The Michigan Daily - michigandaily.com
Tuesday, March 3, 2009 - 3
The Michigan Daily - michigandailycom Tuesday, March 3, 2009 - 3
NEWS BRIEFS
TAMPA, Fla.
No SOS response
from two missing
NFL players
The Coast Guard says it has nar-
rowed the search area for two NFL
players and another man whose
overturned boat was found off the
Florida Gulf Coast.
Coast Guard Capt. Timothy
Close says the search area is "sub-
stantially smaller," based on where
they found the boat and a survivor
Monday. Searchers had previously
covered 16,000 square miles.
Nick Schuyler was clinging to
the boat about 35 miles off Clear-
water. The former University of
South Florida player told rescuers
that the boat was anchored when it
flipped Saturday evening in rough
seas.
He says the, others aboard got
separated from the boat.
The boat belongs to Oakland
Raiders linebacker Marquis Coo-
per. He, free-agent defensive line-
man Corey Smith and former South
Florida player William Bleakley
remained missing.
WASHINGTON
Gov't moves to aid
AIG with $30B,
for a second time
A new definition of desperate
times: Even as the government
threw a stunning new $30 billion
lifeline to American International
Group on Monday, the beleaguered
insurance giant confirmed it had
lost more than twice that much,
$62 billion, in a single three-month
period.
And many more billions of feder-
al dollars are almost sure to be shov-
eled into the company for a simple
reason: Officials fear its collapse
would cripple financial markets in
the U.S. and around the world.
The source of trouble for AIG,
which has 74 million customers
worldwide and operations in more
than 130 countries, is its business
insuring mortgage-backed securi-
ties and other debt against default.
That business imploded once the
credit crisis struck with force.
The government has now made
four separate efforts to save the com-
pany, totaling more than $170 billion.
BATON ROUGE, La.
Gov. Jindal defends
message of his GOP
Widely panned for his national
TV address, Louisiana Gov. Bobby
Jindal offered his first defense
of the speech Monday, saying
he sticks by the message, while
acknowledging shortcomings in
his delivery.
"Look, I get that people thought
I could have spoken better. I get
that. That's fine ... What's impor-
tant to me is the content. I'm a pol-
icy guy. You guys know that. I've
always been a policy guy, always
will be a policy guy. The ideas
are important. The substance is
important," Jindal told reporters
in the state Capitol, a day after
returning from a family vacation.
The 37-year-old governor, regu-
larly touted as a presidential con-
tender, said he outlined a critical
philosophical distinction between
theviewsofDemocrats andRepub-
licans as he gave the national GOP
response to Obama's first address
to Congress last week.
Republican party leaders have
touted the Oxford-educated Jin-
dal, son of Indian immigrants, as
the future of the GOP, generating
lofty expectations for his debut
national address. Jindal said he
wrote the speech himself.
HAVANA, Cuba
Raul Castro ousts
top Cubans loyal
to Fidel Castro
President Raul Castro abruptly
ousted some of Cuba's most power-
ful officials Monday, remaking the
government in the biggest shakeup
since he took over from his ailing
brother Fidel Castro a year ago.
The changes replaced some key
Fidel loyalists, including the long-
time foreign minister, with men
closer to Raul. They also reduced
the enormous powers of a vice
president credited with saving.
Cuba's economy after the fall of the
Soviet Union.
But analysts saw no immedi-
ate indication that the changes are
related to hopes for closer U.S.'
Cuban ties now that both countries
have new presidents.
- Compiled from
Daily wire reports
Dow dips below 7,000
Pescovitz will
for first time since 1997 take the reins of
Investors concerned
about weak markets,
another AIG bailout
NEW YORK (AP) - A relentless
sell-off in the stock market Mon-
day blew through barriers that
would have been unthinkable just
weeks ago, and investors warned
there was no reason tobelievebuy-
ers will return anytime soon.
The Dow Jones industrialaver-
age plummeted below 7,000 at
the opening bell and kept driving
lower all day, finishing at 6,763 -
a loss of nearly 300 points. Each
of the 30 stocks in the index lost
value for the day.
