Another Randy Pausch send-off

Prof whose 'last lecture' became a sensation dies

By RAMIT PLUSHNICK-MASTI, Associated Press Writer

Randy Pausch, the Carnegie Mellon University computer scientist whose "last lecture" about facing terminal cancer became an Internet sensation and a best-selling book, died Friday. He was 47.

Pausch died at his home in Chesapeake, Va., said Jeffrey Zaslow, a Wall Street Journal writer who co-wrote Pausch's book. Pausch and his family had moved there last fall to be closer to his wife's relatives.

Pausch was diagnosed with incurable pancreatic cancer in September 2006. His popular last lecture at Carnegie Mellon in September 2007 garnered international attention and was viewed by millions on the Internet.

In it, Pausch celebrated living the life he had always dreamed of instead of concentrating on impending death.

"The lecture was for my kids, but if others are finding value in it, that is wonderful," Pausch wrote on his Web site. "But rest assured; I'm hardly unique."

The book "The Last Lecture" leaped to the top of the nonfiction best-seller lists after its publication in April and remains there this week. The book deal was reported to be worth more than $6 million.

Pausch said he dictated the book to Zaslow by cell phone, and Zaslow recalled Friday that he was "strong and funny" during their collaboration.

"It was the most fun 53 days of my life because it was like a performance," Zaslow told The Associated Press. "It was like getting 53 extra lectures." He recalled that Pausch became emotional when they worked on the last chapter, though, because that to him was the "end of the lecture, the book, his life."

At Carnegie Mellon, Pausch was a professor of computer science, human-computer interaction and design, and was recognized as a pioneer of virtual reality research. On campus, he became known for his flamboyance and showmanship as a teacher and mentor.

The speech last fall was part of a series Carnegie Mellon called "The Last Lecture," where professors were asked to think about what matters to them most and give a hypothetical final talk. The name of the lecture series was changed to "Journeys" before Pausch spoke, something he joked about in his lecture.

"I thought, damn, I finally nailed the venue and they renamed it," he said.

He told the packed auditorium he fulfilled almost all his childhood dreams — being in zero gravity, writing an article in the World Book Encyclopedia and working with the Walt Disney Co.

The one that eluded him? Playing in the National Football League.

"If I don't seem as depressed or morose as I should be, sorry to disappoint you," Pausch said.

He then joked about his quirky hobby of winning stuffed animals at amusement parks — another of his childhood dreams — and how his mother introduced him to people to keep him humble: "This is my son. He's a doctor, but not the kind that helps people."

Pausch said he was embarrassed and flattered by the popularity of his message. Millions viewed the complete or abridged version of the lecture, titled "Really Achieving Your Childhood Dreams," online.

"I don't know how to not have fun," he said in the lecture. "I'm dying and I'm having fun. And I'm going to keep having fun every day I have left. Because there's no other way to play it."

Pausch lobbied Congress for more federal funding for pancreatic cancer research and appeared on "Oprah" and other TV shows. In what he called "a truly magical experience," he was even invited to appear as an extra in the upcoming "Star Trek" movie.

He had one line of dialogue, got to keep his costume and donated his $217.06 paycheck to charity.

Pausch blogged regularly about his medical treatment. On Feb. 15, exactly six months after he was told he had three to six months of healthy living left, Pausch posted a photo of himself to show he was "still alive & healthy."

In May, Pausch spoke at Carnegie Mellon's commencement ceremonies, telling graduates that what mattered was he could look back and say, "pretty much any time I got a chance to do something cool, I tried to grab for it, and that's where my solace comes from."

"We don't beat the reaper by living longer, we beat the reaper by living well and living fully," he said.

Born in 1960, Pausch received his bachelor's degree in computer science from Brown University and his Ph.D. from Carnegie Mellon.

He co-founded Carnegie Mellon's Entertainment Technology Center, a master's program for bringing artists and engineers together. The university named a footbridge in his honor. He also created an animation-based teaching program for high school and college students to have fun while learning computer programming.

