The Michigan Daily - michigandaily.com Tuesday, March 31, 2009 - 7 Shaman owner: Internet boom hurting small, big stores alike From Page 1 and, ideally, prevent the stock from being delisted from the New York Stock Exchange. The NYSE has already extended its deadline to June 30 for meet- ing its stock listing requirements, since the economic crisis has put many companies in danger of being delisted. Local independent book stores are experiencing the same decline as chain retailers like Borders. Karl Pohrt owns Shaman Drum Bookshop on State Street in Ann DRINKING From Page 1 that the alcohol-related treatment is linked to aviolent crime. "There's a common mispercep- tion among students that we call DPS and that students will get MIPs if they come to the hospi- tal," Desmond told the Daily. "Our interest is in making sure that they're getting the help they need. COMET From Page 1 the coffee from the grounds. "Supposedly there are things you can read in the cone; the big lumps, that's bad," he said. "And if the coffee isn't spread evenly on the side, that's bad as well. We are just trying to get a really even extraction." Theresult ofthismeticulous pro- cess is a coffee with the palatable flavors of the roast - ranging from apple to lemon zest to caramel. Saborio uses specialty coffee Arbor. Along with the state of the economy and the shrinking place for print media in the attention span of today's consumers, Pohrt said big booksellers suffer from the same "shift to Internet sales" that has recently hurt independent bookstores like Shaman Drum. "It's my contention that the book business, as a business model, doesn't work very well for any- body," he said. "That's independent bookshops as well as large chain bookstores." Pohrt said he is sympathetic for Borders, whose flagship store is We don't want to discourage some- one from coming here." Despite the hospital's policy, Psi Upsilon Fraternity President Luke Donahue said he has seen cases in which people have not brought friends to the hospital for medi- cal attention for fear of getting an MIP. He said he believed that cur- rent laws have served as a deter- rent for some students on campus. "I do think that there are times that people don't go to the hospi- retailer 49th Parallel Coffee Roast- ers based out of British Colombia to get his premium roasts. He likes the company because of its deliv- ery speed. Often delivered in less than four days, Saborio said the company guarantees the freshness of the beans. The menu at the cafe will rotate throughout the week depending on the freshness and availability of the coffeeintheinventory,hesaid. Comet Coffee also features a traditional espresso menu and pastries from the Pastry Peddler, a pastry shop located onPackard Streetbetween HillStreet around the corner from his own shop. Amazon.com, the online retailer widely believed to be Borders's big- gest foe, has had enormous success despite the economic downturn. On the day after Christmas, an Amazon.com press release hailed this holiday sales season as its "best ever." Fourth quarter profits were up 8.7 percent from last year for the company - considerably higher than analysts had predicted. Today's report will include data for the 13-week fiscal quarter that ended on Jan.31, 2009. tal for fear of legal repercussions," Donahue said. "I feel that lifting the fear of those repercussions would encourage people to go to the hospital if they need help." Current Michigan law classifies an MIP as a misdemeanor charge that carries a $400 fine. Minors charged with the offense are also required to appear in court. First- time offenders may be subject to probation and repeat offenders could face jail time. and South State Street. Currently, the shop does not have tables because of zoning issues, but Saborio said he is sure he will have seating within the next couple of weeks. While openinga business in the current economy may be a bold move, Saborio said Comet Coffee has been off to a good start. "Apparently there were a lot of repressed coffee freaks in this town," he said. "We have just had such a positive response to the cof- fee here, it's justbeen great. I had no idea there were so many people in Ann Arbor interested in coffee." STEVE YEATER/AP In this file photo from February, Mitt Romney speaks during the California Republican Spring Convention in Sacramento, Calif. Romney's latest work puts hi-m in spotligfht for 2012 Former candidate signals another presidential run in subtle and overt ways BOSTON (AP) - Mitt Romney doesn't have a job for the first time in his adult life. That hardly means he's not working. In ways both subtle and overt; the 2008 Republican presiden- tial contender, former Massachu- setts governor, one-time Olympics chief and high-flying businessman is building toward a 2012 White House campaign by judiciously engaging and disengaging with the national debate. On Tuesday, he's in Chicago to speak at a fundraiser for a prospec- tive state treasurer candidate. On Wednesday, he's in Washington to headline a fundraiser for the Nation- SUBPRIME From Page 1 Soft information is derived from questions the banks