And the Standard & Poor's
500 stock index, a much broader
measure of the market's health,
dipped below the psychologically
important 700 level before clos-
WOLK
From Page 1
She began working for the Uni-
versity of Michigan in 1986 as
a lecturer. In 2002, she became
one of the first five recipients of a
senior lectureship award.
Wolk not only excelled on
paper, but also in the classroom.
"What was remarkable about
Prof. Wolk was how she managed
a perfect mixture of encourage-
ment and guidance in her discus-
sions," according LSA sophomore
Michael Vickers, who previously
had Wolk as an instructor.
Vickers said that Wolk didn't
simply listen to a discussion and
bend it back to her original out-
line. Instead, he said Wolk would
explore the comment and expand
on its strengths or point out its
flaws.
LSA sophomore Barrie
ing just shove it. It hadn't traded
helow 700 since Octoher 1996.
Investors were worried anew
about the stability of the finan-
cial system after insurer Ameri-
can International Group posted
a staggering $62 billion loss for
the fourth quarter, the biggest
in U.S. corporate history - and
accepted an expanded bailout
from the government.
. But beyond daily headlines,
Wall Street seems to have given
up the search for a reason to
believe that the worst is over and
the time is ripe to buy again.
"As bad as things are, they can
still get worse, and get a lot worse,"
said Bill Strazzullo, chief market
strategist for Bell Curve Trading,
who said hehbelieves the Dow might
fall to 5,000 and the S&P to 500.
The Dow's descent has been
breathtaking. It took only 14
trading sessions for the average
Schwartz, who also took one
of Wolk's courses, added, "she
brought unique ideas and per-
spectives to every book we read,
but encouraged and welcomed all.
of our own thoughts on the nov-
els."
According to her colleagues,
Wolk's enthusiasm was rooted in
her true passion for literature.
"To say that Merla loved litera-
ture understates the case," said
English Prof. George Bornstein.
"She lived and breathed literature
as a natural part of her life."
Bornstein, who became very
close with Wolk during her more
than 20 years at the Univer-
sity, said that he felt that Wolk
"brought out the best in her col-
leagues, and they knew it."
Adela Pinch, an associate pro-
fessor in the English Department,
was one of those colleagues who
felt impacted by Wolk's generos-
ity and advice.
to fall from shove 8,000 to helow
7,000. For the year, the Dow has
lost 23 percent of its value.
Its last close below 7,000 was
May 1, 1997 - a time when the
market was barreling to one
record high after anotherbecause
of the boom in technology stocks,
but often suffered big drops as
investors worried about inflation
and rising interest rates.
This time around, Wall Street'
analysts seem to believe that a
stock market recovery will first
require signs of health among
financial companies, and on
Monday those signs seemed fur-
ther away than ever.
AIG, whose reach is so vast
that the government warns let-
ting it fail would cripple the very
world financial system, will get
another $30 billion in loans on
top of the $150 billion already
invested by the government.
"I will always remember an
important moment," said Pinch,
"when I consulted her about my
struggles with an essay about
George Eliot I was trying to write.
She patiently listened to all my
ideas, and then said, with just a
touch of impatience, 'just start
writing!' I know that decades of
students had similar experiences
with her, learning from her to
have faith in their ideas about lit-
erature."
As a student who had the plea-
sure of being in Wolk's classroom
twice, LSA sophomore Laura
Winnick said Wolk asked a lot of
her students. But as a result, stu-
dents not only grew as writers,
but as people, she said.
"It was her constant push, her
perpetual challenge to her stu-
dents to understand and appreci-
ate the books we read that made
her an incredible teacher and
inspiring person," said Winnick.
UMHS in May
From Page 1
Pescovitz currently serves as the
executiveassociate dean for research
affairs and interim vice president for
research administration at the Indi-
ana University School of Medicine
and is president and CEO of the Riley
Hospital for Children.
