instruments can be viewed from
1-7 p.m. at the Media Union's Design
Lab No. 2.
The music presented at ICMC98 rep-
resents the most experimental edge of
what is known in contemporary par-
lance as techno, said Simoni who
chairs the music and media department
in the School of Music.
"We do a lot of research, produce
new instruments and ways of recording,
and even performing that end up filter-
ing into the mainstream." she said.
"A lot of the big performers like
Kraftwerk owe a lot of aesthetics and
technology to our movement,'"
The ICMC is held on a "triangular
rotation," Arnold said. It alternates
between'locations in the United States,
Europe and Asia, occurring in each of
these continents every third year.
ICMC99 will be held in Beijing,
China next year.
The 1CM \ is nearly 20 years old and
is filled with experts in the field of
Arnold said the organization has near-
lvu 70(imembers from more than 25
countries. Students can
join for SI5. More information is avail-
able on ICMA's Website:
ht i ri:n usic.wnichkeduicmcn98.
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Role of women
grows in Congress
LOS ANGELES - Just like her
father had done so many times over
four decades, Democrat Janice Hahn
hauled herself before a roomful of
friends and strangers to plead for votes
and support on an evening she could
have spent with her family.
On this recent weekday night in
Torrance, Calif., things went well:
Mayor Dee Hardison gave her a glow-
ing recommendation in her campaign
for Congress, and the crowd seemed
responsive to her speech.
A decade ago, there were 25 women
in Congress. Today there are 63, and the
trend shows little sign of slowing.
Women have won half of the eight spe-
cial elections held to fill vacant seats in
this term of Congress, and nearly half of
the most competitive races in the country
this year feature female candidates.
California, where 13 of the 52
House members and both senators are
women, is considered one of the most
receptive to female candidates, particu-
Theonly exception was 1992. when
the combined number of women in the
House and Senate jumped from 32 to
54 and the backlash over Senate confir-
mation of Supreme Court nominee
Clarence Thomas propelled scores of
women into politics.
Closes after abuse
GAINESVILLE, Fla. - A day-care
center operating out of a woman's home
was shut down after three little children
were found with what investigators said
were deliberately broken arms.
The children, II months, 12
months and 13 months old, each h
both arms broken.
Police said yesterday they would
charge the owner of the day-care center,
Beverly Bonds, with neglect and child
abuse. She was not immediately arrested.
"These injuries are not accidental in
nature," police said Wednesday in the
court papers used to close down the
Bonding Babies day-care center.
The University of Michigan
School of Music
E 0 , I I
Friday, October 2
International Computer Music Conference Concert 2
Rackham Auditorium, 3 p.m.
International Computer Music Conference Concert 3
Rackham Auditorium, 8 p.m.
Saturday, October 3
Victor Ullmann Centennial Celebration Concert I
Faculty and Guest Recital
" Ullmann: Der Kaiser von Atlantis (a 1944 chamber opera)
Julia Broxholm, soprano; Wendy Bloom, mezzo-soprano
Nicholas Phan and Michael Ryan, tenor
Robert Gardner and Chris Grapentine, baritone
Matthew Carroll, bass-baritone
Bradley Bloom, conductor
McIntosh Theatre, E. V. Moore Bldg., 8 p.m.
International Computer Music Conference Concert 4
Rackham Auditorium, 3 p.m.
International Computer Music Conference Concert 5
University Dancers; Jessica Fogel, choreographer
Power Center, 8p.m. [Admission $12; seniors and students $6]
Sunday, October 4
International Computer Music Conference Concert 6
Rackham Auditorium, 3 p.m.
International Computer Music Conference Concert 7
UM Percussion Ensemble; Michael Udow, director
Power Center, 8 p.m. [Admission $12; seniors and students $6]
Victor Ullmann Centennial Celebration Concert 2
Faculty and Guest Recital of Chamber Music by Ullmann
" String Quartet No. 3
" String Songs
" Piano Sonata No. 7, performed by Robert Kolben
" Cornet: a melodram after Rilke
Freda Herseth, mezzo-soprano
Siglind Bruhn, piano
Willis Patterson, narrator
Britton Recital Hall, E. V. Moore Bldg., 8 p.m.
Monday, October 5
Vocal Arts Lab: voice students perform vocal repertory
McIntosh Theatre, E. V. Moore Bldg., 6:45 p.m.
Tuesday, October 6
University Philharmonia Orchestra
Aharon Harlap, guest conductor from Israel
Emilie Lin, piano, Concerto Competition winner
" Harlap: A Child's World
* Liszt: Piano Concerto No. 1
* Dvorak: Symphony No. 8 New World
Hill Auditorium, 8 p.m.
Wednesday, October 7
Victor Ullmann Centennial Celebration Concert 3
Faculty and Guest Recital of Vocal Music by Ullmann
attack on Soviets
LONDON - Within days of
Germany's World War II defeat, Winston
Churchill ordered his aides to draft con-
tingency plans for an Anglo-American
invasion of the Soviet Union, a British
newspaper reported yesterday.
Citing documents recently discov-
ered in Britain's public archives, The
Daily Telegraph said the plan, code-
named "Operation Unthinkable," was
eventually rejected by Churchill and
replaced with a defensive strategy to
guard against invasion by Josef Stalin's
Historians had long believed that the
tense period immediately after the war
gave rise to such invasion plans, but had
never been able to prove it until the doc-
uments were found, the Telegraph said.
"Nobody has ever seen this kind of
thing before,' the newspaper quoted war
historian D. C. Watt as saying. "But we
have had strong suspicions that they
must have been written."
Churchill described the plan as "a
purely hypothetical contingency," but
regarded it as necessary enough to have
his planning staff working on it amid the
euphoria of victory, the Telegraph report-
The battle plan, presented as a report
to Churchill on May 22, 1945- 14 da
after the end of the war - included t
use of German troops to back up
500,000 British and American soldiers.
Talks boost talk of
W. Bank pullback
HEBRON. West Bank - Israeli and
Palestinian leaders said yesterday th
this week's top-level talks W
Washington have moved them closer to
a West Bank troop pullback. Still, the
threat of violence loomed large.
In the tensely divided West Bank city
of Hebron, dozens of Palestinian teen-
agers took turns lighting firebombs and
hurling them yesterday at Israeli sol-
diers, who fired stun grenades and rub-
ber bullets in response. Two Palestinians
were injured. Palestinian policemen
patrolling nearby mostly watched.
-- Compiled from Daily wire reports.
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* song cycles for soprano and piano
" song cycles for mezzo-soprano and piano
. Jewish choral music
Julia Broxholm, soprano; Freda Herseth, mezzo-soprano
Siglind Bruhn, piano
Zamir Chorale; Benjamin Cohen, conductor
Britton Recital Hall, E.V. Moore Bldg., 8p.m.
Fabio DiCasola, clarinetist from Switzerland
Britton Recital Hall, E. V. Moore Bldg., 4:30 p.m.
Thursday. October 8