0 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 The Michigan Daily - michigandaily.com 420 Maynard St. Ann Arbor, MI 48109-1327 www.michigandaily.com KARL STAMPFL DAVID GOH Editor is Chief B esiness Manager 734-647-3336 734-764-0as8 arampfl@michigandailycom goh@michigandaily.com CONTACT INFORMATION Newsroom Office hours: sun.-Thurs. 11 a.. - 2 an. 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Ad~iti o opiesoaybe picke u atthe Diysoffice for $2SSuscriptiossfoal termo.sarting i September, i US. mail are $113 .inter term (January thsgh Aprl) s 111, yeaong (Sepltembr throug r >p)) 3$9.University affiliates are subject to a reduced subscription rate.On-campus subscriptionorfa lltermare$ $5. Subscriptins ustbe prepaid. TheMichiganDaily is amemberof The Assciae Prsand he ssoiatedCllegiaterPress. 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 WIN $50 OR $100 APPLE STORE GIFT CARDS VOTE FOR TI AILY'S BEST OF ANN ARBOR 2008 Vote today! Polls Close January 25'h Go to www.michigandaily com/aabest to enter your votes Len ma Citi1 in its s big ins tors ye write-c securit lion los Begi be a gr pany e was w becaus ed inve bank is 41 per billion its bal investr man,1 Govers ment C Faci 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