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Nate has heard is that a professor at MIT used to arbitrarily assign grades at the end of the term, without any sort of points, grades, or whatever. The powers-that-be had some issues with this, and required him to track something. So, MIBS points were born, as a thing that could be awarded to students and tallied at the end of the term. Nate's own deduction is that the prof found the policy "BS", and being that "MIT" was forcing him to spend time on something other than "T"....