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Houstonian 1979
Campus Life
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Students of the University of Houston. Houstonian 1979 - Campus Life. Special Collections, University of Houston Libraries. University of Houston Digital Library. Web. August 1, 2014. http://digital.lib.uh.edu/collection/yearb/item/20342/show/20012.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Students of the University of Houston. Houstonian 1979 - Campus Life. Houstonian Yearbook Collection. Special Collections, University of Houston Libraries. Retrieved from http://digital.lib.uh.edu/collection/yearb/item/20342/show/20012

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Students of the University of Houston, Houstonian 1979 - Campus Life, Houstonian Yearbook Collection, Special Collections, University of Houston Libraries, accessed August 1, 2014, http://digital.lib.uh.edu/collection/yearb/item/20342/show/20012.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

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Compound Item Description
Title Houstonian 1979
Creator (LCNAF)
  • Students of the University of Houston
Caption The Houstonian is the official yearbook of the University of Houston.
Subject.Name (LCNAF)
  • University of Houston
Language English
Format (IMT)
  • image/jpeg
Digital Collection Houstonian Yearbook Collection
Digital Collection URL http://digital.lib.uh.edu/collection/yearb
Repository Special Collections, University of Houston Libraries
Repository URL http://info.lib.uh.edu/about/campus-libraries-collections/special-collections
Use and Reproduction This image is in the public domain and may be used freely. If publishing in print, electronically, or on a website, please use the citation button above. To request higher resolution images, please use the Request High Res button above.
File name index.cpd
Item Description
Title Campus Life
Creator (LCNAF)
  • Students of the University of Houston
Caption The Houstonian is the official yearbook of the University of Houston.
Subject.Name (LCNAF)
  • University of Houston
Repository Special Collections, University of Houston Libraries
Use and Reproduction This image is in the public domain and may be used freely. If publishing in print, electronically, or on a website, please use the citation button above. To request higher resolution images, please use the Request High Res button above.
File name yearb_1979_053.jpg
Transcript UH PLAYS MONEY GAMES . . . Louisiana has horse racing; Las Vegas has casinos. The University of Houston had the bond markets. When bettors in Vegas and at the tracks lose, they merely gather up what they have left and go home. UH had a different approach: it quietly adjusted its books downward and hoped no one would notice. Of course, when $14.6 million disappears from the ledgers, there is no way it will be unnoticed. Throughout 1978, for practically the entire year, UH financial officials and outside auditing experts pored over the university's financial records to unravel a mass of entanglements in the mortgage bond markets. The problems surfaced in October and November of 1977. Samuel A. Harwell, a UH financial analyst, was in charge of UH's short-term investment program, and he had come up with a plan which he was convinced would greatly increase the university's investment returns. And for three years, from the time he was hired in 1974 until he was fired in November 1977, he was successful; the returns proved it. But Harwell's program was risky; a bad turn in the market could have cost the university millions. Lawyers from one of Houston's most prestigious law firms, in addition to lawyers in the Texas attorney general's office, expressed fears that Harwell's program might have violated state laws. But no one seemed aware of any of this until October 1977. The UH Board of Regents learned about the university's position in the bond markets in November 1977. The board comprises a number of people who are financially very conservative; they did not like the extremely risky nature of Harwell's program, and were concerned about what the lawyers had said. In December 1977, the regents 56