Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Dang! Gumdrops and lollipops today, huh?
Sweet!
Not at all, the details help in the learning process and your parents strike a nice balance...buy bonds and stay away from my divy checks,lol.
Yes, that makes sense. You're playing the volatility of the time decay in the front month, the way I understand it. Just wasn't clear as to why but I now I see the time premium in the chain. My summer reading is telling me to allow the extra time to be right,lol.
Have a great weekend.
Hey, Bobby...quick question. Why the AUG calls on WNR and not looking further out? What's the reasoning there?
I've been watching some of the CBOE webinars and am watching your options plays closely. Just wondering about the very short term timing on this one. Thanks for your help and the resources from the box too!
Criminal Charges Levied Against Long Island Hedge Fund's Former Analyst
(AXcess News) New York - The Eastern New York Attorney Generals Office in Brooklyn has filed criminal charges against former NIR Group analyst, Daryl Dworkin, according to Nathan Vardi, a Forbes reporter who has followed the hedge fund's questionable past.
Vardi followed up on his earlier story Thursday, to post in Forbes' blog that evening that Dworkin is rolling over on NIR Group founder, Corey Ribotsky, whose dealings were exposed by AXcess News, Forbes and the WSJ over the course of several years of investigative journalism.
The criminal probe was first revealed by AXcess News following the WSJ story about possible civil misconduct on the part of Ribotsky's NIR Group in 'misleading investors.'
While the Eastern NY Attorney Generals office presses Dworkin, chances are he will roll over on Ribotsky, which may be the whole idea behind charging the former analyst in the first place.
The string of stories in the press on NIR Group and Ribotsky over the course of several years focused on the misleading of investors in the hedge fund, yet the real victims may lie in the public companies NIR Group had invested in. AXcess News reported that at least seven companies were suing NIR over their dealings with them in accepting investment capital. AXcess News was threatened by Ribotsky's lawyers for their story, yet the publication refused to recant that news.
Tip Report has learned that the criminal probe's focus is not on those companies losses but the losses of the wealthy individuals who were allegedly mislead by Ribotsky's hedge fund. In fact, should the Fund's assets fall into court appointed receivership, the interest will be in recouping as much of the capital for the investors in NIR Group as possible without consideration to the companies that accepted that financing - despite any wrong doing on the part of NIR Group.
One wonders if Regulators are snubbing the penny stock companies in favor of the wealthy investors. Widows and Orphans be damned! What the New York Attorney Generals office has is a case under the Rico Act if two or more of those companies [who were supposedly swindled by NIR Group when they accepted that hedge fund's financing] would only step up and file criminal complaints. A precedence for other complaints could follow and perhaps put an end to the seedy investment style seen in the unregulated world of hedge funds who invest in penny stock companies through PIPE offerings and other convertible securities instruments that give a bad rap to the hedge fund industry as a whole.
Source: TipReport.com
http://axcessnews.com/index.php/articles/show/id/20441
Hey, thanks. That's neat-o!...eom
Former NIR Group Analyst Pleads Guilty To Securities Fraud
July 8, 2010 - 7:36 pm
by Nathan Vardi
Nathan Vardi is an associate editor at Forbes
Former NIR Group investment analyst Daryl Dworkin has pleaded guilty to charges of securities fraud, according to a letter sent by the U.S. attorney in Brooklyn to investors of the Long Island hedge fund firm.
Dworkin pleaded guilty to three counts of securities fraud, conspiracy to commit securities fraud, and conspiracy to use interstate facilities with the intent to carry on commercial bribery, the letter says.
According to the letter, the U.S. Attorney’s Office for the Eastern District of New York “believes it is important to keep potential victims of federal crime informed of court proceedings.”
I reported earlier today that federal prosecutors in Brooklyn had filed a criminal information against Dworkin. Federal prosecutors in Brooklyn have been investigating NIR Group, a hedge fund firm run by Corey Ribotsky that specialized in PIPE investments, for many months.
