Private Banks and Public Money: An Analysis of the Design and Implementation of the Massachusetts Linked Deposit Program

In March 1978, in accordance with the unanimous recommendations of two special commissions, the Treasurer of Massachusetts established a linked deposit program. Under the terms of this program, a portion of the approximately $400 million available for short-term investment from the state\u27s General Fund was to be deposited with in-state banks and thrift institutions, selected on the basis of their performance in promoting the economic and social welfare of Massachusetts citizens and communities through their lending and related activities. Six years after its inception, the Massachusetts linked deposit program (LDP) has grown to become a sizable and stable part of the Treasurer\u27s investment program. By the spring of 1984, when the research for this study was undertaken, there were$114 million of LDP deposits outstanding, at 72 of the state\u27s approximately 400 banks. In spite of its size, however, and contrary to recommendations by both special commissions that program implementation include careful monitoring and evaluation, there has never been a systematic evaluation or review of the Massachusetts LDP. The rationale for an LDP is straightforward: by giving preference in awarding public deposits to banks whose loan portfolios contain a relatively large amount of loans in specific publicly-designated categories, public funds would be channeled to those banks most likely to put them to socially desirable uses, and banks would have an incentive (the prospect of obtaining increased public deposits at favorable rates) to alter their overall loan portfolios in socially-desired directions. By following the lead of state Treasurers in Illinois, Missouri, and Colorado in adopting an LDP, the Treasurer of Massachusetts sought to utilize a promising mechanism for making banking institutions responsive to the public interest as well as to the interests of their shareholders and depositors. In fact, the recommendation by the Special Commission on State Investment that Massachusetts establish an LDP was a highly qualified one. The Commission emphasized that the program\u27s ability to promote its stated objective would depend on the nature of the LDP adopted: ...it is crucial that [an LDP] be well-designed, well-implemented, and well-publicized. This report presents the results of a systematic analysis of the extent to which the operation of the Massachusetts LDP meets the three-part standard articulated by the Special Commission on State Investment. After a short Introduction, Part II reviews the historical evolution and present structure of the Massachusetts LDP. Part III summarizes the methods and the results of a quantitative analysis of all of the bids by, linked deposit scores of, and LDP awards to the banks that participated in the program during 1983 (the most recent year for which complete data were available). Part IV contains a systematic evaluation of each of the major aspects of the Massachusetts LDP\u27s design and implementation. Because one goal of this project, which was undertaken with the cooperation of the Treasurer\u27s office, was to identify desirable changes in the program\u27s structure and operation, a number of constructive proposals for strengthening and improving the Massachusetts LDP are included. Part V offers a brief conclusion

Clinical use of amyloid-positron emission tomography neuroimaging: Practical and bioethical considerations

Until recently, estimation of β-amyloid plaque density as a key element for identifying Alzheimer's disease (AD) pathology as the cause of cognitive impairment was only possible at autopsy. Now with amyloid-positron emission tomography (amyloid-PET) neuroimaging, this AD hallmark can be detected antemortem. Practitioners and patients need to better understand potential diagnostic benefits and limitations of amyloid-PET and the complex practical, ethical, and social implications surrounding this new technology. To complement the practical considerations, Eli Lilly and Company sponsored a Bioethics Advisory Board to discuss ethical issues that might arise from clinical use of amyloid-PET neuroimaging with patients being evaluated for causes of cognitive decline. To best address the multifaceted issues associated with amyloid-PET neuroimaging, we recommend this technology be used only by experienced imaging and treating physicians in appropriately selected patients and only in the context of a comprehensive clinical evaluation with adequate explanations before and after the scan

The Science Performance of JWST as Characterized in Commissioning

This paper characterizes the actual science performance of the James Webb Space Telescope (JWST), as determined from the six month commissioning period. We summarize the performance of the spacecraft, telescope, science instruments, and ground system, with an emphasis on differences from pre-launch expectations. Commissioning has made clear that JWST is fully capable of achieving the discoveries for which it was built. Moreover, almost across the board, the science performance of JWST is better than expected; in most cases, JWST will go deeper faster than expected. The telescope and instrument suite have demonstrated the sensitivity, stability, image quality, and spectral range that are necessary to transform our understanding of the cosmos through observations spanning from near-earth asteroids to the most distant galaxies

The James Webb Space Telescope Mission

Twenty-six years ago a small committee report, building on earlier studies, expounded a compelling and poetic vision for the future of astronomy, calling for an infrared-optimized space telescope with an aperture of at least $4m$. With the support of their governments in the US, Europe, and Canada, 20,000 people realized that vision as the $6.5m$ James Webb Space Telescope. A generation of astronomers will celebrate their accomplishments for the life of the mission, potentially as long as 20 years, and beyond. This report and the scientific discoveries that follow are extended thank-you notes to the 20,000 team members. The telescope is working perfectly, with much better image quality than expected. In this and accompanying papers, we give a brief history, describe the observatory, outline its objectives and current observing program, and discuss the inventions and people who made it possible. We cite detailed reports on the design and the measured performance on orbit.Comment: Accepted by PASP for the special issue on The James Webb Space Telescope Overview, 29 pages, 4 figure

Z-inertial fusion energy: power plant final report FY 2006.

This report summarizes the work conducted for the Z-inertial fusion energy (Z-IFE) late start Laboratory Directed Research Project. A major area of focus was on creating a roadmap to a z-pinch driven fusion power plant. The roadmap ties ZIFE into the Global Nuclear Energy Partnership (GNEP) initiative through the use of high energy fusion neutrons to burn the actinides of spent fuel waste. Transmutation presents a near term use for Z-IFE technology and will aid in paving the path to fusion energy. The work this year continued to develop the science and engineering needed to support the Z-IFE roadmap. This included plant system and driver cost estimates, recyclable transmission line studies, flibe characterization, reaction chamber design, and shock mitigation techniques

Clinical use of amyloid-positron emission tomography neuroimaging: Practical and bioethical considerations.

Until recently, estimation of β-amyloid plaque density as a key element for identifying Alzheimer's disease (AD) pathology as the cause of cognitive impairment was only possible at autopsy. Now with amyloid-positron emission tomography (amyloid-PET) neuroimaging, this AD hallmark can be detected antemortem. Practitioners and patients need to better understand potential diagnostic benefits and limitations of amyloid-PET and the complex practical, ethical, and social implications surrounding this new technology. To complement the practical considerations, Eli Lilly and Company sponsored a Bioethics Advisory Board to discuss ethical issues that might arise from clinical use of amyloid-PET neuroimaging with patients being evaluated for causes of cognitive decline. To best address the multifaceted issues associated with amyloid-PET neuroimaging, we recommend this technology be used only by experienced imaging and treating physicians in appropriately selected patients and only in the context of a comprehensive clinical evaluation with adequate explanations before and after the scan