Clare Takes out Unprecedented £15M Loan to Invest in Stock Market
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Friday November 7 2008 e Independent Cambridge Student Newspaper since 1947 Issue No 682 | varsity.co.uk »p15 Arts »p10 Features »p11 Features Experimental French Polish Cambridge: Archer: pariah singer Camille where the Poles meet or polymath? ZING TSJENG Princes pay visit Hammond to Cambridge Lizzy Tyler News Reporter Princes William and Harry visited Cam- bridge University last week for a two-day seminar on how to save the world. to keep job e event, hosted by University of Cambridge Programme for Industry (CPI) looked at world issues such as so- Paedophile don will resume work in April cial change, security, global warming and pandemics, and the role of science Caius to decide whether he will keep Fellowship in these issues. e workshops were de- signed especially to aid the Princes in Leaked documents suggest support within College their preparations to take on a larger role in public life. Hugo Gye don will work “under strict conditions”, al- A spokesman from Clarence House Chief News Editor though the details of his terms of employ- commented that they “really enjoyed ment have not yet been nalised. it, and found it very interesting and ex- A don convicted of downloading child por- According to the University, Dr Ham- tremely informative”. nography is set to resume work in April. mond will only teach those who consent William and Harry attended both in Nicholas Hammond, a Fellow of Caius to work with him, and will not be allowed their capacity as prominent members of and University Reader in the MML Faculty, any contact with anyone under the age of the Royal family, and as patrons of vari- was given a twelve-month suspended sen- sixteen. ous charities involved with such issues. tence a er pleading guilty to possessing im- Cambridge has no o cial policy on em- e Princes were apparently keen to gain ages of child pornography – including the ploying people with criminal convictions. a wider insight in to the challenges dis- most serious ‘Level Five’ images – in July. Each case is treated on its individual mer- cussed. e University has announced that its and, according to Mr Holt, the Univer- Polly Courtice of the CBI remarked Dr Hammond will resume his duties in sity is con dent that Dr Hammond “does that “it was impressive to see Princes teaching ‘Early Modern French thought not pose a threat”, and that “rehabilitation” William and Harry’s thoughtful and en- and drama’ at the beginning of the East- is appropriate for the don. thusiastic interest on an important range er term, having been on leave since last It has not yet been decided whether Dr of issues”. Michaelmas. Tim Holt, Deputy Head of Hammond will continue as a Fellow of e Princes were treated to traditional Communications, has stressed that the Caius. All the College’s Fellows are due to Cambridge hospitality throughout the meet today to discuss the issue. trip. ey stayed in Trinity, where their Last week, a senior Fellow of Caius father Prince Charles was a student, and circulated a message to all his colleagues were shown around the Cambridge land- which was then leaked to Varsity. e marks. e Princes also found time to 1,540 leaked document warned against the in- have a quick drink in one of Cambridge’s Child pornography images found on uence of public pressure. many pubs. Hammond’s computer J.H. Prynne, a poet who is a Life Fellow As part of the trip, the Princes visited of the College, dismissed the idea that they the Scott Polar Institute, where they were “should give consideration to questions of met by Julian Dowdeswell, Director of possible public interest and outside reac- the Institute and Fellow of Jesus. tions, including those of the larger Ca- Many senior members of the Univer- ian community, parents and benefactors, sity were present to o er advice and dis- 12 Cambridge University at all levels, the cussion: these included Sir Richard Dear- Months of suspended sentence given academic profession and wider public Remember, remember: thousands celebrate love, Master of Pembroke, Bill Adams of to Hammond opinion”. the Department of Geography and Melis- Continued on page 4 Bon re Night on Midsummer Common sa Lane, Senior Lecturer in History. Clare takes out unprecedented £15m loan to invest in stock market Chris Robinson lege expects to make a pro t of around by then: “We think the market is going e money will only be invested in tentially dangerous strategy, but said the Deputy News Editor £36 million. to go down a bit more, but may begin funds which track stock market indices, forty-year time frame brought security. Clare has already invested £3.5 mil- to recover once the FTSE drops below and will be globally diversi ed includ- “Most Colleges