She is a graduate of the North-
western UniversityMedical School
and is a well-recognized pediatric
endocrinologist. She has published
approximately 180 manuscripts
and books with her research,
which focuses on certain causes
and therapies for growth disorders
and puberty conditions.
In an e-mail sent to faculty and
students this morning, Coleman
said Pescovitz is an excellent choice
to head UMHS, especially with the
new opportunities the purchase of
the Pfizer Inc. complex will present.
"The recent decision to purchase
the former campus of Pfizer Inc.
presents the University with tre-
mendous options for growth and
impact in scientific research," Cole-
man wrote. "The research enter-
prise of our Health System is vital to
this expansion, and Dr. Pescovitz is
an exceptional choice for advancing
our scholarship and discoveries."
University officials announced
their intention to purchase the
Pfizer property, which was vacated
in 2008, at the December meeting
of the Board of Regents.
Speaking before the Senate
Advisory Committee on Univer-
sity Affairs yesterday, Coleman
stressed Pestovitz's qualifications
and praised her as a good choice
for the position.
"Oneofthethingsthatimpressed'
me very much ... that she was able
COLEMAN
From Page 1
(Now) we're down to $320 (mil-
lion) or $325 million."
Coleman said that some of the
money from the stimulus package
will alsobe givento federal agencies
that would then release the funds in
the form ofcompetitive grants.
"There's money, that federal
agencies will get that we will then
have the possibility to compete
for," she said.
The University is also very con-
scious that any stimulus moneyis a
one-time allocation that should be
used for one-time expenses, Cole-
man said.
"The one thing that we have
been talking about, and I think
it's a very important principle,
that fhe University has adhered to
ever since I've been here and when
we've had to deal with budget cuts,
is that we have not used one-time '
money for ongoing costs," she said.
to reach out far beyond the college
of medicine," Coleman said of Pes-
covitz's time at Indiana University.
"(She) comes to us with an enor-
mous amount of experience."
In a statement released by
UMHS, Pescovitz said she is excit-
ed and honored to lead UMHS.
"It is a time of great challenges
in the economy and health care,
as well as a time of unprecedent-
ed opportunities in biomedical
research," she wrote in'the state-
ment. "I'm looking forward to
working with the extraordinary
team at one of the nation's finest
universities to meet these chal-
lenges and opportunities."
Provost Teresa Sullivan, who
headedthe searchcommittee,wrote
in a statement that she felt Pescovitz
was a strong choice for the job.
"Dr. Pescovitz is a talented
researcher, a skilled clinician and
an experienced administrator who
brings vision and commitment to
her work," Sullivan wrote.."This
combination of qualities will make
her an effective leader at the Uni-
versity of Michigan."
Kelch was also very supportive
of the choice of Pescovitz.
"As a pediatric endocrinologist
myself, I have admired her and
been amazed by her accomplish-
ments," he wrote in a statement. "I
am confident in her ability to lead
our Health System to new heights."
Pescovitz is married to hus-
band Mark Pescovitz, who is an
organ transplant surgeon, profes-
sor of surgery and microbiology
and immunology and vice chair
of research for the Department of
Surgery at the Indiana University
School of Medicine. The couple has
three children.
"We don't want to introduce a
structural deficit that we will have
to pay the piper on in a few years."
Coleman also discussed Gov.
Jennifer Granholm's call on state
universities not to raise tuition next
year, inan effort to aid families who
may be suffering financially. Cole-
man added that there have been
discussions within the University
about a possible tuition freezer
"In her State of the State address,
she did ask universities to consider
the possibility of freezing tuition,"
she said. "I have a different view-
point here because I try to look at
any circumstance where artificial
cost hasn't created acrisis down the
road, so I don'tunderstand that."
In the end, Coleman told SACUA
members that more information,
about the budget and funding lev-
els will be clarified over the next
few months.
"I don't anticipate that much of
this will become very clear for the
next few months," she said. "We
just want to be ready."
THURNAU
From Page 1
"It's funny. It's not like abeauty
contest or "American Idol". It's
not as dramatic a process as real-
ity television," he said.