The criminal information filed against Dworkin makes two basic allegations:
It accuses Dworkin of misleading investors by “making materially false statements and material omissions” regarding assets held in NIR’s funds. It says that in defrauding investors Dworkin was “acting at the direction of NIR’s senior management.”
The filing also says Dworkin solicited and accepted kickbacks from deal finders who facilitated PIPE investments by NIR’s PIPE funds, which once claimed to manage more than $700 million in assets. The authorities allege Dworkin took steps to conceal the kickbacks from NIR’s senior management.
In a written statement, Jordan Hershman, a lawyer for NIR and Ribotsky, said: "At the time that Mr. Dworkin was in NIR's employ, NIR and Mr. Ribotsky were unaware of any criminal activity in which Mr. Dworkin engaged. As the United States Attorney stated in its charging document against Mr. Dworkin, Dworkin 'took steps to conceal the kickbacks (he received) from NIR's senior management.' The company is cooperating fully with the government's investigation. It is confident that the facts will show that NIR and Mr. Ribotsky acted properly at all times."
http://blogs.forbes.com/streettalk/2010/07/08/former-nir-group-analyst-pleads-guilty-to-securities-fraud/
The Herzfeld Caribbean Basin Fund, Inc. Appoints New Independent Director
The Herzfeld Caribbean Basin Fund (NASDAQ: CUBA) announced the appointment of Ted S. Williams as an independent director to the Fund's Board of Directors.
Mr. Williams brings expertise in the field of closed-end funds, knowledge of Caribbean investments and 24 years of experience in the securities industry to the Board. As part of his role as an independent director, he has also been appointed to the Fund's Nominating Committee and Audit Committee.
http://ih.advfn.com/p.php?pid=nmona&article=43454634&symbol=CUBA
I just realized they're not on the AMEX anymore,
now there's a no-nonsense low hype company for you.
I wonder if a relicensing of 3y Entenmann's deal is coming. Seems like it just got going...
Yes, let's hope deeper pockets see that too.
cheers
Coffee Holding Co., Inc. Announces Regular Quarterly Dividend Program of $0.03 Per Share
Date : 06/25/2010 @ 9:00AM
Source : GlobeNewswire Inc.
Stock : Coffee Holding Co., Inc. (JVA)
Coffee Holding Co., Inc. (Nasdaq:JVA) (the "Company") today announced that its Board of Directors has declared a quarterly cash dividend on the company's common stock of three cents ($0.03) per share for stockholders of record as of the close of business on July 16, 2010. The dividend will be paid on July 29, 2010.
"A regular quarterly dividend program accomplishes our goals of creating shareholder value while sending a signal to the marketplace as to the company's current strength," said Andrew Gordon, President & CEO.
"We want to reward our investors with this modest income to give them further reason to back our company for the long haul at a time when many investors are looking for both value and stability in what has become an increasingly difficult and unstable economic and investing environment. This payout, with its current 2.4 % yield, will not prevent us from our achieving our other corporate growth initiatives, as we continue to generate free cash flow."
About Coffee Holding
Coffee Holding is a leading integrated wholesale coffee roaster and dealer in the United States and one of the few coffee companies that offers a broad array of coffee products across the entire spectrum of consumer tastes, preferences and price points. Coffee Holding has been a family-operated business for three generations and has remained profitable through varying cycles in the coffee industry and the economy. The Company's private label and branded coffee products are sold throughout the United States, Canada and abroad to supermarkets, wholesalers, and individually owned and multi-unit retail customers.
Any statements that are not historical facts contained in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements upon information available to management as of the date of this release and management's expectations and projections about certain future events. It is possible that the assumptions made by management for purposes of such statements may not materialize. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements may involve risks and uncertainties, including but not limited to those relating to product demand, pricing, market acceptance, the effect of economic conditions, intellectual property rights, the outcome of competitive products, risks in product development, the results of financing efforts, the ability to complete transactions, the ability to continue the new quarterly dividend program and other factors discussed from time to time in the Company's Securities and Exchange Commission filings. The Company undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made.
CONTACT: Coffee Holding Co., Inc.
