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To: altair19 who wrote (162802)3/11/2009 9:03:16 AM
From: stockman_scott  Respond to of 361706
 
Republicans’ McConnell Seeks to Say Yes to Obama on Something

By Laura Litvan

March 11 (Bloomberg) -- Mitch McConnell, the most powerful Republican in the U.S. Senate, has so far had one word for President Barack Obama’s agenda: No.

Now, with his party being battered as rejectionist, the Kentucky lawmaker says he’s looking for something he can say yes to. The Senate minority leader, who has opposed every major Obama initiative since the president took office, says he sees the opportunity for agreement in areas such as foreign policy and overhauling Social Security.

“No one wants him to fail,” McConnell, 67, said in an interview. “But saying ‘no’ to bad policy is not saying ‘no’ to everything.”

More than good fellowship may be at work. Polls show that a majority of voters like Obama’s attempts to establish bipartisan cooperation and say McConnell’s Republicans are playing politics. In a recent NBC News/Wall Street Journal survey, 56 percent said Republicans were opposing Obama to gain political advantage; just 30 percent thought they were standing on principle.

McConnell’s stated willingness to work with Obama so far hasn’t matched his actions. He voted against the president on the $787 billion economic-stimulus plan, opposed an expansion of a children’s health-care program and refused to support Obama’s nominees for Treasury secretary and attorney general.

“The Republicans are betting against the president, against an economic recovery, and therefore they’re betting against the nation,” said Senator Robert Menendez of New Jersey, who heads the Democratic Senatorial Campaign Committee.

Common Ground

In the interview, McConnell said one issue he and Obama might work together on is a possible move to recast at least one of the three major entitlement programs -- Social Security, Medicare or Medicaid. At a White House health-care forum last week, he told Obama an accord would be easier to reach if a bipartisan task force of lawmakers made recommendations.

They also may find common cause on foreign policy, he said. Senator Richard Lugar of Indiana, the top-ranking Republican on the Foreign Relations Committee agreed, saying the two might be allies if the U.S. and Russia begin to forge a new nuclear arms-reduction agreement.

“He’s under pressure to ensure that Republicans don’t look purely like obstructionists, especially if the economy starts to crash,” said Julian Zelizer, a history professor at Princeton University.

Filibuster Threat

The five-term senator’s authority stems from the filibuster, a delaying tactic that takes 60 Senate votes to overcome before a bill can be passed. Republicans have just enough votes -- when they stick together -- to prevail.

The limits of his reach were evident during the debate over Obama’s stimulus plan. After McConnell said he would oppose the measure, which he calls “a mind-boggling expenditure of public funds,” Obama got the support of three Republicans -- Arlen Specter of Pennsylvania, and Olympia Snowe and Susan Collins of Maine -- to win passage on a compromise.

“You almost have to feel sorry for him, because he’s at the mercy of that small group of moderate Republicans who, if you assume unanimity on the Democratic side, will control a lot of these big debates,” said Michael Franc, vice president of government relations at the conservative Heritage Foundation.

McConnell is hardly giving up the fight. Last week, he helped force Senate Majority Leader Harry Reid to delay a vote on a spending bill. And he’s persuaded Republicans to agree to filibuster any time Reid tries to block Republican amendments.

‘No to Everything’

Yesterday, hours before the Senate passed a $410 billion measure funding federal agencies this year, Reid said there’s little evidence Republicans are looking for a middle ground.

“They’re just saying no to everything,” he said.

McConnell insists that Republicans have ideas and have been showcasing them by proposing amendments on every major measure this year.

“We’ve been offering suggestions on a broad array of topics,” he said. “That’s the beginning of the way back.”

As he tries to plot that course, he draws on his own history as both partisan and compromiser.

He has used parliamentary maneuvers to block efforts to end the Iraq War. In 2002, he fought against a ban on “soft money” donations to national political parties -- championed by Republican Senator John McCain of Arizona -- all the way to the Supreme Court, which narrowly upheld the law.

Attacked by Democrats

Yet last year, when then-Treasury Secretary Henry Paulson pressed for authority to establish a $700 billion bailout fund for financial firms, McConnell helped push it through the Senate. Democrats later attacked him for that in campaign ads in his home state. McConnell won re-election with 53 percent.

