College Briefs

Friday, October 2, 1998

College Briefs

Endowments fall for Princeton

PRINCETON, N.J. — Even Princeton, perched atop its ivory tower,
feels tremors of the recent economic crisis, The Daily Princetonian
reports.

The University’s endowment, which currently totals $5.5 billion,
fell 6.5 percent, about $357 million, during the first two months
of the 1999 fiscal year, President of the Princeton University
Investment Company (PRINCO) Andrew Golden said.

"As financial markets have gone down, (the endowment) has gone
down slightly. We have not been immune to the turbulence," Golden
said.

The recent stock crashes, adding up to a 15 percent loss on the
market, made the month of August "the second worst month in the
past 50 years," Golden said.

Though the environment is unstable, PRINCO’s long-term
investment policy has not changed. "The policy was formed with
rough times in mind," Golden said. "A strength of our plan is the
ability to do relatively well in times of crisis."

Economics professor Burton Malkiel said the recent negative dips
are "not terribly significant." Since the stock market has been
"going up in a straight line" for the past three years, it is not
unexpected for the economy to correct itself by falling a little,
he said.

Virginia basketball star arrested for firing gun

BLACKSBURG, Va. — The Virginia Tech police arrested a Tech
basketball player Saturday morning for firing a weapon outside
Cassell Coliseum, The Collegiate Times reported.

Kenny Harrell, a second-year communication studies student,
faces charges of possession of a concealed weapon, firing of a
weapon, removing a serial number from a weapon and intent to
endanger life, limb or property.

"(This is) a damn serious crime," said Larry Hinker, associate
vice president for university relations. "Horsing around is one
thing, having a .38 caliber and firing it in the air is something
else. I hope people will wake up and realize this is dangerous and
doesn’t belong on a campus."

Sergeant Jack Ridinger, of the Tech police, arrested the
6-foot-2-inch guard at 12:42 a.m. Saturday on Washington Street in
front of Cassell Coliseum. Harrell pointed the gun into the air and
fired a shot, said Mike Jones, chief of Tech police. Along with
legal charges, Harrell faces an indefinite suspension from school.
Harrell was suspended for violating rules applying to all Tech
students, not just athletes, Hinker said.

"The policy (about firearms) is that you can’t have one," Hinker
said. "It is in the student life policy – you can’t even have large
weapons."

Boston University paper loses lawsuit

BOSTON, Mass. — A Suffolk County Superior Court jury yesterday
ordered The Daily Free Press to pay a former employee nearly
$163,000, saying the paper was discriminatory when firing her in
1994.

After deliberating for about six hours, jurors ruled that part
of the reason office manager Karen Miranda was fired was because
she had cervical cancer.

Miranda hugged her lawyer after hearing the verdict, saying,
"Thank you for everything."

Miranda was awarded $53,900 in wage compensation and $109,000
for emotional distress. If the jury finds the Free Press’ actions
"outrageous," it could punish the paper further by awarding Miranda
more damages today.

The Free Press will not stop printing as a result of the
judgement, said editor Gene Johnson, a College of Communication
senior.

Depending on Miranda’s final award, the Free Press may have to
consider declaring bankruptcy. The company has about $140,000 in
cash.

Compiled from University Wire reports.

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© 1998 ASUCLA Communications Board