Andrew Gordon, President & CEO
(718) 832-0800
http://ih.advfn.com/p.php?pid=nmona&article=43371758&symbol=JVA
takes care of any pipe shares coming off too.
How's that? More, please.
tia
From epicstockspam:
GLFW - Our alert on Monday saw incredible trading action and short term gains were made however, once again the company, shorters, and insiders reared their ugly head into this and brought this down. Our apologies for alerting this as it seems once again, this company and those who manipulate the market do not care care for the average trader. In all my years of trading, I have never seen a company with such blatent disregard for their investors. I am sickened and I want Gulf West to know that what they have done to the pps is outright criminal. Please call this company up and let them know how you feel about this: 1-888-996-9910
http://www.epicstockpicks.com
BSOI...10-q filing:
http://secfilings.com/searchresultswide.aspx?link=2&filingid=7311506
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The net loss for the six months of fiscal year 2010 was $34,796 or $0.04 per share, compared with a net loss of $35,984 or $0.04 per share for the same period last year.
No sales were recorded for the Company in the six months of fiscal years 2010 and 2009.
The sale by Bison of its product lines in prior years has essentially rendered Bison inactive.
The General Manager, Larry Martin, administers the corporate affairs of the Company and monitors residual business matters. During the period, the Company incurred expenses to Mr. Martin of $2,700 for these services. An office is maintained in Chanhassen, Minnesota, which is provided free of charge by Mr. Martin. An affiliate of Andus Inc., the majority shareholder, provides management and accounting services at no charge to the Company.
The Company has income tax losses of approximately $1,890,500 per 10-K available for carry forwards, which may be used to reduce future years’ taxable income and for which the benefit has not been recorded. These losses expire between 2011 and 2029.
The Company has no means to generate revenue necessary to pay its obligations to regulatory bodies, directors, accountants and lawyers. In this regard, Andus Inc., the majority shareholder has committed to support the Company for its normal management and corporate expenses at levels of present expenditure until May 1, 2011.
Management continues to pursue other business opportunities for the Company including merger opportunities with other businesses which may result in a reverse-take-over of the Company. However, there is no guarantee that management will be successful in their endeavours.
CAUTIONARY STATEMENT FOR PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Except for historical matters, the matters discussed in this Form 10-Q are forward-looking statements based on current expectations, and involve risks and uncertainties. Forward-looking statements include, but are not limited to, the operation of the business and to statements regarding the general description of Management’s plan to seek other business opportunities including merger opportunities with other businesses which may result in a reverse-take-over of the Company, and the manner in which the Company may participate in such business opportunities.
6
The Company wishes to caution the reader that there are many uncertainties and unknown factors which could affect its ability to carry out its business plan to pursue other business opportunities for the corporation. There is no guarantee that the Company will be successful in its endeavors.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
N/A
Item 4. Controls and procedures.
As of the end of the period covered by this report, the Company’s Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures. Based upon this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures currently in effect are effective in ensuring that information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time period specified by the Securities and Exchange Commission’s rules and forms.
The Chief Executive Office and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures are also effective to ensure that the information required to be disclosed in the reports that the Company files or submits under the Exchange Act is accumulated and communicated to the Company’s management to allow timely decisions regarding required disclosure.
There have been no changes in the Company’s internal control over financial reporting during the Company’s second fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
7
PART II
Item 1. Legal Proceedings.
The Company is not presently party to any pending legal proceeding, and its property is not the subject of any pending legal proceeding.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
(a)
During the period covered by this report, the registrant did not sell any equity securities that were not registered under the Securities Act.
(b)
N/A
(c)
During the quarter covered by this report, the registrant did not purchase any equity securities.
Item 3. Defaults Upon Senior Securities
There has been no material default in the payment of principal, interest, a sinking or purchase fund installment, or any other material default, with respect to any indebtedness of the issuer.
Item 4. Submission of Matters to a Vote of Security Holders
TheAnnual General meeting of the shareholders of the Company was held in the second quarter of the fiscal year covered by this report. The security holders voted on and approved the re-election of all incumbent directors and approved Eide Bailly LLP as the Company’s auditors.
