Boston College Chronicle

OCTOBER 28, 2021 VOL. 29 NO. 5

PUBLISHED BY THE BOSTON COLLEGE OFFICE OF UNIVERSITY COMMUNICATIONS

A Special Class Returns

INSIDE 2x Around Headline Campus

Berube to speak at Veterans Day xxxxx.

Remembrance Ceremony; Red Banxdanna Headline Run. xxx.

3 COP26 x Headline BC delegation to attend major xxxxx. change conference. climate

6 Only Money?

Q&A on cryptocurrency with CSOM’s Leonard Kostovetsky.

Olivia Colombo finishing the Boston Marathon on October 11.

Separated during their senior year by the pandemic, BC's 2020 graduates gathered at the Heights for Commencement ceremonies and a celebration

BY PHIL GLOUDEMANS STAFF WRITER

Author and Boston College Trustee Stephen J. Pemberton urged the graduates at the University’s 145th Commencement Exercises on October 17 to serve as beacons of light who guide others.

“Lighthouses are perhaps the most selfless structure that humankind has ever created,” he explained. “It serves no purpose other than to be of service to another, to simply be a beacon, especially in times of uncertainty and chaos.”

Pemberton, a philanthropist, motivational speaker, diversity champion, and Boston College graduate (’89, M.A. ’19, H ’15), wrote the best-selling 2012 memoir A Chance in the World, which was shared reading for the Class of 2020 during the summer before their arrival at BC. In September 2016, Pemberton addressed the class at its First Year Academic Convocation.

photos by lee pellegrini

A 2020 BC graduate looked on as Stephen Pemberton spoke at the Commencement Exercises for the Class of 2020, held October 17 in Conte Forum.

Commencement highlighted the Class of 2020 Celebration Weekend, which was organized following the cancellation of the traditional May 2020 event due to COVID-19 restrictions imposed by the city of Boston.

More than 1,600 Boston College graduates (out of 2,332) attended; while all graduates received their diplomas by mail in 2020, each attendee was acknowledged at individual school ceremonies that followed the main Commencement.

A Baccalaureate Mass preceded Commencement; a celebratory lunch and toast in the Plaza at O’Neill Library immediately followed the ceremonies.

Prior to Pemberton’s remarks, University President William P. Leahy, S.J., shared with graduates a complementary message.

“Our world very much needs you graduates of the Class of 2020. We need you to help resolve challenges and bring more hope to our day.

College Trustee and BC Law graduate Marianne Short, the school’s most generous benefactor.

Short, the executive vice president, chief legal officer, and member of the Office of the Chief Executive at UnitedHealth Group, made the gift in recognition of the “guiding force” that Boston College Law School has been throughout her life and illustrious 45-year legal career.

“I loved my experience at BC Law School,” said Short. “The professors took an individual interest in the students and prepared us for both a profession and a calling to something greater than our-

selves. They instilled in us the importance of servant leadership—the calling to make the world a better place by focusing on what we can do to help others, particularly the less fortunate. To me, that is what law is all about.”

A 1973 graduate of the Newton College of the Sacred Heart, which merged with Boston College in 1974, Short received her J.D. from BC Law in 1976. Prior to joining UnitedHealthGroup in 2012, she served as managing partner at Dorsey & Whitney LLP, a judge on the Minnesota Court of Appeals, and an attorney in the

More Than a Marathon Short’s Gift Will Endow BC Law Deanship BC senior went a long way just to get to the starting line

BY ALIX HACKETT SPECIAL TO THE CHRONICLE

Crossing the finish line at the Boston Marathon is a momentous occasion for any runner, but for Boston College student Olivia Colombo, it marked the end of a journey much longer than 26.2 miles.

Colombo, who is in the Lynch School of Education and Human Development, has struggled with a variety of rare and undiagnosed medical conditions for most of Continued on page 5

$10 million gift is latest example of generosity from trustee and BC Law alumna, in appreciation of the school’s ‘guiding force’

BY JACK DUNN ASSOCIATE VICE PRESIDENT FOR UNIVERSITY COMMUNICATIONS

The dean’s position at Boston College Law School will be named the Marianne D. Short, Esq., Law School Deanship, as a result of a $10 million gift from Boston

Continued on page 4

Continued on page 3

REMINDER: EARLY CLOSING NOV. 5 Boston College administrative offices will close at 3:30 p.m. on Friday, November 5, due to the BC-Virginia Tech football game taking place at 7:30 p.m. The University asks that all vehicles be removed from campus that day as close as possible to 3:30 p.m.

Chronicle

2

October 28, 2021

Around Campus

Veterans Day Remembrance Nov. 11 Boston College will mark Veterans Day with the 21st annual Veterans Remembrance Ceremony at 11 a.m. on November 11 on the Burns Library Lawn, where retired United States Navy Rear Admiral Raymond Berube ’78 will deliver the keynote remarks.

