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January 12, 1990 - Image 3

Resource type:
Text
Publication:
The Michigan Daily, 1990-01-12

Disclaimer: Computer generated plain text may have errors. Read more about this.

Regents:
'U' can
diversify
its assets
s y Noelle Vance
Daily Administration Reporter
The University will invest in a
wider variety of assets as the result
*of a decision made by the Univer-
sity's Board of Regents at its De-
ember meeting.
The regents voted 6-1 to allow
about $95 million or 22.5 percent of
the University's endowment fund to
be invested in four new asset cate-
?ries - including oil and gas, real
estate, venture capital, and reorgani-
zation investments.
s The new investments should pro-
vide better security for the Univer-
sity if the stock market performs
pborly, said Investment Officer
Normran Herbert.
"Up until now, we've basically
Kieen investing in stocks and bonds,"
lie said. By expanding the Univer-
sity's investments into more risky
areas like real estate or oil and gas,
the University is building a broader
"market basket of goods" in which
to place its money.
If one type of investment loses
rhoney, not all of the investments
will suffer, Herbert explained.
The asset expansion will not
cahange the proportion of endowment
money the University keeps invested
in equities or fixed investments Her-
abert said.
Seventy percent of the $419 mil-
lion endowment fund will still be in-
vested in equities and 30 percent will
be invested in stocks. But the com-
position of the equity investments
will change.
The percentage of the endow-
ment funds allocated to the new in-
vestments would be as follows: 5
percent to oil and gas, 5 percent to
venture capital investments - a type
qf investment that provides funds for
businesses to develop new technol-
ogy - 10 percent for real estate, and
2.5 percent to reorganization in-
vestments - money given to busi-
nesses which have had financial dif-
fjculties in the past.
C C~IAL TROUBLES?
e're here to help.
It's a new Write: Help Mel
advice c/o Michigan Daily
column in 420Maynard
the Daily. Ann Arbor, MI 48109

The Michigan Daily - Friday, January 12,1990 - Page 3
Campus waste
site surprises
city residents
by Karen Akerlof

Books for bucks
Shelly Yee (left), an LSA sophomore and a volunteer for the Student Book Exchange, takes books from a
student. The Book Exchange will be held in the Michigan League until Monday.
Student Book Exchange ex-
and during second year
by Beth Johnson

Daily Staff Writer
Residents of North Campus
housing were startled to learn from
an Ann Arbor News article over va-
cation that nearby University sheds
contained formerly radioactive mate-'
rial, and were designated as future
depository sites for low-level ra-
dioactive waste.a
But the News article was inaccu-
rate, said University Director of Oc-
cupational Safety and Environmental
Health Ken Schatzle. The article said
formerly radioactive material was lo-
cated in two sheds, but Schatzle said
no waste has ever been stored in the
area.
The sheds, he said, contain
grounds-keeping equipment.
Soon, however, the University
will modify buildings across from
the two sheds so they can accommo-
date the storage of low-level radioac-
tive waste. The buildings are located1
between Baxter and Hubbard Roads,
where University laundry and plant
services are currently housed.1
Current housing officials had not
been informed of a past University
committee's plans to deposit the
low-level radioactive waste on the
site, said Director of University
Housing Facilities George SanFa-
con. He said he learned of plans to
store the waste on North Campus
from a communications student who
called him for his reaction.
Since the call, SanFacon said he
had contacted Occupational Safety
and Environmental Health and re-
quested information about plans for

the permanent waste disposal. "I'm
able to sleep at night. My sense is
that whatever is going on is okay,
but I have no proof," he said.
Members of the Residents' Coun-
cil for Family Housing started
gathering more information as soop
as they read the News article, and
met last night to discuss their next
step.
North Campus residents Kevin
Harris, Susan Walter, and Alissa
Leonard talked to Schatzle and Mark
Driscoll, interim director of the Uni-
versity's Radiation Control Service.
Both Schatzle and Driscoll assured
them that the planned depository site
will be safe. "They certainly believe
it is safe. They assured us they
would build beautiful condominiums
on top of it," Leonard said.
But at the meeting, residents ex-
pressed concern that the University
had not taken all precautions to en-
sure the North Campus community
would be protected if an accident
happened.
"Small children and pregnant
women are more susceptible to ra-
dioactivity," said Walter. "Most of
our population is under five, or
pregnant."
The council created a commitee
to look further into the danger the
depository site might pose to their
community. The council also agreed
to ask the University in writing for a
description of the water table un-
derneath the site and the total
amount of waste which would be
stored at the site.