Item 5. Other Information
N/A
Item 6. Exhibits.
The rights of securities holders are set out in their entirety in the Articles of Incorporation of the Company, its By-laws and all amendments thereto. The Articles and By-laws were contained in Form 10-SB filed by the Company on October 6, 1999, and are incorporated herein by reference.
The Company is not subject to any voting trust agreements.
As the Company is essentially inactive at the time of this filing, it is not currently party to any material contracts.
A statement regarding the computation of share earnings has not been included in this Form for Registration of Securities, as the primary and fully diluted share earnings are identical and can be clearly determined from the financial statements provided.
PART III
Item 1. Reports on Form 8-K.
A report on Form 8-K was filed on March 3, 2010. This form informed the Commission of the resignation of Edward G. Lampman as Chief Executive Officer, Chief Financial Officer and Director of Bison Instruments, Inc. This form informed the Commission of the appointment of Eric Sunshine as Chief Financial Officer of Bison Instruments, Inc. This form informed the Commission of the appointment of Barrie D. Rose as Chief Executive Officer of Bison Instruments, Inc.
8
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
By:
/s/
Bison Instruments, Inc.
/s/
Barrie Rose
(Signature)
Barrie Rose
Chief Executive Officer
/s/
Eric Sunshine
(Signature)
Eric Sunshine
Chief Financial Officer
Date: June 14, 2010
Here's to hoping for another customer...
Cheers!
Smart Grid RoadShow
May 11th & 12th
Session 406 - Automation/IT "Integrating Legacy Systems, including AMR Systems,
into Smart Grids" Jim Fisher, Business Development Manager of Itron, Ram Rao,
CTO of Ambient Corporation
http://www.smartgridroadshow.com/4/?page=agenda&show=4&t=Preliminary%20Program
ABTG...Investor Relations
(617) 614-6701 or email investors@ambientcorp.com
I agree, I just got BGBR SPAM from "Stocks Gone Wild"
Which one of you mystifying oracles is ready to own up to that?
JJ's Blog has moved to :
http://jayjayshideaway.blogspot.com/
rock on...
Wow, thanks for keeping us informed about when to buy and sell this security. With the wind shifting so rapidly, it's good to have your unlicensed advice at our disposal.
lol
Tollgrade Signs Interoperability and Co-Marketing Agreement With Ambient Corporation
PITTSBURGH, March 22, 2010
GLOBE NEWSWIRE
Tollgrade Communications, Inc. (Nasdaq:TLGD), a leading supplier of service assurance products and solutions, today announced that it has completed an interoperability and co-marketing agreement with Ambient Corporation (OTCBB:ABTG), a pioneering integrator of smart grid communications platforms, headquartered in Newton, MA. The joint offering will empower electric power utilities with real-time grid intelligence via a robust communications network, enabling them to improve overall efficiency and reliability of energy delivery.
The companies have collaborated to integrate Tollgrade's LightHouse™ software agent and the Ambient Smart Grid® Node, enabling the LightHouse sensors to leverage the communications and remote management services available on the Node. Customers who purchase the joint solution can now deploy LightHouse sensors for outage notification, real-time fault detection and location, and continuous load monitoring and also have the ability to integrate other smart grid applications, such as AMR/AMI, distribution automation, and outage management systems. The Ambient Smart Grid® platform enables the building of an IP network utilizing a variety of standards based technologies to aggregate and transport data from all the smart grid applications.
"The integration of these two innovative products will enable electric power utilities to have the real-time intelligence they need to manage the distribution network and proactively identify and correct network troubles," said Joseph Ferrara, Tollgrade's President and CEO.
John J. Joyce, President and CEO, Ambient Corporation, added, "In today's Smart Grid market, such collaborative efforts between companies such as Tollgrade and Ambient demonstrates what is required to form best-in-class solutions that will create opportunities for faster adoption of new technologies and realization of smart grid efficiencies."