The ceremony—at which ROTC cadets read the names of all those from BC who have died in combat—will be preceded by the annual Veterans Mass at 9:30 a.m. in St. Mary’s Chapel.

“The events taking place next week are meant to recognize the sacrifices of our military service members, their families, and all those impacted by their service,” said BC Assistant Director for Veteran Programs and Services Michael Lorenz. “We have several in-person events, and other programs to help the community to reflect and hopefully appreciate the sacrifice of our past and present military service members.”

Among his many assignments, Berube served as director of logistics for the U.S. Fleet Forces Command in Norfolk Va., commander of fleet and industrial supply centers in San Diego, and commander for the Naval Inventory Control Point in Pennsylvania, as well as assignments at the Pentagon. He lives in the San Diego area with his wife, Mary (Farrell) ’80; they are the parents of two children who also graduated from BC. The events this year take on special significance with the unveiling of the latest name added to the veterans’ Memorial Wall, which lists all BC alumni who have died in the line of duty. Brighton resident and former BC student First Lt. Thomas Redgate went missing in action during combat in the Korean War 71 years ago and his remains were just recently identified. Redgate was eulogized in St. Ignatius Church in September and buried in his home state following the return of his remains from North Korea in 2018 and subsequent identification by experts at the Armed Forces Medical Examiner System in Hawaii.

Immediately after the main ceremony on November 11, Redgate’s surviving family members will be shown the inscription, which becomes the 211th on the serpentine black stone monument on the edge of the Burns Library lawn, said Jean Chisser, associate director for Alumni Affinity Programs in the Office of Alumni Relations, which helps to coordinate the program.

“It is an honor for us to memorialize Lt. Redgate from now on as someone who ASSOCIATE VICE PRESIDENT FOR UNIVERSITY COMMUNICATIONS

Jack Dunn SENIOR DIRECTOR FOR UNIVERSITY COMMUNICATIONS

Sean Smith

PHOTOS BY FRANK CURRAN

Red Bandanna Run The University observed one of its proudest traditions last Saturday: the Volunteer and Service Learning Center’s 5K Red Bandanna Run, held to honor 9/11 hero Welles Remy Crowther ’99. Due to COVID-19, the in-person race was limited to current BC students, faculty, and staff; other registrants were invited to participate virtually through November 4.

For more about Welles Crowther and the Red Bandanna Run, see bc.edu/welles.

Retired United States Navy Rear Admiral Raymond Berube ’78

gave their life in service to our country,” said Chisser. “This is the 21st year that we have had this ceremony, which is about honoring our veterans and remembering those who made the ultimate sacrifice.”

Veterans Day honors all U.S. military veterans, whereas Memorial Day recognizes those killed in the line of duty. The Veterans Day ceremony on campus combines the intentions of both days given that the academic year has concluded by Memorial Day, Chisser noted.

The morning’s Mass will be presided over

by U.S. Navy veteran John Monahan, S.J., and include a sermon by U.S. Army Vietnam veteran Paul McNellis, S.J., a part-time faculty member in the Philosophy Department.

The event is sponsored by the Boston College Alumni Association, Boston College Veterans Alumni Network, BC Army ROTC Program, the Office of the Executive Vice President, and Campus Ministry.

Lorenz said there will be additional initiatives to recognize the military-connected community at BC, including the placement of POW/MIA tables in the dining halls and the announcement of an initiative that will help people request care packages for BCaffiliated service members who are deployed.

The November 20 BC-Florida State football game has been designated as a military appreciation game.

To register to attend, go to alumnievents.bc.edu/eXvOXb?sms=2.

–Ed Hayward

CONTRIBUTING STAFF

(Above) Alison Crowther— Welles’ mother—prepared to get the race under way.

(Below) Audrey Mitchell ‘24, left, and Julia Dunderdale ‘24 were walking on air after finishing the run.

Christine Balquist Phil Gloudemans Ed Hayward Rosanne Pellegrini Kathleen Sullivan

Chronicle

PHOTOGRAPHERS

www.bc.edu/bcnews chronicle@bc.edu

Patricia Delaney EDITOR

BC Scenes

Caitlin Cunningham Lee Pellegrini

The Boston College Chronicle (USPS 009491), the internal newspaper for faculty and staff, is published biweekly from September to May by Boston College, with editorial offices at the Office of University Communications, 3 Lake Street, Brighton, MA 02135 (617)552-3350.

Distributed free to faculty and staff offices and other locations on campus.

Periodicals postage paid at Boston, MA and additional mailing offices.

