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." - ----------- MICHIGAN vresouse RECORDS r! STORE HOURS: NOW A TICKET MASTER OUTLET 1140 SOUTH UNIVERSITY PH: 663-5800 MON-SAT: SUN: 9 AM-10PM 11 AM-8 PM IT'S A ONE-TWO PUNCH SALE! C $1.00 OFF EVERY CASSETTE IN STORE! $2.00 OFF EVERY COMPACT DISC IN STORE! HURRY! THIS SALE ENDS THIS SUNDAY, JANUARY 14, 1990 Due to a misprint in the January 11, 1990 issue of &T1jr pidligaU nlitj, the sale now ends this Sunday, Jan. 14. 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