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2A - Wednesday, January 16, 2008
MONDAY:
In Other Ivory Towers
TUESDAY:
Arbor Anecdotes
WENSDY
THURSDAY:
Explained
FRIDAY:
Before You Were Here
Henderson, the hidden gem
With enough space for just 25 residents do the rest, which includes
female students, Henderson House making nightly meals for housemates
isn't likely to be a stop on a Campus and cleaning the building. An elected
Day tour anytime soon. student manager is responsible for
Purchased in 1945 to deal with making a list of all individual duties
a housing shortage for women, the based on residents' schedules for the
co-op remains one of the best-kept semester.
secrets on campus - and the Univer- Folake Famoye, a third-year Nurs-
sity's smallest residence hall. ing student, said residents don't mind
For a fraction of the price of most working to keep the dorm tidy.
other University residences, the Most Henderson residents are
house offers residents fully furnished juniors and seniors, but the required
single and double rooms that include application and interview process
all meals, utilities and limited parking allows sophomores and graduate stu-
at no extra cost. Though Henderson dents to live theretoo.
House expenses total just $563 per Kathleen Bachynski, a graduate
month, LSA junior Charlotte Peterson student in the School of Public Health
said the co-op has "all the benefits of and resident of Henderson for the
the dorms with more independence." last three years, said she loves living
Similar to other residence halls, the there.
University handles all maintenance "It feels like a home away from
and repairs there, but Henderson home," she said.
Residents agreed that their home
was extremely tight-knit, but empha-
sized that Henderson is different from
the preconceived notions about living
in a co-op.
"I'mnot a hippie, I don't smoke pot,
and we actually keep our house clean,"
LSA junior Stephanie Vogel said.
Unlike the other all-female resi-
dence hails on campus, Henderson
doesn't enforce rules about guests or
curfew. House rules are determined
by group consensus and by individual
roommate contracts.
While Henderson does operate on
a structured schedule, it's still a nice
place to live, said LSA senior Erika
Barraza, the co-op's president.
"Common courtesy is the main rule
in our home," she said.
LINDY STEVENS
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0
CRIME NOTES
Pedestrian hit, GPS device
injured by SUV stolen from
CAMPUS EVENTS & NOTES
Wynton Middle East
Marsalis jazz health
performance discussion
WHERE: 3600 Block South
State Street
WHEN: Monday at about 6:30
a.m.
WHAT: A pedestrian was hit
by a SUV in a parking lot and
sustained minor injuries, the
Department of Public Safety
reported. The pedestrian was
transported to the University
Hospital emergency room for
treatment.
Man exposes
himself at Dance
Building
WHERE: 1310 North Univer-
sity Avenue
WHEN: Monday at about 9
p.m.
WHAT: A naked man was
spotted masturbating in the
lounge area of the Dance
Building, DPS reported. Police
have no suspects.
parked car I
WHERE: Parking lot NW-41,
1400 Beal Avenue
WHEN: Monday at about 9:30
a.m.
WHAT: A Magellan GPS sys-
tem was stolen from a car and
the driver's side window, DPS
reported. The driver's side
window of the car was also
smashed. Police have no sus-
pects.
Photograph
stolen from
hospital
WHERE: Cancer Center, 1400
West Medical Center
WHEN: Monday at about 2 p.m.
WHAT: A family photograph
was stolen from the Cancer
Center, DPS reported. The pho-
tograph was valued at $2. DPS
has no suspects.
WHAT: Jazz legend Wynton
Marsalis will lead the Jazz
at Lincoln Center Orchestra
in performing a collection of
Duke Ellington's love songs.
Tickets cost between $10 and
$52.
WHO: University Musical
Society
WHEN: Today at 8 p.m.
WHERE: Hill Auditorium
Dance
Marathon
mass meeting
WHAT: An informational
meeting for students about
getting involved in this year's
Dance Marathon event
WHO: University of Michi-
gan Dance Marathon
WHEN: Today at 7 p.m.
WHERE: Parker Room,
Michigan Union
WHAT: A lecture by Epide-
miology Prof. Amr Solimad
about health impacts result-
ing from immigration tak-
ing place in the Middle East
'WHO: Center for Middle
Eastern and North African
Studies
WHEN: Today at 10 a.m.
WHERE: Room 1636, School
of Social Work Building
CORRECTIONS
. An article in yesterday's
issue of the Daily (Kucinich
campaign stops on campus)
misspelled the name of the
Natural Sciences Audito-
. An article io Monday's
issue of the Daily (Can-
didates vow tofix state's
economy) incorrectly stated
Kinesiology senior Allison
Schneider's major.
* Please report any error
in the Daily to correc-
tions@michigandaily.com.
An early screening of the
film 'Cloverfield," pro-
duced by "Lost" creator J.J.
Abrams, will take place tonight
at Ann Arbor Showcase Cin-
ema at 7:30 p.m. The theater
is located at 4100 Carpenter
Drive in Ypsilanti.
