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Student Hedge Fund Ends Year in the Black
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In the midst of the country’s economic recession, the Johnson Graduate School of Management’s Cayuga Fund, a hedge fund run by faculty and students, reported a 0.42 percent gain for the 2008 business year.
Although the fund’s investments decreased by 1.29 percent in the fourth quarter, this $12 million hedge fund, finished the year ahead, especially relative to the performance of its benchmarks. Indexes like Hedge Fund Research Equity Hedge Index and the Hedge Fund Research Equity Market Neutral Index reported 25.45 percent and 1.16 percent losses, respectively, in 2008.[img_assist|nid=34404|title=Cayuga MBA Fund Returns|desc=|link=node|align=right|width=|height=0]
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Wegmans Offers Free Medicine
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In an effort to help alleviate the economic strain on customers, Wegmans Food Market Inc. has decided to make prescriptions for oral antibiotics free for its Club Shoppers. The program will run during the months when usage of such medicine peaks, from Jan. 7 to March 31.
“We realize that customers and employers are feeling the pinch of economy,” Jeanne Colleluori, Wegmans communications and media specialist. “One way to help people lead healthier lives is by relieving the economic pressure of their pharmaceutical requirements.”
Although Wegmans will not divulge the financial cost of this initiative, the company expects that its customers will save $1 million.
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Univ. Claims Zero Impact From Madoff
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Although Bernard L. Madoff’s $50 billion ponzi scheme has burdened many institutions of higher education with unforeseen losses in their endowments, Cornell has yet to report any losses incurred by the scandal.
Federal Bureau of Investigation agents arrested Madoff on Dec. 11 and federal prosecutors charged the 70-year-old man with securities fraud. While Madoff’s investors include wealthy individuals like New York Met’s owner Jeff Wilpon and banks around the world like HSBC and Royal Bank of Scotland, Bloomberg reports that Madoff “had directly affected 400 U.S. nonprofits.”
James Walsh, chief investment officer for Cornell, said in an e-mail, “I am glad to say we had zero exposure to Madoff and strongly believe it would never have found its way into our portfolio.”
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Milstein Hall Passes Hurdle After a Contentious Debate
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Ten years and four sets of architects later, Cornell has moved one step closer to building Milstein Hall after gaining a Certificate of Appropriateness from the Ithaca Landmarks Preservation Commission last night.
With the City of Ithaca Planning and Development Board’s preliminary site plan approval of Milstein Hall on Jan. 6, Cornell now only needs final site plan approval from the planning board. A meeting to consider the approval is scheduled for later this month.
This 59,000 square-foot extension to the College of Architecture, Art and Planning will connect Rand and Sibley halls, “knit[ting] disparate programs of our college together,” said Prof. Kevin Pratt, architecture, at the meeting.
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University Admissions Reports Increase in Early Decision Applicants
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School librarians could not stop John DeSantis ’13 from celebrating his admission into Cornell’s School of Hotel Administration last Thursday when he received his acceptance letter inside his high school’s library.
“I was so excited and really nervous just to hear from Cornell and to get a decision,” DeSantis said. “When I finally found out, it was crazy.”
Last week, librarians across the country were confronted with similar expressions of happiness as admissions notices went out to all who applied to Cornell early decision, and the first students of the Class of 2013 found out their matriculation statuses.
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C.U.’s New Aid Plan Will Help During Econ. Crisis
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Cornell announced a more extensive financial aid initiative on Nov. 13 at a much-needed time. As the country and its students, face an economic crisis, who will reap the benefits of this initiative?
Cornell plans to spend $138.9 million on undergraduate financial aid in 2008-09, an increase of $22.1 million from last year. While an increase in University spending should help students, how will this new initiative better address the financial needs of Cornell students?
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Wal-Mart Remodeling Moves Forward
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Upon garnering preliminary approval from the City of Ithaca Planning and Development Board on Nov. 18, Wal-Mart’s plans to expand are moving closer to becoming a reality. Not only will also Wal-Mart be increasing in size, but will feature an improved exterior with a new façade and vestibules.
According to the modified site plan resolution passed by the board, Wal-Mart’s construction will include two new front vestibules, a drive through pharmacy on the north side, additional parking and a public park in the area between Wal-Mart and neighboring Bed Bath and Beyond. The front of the Super-Center will also receive a face-lift. It is one of the first Wal-Marts in country to feature the corporation’s new look.
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Fiscal Downturn Will Not Change Insurance Policy
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In the face of a national economic crisis, the University does not foresee any major changes to the student health insurance plan it offers.
“We do not expect this economic crisis to affect Cornell University policy regarding health insurance,” said Sharon Dittman, associate director of Health Promotion and Community Relations for Gannett.
For those who opt to buy healthcare from Cornell, they may receive a price break. Dittman cited that financial aid for health insurance will be influenced by the fiscal downturn, providing students with adequate resources in a time of need.
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Generation O: Is it Over? Activism After the Election
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On Nov. 4, Barack Hussein Obama was elected the 44th President of the United States. A key contingent of Obama’s support base was the nation’s youth — most recently termed Generation O — who campaigned across the country for “The Change We Need.” Now that the American citizenry has voted in favor of Obama, the question remains as to what will happen to the student activism.
While Prof. Theodore Lowi, government, called the increase of student activism “impressive,” he sees it as a unique phenomenon.