For a discussion regarding the joint solution, which is available for deployment immediately, stop by the Verizon Wireless and Ambient shared booth 139 at DistribuTECH, March 23-25, Tampa FL.
http://ih.advfn.com/p.php?pid=nmona&article=42070308&symbol=ABTG
Right, the Dow Newswire piece.... I believe Ambient was mentioned as a company that "could benefit from the package", which is true.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35572145
Huh? I wouldn't hold your breath for any "money release from Obama to Ambient".
We can hope that stimulus funds will come by way of Duke (and other utes) in the form of continued purchase orders of Ambient gear. Recent news indicates that the favorable Treasury ruling regrding tax-exempt status of those grants may help expedite that flow of project funding.
Is that what you're saying?
Trade Association Hails Tax Decision on Smart Grid Grants and Applauds DOE Efforts
Wed Mar 10, 5:24 pm ET
WASHINGTON, March 10 –
WASHINGTON, March 10 /PRNewswire-USNewswire/ -- The Demand Response and Smart Grid Coalition (DRSG), the trade group for the smart grid industry, today hailed the issuance by the U.S. Treasury Department of a finding that the smart grid investment grants being provided by the Department of Energy would not be taxable to the grant recipients.
Dan Delurey, President of DRSG, made the following statement:
"The issue of tax liability has been the last major issue that has stood in the way of contract execution between DOE and the grant recipients, and the IRS ruling should pave the way for a large number of smart grid projects to move forward and begin deployment. That means not only that smart grid infrastructure and practices will accelerate across the country, but also that smart grid can better serve as an engine for job creation in the coming months.
"We also want to take this opportunity to applaud the efforts of DOE on the smart grid investment grant program. We know that this program did not yet exist at the time that DOE was directed by Congress to use stimulus funds for smart grid activity. We know the challenges that DOE faced in creating the programmatic infrastructure and rules to allow the grants to move forward. We believe the DOE's efforts met those challenges and we believe its achievement should be recognized."
About DRSG
The Demand Response and Smart Grid Coalition (DRSG) is the trade association for companies that provide products and services in the areas of demand response and smart grid. DRSG works to educate and provide information to policymakers, utilities, the media, the financial community and stakeholders on how demand response and smart grid technologies can help modernize our electricity system and provide customers with new information and options for managing their electricity use.
Members of the DRSG Coalition include: Aclara, Advanced Telemetry, Ambient, Amplex, Boeing, Bridge Energy Group, CABA, CalAmp, CALMAC, Comverge, Conservation Services Group, Control4, Corporate Systems Engineering, CPower, Echelon, Eka Systems, Electrolux, eMeter, Energy Capital Partners, EnergyConnect, Energy Curtailment Specialists, EnergySolve, EnerNOC, Enfora, EnOcean Alliance, Enspiria Solutions, GE, Google, HomeGrid Forum, Honeywell, Ice Energy, Itron, Johnson Controls, KMC Controls, Landis+Gyr, LG Electronics, Lockheed Martin, Lutron Electronics, Midas Medici Group Holdings, Oracle, PCN Technology, Sensus, Silver Spring Networks, SmartSynch, Space-Time Insight, Steffes, Tendril, Trilliant Networks, Universal Powerline Association, Whirlpool, ZigBee Alliance, Ziphany. More information is available at www.drsgcoalition.org.
SOURCE Demand Response and Smart Grid Coalition
http://news.yahoo.com/s/usnw/20100310/pl_usnw/DC68637_1
Andus Inc., a Delaware corporation, owns 67.05% of the Company. Andus Inc. is a wholly owned subsidiary of Androcan Inc., a Canadian corporation. Androcan Inc., directly or indirectly, also owns a controlling interest in Pylon Electronics Inc. and Canbar Inc., which are involved in the manufacture and sale of various retail and industrial products. Mr. Barrie D. Rose and members of his family control Androcan Inc.
