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October 10, 1995 - Image 26

Resource type:
The Michigan Daily, 1995-10-10

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

Play fIke Ultimate Stock Mauket Game for lb. Experience, lb.
Fuand over $100,000 in Cashs & Prizes.

You've learned about the stock market
in your business, finance, and invest-
ment classes. Here's your chance to
apply that knowledge and gain the
real-world experience necessary to
get a head start on your career. Your
participation in the challenge will
make for an excellent resume addition
and a unique conversation piece in
employment interviews.
But enough about real-world experi-
ence. This challenge is all about real-
world excitement! Imagine... you're the
manager ofa'500,000 stock portfolio.
Who knows where you'll get your next
big stock idea? Investors Business Daily,
your local paper, a TV commercial or
maybe that new pair ofsneakers you
just bought. Wherever it comes from,
pick up the phone, call your broker and
make your trades.
Make the right moves and win prizes
and fame in Investors Business Daily.
Make the wrong moves and risk noth-
ing because it's only a game! So call
today for your personal '500,000
brokerage account. At only 4995 this
is probably the best investment you'll
ever make.

The Eighth Annual
October 9-December8, 1995
2nd Place .......Laptop& $10,000
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1st Place $2,000
2nd Place ............$1,000
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AI&T Collegiatenhiiestment Challenge T-shirt

* Manage a'500,000 stock portfolio
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* Win cash and merchandise prizes
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The AT&T Universal Card is the
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No Common
In the days of dwindling funding for higher
education,this one really hurts.
Unauthonrized investment trading since 1992
has cost an unknown number of colleges and uni-
versities at least $138 million. As if school admin-
istrators needed another excusetojack up your
tuition and fees.
The investments were part of the Connecticut-
based Common Fund, a $20 billion pool of invest-
ments from 1,400 schools nationwide. First Capi-
tal Strategists Inc., one of many investment firms
working for the Common Fund, is the group
responsible for the loss.
The lost money was actually investment earn-
ings, not student dollars. But the losses are
expected to have a trickle-down effect.
The use of investment earnings varies at each
school. Some reinvest them; others factor them
into their annual budgets.
The Pennsylvania-based First Capital will not
say how many schools were affected by the loss,
but it seems that many of the 1,400 schools may
feel the pinch. Penn State U. officials say the
school lost at least $736,000 in the transactions.
The U. of Michigan's losses amounted to at least
$1.5 million.
"It looks like the university will have to absorb
the loss," says Randy Harris, associate vice presi-
dent of finance at Michigan.
First Capital officials say Kent Ahrens, a senior
trader with the firm, admitted he lost a "relatively
small" amount of money - less than $100,000 -
in an initial investment. But rather than reporting
the loss, as is customary, Ahrens tried to trade his
way out of the red and lost even more money.
First Capital has suspended Ahrens. According
to First Capital officials, "He clearly understood
that his actions were in contravention not only of
the Common Fund's investment guidelines but
also First Capital's policies and procedures."
The Common Fund, a nonprofit organization,
has experienced some fallout from Ahrens' actions.
The U. of Minnesota, which lost no money, pulled
its investments in July from the Common Fund and
from First Capital. Six other schools, including
Denison U. in Ohio, have since followed suit.
The Common Fund officials are doing every-
thing they can to recover the losses, says Michi-
gan's Harris. "But we're still going to seea big
reduction in our year's earnings."
Travis Spencer, Eastern Illinois U.

Trading begins on October 9th. (Late entries accepted until October 31, 1995)
1 800 858m1995Ex.5is
cc) 1995 Replica Corporation, all rights reserved The Colegiate Investment Challenge is a contest administered on behalfIof fI and A' Universal Card by Replica Corporation and its affiliate.
wall street Portfolios. Although the contest simulates actual market conditions, neither the money, securities, nor the transactions are real. Awards ofprizes are the responsibilit)y ofReplica
Corporation, and winners may be subject to all taxes fixr prizes. Payment ofall applicable federal, state and local taxes and fees, is the sole responsibilit y ofand must be paid by the winners.
Winners ofprizes valued at $(0) or more will be issued ian IRS Mx Form M)99suiting the value oftheir prize.

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