POSTMASTER: send address changes to The Boston College Chronicle, Office of University Communications, 3 Lake Street, Brighton, MA 02135.

A flipbook edition of Chronicle is available via e-mail.

Send requests to chronicle@bc.edu.

Chronicle

October 28, 2021

3

BC Delegation to Attend Climate Change Conference

BY ED HAYWARD STAFF WRITER

Boston College has received accreditation to send a delegation of faculty and students to observe the United Nations Climate Change Conference, also known as COP26, to be held in Glasgow, Scotland, in early November.

The granting of observer status offers a unique opportunity for the delegation to attend events organized around the United Nations Framework Convention of Climate Change, but also reflects BC’s academic and research strengths on the issue of climate science and policy, according to faculty at the center of the initiative.

“This is an opportunity for our students, the professionals of the future, to observe this process in action,” said BC Law School Professor David Wirth, an expert on international environmental law and policy. “It is an opportunity for our faculty to showcase their research to their peers, policy-makers, decision-makers, all collected in one place.”

COP26—technically the 26th meeting of the Conference of the Parties to international climate accords dating back to 1992—brings together nation-states to negotiate and coordinate efforts at the highest levels of government to combat climate change, said Wirth, who attended COP24, which was held in 2018 in Poland. The 26th meeting was postponed last year due to the COVID-19 pandemic.

A number of faculty have been coordi-

Professor of Political Science David Deese says the accreditation to attend COP26 is “a nice feather in the cap for BC.”

photo by lee pellegrini

nating through the University’s Schiller Institute for Integrated Science and Society to select a group of faculty, graduate students, and undergraduates. At this time, the size of the group has not been determined.

“It is substantial recognition when you look collectively at what is going on at the University among faculty and students,” said Professor of Political Science David Deese, who has worked on the project with Wirth. “There are a limited number of slots for universities for formal status and limits on the overall number of people accredited to attend. It is a nice feather in the cap for BC and representative of our status as a

leading nationally ranked research university in the U.S.” Wirth has also been exploring the possibility of BC being selected to host a panel that would share faculty expertise with the estimated 20,000 people who will attend the conference from October 31 until November 12, or in future years. In particular, he cited the University’s unique focus on the ethical issues inherent to climate change, as well as strengths in public health.

In 2015, in response to Pope Francis’s environmental encyclical Laudato Si’, the University hosted a four-day conference “Our Common Home: An Ethical Summons to Tackle Climate Change,” which examined the global impact of the encyclical on faith, environmental policy, and social justice. Faculty expertise in those areas, as well as public health, could be featured in a panel presentation if selected, Wirth said.

How nations negotiate and work together to make such pledges a reality is at the center of the meetings, said Wirth.

The official intergovernmental meetings, which are closed to the public, embrace a wide range of issues, such as social and economic justice, gender equity, the effects of climate change on indigenous peoples, and the disparate impact of climate change

on the Global South, he said.

“It is invigorating to be at the center of the action,” said Wirth. “Time is running short. The U.S. has stepped up with renewed goals. So have other states. But we are still falling short. Students can be there, faculty can be there, and see the changes and proposals as they are being made and see them come out in real time.”

Professor of Biology Philip Landrigan, M.D., director of the Program for Global Public Health and the Common Good, said the opportunity to witness the proceedings can help meet the challenges of communicating not only climate science and policy, but the impact on citizens around the world.

“One of the things I’ve been very concerned about is that all of us working in this area need to do a much better job of educating people on the planet that climate change will influence their lives and their children’s lives now and in to the future.

“One of the things we’ve been trying to do in our work at BC is really spell out the links between climate change and health,” Landrigan added. “Recent events have made that task much easier. Anyone who was on campus this summer saw smoke from forest fires on the West Coast blanketing us in Boston. As far as I’m concerned, a day like that is a preview of coming attractions. It is going to become more prevalent and more severe as climate change worsens.”

Short Gift Seen as Boon to Law Dean Search Continued from page 1

Minnesota Attorney General’s Office. An eminently respected attorney, she is ranked among America’s leading business lawyers

by Chambers USA. Short said she has fond memories of Richard Huber, who served as dean of BC Law from 1970-1986, and offered praise for his successors, including Vince Rougeau, who led the school for 10 years prior to becoming president of the College of the Holy Cross last summer.

“The Law School has always had strong deans who supported the faculty in providing students with a broad preparation that went beyond targeting a position,” said Short. “It was a very personal education that stressed a human approach to law and an obligation to service that is such an essential component of the BC Law experience. That is why I wanted to endow the deanship.”

Provost and Dean of Faculties David Quigley praised Short for her gift, which he says will be an asset in the search process for the next dean.

“As we search for the new leader of Boston College Law School, the creation of the Short Deanship will help attract the very best candidates,” said Quigley. “It is the latest illustration of Marianne Short’s enduring commitment to the Law School

and the University.”

