6A - Wednesday, October 27, 2010

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6A - Wednesday, October 27, 2010 The Michigan Daily - michigandailycom

COLEMAN
From Page 1A
a 20-percent loss in investments
and not feel it," Coleman said last
year. "But we are slowly recov-
ering because of an investment
strategy that is conservative and
yet focused on long-term perfor-
mance."
The University's endowment
has seen significant improvement
in the past year, regaining $600
million of the prior loss this year.
Despite this gain, Coleman has
emphasized in numerous public
appearances and interviews with
the Daily that she believes cost
containment is necessary to pre-
vent tuition increases from sky-
rocketing as state appropriations
continue to fall. State legislators

voted last month to cut funding to
public universities by 2.8 percent.
In addition to finances, faculty
hiring - another topic Coleman is
expected to address in tomorrow's
speech - has been a prevalent
theme in past State of the Univer-
sity addresses.
In her 2007 address, Coleman
announced a plan to hire 100
interdisciplinary junior faculty
members over the course of five
years. The initiative included allo-
cating $30 million of central fund-
ing - $10 million for salaries and
benefits of the new hires and $20
million for start-up costs.
The program put the Univer-
sity in a situation that is somewhat
unique among peer institutions
by allowing officials to seek new
faculty members for the past sev-
eral years as the economy took a

tumble. At the same time, other
institutions across the country
have implemented hiring freezes
to cope with losses in endowment
revenue and cuts in state funding.
University Provost Philip Han-
lon told members of the Senate
Advisory Committee on Univer-
sity Affairs last month that he
would like to see the student to
faculty ratio decrease in the future
- something that would only be
possible if the University enrolled
fewer students or continued to
increase the number of faculty
members.
Coleman is also expected to
address the University's academic
excellence in her speech today.
No details about what she
will say on the topic have been
released. However, University offi-
cials boasted about the freshman

class's high academic performance
in a release about enrollment on
Monday.
According to the press release,
30 percent of the students in the
freshman class scored between 31
and 36 on their ACT test - a feat
achieved by only four percent of
students nationwide.
Additionally, 13 percent of the
2010 incoming class earned a
perfect 4.0 grade point average
in high school, while the average
grade point average was 3.8.
University officials also high-
lighted the success of students
once they reach the University in
Monday's data release. According
to the same press release, the Uni-
versity has "one of the country's
best" six-year graduation rates,
with 89.4 percent of students
graduating within six years.


WARREN
From Page 1A
cial crisis. But critics argue that
the CFPB will lead to too much
regulation that may end up cost-
ing consumers.
Finances like mortgages, pri-
vate student loans and credit
cards often include fine print
and unnecessary fees that hurt
consumers and benefit banks,
according to Warren. The CFPB's
job is to help consumers by get-
ting rid of this fine print, she said.
"We believe it ought to be a
level playing field," Warren said.
"Not a playing field that is choked
with fine print, buta playing field
where everyone can see ... what
the terms are up front and that
there's some basic fairness."
Warren also discussed the
CFPB's plans to improve student
loans for higher education by
supervising private lenders.
"Right now in the world of stu-
dent loans, you're pretty much on
your own," Warren said. "What
this new agency will be able to

do is to review the procedures
used by private lenders of pri-
vate student loans ... and work to
rebalance the power between the
borrower and the lender."
The CFPB intends to not only
regulate laws that are already in
place, but also to impose new laws
to better protect consumers.
"The time for hiding tricks and
traps is over," Warren said.
Paolo Pasquariello, an associ-
ate professor of finance at the
Ross School of Business, said
he disagrees with Warrant's
approach. According to Pasquari-
ello, the federal government's
regulation of banks tends to
result in more expenses for the
banks, which are then passed on
to consumers. These costs include
those that come with the banks'
hiring lawyers or accountants to
follow the new regulations, he
said. Pasquariello's critique of the
CFPB is a common refrain among
critics of the new bureau.
"In economics, an externality
is when you do something, which
has a positive impact, but there is
also a side effect," Pasquariello

