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Navigating the (Social) Serving UNC students and the University community since 1893 Volume 120, Issue 58 dailytarheel.com Monday, August 27, 2012 Navigating the (social) network Other parties in the pending lawsuit against Facebook say North Carolina should not be the lead plainti because of too many conicts of interest. $74.5 billion $4.1 million in the N.C. pension fund, lost from the state pension which provides benets for fund’s investment in state employees Facebook Erskine Bowles Crandall Bowles Janet Cowell Bernstein Litowitz Former UNC-system president Wife of Erskine Bowles, donor N.C. treasurer who Berger & Grossmann LLP $42.05 $19.41 who sits on the board of to Cowell’s campaign and oversees the pension fund Firm suing Facebook for the member of JP Morgan Chase’s and wants the state to be state which has lawyers who cost of a Facebook share cost of a Facebook share at directors for Facebook and at its opening on the the close of markets Friday, Morgan Stanley board of directors the lead plainti in the suit donated to Cowell’s campaign stock market Aug. 24th Dissecting NC pension fund contributions A majority of the state pension fund comes from managed investments. Employee contributions 10.6% Morgan Employer/General JPMorganChase 6.2% Assembly contributions Stanley Investments managed Morgan Stanley Facebook JP Morgan Chase NC pension fund 83.2% by the state treasurer One of the underwriters Social networking giant Another underwriter for Invested in Facebook and for the Facebook initial whose shares have the Facebook IPO lost a total of $4.1 million public oering plummeted since its IPO since the IPO By Madeline Will tors have claimed that Facebook misled the Robbins Geller Rudman & Dowd, which is Cowell said in a statement that all defen- Assistant State & National Editor public in its IPO, causing them to lose money. leading the charge against North Carolina. dants should be held accountable. “Facebook and its underwriters told one Bowles was UNC-system president from “Cowell chose to prosecute this case rather North Carolina won’t be adding Facebook thing to the public, but shared the real facts 2006 to 2010 and served as the Democratic than standing on the sidelines, and she specifi- as a friend any time soon. with only a few select investors on Wall Street,” chairman of President Barack Obama’s 2010 cally approved filing suit against Mr. Bowles,” In July, the state filed a motion to be the N.C. Treasurer Janet Cowell said in a statement. bipartisan commission on reducing the debt. said Julia Vail, spokeswoman for Cowell, in lead plaintiff in a pending lawsuit against But even before the case hits the courts, Bowles is now a board member for both an email. “These facts demonstrate there is no the social network company, after its pension there have been complaints that North Facebook and Morgan Stanley, one of the conflict of interest.” fund lost at least $4.1 million tied to Facebook Carolina should not be taking the lead. lead underwriters for Facebook’s IPO. His Rosenfeld, who is representing individual stock. wife, Crandall, sits on the board of JPMorgan clients who allegedly lost about $1.5 million Facebook generated a lot of buzz on Wall ‘A glaring conflict of interest’ Chase, another underwriter. from Facebook’s investment, said if the court Street before its May 18 initial public offering. Crandall helped raise money for Cowell, decides to hear his motion, the attorneys will The company raised $16 billion by pricing the Opposing law firms have alleged that there who is running for re-election in November. make their arguments in front of the court. IPO at $38 per share. is a conflict of interest for North Carolina, as “These are not disconnected entities,” If not, the court will review the class action Despite enthusiasm among investors and an prominent state figure Erskine Bowles sits on Rosenfeld said. “These are people who have a suit as it stands. initial opening at $42.05 share, the stock soon Facebook’s board of directors. Bowles is listed real relationship. These are people who know Rosenfeld said he expects the process to began a steady decline. as a defendant in the lawsuit. each other well.” take between two and four months. It closed at $19.41 per share on Friday. “You have a glaring conflict of interest here,” Repeated attempts to reach Bowles were North Carolina and a group of other inves- said David Rosenfeld, a partner with law firm unsuccessful. SEE FACEBOOK, PAGE 5 Town temporarily pulls Israel ad Athletics Church of Reconciliation, cil in July 2011 allow political, lic buses for promoting such Ad calling to end aid which purchased the ad. religious and issue-based ads, potentially offensive and par- to Israel didn’t comply The ad featured two men, but only