Started as a retaliation against
high textbook prices and low resale
rates, the Student Book Exchange
has developed into a serious threat to
the three major book stores on cam-
pus, said exchange president David
Krone.
After the exchange started last
year, 500 contracts were established
with students who set their own
prices for their used textbooks. This
year, 350 contracts were signed on
the first day, said Krone an LSA se-
nior. He predicted the total to exceed
600 at the end of the selling period
tomorrow.
"I think that we're having a seri-
ous impact on the local bookstores'
rates," said Krone, who started the
non-profit organization two years

ago with Steve Bleistein, an LSA
senior, and Teresa Raymo, an Art
School junior. The non-profit orga-
nization is run by volunteers, includ-
ing members of Alpha Phi Omega, a
service fraternity, and United Stu-
dents Against Cancer.
Students participating in the ex-
change take their used textbooks and
paperbacks to the Michigan League
basement, and sign a contract setting
the book's price. If the book is then
sold, 85 percent of the money goes
to the student and 15 percent goes to
the organization to cover sales tax
and operating expenses. Any unsold
books are returned to the student.
The exchange has been trying to

gain space in the Michigan Union
since it began operating last year.
However, Union officials have de-
nied such requests because the group
would compete with Barnes and No-
ble, currently the only bookstore op-
erating in the building.
The group has been operating out
of the Michigan League's basement
instead.
The exchange officers argue that
the current location hurts their busi-
ness, and they are currently petition-
ing Union Director Frank Cianciola
to allow them into the Union.
Students wishing to sell books
can sign contracts at the exchange
today and tomorrow. Books will be
on sale tomorrow through Monday.

'U' students react to

U.S. invasion of Panama

by Donna Woodwell
Daily Faculty Reporter
While many University students
were worrying about their last ex-
ams, one University student had the
added stress of having the U.S.
Army invade her native country of
Panama.
Law student Enna Ferrer spent
many anxious days worrying about
her family and friends who were in
Panama City during the invasion.
She remained in daily telephone con-
tact with her family.
"Of course the invasion has been
very hard on the Panamanian peo-

ple," Ferrer said. "But it's like when
you have to have an operation -
you don't want to have one, but you
realize it is the only way."
"We were tired of the military
regime," she said, but "there was no
way we could fight ourselves, when
the government controlled all of the
weapons and all the military."
In the long run, she said, the in-
vasion will boost American popular-
ity in Panama: "Panamanians felt
that the U.S. was responsible" for
Noriega's rise to power, but the
U.S. was willing to "solve the prob-

lem they helped to create."
She said U.S. soldiers also de-
veloped good relations with the citi-
zens of Panama City. "The soldiers
have the feeling they are doing
something the Panamanians appreci-
ate," Ferrer said. "There is a lot of
hope among Panamanians that
things are going to change" now that
Noriega is in custody.
However, Latin American history
graduate student Karen Robert, a

Latin American Solidarity Commit-
tee steering committee member, said
opinions of the invasion in discus-
sions at the group's Wednesday
night meeting were not as favorable.
"As much as it might have been
desirable to have Noriega out, it was
not the American position to invade
to accomplish this," Robert said.
Robert added that the invasion
had nothing to do with "the drug war

- the great religion of the 1990s,"
but instead, the U.S. government
was looking for another Grenada to
boost popularity. .
She said, "The media has also
taken the president's line" and the
Panamanian casualty figures which
have been released to the American
people "are just one shade away from
propaganda."

- -----------

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