Terrelle Pryor, the top-
rated college football
recruit in the nation,
moved up the date of his offi-
cial visit to Michigan from
Feb. I to this Friday. Pryor also
recently announced he would
make an official visit to LSU on
Jan. 25.
>>FOR MORE, SEE SPORTS PAGE 8A
The Food and Drug
Administration released
a report yesterday say-
ing it was safe to eat meat
and drink milk coming from
cloned cows, pigs and goats,
CNN reported. The FDA has
yet to decide on the safety of
meat from cloned sheep.
Citigroup reports nearly
$10 billion loss for quarter
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Len
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Govers
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deepen
der prepares for expected to embark on a major
cost-cutting campaign that could
issive employee result in at least 4,000 layoffs. And
thousands more could be in the
lay-offs offing in thecoming months.
The write-downs caused Citi-
By ERIC DASH group to swing to a loss for the
The New York Times fourth quarter. The fourth-quarter
loss translated into $1.99 a share,
group announced a steep cut compared with a profit of $5.1 bil-
tock dividend and another lion, or $1.03 a share, in the period
vestment by foreign inves- a year earlier. Revenue fell 70 per-
esterday after taking more cent, to $7.22 billion from $23.83
downs related to subprime billion. The write-downs included
ies and posting a $9.83 bil- $18.1 billion from a sharp drop in
s for the fourth quarter. the value of mortgage-related secu-
inning what is expected to rities and heavytradinglosses. The
im week for financial com- company also set aside an addi-
arnings, Citigroup said it tional $4.1billionto coverexpected
riting down $22.2 billion losses frombad loans.
e of soured mortgage-relat- For the full year, Citigroup
astments and bad loans. The reported that net income dropped
also cutting its dividend by 83 percent, to $3.62 billion, or 72
cent and obtaining a $12.5 cents ashare, compared with 2006
cash infusion to strengthen profit of $21.53 billion, or $4.31 a
ance sheet, including big share. Revenue fell 9 percent, to
ments by its former chair- $81.7 billion in 2007.
Sanford I. Weill, and the Once one of the world's mighti-
nment of Singapore Invest- estbanks, Citigroup's capital levels
orp. have been severely depleted in the
ng rising expenses and fallout from the continuing credit
sing losses, Citigroup is crisis and worsening downturn
in the housing market. Even with
the $12.5 billion capital injection,
analysts think that the bank may
need even more money to shore up
its balance sheet if economic con-
ditions worsen.
"In an uncertain environ-
ment, these actions put us on our
'front foot,' focused on capturing
opportunities that earn attractive
returns for our shareholders,"
Vikram S. Pandit, Citigroup's new
chief executive, said in a state-
ment. He said the bank's fourth-
quarter results were "clearly
unacceptable."
Citigroup lined the $12.5 bil-
lion of capital through the sale
of convertible preferred securi-
ties from several big investors,
including two funds sponsored by
cash-rich foreign governments.
That comes on top of a $7.5 bil-
lion stake that the company sold
to a Middle Eastern government
fund, the Abu Dhabi Investment
Authority, in November.
The Government of Singapore
Investment Corp. will make a
$6.88 billion investment, giving
it one of the biggest ownership
stakes in the company.
Consumer spending shows signs of
faltering with December decrease
Economists report
lowest holiday sales
in five years
WASHINGTON (AP) - Con-
sumer spending, the critical bul-
wark that has kept the country out
of recession, is showing signs of
cracking. Retail sales plunged by
0.4 percent last month as consum-
ers handed retailers their worst
Christmas in five years. Consum-
ers have been battered by a sinking
housing market, rising unemploy-
ment and the credit crunch.
The Commerce Department's
sales report yesterday was just
the latest in a string of weaker-
than-expected numbers that have
economists worried that the cur-
rent economic expansion, now in
its seventh year, could be in danger
of faltering.
Analysts said the worry is that
all the problems weighing on the
economy could prompt consum-
ers - who account for two-thirds
of economic activity - to sharp-
ly limit or even stop shopping.
Already, consumer confidence has
slipped significantly amid the oil
price spiral and the continuing
housing slump. At the same time,
some of the nation's biggest finan-
cial institutions have reported bil-
lions of dollars in losses stemming
from a meltdown in the mortgage
market.
"There is certainly enough out
there to make people worry," said
David Wyss, chief economist at
Standard & Poor's in New York.
"We think we are getting very
close to a recession."
Thatview was echoed by former
Federal Reserve Chairman Alan
Greenspan, who said the country
may already be in a downturn.
"The symptoms are clearly
there," he said in a Wall Street
Journal interview published yes-
terday. "Recessions don't hap-
pen smoothly. They are usually
signaled by a discontinuity in the
market place and the data of recent
weeks could very well be charac-
terized in that manner."
Stock prices, one of the leading
indicators used to judge the course
of the economy, continued their
2008 swoon.
The Dow Jones Industrial Aver-
age fell 277.04 points to close at
12,501.11, the lowest close in nine
months. Investors were rattled
by an announcement from Citi-
group Inc. that it had sustained a
$10 billion loss in the fourth quar-
ter, reflecting in part the souring
mortgage market.
A4