with a disclaimer say- tisan material,” May said in an a concern one Palestinian and one Israeli, ing who purchased the ad and email to the council. with regulations. both holding their grandchil- how to contact the purchaser. “We should not have to be dren, with a tagline that read, The ad first appeared offended by controversial mate- By Holly West “Join with us. Build peace with Aug. 13 on 98 of Chapel Hill rial posted on the inside of the Staff Writer justice and equality. End U.S. Transit’s 121 buses and was bus while riding to work.” systemwide military aid to Israel.” meant to run for one year. May declined an interview. An advertisement in Chapel Rev. Mark Davidson, the The town has received five Councilwoman Penny Rich, Concerns have been raised across the Hill Transit buses calling for an church’s pastor, said he expects complaints about the ad’s con- who is the only Jewish member end to U.S. occupation in Israel the ad to be back up in buses by tent since it first appeared. of the council, said she thinks state over athletics and academics. has been temporarily removed Tuesday. Chapel Hill resident Dan May the ad might be offensive to — but not before drawing criti- In a letter to the church, sent an email to the Chapel Hill some Jewish people. By Erika Keil cism from several concerned Town Manager Roger Stancil Town Council Aug. 14 voicing his “Israel is a very emotional Assistant State & National Editor residents. said the ad could be reposted concern about having political issue, maybe not so much for Chapel Hill Transit removed if the church reprints it with a advertisements in town buses. non-Jewish people but defi- Though UNC-Chapel Hill recently began investi- the ad because it failed to list proper disclaimer. “I have a problem with CHT gating the largest academic scandal in its history, uni- a contact for Chapel Hill’s Regulations set by the coun- using the inside of the pub- SEE TRANSIT AD, PAGE 5 versity administrators in the state and nationwide say the problem has likely been festering for some time. Professors, administrators and athletics staff have raised concerns about the relationship between rev- enue sports and academics. Permission required to attempt ‘El Gigante’ Steve Ballard, chancellor at East Carolina University, said in an email that the potential for aca- The lawsuit was dismissed, but he demic fraud among student athletes has existed since Minors need parental consent decided to implement a policy in all three college football and basketball became televised, to attempt eating challenge. Bandido’s locations that requires anyone high-revenue sports three decades ago. younger than 18 to have parental consent And Terry Holland, athletics director at ECU, said By Graves Ganzert to compete in the challenge. in an email that the rise of high-revenue sports has Staff Writer “I’d rather be safe than sorry in the had lasting impacts on colleges and universities. future”, Sustaita said. “The chase for dollars is unintentionally compro- “El Gigante” — Bandido’s monstrous Mark Chiodini, an employee at the mising academic integrity and the breaking up (of) burrito — has attracted both hungry com- restaurant’s Chapel Hill location — in an decades-old conference rivalries is only part of the col- petitors and now, a policy change. alley off Franklin Street — has worked at lateral damage inflicted on intercollegiate athletics.” Weighing in at 4 1/2 pounds, El Gigante Bandido’s since 1997. Last year, it was discovered that an ECU women’s is loaded with 16 different ingredients, He said more people take on El Gigante tennis player and academic tutor had written papers including black beans, rice, cheese, bell at the Franklin Street location because of it’s for four baseball players in 2010. The revelation peppers and steak and chicken fajitas. It high population of college students. prompted NCAA sanctions. costs $16.95. “We have probably had more people try Jay Schalin, director of state policy analysis for the Tony Sustaita, owner of Bandido’s, said a the challenge at the Chapel Hill location right-leaning John William Pope Center for Higher minor took on the challenge at one location because of the presence of fraternities and DTH/JESSIE LOWE Education Policy, attributes recent scandals to a “per- about a year ago and got sick. being in a college town,” Chiodini said. Bandido’s is now requiring parental consent for fect storm” of two factors — the nation’s increasing He said the parents of the competitor all those wishing to take on El Gigante because tried to sue Bandido’s. SEE GIGANTE, PAGE 5 a minor got sick after eating the huge burrito. SEE AFAM, PAGE 5 ALL UP IN YOUR INTEREST MEETING Today’s weather BUSINESS If Uncle Sam were still kickin’ it It’s a sauna out Inside there.
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