In February, the Academy of Interactive Arts & Sciences in California announced the creation of the Dr. Randy Pausch Scholarship Fund for university students who pursue careers in game design, development and production.

He is survived by his wife, Jai, and their three children, Dylan, Logan and Chloe; his mother, Virginia Pausch of Columbia, Md.; and a sister, Tamara Mason of Lynchburg, Va.

In a statement Friday, his wife thanked those who sent messages of support and said her husband was proud that his lecture and book "inspired parents to revisit their priorities, particularly their relationships with their children."

Randy Paush - The Last Lecture

Randy Pausch Inspired Millions

Randy Pausch, the professor at Carnegie Mellon University who inspired countless students in the classroom and others worldwide through his highly acclaimed last lecture, has died of complications from pancreatic cancer. He was 47.

Also a Carnegie Mellon alumnus, Pausch co-founded the Entertainment Technology Center and led researchers who created Alice, a revolutionary way to teach computer programming. He was widely respected in academic circles for a unique interdisciplinary approach, bringing together artists, dramatists and designers to break new ground by working in collaboration with computer scientists.

Outside the classroom, he gained public fame for delivering what would come to be known as "The Last Lecture." On Sept. 18, 2007, only a month after doctors told him that he had three-to-six months to live following a recurrence of pancreatic cancer, he presented a lecture called "Really Achieving Your Childhood Dreams" to a packed auditorium at Carnegie Mellon.

The moving and often humorous talk recounted his efforts to achieve such childhood dreams as becoming a professional football player, experiencing zero gravity and developing Disney World attractions. In the process, he shared his insights on finding the good in other people, working hard to overcome obstacles and living generously.

"If you lead your life the right way, the karma will take care of itself," Pausch said. "The dreams will come to you."

The video appeared on countless websites and has been viewed by millions. Appearances on the Oprah Winfrey Show, ABC's Good Morning America and the CBS Evening News followed.

A book version, "The Last Lecture" co-written by Jeff Zaslow of the Wall Street Journal (and a fellow Carnegie Mellon alumnus), became a best-seller upon its release this spring.

"Randy had an enormous and lasting impact on Carnegie Mellon," said Carnegie Mellon President Jared L. Cohon. "A brilliant researcher and gifted teacher, he was a key member of our Human-Computer Interaction Institute and co-founder of the Entertainment Technology Center. His love of teaching, his sense of fun and his brilliance came together in the Alice project, which teaches students computer programming while enabling them to do something fun — making animated movies and games. Carnegie Mellon — and the world — are better places for having had Randy Pausch in them."

Pausch was also a pioneer in the development of virtual reality, including creating the popular Building Virtual Worlds class.

A memorial service at Carnegie Mellon University in Pittsburgh is being planned; details will be announced at a later date.

He is survived by his wife, Jai, and three children: Chloe, Dylan and Logan. The family requests that donations on his behalf be directed to the Pancreatic Cancer Action Network, 2141 Rosecrans Ave., Suite 7000, El Segundo, CA 90245, or to Carnegie Mellon's Randy Pausch Memorial Fund, which the university will use primarily to support continued work on the Alice project.

For more information on Randy's life and legacy, read In Memoriam: Randy Pausch, Innovative Computer Scientist at Carnegie Mellon, Launched Education Initiatives, Gained Worldwide Acclaim for Last Lecture.

More on IndyMac

IndyMac depositors line up for cash after seizure

By Gina Keating

Hundreds of worried IndyMac Bancorp Inc customers descended on the company's branches on Monday to withdraw their money, after regulators seized what was once one of the largest mortgage lenders in the United States.

Regulators took over the Pasadena-based lender on Friday after a bank run in which customers -- panicked over IndyMac's survival prospects -- withdrew $1.3 billion over 11 business days, regulators said.

