Concordiensis - March 11, 2021

Page 1

Concordiensis T H E S T U D E N T N E W S PA P E R O F U N I O N C O L L E G E S I N C E 1 8 7 7 Thursday, March 11, 2021

Volume. CXLVIII, Issue XIII

concordiensis.com

International Women’s Day Keynote Speaker, Abby Stein By Megan Brown co-New Editor

On Monday, March 8, Abby Stein, tenth-generation descendant of the Baal Shem Tov, the founder of the Hasidic movement, came to speak with the campus community in honor of International Women’s Day. Sponsored by the Office of Intercultural Affairs, Union

Hillel, Union Pride, LGBTQ+ Affairs Committee, Women’s Union, Gender, Sexuality & Women’s Studies and Office of Religious and Spiritual Life, the event began with Stein sharing an excerpt from her book, “Becoming Eve: My Journey from Ultra Orthodox Rabbi to Transgender Woman.” She started with reading a section from her memoir because she said it felt “very timely for International Women’s Day.” From the epilogue,

she shared the part of her journey when she came out to her father about her identity. Stein mentioned that she was in an apartment on the upper west side of Manhattan alongside a rabbi that was helping her come out to her dad. As written in the book, after Stein told her father that she was a girl, he responded with, “But I don’t get it. Men have a higher place in society. Men have better roles in the world. Why would you do that?”

Stein says that the reaction by her father was one of her first direct, “one-on-one” experiences with sexism. After reading that part from her book, she divided the discussion into three parts: her life in the Hasidic community, through a lens of gender segregation and sexuality, gender within Judaism, and then the final part being an emphasis on celebration as opposed to tolerance or acceptance. Stein brought a slideshow to accompany her story that

shared more specific details about her personal life and upbringing in the Hasidic community. For instance, Stein is the sixth child out of 13, her family comes from a “long dynasty of Hasidic Rebbes, from all sides, including the founder of the Hasidic movement the Basal Shem Tov.” She also mentioned that she was engaged at 17, married at 18, her child was born at 19, and she was then divorced at 21. See STEIN on page 2

Economics professor analyzes endowment investments By Akriti Dhasmana co-Editor-in-Chief

***This article is solely based on the research work conducted by Professor Motahar and interviews conducted by Harrison Berger ’23 that were shared with the Concordiensis.*** In January 2021, Professor Eshragh Motahar from the Union College Economics Department publicly released a report analyzing Union’s endowment investments. On March 10, he discussed the findings of his report in an event hosted by the Young Democratic Socialists of America (YDSA) chapter at the college. The report suggests that the college has been spending large amounts in investment management fees and incentive Opinions, page 4 How false allegations hurt students

fees for investments that the report shows yield low returns. Motahar told Concordiensis that he started investigating endowment performance four years ago after a Union alumnus who now works in the Finance sector in NYC pointed out to him that the Union’s endowment is poorly managed on a structural basis. After receiving no response on the matter from Diane Blake, the Vice President for Finance at Union College at the time, he started “examining Union’s annual Financial Statements covering 15 years and its IRS-990 tax returns covering 11 years”. According to Motahar’s report, in the period 20062019 there was a 109 percent increase in the investment management and incentive fees paid by Union, while the investments underperformed the S&P 500 by 3.4 percentage points. Professor Motahar Sci Tech, page 7 Music therapy can help memory

explained in the YDSA event that the S&P is a stock market index for the performance of the top 500 companies in the U.S. stock market. He further explained that it is his conclusion that had Union practiced a “passive investment strategy”, that is invested in a diverse set of assets rather than concentrated amounts in remote companies, “the college would have accumulated $189 million by the end of 2019 on top of its endowment”. Instead however, according to the report for the period 2013-2018, on average 44 percent of the endowment had been invested in Central America and the Carribean. “We can only guess that Union has put some portion of it in hedge funds and private equity funds that are located in the Caribbean islands, such as the Cayman Islands, because that is where many hedge and private equity funds

We’re beautiful on the inside, too

World, page 6 Brexit protocol hurts Ireland

Courtesy of Eshragh Motahar Upward trend in investment management and icentive fees as a percentage of endowment

are now headquartered,” Motahar told Concordiensis. On April 27 2020, President David Harris announced a freeze on salary and wages as a part of cost-cutting measures for the COVID-19 crisis. This was accompanied by a one-year pause in the College’s contribution to its employees’ pension 807 Union St., page 9 Trevor Noah and cancel culture

fund which is 11 percent of the employee salary, according to Motahar’s report. On January 29, during an office hour session hosted by the President’s Office, President Harris See ECO on page 3

Sports, page 10 Liberty League All-Academic Team


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.