pose to poten- tial loan recipientsrelatingto things like job security and the potential al RepublicanSenatorial Committee. On Thursday, he's again the keynote speaker at a fundraising dinner for Republicans in New York City. Afterthat, he's headingbackto his oceanfront home in La Jolla, Calif., to continue writing newspaper col- umns and a political book. Based on the '60s tome "The American Chal- lenge" by Frenchman Jean-Jacques Servan-Schreiber, it will be aimed at shaking American economic and political complacency, he said. Romney's also supervising the sale of houses he owns in Mas- sachusetts and Utah, the type of excess real estate that brought ridicule to John McCain last fall. And his political action commit- tee is seeding money to candidates across the country. "This is a quiet time," Romney insisted Friday during a telephone interview with The Associated Press from Park City, Utah. He had just completed loading a U-Haul of major upcoming expenses. Rajan, along with two col- leagues, examined data on securi- tized subprime loans issued from- 1997 to 2006 to determine the reason why many models failed to predict failure. Securitization is the process by DEAN From Page 1 of consulting firm Greenwood/ Asher and Associates. In February, three finalists for the position vis- ited campus to participate in public forums. Linda Green, a spokeswomani for the Division of StudentAffairs said the search committee was better prepared in its efforts the second time around. "The advisory board had more experience in terms of what they were looking for," Green said. "They worked with a search firm that really brought in some excel- lent candidates, and so we had a good pool to choose from." Following the forums in February, attendeessubmittedcommentsabout the candidates to the committee. Former Michigan Student Assembly President Sabrina Shin- gwani was one of three student representatives on the search com- mittee. She estimated that around 25 students attended each of the forums, many of whom were from student organizations. Shingwani said in speak- ing with students following the forums, they "overwhelmingly" supported Blake Jones as she was able to speak from expdrience on the issues students raised. "She clearly had a strong under- standing of what diversity meant to the U of M," Shingwani said. "Of the three candidates, she clearly had the most hands-on experience with students and student con- cerns, and student issues." Blake Jones has a bachelor's degree from Miami University of Ohio and a master's degree in Stu- dent Personnel Services in Higher Education from the University of Vermont. She earned her Ph.D. in Educational Leadership from the University of Oregon. Blake Jones has worked in stu- dent affairs at each of her alma maters as well as for the University of California at Berkeley and the University of California at Davis. The dean of students oversees student development units like University Health Service, Spec- trum Center, Multi-Ethnic Stu- dent Affairs and Trotter House, and Awareness Center and Servic- es for Students with Disabilities. Since former Dean of Students Sue Eckland retired last year, Harper has primarily served as interim dean of students. Take Back the Night Rally and March U of M Diag Thursday, April 2nd 7pm Take a Stand Against Sexual Violence www.tbtnannarbor.org Survivor Speak Out today, March 31st 7pm Michigan Union-Parker Room Share your story in a safe and supportive space the michigan daily WORK ON MACKINAC Island this Summer - Make life long friends. The " Island House Hotel and Ryba's Fudge Shops are looking for seasonal help in all areas: Front Desk, Bell Staff, Wait Staff, Sales Clerks, and Baristas. Hous- ing, bonus, and discounted meals avail- For W able. Call Ryan 1 (800) 626 -6304. ARIES www.theislandhouse.com ( c 2009 SUMMER/FALL INTERNSHIP Avoid Beer Distributor located in Ypsilanti, bers tod covering territories in Washtenaw, Liv- (like yo ingston, Western Wayne and Monroe Don't ge Counties. Looking for a hard working TAUR Business Student, must be 21 and have (April a car. Flexible hours, evenings and Be ex weekends especially during Football - down w Hockey Season. 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STA Travel, Inc. 530 South State St Ann Arbor MI 48109 T(734)769.2555 UMl@statravel.com trailer with personal effects from the ski home he's selling and was about to set out - alone - for the 11/-hour drive back to California. "At this stage, running again is way beyond the horizon," said Romney, 62. "This year is working on a book. The next year will be helping in Republican campaigns. And I don't know what the year after that will bring." Republican strategist Mary Matalin says she can easily see a second campaign - and a more successful one, at that. "There'snothinglikegoingaround the track once to broaden the field," Matalin said. "He has an intellectual base. He has a politics-faith base. He certainly has an economic base. If there's anything illogical about it, it's that he - and not some of the other people who may appeal more strongly to one of those elements - has the greatest potential