At a branch at IndyMac's headquarters, customers began arriving at 4 a.m., five hours before the doors opened. The Federal Deposit Insurance Corp now operates the thrift's 33 Southern California branches.

"I didn't think anything like this would happen," said retired teacher Charles Tengeri from Pasadena, who was first to emerge from the branch after withdrawing $171,000 -- about two-thirds of his life savings. "I withdrew as much as I could. I know it's going to take a little time."

The FDIC said the renamed IndyMac Federal Bank will cover insured deposits, mostly up to $100,000, and initially cover 50 percent of uninsured deposits.

"I have $360,000 in this bank, and I was misled by this bank," said Robert Clark, a Glendale resident. "I gave the names of my mother, my sister and my brother on the account so I thought I would be insured. I don't know what to do. I really don't know what to do."

John Bovenzi, an FDIC official working as IndyMac Federal's chief executive, talked with customers as they waited for the doors to open, assuring one that "this bank is as safe and as sound as any bank in the country right now."

The FDIC is hoping to sell IndyMac within 90 days. Among IndyMac's assets are a rapidly deteriorating mortgage loan book, the 33 branches, and the Financial Freedom unit that makes "reverse" mortgages for older Americans.

SALE PROSPECTS

"I'd like to see if we can sell the institution as a whole to one healthy bank," Bovenzi said in an interview. "Companies like Financial Freedom have a great deal of value, so there will be a market for those assets."

The FDIC did not ask Michael Perry, who had been IndyMac's chief executive, to have a role in operations following the takeover, Bovenzi added.

IndyMac is the fifth U.S. banking company to fail this year, and the largest since the 1980s savings-and-loan crisis.

It ended March with about $19 billion of deposits, of which roughly $18 billion were insured, and $32 billion of assets, regulators said.

Jitesh Patel, a doctor from Burbank, said he took a day off from work to withdraw his money from IndyMac.

"We have money we are afraid we are going to lose," he said. "I wish we were a little more savvy."

Bovenzi said he expects more banks to fail in the current credit downturn. "I don't expect there will be large bank failures," he said. "There will be small bank failures."

Gerard Cassidy, an analyst at RBC Capital Markets, on Sunday said 300 U.S. banks might fail over the next three years because of credit losses and tight capital markets.

Regulators expect the IndyMac takeover to cost the FDIC $4 billion to $8 billion. The agency's insurance fund has about $52.8 billion.

Tengeri, the retired teacher, said he was originally attracted to IndyMac because of the high interest rates it offered on deposits.

Asked if the thrift's collapse would disturb his retirement, the 70-year-old said: "Very much."

EEK! What in tarnation is happening to our economy?!?

IndyMac Bank seized by federal regulators

The Pasadena-based thrift's failure is the second-biggest by a U.S. bank. Doors will reopen Monday.
By Kathy M. Kristof and Andrea Chang
Los Angeles Times Staff Writers

July 12, 2008

The federal government took control of Pasadena-based IndyMac Bank on Friday in what regulators called the second-largest bank failure in U.S. history.

Citing a massive run on deposits, regulators shut its main branch three hours early, leaving customers stunned and upset. One woman leaned on the locked doors, pleading with an employee inside: "Please, please, I want to take out a portion." All she could do was read a two-page notice taped to the door.

The bank's 33 branches will be closed over the weekend, but the Federal Deposit Insurance Corp. will reopen the bank on Monday as IndyMac Federal Bank, said the Office of Thrift Supervision in Washington. Customers will not be able to bank by phone or Internet over the weekend, regulators said, but can continue to use ATMs, debit cards and checks. Normal branch hours, online banking and phone banking services are to resume Monday.

Federal authorities estimated that the takeover of IndyMac, which had $32 billion in assets, would cost the FDIC $4 billion to $8 billion. Regulators said deposits of up to $100,000 were safe and insured by the FDIC. The agency's insurance fund has assets of about $52 billion.

