Thursday, September 6, 2007

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The Brown Daily Herald T hursday, S eptember 6, 2007

Volume CXLII, No. 62

Deflecting subprime woes, U. endowment hits $2.8b By Michael Bechek Senior Staff Writer

The University’s endowment reached nearly $2.8 billion at the end of the 2007 fiscal year and survived this summer’s subprime mortgage crisis because the collapse was anticipated by many of the University’s investment managers, President Ruth Simmons told the faculty Wednesday. In her report at the first faculty meeting of the academic year, Simmons also revealed that the University was leaving open the possibility of renovating, rather than destroying, the damaged Smith Swim Center, saying that there was “some debate about whether to just put a new roof on the existing structure.” The University’s endowment had a positive return of 0.6 percent in July, she said, because many investors had taken “overweight positions in international and emerging markets” to offset losses in U.S. equities. The S&P 500 suffered a 3.2-percent decline in that month. Brown’s positive return in the month compares favorably with that of Harvard University, which lost $350 million, or about 1 percent of its assets, with the July collapse of Sowood Capital Management, a hedge fund. However, coming off a record year in which its endowment increased from $29.2 billion in 2006 to $34.9 billion in 2007, Harvard still made a gain of 0.4 percent in July, according to a Sept. 7 article in the Chronicle of Higher Education. Brown’s endowment ended the fiscal year at $2.8 billion, up from $2.2 billion at the end of fiscal year 2006. (The University’s fiscal year ends June 30.) But Simmons warned that though Brown was “fortunate” not to have fared any worse from the economic conditions, “it appears that fiscal year continued on page 4

Since 1866, Daily Since 1891

Brown ‘will live with you forever,’ says convocation keynote by Nicole Dungca Staff Writer

“The very act of reading is an act of profound displacement and boundary-smashing, charting the central voyage that takes place incessantly at this institution,” declared Professor of Comparative Literature Arnold Weinstein in this year’s keynote Opening Convocation address. The highly esteemed Weinstein followed President Ruth Simmons in welcoming new students to the University’s 244th academic year. After the new students poured through the historic Van Wickle Gates, Simmons heralded the 2,105 new members of the Brown community as a source of constant revitalization for a university that is always changing. The procession included 1,486 first-year undergraduate students, as well as Resumed Undergraduate Education students, transfer students and first-year students in the Medical School and Graduate School. “Even for those of us that have been through this ceremony more than a few times before, it’s hard to miss the excitement and symbolism of that procession through the Van Wickle Gates to this opening convocation,” Simmons said. The president touched on the various new additions to campus, mentioning the relocation of the Peter Green House, the tempo-

Rahul Keerthi / Herald

The class of 2011 marched through the Van Wickle Gates (above) shortly before President Ruth Simmons addressed new students (right).

rary swim center and other projects that were undertaken during a construction-filled summer for the University. “There are new courses, new services, new buildings. Even the walkways and the sod under your feet are in many cases new, and

there is the promise of much more to come,” she said. Simmons also spoke of “less visible” changes on campus, such as research projects tackled by various professors and efforts from the continued on page 6

RIPTA service now free for students, faculty and staff By Irene Chen Senior Staff Writer

With the start of the school year always comes the need to furnish dorm rooms, buy supplies for the upcoming year and haul everything up College Hill — or, perhaps, pay a cab to lug it for you. But thanks to the Rhode Island Public Transit Authority’s U-PASS program, Brown ID holders can now ride RIPTA buses and trolleys for free.

Surrounded by shopping bags, Courtney Smith ’10 and Megan Litrownik ’10 praised the now-free U-PASS system. The girls hopped on a bus to the nearest Wal-Mart ­— swiping their Brown cards instead of paying $1.50 — and returned back to a stop on Thayer Street. “I’m really happy with it,” Litrownik said. “I’ve already taken it more times than I did all of my freshman year.” “This means no more cabs,”

Smith said. “The only problem is the schedule, but once you get it down, the buses are always on time, and the bus drivers are generally really friendly.” Faculty, staff and students now only need to swipe their IDs to ride all RIPTA bus and trolley lines. RIPTA sends the University a monthly bill for the number of people riding the buses, but at a discounted rate. Annual total costs to the University are expected to be approximately

$200,000. Originally implemented in 2004, the U-PASS program offered halfprice tickets to the Brown community. University and RIPTA officials predict that the improved U-PASS program will double the number of Brown community riders. Beth Gentry, director of business and financial services for Brown, said the program has been implecontinued on page 4

Protestors allege police brutality against BSR DJ By Cameron Lee Staff Writer

Courtesy of Jonathan McIntosh

BSR host Alex Svoboda was arrested and sustained a leg injury at an Aug. 11 protest.

INSIDE:

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METRO

www.browndailyherald.com

EDUCATION CHIEF OUT Director of Education Outreach Lamont Gordon ‘93 stepped down last month to focus on finishing his Ph.D.

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CAMPUS NEWS

An August protest against the Jacky’s Galaxie restaurant chain has proven to be a bittersweet victory for the Providence chapter of Industrial Workers of the World. Though the IWW protestors, who were joined by members of Brown Students for a Democratic Society, had their demands met, IWW member and Brown Student Radio host Alex Svoboda suffered serious injury in circumstances that protestors allege constitute police brutality. A Community College of Rhode Island student and host of the BSR shows “Bike Talk” and “Sound Bytes Your Ears,” Svoboda was marching down Mineral Spring Avenue toward one of the five Jacky’s Galaxie restaurants in North Providence on August

Medical merger A proposed merger may soon bring two-thirds of the state’s hospitals under one operator.

11 with roughly 40 other protestors when complications arose, said IWW organizer Mark Bray. Protestors planned to march from Brooks pharmacy on Mineral Spring Avenue to Jackie’s Galaxy, about 10 minutes down the street, Bray said. He said police told protestors to move from the street onto the sidewalk, but the protestors did not comply until a police car blocked their route, making further street travel impossible. Most of the protestors had reached the sidewalk, and Bray was nearly there when he said he saw officers approach Svoboda, who was holding drumsticks and playing an overturned bucket around her neck. Bray says an officer then grabbed Svoboda’s upper arm and pushed her backward, at which point “she recoiled with a drumstick because

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OPINIONS

195 Angell Street, Providence, Rhode Island

KIDNEYS FOR SALE? James Shapiro ‘10 proposes that the national ban on buying and selling kidneys be lifted.

it’s rather scary.” Svoboda tripped backwards over the curb and fell, Bray said, and Francesca Contreras ’10, a Brown SDS member and protest attendee, said she noticed shattered glass in the area where Svoboda fell. After she got up, Svoboda was tripped by a police officer, Bray said. “Her leg was bent backward in the opposite direction as she was knocked to the ground, then cuffed,” he said. The police called paramedics immediately, who arrived within some 25 minutes, explained Contreras. After paramedics arrived and transported Svoboda to the hospital, the protestors continued onward to Jacky’s Galaxie, Contreras said. North Providence Deputy Chief continued on page 4

16 SPORTS

EUROTRIP The women’s soccer team went to Europe this summer to challenge some of the continent’s best.

News tips: herald@browndailyherald.com


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