to pull all those factions together." which banks package various assets - like risky loans, for example - into securities, which they then sell to investors. The researchers found that as the rate of securitization increased, so did the reliance on hard infor- mation about loan applicants. This was because, Rajan said, the hard information is easier to convey to potential investors as the assets were packaged and sold, repack- aged and resold, and so forth. Without securitization, the lender is directly hurt if the bor- rower defaults. However, after the package is sold as a security to an investor, the bank or lender no longer bears the full risk of the applicant potentially defaulting on the loan. The responsibility then falls, at least in part, on the investor. According to Rajan, lenders were more aptto collect soft infor- mation from borrowers before the unprecedented growth in securi- tization after the year 2000. "A lender has an incentive to verify undocumented informa- tion, or soft information, about the borrower," Rajan reported, "but the incentive to acquire soft information about borrowers is lost under securitization, since only hard data can be transmitted credibly to the investor." Thiscreatedasituationinwhich high-risk applicants whose hard information may have seemed credible were able to obtain loans, even though their soft informa- tion showed they weren't likely to pay the money back. When investors purchased securities containing these high- risk loans, they were presumably unknowingly putting themselves at a great deal of risk, leading to what has now become the sub- prime mortgage crisis. But the crisis is not entirely the fault of statistical models' failures, Rajan said. Rather, it was the veil- ing effect that such models had on greater economic problems that truly got the economy in the mess it is today. "Statistical models that relied on hard information did not directly cause bad loans to be made," Rajan said. "However, a reliance on such models likely prevented investors from learning about the extent of the problem." Rajan said he hopes the study will have far-reaching implica- tions for the financial sector as a whole. He said it will help to develop "more effective regula- tion of the financial markets and financial institutions" to prevent similar scenarios from playing out in the future. Rajan has earned numerous rewards for his work in the finan- cial sector including the GSAM award for best paper in the Review of Finance and the NYSE award for best paper on equity trading at the WFA meetings, according to his University biography. ednesday, April 1, 2009 h 21 to April 19) arguments with family mem- ay, especially female relatives ur mother). Keep your cool. t your belly ina rash. US 20 to May 20) tra patient with others. Slow hen driving. It's easy to get emo- overwrought or too excited omething today. People are NIN 21 to June 20) right be obsessed about buying ng today. Or perhaps you're sim- sessed about something at work tes to your earnings. Take a deep nd mellow out. ER 21 to July 22) struggles with partners can ily today. Don't try to improve r person, and don't let anyone do ru. Be tolerant and accepting of ier. 23 to Aug. 22) hing secretive is taking place ou might be dealing with some- e's secrets, or you might be hid- own. Either way likely will cre- ion. iO 23 to Sept. 22) Ulties with a female friend are today. People insist on getting ay. Elements of jealousy also a problem here. Take it easy. A 23 to Oct. 22) struggles with bosses, parents s can arise very easily today. are quick to take affront, and lso very pushy. (Run away! Run SCORPIO (Oct. 22 to Nov. 2t) This is a very pour day to engage in debates and arguments about religion, racial issues or politics. People are com- ing from a purely emotional and very personal point of view. Logic has gone out the window. SAGITTARIUS (Nov. 22 to Dec. 21) Money squabbles or difficulties about shared property could arise today. Postpone these discussions for another day. (You'll be glad you did.) CAPRICORN (Dec. 22 to Jan. 19) Difficulties with partners and close friends are likely today, perhaps due to feelings of jealousy or competitiveness. Try not to give in to these emotions. AQUARIUS (Jan. 20 to Feb. 18) People at work might be demanding today. You might be huffy in your response. You can see how quickly the situation might deteriorate. Easy does it. PISCES (Feb. 19 to March 20) Quarrels about children or romantic differences are just some examples of what could make this day difficult for you. Don't take the bait. Remain calm and mellow. If nothing else, do it for your own peace of mind. YOU BORN TODAY Many of you are enormously self-disciplined. (You are the warrior.) You have enormous drive and energy. You do not shirk your responsibilities; you meet life head on You take your work seriously, and you want to succeed. Friends know they can rely on you. Your year ahead is exciting because it is filled with new paths. Open any door? Birthdate of: Maathai Wangari, Nobel laureate; Anne McCaffrey, author; All MacGraw, actress. 1 n2009 King Features Syndicate, Inc.