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Christy is the wife of John Mack, the chairman of Morgan Stanley. Susan is the widow of Peter Karches, a close friend of the Macks who served as president of Morgan Stanleys investment banking division. Neither woman appears to have any serious history in business, apart from a few philanthropic experiences. Yet the Federal Reserve handed them both low interest loans of nearly a quarter of a billion dollars through a complicated bailout program that virtually guaranteed them millions in risk free income. The technical name of the program that Mack and Karches took advantage of is TALF, short for Term Asset Backed Securities Loan Facility. But the federal aid they received actually falls under a broader category of bailout initiatives, designed and perfected by Federal Reserve chief Ben Bernanke and Treasury Secretary Timothy Geithner, called giving already stinking rich people gobs of money for no reason at all. If you want to learn how the shadow budget works, follow along. This is what welfare for the rich looks like. In August 2009, John Mack, at the time still the CEO of Morgan Stanley, made an interesting life decision. Despite the fact that he was earning the comparatively low salary of just $800,000, and had refused to give himself a bonus in the midst of the financial crisis, Mack decided to buy himself a gorgeous piece of property a 107 year old limestone carriage house on the Upper East Side of New York, complete with an indoor 12 car garage, that had just been sold by the prestigious Mellon family for $13. 5 million.


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Being a party animal is in most cases just a phase. Its better to leave those tendencies behind when you graduate. Every class has a variety of different types of students. The student activist believes in a balanced approach to university life. These different types of learners are brought together in one environment where they are expected to learn. Being good at sports is the only thing they might have in common with each other.



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