-and-
Barrie D. Rose. Mr. Rose has held a number of executive positions in a variety of industrial companies. Mr. Rose founded the Androcan Group of Companies in 1984. He is currently Chairman and Chief Executive Officer of Androcan Inc., and Chairman and President of Andus Inc.
http://ih.advfn.com/p.php?pid=nmona&cb=1268102278&article=41190428&symbol=NB^BSOI
That's all I got.
gl
Buyer Beware. There is a public interest concern associated with the company, which may include a spam campaign, questionable stock promotion, known investigation of fraudulent activity committed by the company or insiders, regulatory suspensions, or disruptive corporate actions. During the time it is labeled Caveat Emptor, any stock that is not in the Current Information category will also have its quotes blocked on otcmarkets.com.
http://www.otcmarkets.com/pink/quote/quote.jsp?symbol=ccmi
Item 5.02 Departure of Director or Certain Officers; Election of Directors; Appointment of Certain Officers
(b) On February 25, 2010, Edward G. Lampman resigned as Chief Executive Officer, Chief Financial Officer and Director of Bison Instruments, Inc.
(c) On March 2, 2010, Eric Sunshine was appointed Chief Financial Officer of Bison Instruments, Inc.
On March 2, 2010, Barrie D. Rose was appointed Chief Executive Officer of Bison Instruments, Inc.
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=7097376-839-5365&type=sect&dcn=0000897101-10-000420
im curious how it went from .16 cents to 6 cents this is crazy the coompany wont even release news
Posted by: mhakim Date: Thursday, January 28, 2010 12:41:16 AM
In reply to: change-for-a-buck who wrote msg# 165 Post # of 406
i found out were the volume was comin from it was basicaly everyone cashing in on thier stock option from this promotion from jcof
http://www.discoveryourmaverick.com/2009/11/javafit-stock-option-promotion/
1977-02-26 Swing Auditorium - San Bernardino, CA
Source:Betty Cantor Soundboard
Set 1: Terrapin Station, Minglewood Blues, They Love Each Other, Estimated Prophet, Sugaree, Mama Tried, Deal, Playing In The Band > The Wheel > Playing In The Band
Set 2: Samson & Delilah, Tennessee Jed, Music Never Stopped, Help On The Way > Slipknot > Franklin's Tower, Promised Land, Eyes Of The World > Dancing In The Streets > Around and Around
E: U.S. Blues
(first "Estimated" - first "Terrapin")
http://www.archive.org/download/gd1977-02-26.sbd.steve.253.shnf/gd1977-02-26.sbd.steve.253.shnf_vbr.m3u
Images with thanks to :
http://www.minkindesign.com/photo/
Who sent out that horrible and desperate attempt to create volume?
VTPK traded as high as $5.00 a little over a year ago. Upon success of the project that number could very well be seen again.
yikes
LOL, that belongs in the Shameless Run-On Pump Hall of Fame.
If you are referring to me you are wrong Im buying and i havn't sold a single share My room is also buying and holding This float is very tight and what a nice buying opportunity we have this morning imo the shorts are getting nervous and playing games just wait till the company puts out news as theres not enough shares left to manipulate it much more as we have pretty much bought them up go VTPK weeeeeeeeeeeeeeeeeeeeeeeeeee
lmao
Bad debt2O
Hardly any residue!
LOL...I bet SPNG can kick in some media credits to sweeten the pot too.
think of the "synergy"....
lmao
Isn't it claimed that JB has an honorary PhD
form MIT? Rawnoc said so, anyway.
Uh, far be it from me to question this wisdom but I always heard that MIT does not award honorary degrees, although I think they have appointed honorary professorships. I'll keep trying though,lol.
Here you go...
CAMBRIDGE, Mass. -- Honorary degrees are a routine part of graduation ceremonies at nearly every college in the land -- but not at the Massachusetts Institute of Technology. MIT's founder, William Barton Rogers, regarded the practice of giving honorary degrees as "literary almsgiving ... of spurious merit and noisy popularity."
Since MIT held its first graduation ceremony in May, 1868, every MIT degree has been earned by academic labor. It is an MIT tradition of meritocracy that traces its origin back to Rogers and to Thomas Jefferson, the founder of the University of Virginia.
http://web.mit.edu/newsoffice/2001/commdegrees.html