IndyMac's failure had been widely expected in recent days. As the bank was shuttering offices and laying off employees to cope with huge losses from defaulted mortgages made at the height of the housing boom, nervous depositors were pulling out $100 million a day. The bank's stock price had plummeted to less than $1 as analysts predicted the company's imminent demise.

The takeover of IndyMac came amid rampant speculation that the federal government would also have to take over lenders Fannie Mae and Freddie Mac, which together stand behind almost half of the nation's mortgage debt.

Shares of the two mortgage giants have nose-dived this week and fell again Friday, helping to drag down the Dow Jones industrial average 128.48 points, or 1.1%, to close at 11,100.54. Investors and analysts are concerned that the two government-chartered companies need to raise billions of dollars to offset expected losses stemming from mortgage defaults, but will be unable to do so in the private market. Officials in Washington spent most of Friday trying to knock down rumors of a government bailout.

IndyMac, which once employed 10,000, fell prey to a classic run on the bank, and regulators singled out Sen. Charles E. Schumer (D-N.Y.) as having helped to fuel massive withdrawals. On June 26, Schumer said in letters to the FDIC, the OTS and two other federal agencies that IndyMac might have "serious problems" with its loan holdings.

"I am concerned that IndyMac's financial deterioration poses significant risks to both taxpayers and borrowers," he wrote. The bank "could face a failure if prescriptive measures are not taken quickly."

That public warning prompted depositors to pull $1.3 billion out of accounts between June 27 and Thursday.

"This institution failed today due to a liquidity crisis," John M. Reich, director of the OTS, said at a news conference Friday afternoon. "Although this institution was already in distress, the deposit run pushed IndyMac over the edge."

Schumer said in a statement that the cause of IndyMac's failure was "poor and loose lending practices" that should have been prevented by more active regulation. Later, a Schumer spokesman said: "Mr. Reich, a political appointee, should be spending less time playing politics and more time doing his job."

IndyMac is the second-largest financial institution failure in U.S. history, following only Continental Illinois Bank, which had assets of about $40 billion before it was shuttered in 1984. It is the fifth FDIC-insured failure of the year. Reich emphasized that though other financial institutions remained on the agency's danger list, he believed most of them would be able to work their way back to solvency.

"The IndyMac situation is unique. It does not signal a direction for the industry as a whole," he said.

IndyMac's board boasts a number of California luminaries. Among the directors, according to a proxy statement the company filed in March, is Pat Haden, 55, a former star quarterback for USC and the Los Angeles Rams, who has been a partner of Riordan, Lewis & Haden, the investment firm founded by former Los Angeles Mayor Richard Riordan, since 1987.

Other directors include Lyle E. Gramley, 81, a former governor of the Federal Reserve; Bruce G. Willison, 59, former dean of the Anderson Graduate School of Management at UCLA; and Lydia H. Kennard, 53, former executive director of Los Angeles World Airports, which operates Los Angeles International.

IndyMac had been operating under close regulatory scrutiny since January, when the OTS determined that the company was in ill health. The bank lost $614.8 million in 2007 and $184.2 million during the first quarter of this year, largely as the result of souring home loans.

IndyMac, which posted $342.9 million in profit in 2006, had been a leader in so-called alt-A mortgages, which were made to borrowers with decent credit who often weren't required to verify their income to get the loan. That year, the company's stock price peaked at $50 a share, valuing IndyMac at a tidy $3.5 billion.

However, as the real estate market slowed, the company's loan losses ballooned. In its March report to regulators, the company said that 8.86% of its loans were delinquent, up from 1.51% the year before. By the end of 2007, the company's shares were selling for $6. They closed at 28 cents Friday.

IndyMac, which has been selling and closing offices, revamped its business to focus solely on so-called conforming loans, which are relatively small-balance mortgages made to people with good credit and that can be immediately resold on the secondary market. Reich said it was unclear whether the moves would have proved sufficient to save the troubled thrift.

"Would the institution have failed without the deposit run?" he said. "We will never know."

