Editor’s note: This article was initially published in The Daily Gazette, Swarthmore’s online, daily newspaper founded in Fall 1996. As of Fall 2018, the DG has merged with The Phoenix. See the about page to read more about the DG.
The Daily Gazette
Swarthmore College
Tuesday, November 25, 1997
Volume 2, Number 56
NEWS IN BRIEF
1) Michael Moore urges Swarthmore to get real
2) Treasurer Welsh reveals endowment secrets
3) World news roundup
SPORTS IN BRIEF
1) Women’s hoops loses to Williams, knocks out Notre Dame
2) Wall ’98 competes in cross country nationals
3) Today’s and tomorrow’s contests
WEATHER FORECAST
Today: Sunny and windy early, then cloudy and windy. High of 45.
Raking leaves today would be an exercise in futility.
Tonight: Partly cloudy. Low close to 35.
Warmer than last night, but not exactly balmy.
Wednesday: The sun will make some appearances. High near 60.
NEWS REPORT
1) Michael Moore urges Swarthmore to get real
Progressive satirist Michael Moore wasted no time getting intimate with his
audience during a lecture Monday night, cracking jokes at the expense of
Republicans and imploring liberals to get moving. Republicans whine and
blame everyone from foreigners to welfare mothers for the nation’s
problems, said Moore, but no one carries the liberal message to the public.
He urged progressives to “stop preaching to the choir and get with it.”
Moore told the audience to demand social and economic justice. Audience
members raised questions about Swarthmore’s labor and union polices after
the lecture. Moore responded by asking questions and encouraging student
support and worker action.
Moore is best known for his film “Roger and Me” and television show “TV
Nation.” His presentation included scenes from his new movie, “The Big
One,” and censored clips from “TV Nation.”
“He does a lot to raise apathetic people’s consciousness by delivering the
message in a funny way,” said Michael Stanley ’01. “He also helps those of
us already on the left understand that we can’t just talk about things, but
we must effect real change.”
*****
2) Treasurer Welsh reveals endowment secrets
Income from the endowment made up 40 percent of Swarthmore’s operating
budget in the 1996-97 academic year, College Treasurer Suzanne Welsh said
in a presentation Friday. Swarthmore spent $28 million from the endowment,
or about $19,800 per student enrolled that year, she said.
Swarthmore’s endowment has a total market value of $748 million, Welsh
said. That makes it the 33rd largest in the country and, at $536,000 per
student, the sixth largest on a per-student basis, according to Welsh.
Welsh said the two largest expenditures funded by the endowment are
financial aid and professorships. Spending from the endowment increases
annually at inflation plus 1 percent to keep pace with growth in the
College budget.
The endowment provides a continuous stream of income into the budget,
granting the College “some independence from economic and political
forces,” said Welsh. It is a pool of gifts that have been invested over the
years, along with accumulated dividends and interest, she explained.
The College prefers not to withdraw large sums of money from the endowment,
because then not only the lump sum but the interest it would have earned is
lost, she said.
The endowment is overseen by the Investment Committee, made up of 12
members of the Board of Managers who are “professionals in the investment
world,” said Welsh. The committee selects investment management firms to
make individual investments and handle them on a day-to-day basis. “A lot
of institutions with big endowments have the same managers we do, and the
firms tend to put together one portfolio for all of us,” said Welsh.
As of June 30, 59 percent of the endowment was invested in domestic
stocks and 19 percent in international stocks. Alternative equities,
including real estate and other private investments, make up an additional
8 percent, and 14 percent is in fixed income or cash form.
According to Welsh, future plans include a decrease in domestic holdings
and an increase in alternative and international investments. “American
stocks are not the majority in the world market anymore,” she said, and
other institutions are also shifting out of the domestic market.
This is the first article in a series on the endowment. In Wednesday’s
edition: social responsibility and Swarthmore’s investments.
