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Barack Obama Go Toward Funding the Endow- and John Mccain As the Presi- Ment

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Barack Obama Go Toward Funding the Endow- and John Mccain As the Presi- Ment BEAT EXETER Veritas Super Omnia Vol. CXXXI, No. 23 November 7, 2008 Phillips Academy UNDERWOOD ’54 STUDENTS DONATES $10 M WATCH OBAMA MAKE HISTORY By JULIET LIU David Underwood ’54, for- Students Gather to Watch mer President of the Board of Election Coverage and to Trustees, has pledged $10 mil- Discuss Results Next Day lion to Andover’s capital cam- paign. Oscar Tang ’56, the cur- By JULIA ZORTHIAN rent President of the Board of Trustees, announced Under- Andover/Exeter may be to- wood’s gift to the Trustees last morrow, but students cheered Friday morning and to alumni about a different blue and red and faculty later that evening. on Tuesday night. The $10 million pledge, to Students watched networks be paid in installments, will call states for Barack Obama go toward funding the endow- and John McCain as the presi- ment. dential election came to a close The contribution brings on Election night. Andover closer to its capital The evening was filled with campaign goal to raise $150 countdowns for closing polls, million for the endowment, cheers at each declared state Tang said. and buzzing discussion. “The reason I am making By the time CNN an- the gift is the same reason I’ve nounced Obama’s win, stu- done whatever else I’ve done dents had returned to their for Andover. It’s been a very dorms. Sheya Jabouin ’11 said important part of my life, both that she and her friends “ran as a student there and as an around the dorm screaming. I alumnus,” said Underwood. shed a couple of tears…When I “It’s payback time,” he con- saw Jesse Jackson and Oprah tinued. Winfrey crying I broke down, According to Tang, Under- and I had to contain myself. wood announced his intention I’m just really excited; it’s all I to donate the money in a let- M. Discenza/The Phillipian can think about.” ter dated October 22, during a time of market volatility and Students and Faculty watched election results roll in on Tuesday nights in Kemper Auditorium. Continued on A4, Column 3 economic downturn. Underwood said that al- though he was affected by fail- ing stock markets, there was Davenport ’80 Runs Foreign Despite Crisis, Capital Campaign To Be Largest In “no question” about his wish to donate to Andover. Exchange At Barclays Capital Prep School History at $310M; Budget Cuts By 2% “These are difficult times and [the school] needs the preserve the value of his cli- $208.9 million by its conclu- market conditions,” Tang said. money now so I will incon- By TIM GHOSH ents’ assets against an adverse By JULIET LIU sion in 2002. According to an email sent venience myself somewhat in outcome, like a sudden drop in In conjunction with the Of- on Wednesday from Barbara Tim Davenport ’80 certain- a foreign currency they hold. The Board of Trustees has fice of Academy Resources, the Chase, Head of School, to stu- Continued on A4, Column 1 ly knows a thing or two about “Currently market condi- mapped out details regarding Trustees approved a campaign dents, parents, faculty and money. tions are difficult, so there’s a the capital campaign and An- goal of $310 million, the largest staff, about 40 percent of the Currently the Head of For- certain amount of angst, but if dover’s response to the eco- in prep school fundraising his- operating budget comes from eign Exchange Structuring you’re able to handle the pres- nomic crisis. tory. the endowment. ANDI ZHOU in the Americas for Barclays sure, [this job] is actually really “We really focused on the Phillips Academy already The endowment was down Capital, Davenport works as an enjoyable,” Davenport said. current market environment has approximately $164 mil- nine percent by September 30, intermediary between sales- “What’s so exciting [about and the impact it had on An- lion in cash and pledges, ac- which is the end of the first DREAMS OF people and traders. my job] is that all sorts of prob- dover…given the fact that we cording to Tang. The foreign exchange mar- lems flow though,” he said. “I have to be more selective now “I think basically we reaf- Continued on A5, Column 1 YALE 2013 ket involves the buying and work on interesting problems [in spending],” said Oscar Tang firmed the importance of mov- selling of foreign currencies. and help out clients. There is ’56, President of the Board of ing ahead with that [goal], even In the market, salespeople rep- constant intellectual stimula- Trustees. though we recognize that it By LIAM MURPHY resent clients who are in the tion to