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A Wachovia bank freeze has left many colleges unable to function as they're accustomed -- numerous colleges invest money in short-term investments and use the funds as a high-interest checking account. This method works well until the economy slips a bit and banks institute a freeze to protect their funds.
Some colleges complain that they don't have the ability to meet payroll and other functioning costs; this event loosely illustrates the business-like nature of modern higher education. Some are approaching the $700 billion bail-out bill as a solution to this problem... but many would disagree.