Evrard said he plans to use the
money to fund conferences and
pay for a D-scribe - an advanced
student who transcribes lecture
materials into a digital product
that canbe published online.
"Imagine it as a global C-Tools,"
Evrard said.
Markovits is the Karl W.
Deutsch collegiate professor of
comparative politics and German
studies, Germanic languages and
literatures, political science and
sociology. This year, Markovits is
at the Center for Advanced Study
in Behavioral Sciences of Stanford
University, finishing a book titled
"Global Players, Local Cultures,"
and is beginning work on human-
animal relations.
"Total incredulity," Markovits
saidhis reactionwas uponhearing
thathehadbeenselected. Named a
Karl W. Deutsch collegiate profes-
sor for his research, and honored
with the Golden Apple Award for
outstanding teaching, Markovits
compares the Thurnau Professor-
ship to hitting the trifecta.
"I love every aspect of my job,"
he said, adding that the University
has been very good to him.
"Love what you do, and do it
with passion and with dedication
and it will be fun," said Walsh,
who knew that he wanted to be a
professor since his junior year at
Columbia University.
Walsh is the Gerald and Esther
Carey professor of business
administration, a professor of
management and organizations
and bprofessor of strategy in the
Stephen M. Ross School of Busi-
ness. He said he was deeply hon-
ored to be a recipient of a teaching
award.
"I'm pleased because I really
do pour my heart and soul into my
teaching," Walsh said.
He also wanted to remind stu-
dents to take advantage of the
University not only as a place to
gain the accumulated wisdom of
previous generations, but also as a
place of inquiry.
"Sometimes with all of the
pressure for grades we lose sight
of what is really at play. This is not
all about digesting facts and the
like. I fear that some people mis-
take their performance on assign-
ments and tests as the mark of a
good education. Education is all
about inquiry," Walsh said.
Walsh said he plans to use the
grant money to take his classes to
China to investigate global cor-
porate governance, something he
has done in the past.
"I'm always looking for funding
to be able to do that," he said. "My
orientation is tospend the money
on the students somehow."
Wooldridge is a professor, of
mechanical engineering and
associate professor of aerospace
engineering in the College of
Engineering and Bright is a pro-
fessor of history, director of the
Residential'College and co-found-
er of the Semester in Detroit pro-
gram.
Funding for the award comes
from the Thurnau Charitable
Trust. A student at the University
in the early 20th century, Arthur
Thurnau established the trust
to give back to a campus that he
gained so much from in his under-
graduate days.
CITY COUNCIL
From Page 1
2003.
"I think this is a great additio
to the Greenbelt program," sai
Ann Arbor City Councilmembe
Carsten Hohnke (D-Ward 5).
Hohnke added that the pur-
chaseofthe developmentrights
of the Webster Township land
will help to create an excess of
400 acres of farmland in the
Greenbelt holdings.
Mayor John Hieftje was
equally excited about the
purchase. He said that land
protection and an increased
emphasis on local agriculture
will become more important in
the years to come as transpor-
tation costs increase.
"There's no reasonwhyyears
later this land can't be used for
local agricultural growth," he
said.
Another environmental
issue discussed at the meeting
was a proposal to ban plastic
shoppingbags in the city, which
was first introduced by Coun-
cilmember Stephen Rapundalo
(D-Ward 2) in a meeting last
June.
City Council later tabled the
proposal to allow for a period
of public comment.
Last night council members
unanimously voted to post-
pone action on the ban until
June 1 in order to enable more
discussion between city staff
and local retailers.
"There's still a little hit more
n
id
r
work to do at this time," said
Rapundalo.
If the ordinance is approved,
stores that gross more than $1
million annually will be prohib-
ited from distributing plastic bags
to customers at checkout.
In a previous interview with
the Daily, Rapundalo said that
the $1 million limit will target
larger-grossing businesses and
protect smaller local businesses
that can't afford alternatives to
plastic.
He added that the reason for
the ban was to stop the prolifera-
tion of plasticbags floating around
the city.
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