have a very long Clare College has borrowed £15 mil- lion and aims to have invested the full 3,250. ing emerging markets,” he said. -term perspective, which gives them an lion to invest in the stock market. e amount within two months. Clare’s “We’re borrowing at an interest rate is is the rst time Clare has bor- advantage over city funds which o en unprecedented in ation-linked loan is Bursar Donald Hearn said he hoped of 1% [over the base rate], and we’re rowed to invest in its 700-year history. have a short term focus. due to be repaid in 2048 and the Col- the market would have bottomed out reasonably con dent of a useful pro t. Hearn acknowledged that it was a po- Continued on page 4 »p10 Cambridge libraries »p14 e Hold Steady »p30 e big gamble: Varsity’s betting face-o Something to say? [email protected] This is theFriday 15 November 7 2008 showcasing the best new writing by students from the Universities of Oxford and Cambridge. the best new writing & Art th Previous collections haveyear includedof the Mays early anthology, work Call the Editor directly on 01223 761541 from oxford and cambridgeby Zadie Smith, Nick Laird and Robert McFarlane. varsity.co.uk Editorial 16 mays 2 This year’s selections are made by Sean O’Brien and Colm Tóibín. “This anthology reminds its readers of the 15 mays the undiminishing accomplishment, resourcefulness and aethetic potential of new student writing.” Ian Patterson mays 16 maysthe 15 “It’s all talent” Guest Edited by Ali Smith (2003) Ian Patterson “Freshness, excitement, risk” tóibín colm and o’brien sean by edited guest Andrew Motion (2002) “Maybe in a few years this Patterson Ian by Edited Guest Applications are invited to edit the 2009 Mays Anthology.lot will have me out of a job” Zadie Smith (2001) £4.99 9£ 6. Interested candidates should contact [email protected] publications colm tóibínsean o’brienguest editors Contents Yes we could n Tuesday, we witnessed the most signi cant event of the post-9/11 world. Regardless of concerns over his News p1-7 woolly rhetoric and supposed inexperience, Barack Obama’s election marks the positive conclusion of the OAmerican civil rights movement and drastically alters how America perceives itself and how the world per- A less perfect Union p3 ceives America: not since two planes ew into the Twin Towers has any event had such universal consequence. e Oxford Union is accused of copying Indeed, one only needed to look at hundreds of screaming faces at the Union all-nighter on Tuesday to Cambridge’s termcard. realise just how much of an impact this election has had. Who, by contrast, stayed up to watch the last UK General Election? How many, in 2005, yelled in delight when Labour held Norwich South? Precious few, one suspects – which makes the excitement engendered by Obama’s victory all the more remarkable. By sparking Plagiarism backlash p7 such frenzied worldwide interest in the election; by accruing more votes than any other presidential candidate e Varsity Plagiarism survey made in any election, anywhere in the world, ever; and, bluntly, by being the rst black man to become president of national headlines. the United States, Barack Obama has re-energised humanity. Yet, as Obama himself admitted, “this victory alone is not the change we seek. It is only the chance for us to Cambridge Spies p7 make that change.” Whatever the massive symbolic impact of his election, the real work is yet to come: all this Our world-famous round-up of celebration will count for little if he fails to live up to his promise of change. He will nd it hard: he inherits a Tab Tattle. It’s outrageous. country embroiled in two precarious and unwinnable wars; the worst nancial crisis in a century; and a planet on the brink of environmental disaster. His policies at least show great potential: his plans to regulate the nancial sector are far more promising than McCain’s ever were; his green cap-and-trade strategy may well help reduce carbon emissions by 80% by Magazine p9-24 2050; and his proposed withdrawal from Iraq will remould America’s image in the Middle East for the better. But, with a national debt of nearly $10 trillion, things will not come that easily. America – and the world – will A man of letters p9 need to be patient. e lost art of letter-writing. Where the Poles meet p10 is year, the Polish community in Cambridge celebrates its sixtieth an- Varsity100 nominations open niversary. Moya Sarner explores the Nominations are invited for the 2009 Varsity100 impact that Polish immigrants have had on the city. Any Cambridge student can be nominated in an online form at varsity.co.uk/100 Published annually, the Varsity100 is a subjective list of the 100 most talented students at the university Je rey Archer p11 Politician, author and perjurer: Archer has ngers in many pies.