come up with innova- Tang said the most impor- will be more difficult to accom- process of transferring money tive solutions, and sometimes tant aspect of the weekend was plish in this environment,” said DAI AND GROBER This is the second article in from one currency to another. quickly.” the effect of economic condi- Tang. the College Spotlight Series Traders then determine the Davenport is currently tions on Andover’s finances. He added, “But that’s the PRINT FAKE As Andi Zhou ’09 navigates prices at which to buy and sell working on a project to help sort of irony of it. Even though the college admission process, the foreign currencies. complete a transaction that re- Capital Campaign it will be more challenging, it’s he plans to continue balanc- If a problem arises, Daven- quires raising enough foreign The Trustees finalized the also much more critical now EXONIAN TABLOID ing academics with his love of port and his department must funds so that a U.S. company name of Andover’s ongoing for us.” piano. assume the responsibility to can purchase a company with- capital campaign, “The Cam- Zhou, who has been playing come up with a solution, which in that country. The transac- paign for Andover: Building on Endowment Fake Exonian Funded and piano for most of his life, is ap- the salespeople will communi- tion could take several months, the Surest Foundation.” Although Phillips Acad- Printed Independently plying early action to Yale Uni- cate to the clients and the trad- he said. The name harks back to An- emy’s endowment has suffered From The Phillpian versity. ers will execute. dover’s last campaign, titled less than those of other schools Although Zhou has decided Much of Davenport’s work “Campaign Andover: The Sur- and universities, it has “never- to spend his next four years involves hedging – he tries to Continued on A6, Column 4 est Foundation,” which raised theless suffered under current By CELIA LEWIS studying at a university rather than at a conservatory, he will For Lawrence Dai ’09 and continue playing seriously. Eli Grober ’09, the competi- “I like to keep my options King ’10 To Shave Head For Cancer at Auction tion between Andover and Ex- open,” said Zhou. “I’ve invested eter extends beyond the sports a lot in piano.” cut off for five dollars. After- field. Zhou is currently still con- By STACIA VLADIMIROVA wards King’s roommate will This year’s parody of Ex- sidering options for his major, shave King’s head. eter’s student newspaper, The though ideally he would like Lauren King ’10 will exchange King said that her goal is Exonian, will not be affiliated to double major in music and her hair for donations at the Ox- to raise $5,000. She has raised with its former publisher, The “something like international fam International Auction on approximately $600 from the Phillipian, according to Dai and relations.” November 15. Halloween Dance on Saturday Grober, the fake Exonian’s Edi- Of his family, originally from Oxfam hosts an annual ac- and another $2,000 in pledges tors in Chief and Features edi- China, Zhou will be the first tion with donated items rang- before the auction. tors at The Phillipian. person to go to a university in ing from homemade pies to gift “For each person who “We wished we could have America. cards. But this year, bidders pledges, an anonymous donor worked with [The Phillipian], Zhou chose to apply early to can pay to have King cut the will put up one dollar. So if one but we had some disagree- Yale because “The people there hair off her head. hundred people pledge money, ments on content and the ap- are the kind of people I’d like to King plans to donate her then the donor will donate one propriateness of the content,” be associated with.” He added hair to Locks of Love, a public hundred dollars,” said King. said Dai. that he liked the attitudes of the non-profit organization that King said that she has want- Cora Lewis ’09, Editor in students and faculty he met at provides hairpieces to children ed to shave her head for charity Chief of The Phillipian, said, “I Yale. suffering from long-term hair since the eighth grade, when think the editors of The Exo- In addition, Zhou said he loss due to medical reasons. she learned that people would nian had their own vision of A. LEVINE/ THE PHILLIPIAN liked the idea of “living in a cas- King decided to give the mon- pledge money for a charity of what the publication should tle,” referring to Yale’s gothic ey she will receive from the her choice if she shaved her King asks for pledges at ASM, dressed for Exeter Geek Day. be. I think they wanted com- architecture. auction to Guardian Angels, a head on Saint Patrick’s Day.
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