McConnell is a survivor. He pushed past polio as a child then chose a career in politics that goes back to a Senate internship in 1964.

Home-state concerns can bring out his pragmatic streak. While McConnell backed President George W. Bush on most policies -- and is married to Bush’s former Labor secretary, Elaine Chao -- he helped block the president’s 2007 proposal to overhaul immigration law because Kentucky voters were against it.

He gets high marks from Senate Republicans. “McConnell is voting no based on principle and philosophy,” said Senator Richard Shelby, an Alabama Republican.

To contact the reporters on this story: Laura Litvan in Washington at llitvan@bloomberg.net.

Last Updated: March 11, 2009 00:01 EDT



To: altair19 who wrote (162802)3/11/2009 9:15:37 AM
From: stockman_scott  Respond to of 361706
 
Q&A with Hank Haney: Swing coach works with the best, the worst and anything in between

beaufortgazette.com



To: altair19 who wrote (162802)3/11/2009 5:54:08 PM
From: stockman_scott  Read Replies (1) | Respond to of 361706
 
Cornell’s Walsh Cuts Hedge Funds to Reduce Endowment’s Costs

By Gillian Wee

March 11 (Bloomberg) -- Cornell University is cutting its hedge-fund holdings by as much as 25 percent to save on fees after its endowment tumbled last year, Chief Investment Officer James Walsh said.

“We are de-emphasizing the hedge funds and more emphasizing the long-only managers,” said Walsh, who joined the Ithaca, New York, school in 2006. Cornell couldn’t justify hedge-fund fees, which typically equal 2 percent of assets and 20 percent of investment profits. Long-only managers buy stocks they expect to rise in price, while hedge funds also sell short, or bet on a decline.

Cornell has about 15 percent of its assets in hedge funds, Walsh said in an interview today. He declined to identify the firms from which he has made redemptions. The university has increased its cash allocation sixfold since June and plans to raise investments in distressed assets and corporate bonds.

The shift in allocation followed a 27 percent decline in Cornell’s endowment in the second half of last year. In response, the school is halting construction through June 30, increasing tuition, admitting more students and offering buyouts to employees.

Hedge-fund assets globally may fall an additional $250 billion, or 21 percent, this year, estimates Huw van Steenis, a financial-services analyst at Morgan Stanley in London. That would leave hedge funds, which cater to wealthy individuals and institutions, overseeing about $950 billion, the lowest since 2004. Hedge Fund Research Inc.’s Fund Weighted Composite Index dropped 19 percent last year, the biggest decline since the Chicago-based firm began tracking data in 1990.

Cornell plans to raise as much as $500 million from selling bonds and is cutting endowment spending by 15 percent, the school said March 6. The fund’s decline, combined with reductions in state funding and donations have resulted in the school moving to cut its budget by 5 percent on the main campus and 8 percent at its medical school in New York City.

Distressed

The university plans to invest with managers of distressed assets and is increasing its holdings in corporate bonds, Walsh said.

“There are opportunities in distressed,” Walsh said. “The best opportunities come when the default cycle peaks. We haven’t seen defaults peak yet.”

The endowment is “quite comfortable” with its private- equity holdings, which make up slightly less than 15 percent of the fund, and isn’t trying to sell any stakes, he said. Harvard University in Cambridge, Massachusetts, tried to sell $1.5 billion of holdings last year, most of which went unsold because offers were too low.

Cornell’s endowment boosted its holdings of cash to 12 percent from 2 percent as of June 30, when its endowment was $5.39 billion, Walsh said. Cornell faces a 10 percent budget shortfall, a deficit of more than $200 million.

‘Nervous’

“The committee, the staff is as nervous as anyone else is about the direction of the global economy and therefore capital markets,” said Walsh, who previously headed strategy at Hermes Pensions Management Ltd. in the U.K. “We quite deliberately increased our cash position to a level I’ve never seen before.”

About 20,000 students attend Cornell, a private university with 14 undergraduate and graduate schools, including colleges of arts and science, engineering, law and architecture. It is one of eight Ivy League schools in the northeastern U.S.

To contact the reporter on this story: Gillian Wee in New York at gwee3@bloomberg.net;

Last Updated: March 11, 2009 14:06 EDT