At 3 p.m. Friday, IndyMac shut the doors to its main branch in Pasadena, three hours early, leaving customers angry and surprised. Georgi Arnold of El Monte had come to deposit $230 into her checking account but wasn't allowed inside. "I am livid," said Arnold, 32. "I'm glad I closed my savings account already."

Arnold said she had "a few thousand dollars" in the bank, money she uses for her children, small bills and vacations. "Best believe first thing come Monday I'll be drawing out all my money and closing my account because this is ridiculous," she said.

Jagdish Belgaum rushed to the bank after hearing the news, only to be locked out. The 42-year-old South Pasadena resident said he had about five CD accounts totaling just under $100,000.

"Luckily I don't need the money right away," said Belgaum, a chief technology officer at a medical management company. "I'm more afraid of the long line on Monday. That's why I came running."

IndyMac announced Monday that it was laying off 3,800 employees. FDIC spokesman David Barr said Friday outside IndyMac headquarters that "the bulk of the employees will be needed to run this as a full-service bank."

But a handful of employees who were leaving the building appeared to be preparing for the worst, lugging boxes of belongings and saying goodbye to one another. One woman carried out a potted plant. Regulators said they hoped to sell the bank within 90 days.

The FDIC has set up a toll-free phone line -- (866) 806-5919 -- and a page on its website -- www.fdic.gov/bank/individual /failed/IndyMac.html -- for bank customers to obtain information.

IndyMac Bank is the main subsidiary of IndyMac Bancorp. It was unclear what would happen to the holding company in light of the seizure.

Lefties in baseball

The usual commentary about southpaws and baseball, but wanted to share to see if anyone disagreed with these common-sense observations. I say southpaws get a break in baseball cuz its gotta suck living in a right-handed world as soon as they enter their car to leave the stadium.

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In the general public, about 10 percent of people are left-handed. In Major League Baseball, about 25 percent of players are lefties. Any serious fan knows some of the reasons why certain positions favor lefties, but David Peters has come up with a laundry list of reasons to explain this anomaly.
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Peters is an aircraft engineer and professor at Washington University in St. Louis, and a devoted Cardinal's fan. This week, he shared his reasons why the game is rigged to favor southpaws.

The ballparks: Right field in most parks is shorter than left field because of the preponderance of right-handed hitters.

Seeing the ball: "A right-handed batter facing a right-handed pitcher actually has to pick up the ball visually as it comes from behind his (the batter's) left shoulder. The left-handed batter facing the right-handed pitcher has the ball coming to him, so he has a much clearer view of pitches."

Getting going: After a right-hander connects with a ball, his momentum spins him toward the third-base side. He must regroup to take even his first step toward first base. A left-hander's momentum carries him directly toward first. "The left-handed batter has a 5-foot advantage over the right-handed batter," Peters calculates. "And that means the lefty travels the 90 feet to first roughly one-sixth of a second faster than the righty. That translates to more base hits for the left-hander, whether singles or extra base hits because lefties are getting to the bases more quickly."

Pitching: The left-handed pitcher generally is much more difficult to steal off. From his stretch, he peers directly at the runner; the right-hander must look over his shoulder and wheel to first base, giving the runner more of a warning of the pitcher's intent.

Fielding: First base and right field favor lefies. The favorable angles lefties allow them to throw the ball more quickly across the diamond to second, third and home.

Just being different: "Because only 10 percent of the population is left-handed, kids grow up and mature in baseball seeing a left-hander just 10 percent of the time they bat," he points out. "So, it can be hard for both lefties and righties to face a southpaw. It's why some left-handed batters look dreadful matched against a lefty." Some batters don't like facing southpaws because their ball is purported to have a natural movement away from a right-hander and into a lefty. "There's no scientific evidence to support this, but I wonder if lefties get that movement from learning to write in a right-hander's world," Peters says.

Not catching on: One position a lefty rarely plays is catcher; it is difficult for a southpaw catcher to throw over so many right-hand batters.