"Michigan and Rutgers — these are big programs, and it goes to show the level of dollars each of these schools is spending on their teams," Connor said.
The action highlights growing fears on the part of policy makers in these countries that the recent slide in their currencies poses a serious economic threat given the high levels of dollar-denominated debt that their national banks and companies have taken on.
It said the high Australian dollar was a major factor it its decision, pointing out that at its peak, the level of the dollar meant Australian manufacturing was 65% more expensive compared with a decade earlier.
Second, the level of the dollar is closely connected with the level of the stockmarket.
It can't unilaterally adjust the level of the dollar against the Chinese renminbi.
Mr. Riley says Australians feel that the level of their dollar reflects somehow on their nation's status.
The reassurance seems to have stabilised, for now, the level of the dollar against other major currencies.
In the currency markets, the value of the euro fell sharply, closing in on the level of a dollar and thirty cents.
A point in their favor, he said, is the level of the dollar; it is far weaker than it was during the 2001 recession, giving American exporters a competitive edge.
But it's clearly not business as usual at the executive level of a billion dollar company.