*****
3) World news roundup
JAPANESE STOCK AVERAGE FALLS, CLOSING DOWN LEADING BROKER
In Tokyo, the Nikkei Stock Average fell 613.59 points, or 3.67 percent, on
Tuesday after a leading Japanese brokerage, Yamaichi Securities Co., folded
Monday. Fears that Yamaichi would sell its holdings to help cover its debts
sparked the selloff, said dealers. Yamaichi’s collapse was the biggest
financial failure in Japanese history. Analysts are worried that Yamaichi’s
closure could trigger a full-scale meltdown in Japan and push Japanese
banks into debt, forcing them to sell their holdings of over $300
billion in U.S. Treasury bonds. Alternatively, the crisis may lure anxious
investors to stock up on U.S. bonds.
ASTRONAUTS SAVE SPARTAN SCIENCE SATELLITE
The six crew members of the Columbia shuttle collaborated to retrieve a
Spartan science satellite worth $10 million, which they had accidentally
knocked off-course during release. Spacewalking astronauts Winston Scott
and Takao Doi reached out and grabbed the 3000-pound reusable solar
observatory as it slowly spun by.
IN OTHER NEWS…
The Federal Election Commission, which provides funding for presidential
and congressional elections, announced that it may be short of cash for
candidates in the 2000 primaries; it cited lack of taxpayer support and an
increase in candidates who qualified for financial help as reasons. …
Real estate giant Tishman Speyer Properties has bought Manhattan’s Chrysler
Building, reportedly for at least $200 million. … Salim Ahmed Salim,
secretary-general of the Organization of African Unity, estimated
that about 26 million African girls do not attend school and that Africa’s
illiteracy rate is at least 56 percent, higher than any other continent’s.
*****
SPORTS UPDATE
1) Women’s hoops loses to Williams, knocks out Notre Dame
The women’s basketball team traveled to Massachusetts for the Williams
Tip-Off Tournament this weekend. In the first game, the Garnet lost 81-39
to Williams College. “They were a deep team [and] they were nationally
ranked last year,” team member Holly Barton ’99 said. In the consolation
game, against Notre Dame, Swarthmore came out victorious with a score of
69-45. Barton scored a career-high 31 points; first-years Heather
Marandola and Nancy Craig each scored 10 points. “We definitely ran the
ball more — we got a lot of steals off of our press,” said Barton.
*****
2) Wall ’98 competes in cross country nationals
Danielle Wall ’98 placed 108th with a time of 20:08 Saturday at the NCAA
Division III national cross country championship, held in Boston.
Conditions were fiendish — runners faced snow, sleet, a full cover of mud
and the toughest Division III competitors in the nation.
*****
3) Today’s and tomorrow’s contests
TODAY
Men’s and women’s swimming travel to Widener for a 6:30 p.m. meet.
Women’s basketball travels to Johns Hopkins for a 7 p.m. game.
Men’s basketball travels to Rochester for the Gwynedd Mercy Chuck Resler
Tournament.
TOMORROW
There are no contests scheduled for tomorrow.
*****
Interested in reporting or writing for the Gazette? Just want to tell us
what you think? Contact the Board of Editors at
gazette-management@student-publications.swarthmore.edu.
Got a news tip for us?
E-mail gazette-news@student-publications.swarthmore.edu.
Want to contact our sports editors?
E-mail gazette-sports@student-publications.swarthmore.edu.
The Daily Gazette
Board of Editors
Fred Bush
Kate Doty
Aarti Iyer
Karen Lloyd
Lorrin Nelson
Sam Schulhofer-Wohl
Staff Writers
Julie Falk
Jennifer Klein
Trang Pham
Contributing Writer
Sarah Benis
Weatherman
Rafi Dowty
The Daily Gazette is published Monday through Friday by an independent
group of Swarthmore College students. Technical support from the Swarthmore
College Computer Society is gratefully acknowledged.
To subscribe to the Gazette, free of charge, send e-mail to
requests@student-publications.swarthmore.edu with the words “subscribe
daily” as the subject of your message. Use the words “unsubscribe daily” to
cancel a subscription.
Back issues are available on the World Wide Web at:
http://www.sccs.swarthmore.edu/org/daily
This concludes today’s report.
Copyright 1997 by The Daily Gazette. All rights reserved.