said. "And we need to be aware
of this side effect. The side effect
is that banking as a business has
become more expensive."
Pasquariello said an example
of this side effect is that many
banks previously allowed con-
sumers to open checking accounts
free of charge, but because of
the expense of complying with
new regulations the banks now
require fees for this.
Instead of the government
providing more financial regula-
tion, Pasquariello said economic
reform should be based more on
financial education.
"Rather than needing an agen-
cy that protects us, we need an
effort to educate people when
they make financial decisions,"
Pasquariello said. "(The reform)
was mostly driven by the idea that
financial institutions are bad and
they're trying to screw people up,
and people are good and need to
be protected. I think a lot of peo-
ple are lazy and ill-prepared and
I think we need to think about
what to do about that."
Either people need to become

more financially literate, he
said, or the government needs
to make decisions for people in
order to protect them. For exam-
ple, Pasquariello said in the case
of retirement, people in some
countries can either invest their
money in stocks or bonds them-
selves or allow the state to invest
their money for them.
"If you don't do it on your
own, the state will do it for you,"
Pasquariello said of these coun-
tries. "And that's what most peo-
ple end up doing. They just don't
know much about it or they're
too lazy, so they state decides for
them, and maybe that's where we
have to go."
During the conference call,
Warren also said financial edu-
cation should play a large role in
economic reform.
"We have two problems simul-
taneously," Warren said. "One is
that Americans need more finan-
cial education, more information
about how to survive ina complex
financial world. But, at the same
time, financial products need to
be more readable."

DEFENSE
From Page 1A
Heat-seeking missiles, or
"smart missiles," target the hot
metal and the plume of a helicop-
ter engine. By using lasers that
emit the same wavelengths of
light as the engines, Islam said,
helicopter operators will be able
to effectively hide their aircrafts
from missiles.
"What our laser does is put out
a signal from roughly one to 4.5
microns that can basically fool
this missile or that can emulate
the heat of the engine," he said.
According to Islam, the heat
waves emitted by the lasers are
comparable to the heat waves
coming off of a barbeque.
Islam sent the first prototype
of the laser system, which he said
was about the size of a DVD play-
er, to the U.S. Army in 2008. The
army responded by recommend-
ing that he acquire more funding
for his research.
The Defense Advanced
Research Projects Agency and
every branch of the Defense
Department that uses helicopters
have since contributed funds for
Islam's research.
Since submitting the first pro-
totype, Islam said he's focused on
developing higher-powered lasers
that will be able to better emulate
the heat from a helicopter engine
and will be able to target missiles
from farther away. He said he's
also been working on specializ-
ing the lasers so they have more
energy in certain wavelengths that
missiles might be more sensitive to.
"What we do is we provide (the
military) with the capability to put
it on whatever modulation they
want and we can also customize

the optics to what they want," he
said.
Islam said he plans to send the
second prototype to the military
sometime nextyear.
Having received his B.S., M.S.
and Sc.D. degrees in electrical
engineering from the Massachu'
setts Institute of Technology,
Islam said he decided to focus his
research on fiber optics and lasers
because "the technology is very
mature and very solid."
Over $10 billion dollars was
invested in telecom research,
including fiber optics and its appli-
cations during the telecommuni-
cations boom that came with the
invention of the Internet, accord-
ing to Islam.
Islam said he wanted to "use
telecommunications and technol-
ogy for anything but telecom."
He began his work with laser-
based missile defense in 2004 in
response to the heightened cond
cern for helicopter safety in Iraq
and Afghanistan after the Sept. 1i
terrorist attacks.
According to an April article in
Defense Industry Daily - a news
source for military purchasing
and defense procurement - heat,
seeking missiles are responsible
for 90 percent of all U.S. air com-
bat losses over the last 25 years.
Islam said his work demon-
strates how academic research
can have large-scale impacts
beyond the University.
"I think it's a great example of
where we've taken basic research
from the university setting and
used it to solve a problem in our
defense arena," he said.
Islam is now looking into other
uses of mid-infrared super-con-
tinuum lasers, including appli-
cations for border control and
remote sensing of explosives.

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