Short’s affinity for Boston College as an alumna of Newton College of the Sacred Heart and the Law School has spurred a lifelong devotion to the University that has included service on the Boston College Board of Trustees since 1986.

She and her husband Ray Skowyra have been among the University’s leading supporters, having established a Sesquicentennial Assistant Professorship at BC Law and, most recently, the Marianne D. Short and Ray Skowyra Scholarship for Catholicism, and endowing the hitting tunnels for baseball and softball within the Pete Frates Center, among other major gifts.

“I have such respect and gratitude for Boston College and have watched with admiration what it has become through the leadership of the late Chancellor and former President J. Donald Monan, S.J., and University President William P. Leahy, S.J.,” said Short. “I spent seven years on the campus and love the area and all that it has to offer its students. My parents strongly believed in Catholic education, and sent their seven children to BC, Notre Dame, and the University of St. Thomas.

My husband, Ray, loves BC, and one of our sons and three nieces are proud BC graduates. It has been a complete privilege

Marianne Short said her BC Law professors “instilled in us the importance of servant leadership—the calling to make the world a better place by focusing on what we can do for others, particularly the less fortunate.”

photo by lee pellegrini

to serve the school as a trustee and to give back to Boston College.”

Senior Vice President for University Advancement James Husson said that having Marianne Short’s name forever associated with the deanship of BC Law is a fitting tribute to the Law School’s largest donor.

“Marianne has long been a role model for law students who recognize her as a leader in the profession,” said Husson. “At

Boston College, she is also a philanthropic role model whose gifts and service have shaped the University she loves. Her and Ray’s latest gift is a particular source of pride for all of us at the Heights, as we recognize the impact it will have not only on BC Law, but on legal education more broadly. We are incredibly grateful for their generosity.”

Chronicle

4

October 28, 2021

“While [the pandemic] has been challenging for all of us, it has been especially challenging for you. It has required you to be resilient, to stand strong, to have faith, to still serve in spite of your disappointments.”

—Stephen Pemberton

At Long Last, the Class of 2020 Enjoys Its Day Continued from page 1

“I believe that you are already doing that, and I urge that you leave this weekend more deeply committed to sharing with others the benefits you have received from your Boston College education, one emphasizing the liberal arts, and provided in an atmosphere of care and faith shaped by the Jesuit, Catholic tradition and religious heritage.

“May you always strive to be beacons of light for those around you, much as the tower of Gasson Hall does on our campus.

And may God continue to bless you and your families.”

In A Chance in the World, which inspired a 2017 movie of the same name, Pemberton chronicled his journey from a childhood spent in cruel foster homes to an adulthood of happiness and success. The book drew acclaim for its messages of resilience, faith, and family. In September, he released his follow-up, The Lighthouse Effect: How Ordinary People Can Have an Extraordinary Impact in the World. In the new book, Pemberton writes about the mentors, teachers, friends, and colleagues who selflessly guide us along life’s voyage, and whether the lighthouses among us can lead the nation to a more unified tomorrow.

Pemberton, the Workhuman chief

human resources officer, noted that the world that the graduates entered in spring 2020—rife with a global pandemic, an economic meltdown, and a polarizing political climate—was hit by three convergent storms that could not have been anticipated.

“While it has been challenging for all of us, it has been especially challenging for you. It has required you to be resilient, to stand strong, to have faith, to still serve in spite of your disappointments.”

Lighthouses, he clarified, are no longer necessary as a practical matter for navigation at sea, but serve as a perpetual reminder of how we ought to be with one another, and to one another.

“The lighthouse is faithful, steadfast, resilient, and humble,” Pemberton said. “It seeks neither reward nor recognition. It is not concerned about one’s race, gender, or faith. It neither qualifies your distress or renders judgment on your uncertainty, nor does it care about your title, where you stand on a specific social issue, or who you voted for in the last election. The lighthouse is only concerned about protecting your journey, and in doing so, sees only our common humanity.

“You…the Class of 2020 have been the embodiment of the lighthouse.”

(Above) Post-Commencement reception on the Plaza at O’Neill Library. (Right) University President William P. Leahy, S.J., speaking during the ceremony in Conte Forum. (Below) They had to wait longer than expected, but graduates were able to express Commencement-related personal and inspirational messages on their mortarboards.

photos by lee pellegrini and caitlin cunningham

First-Gen Week Is Nov. 5-12 Boston College will celebrate its firstgeneration students—the first in their families to attend college—next month with a week of events and activities, highlighted by the national observance of First-Gen Day on November 8.

Launching the celebration, which is being organized by BC’s Learning to Learn program, will be a BC F1RST-GEN Week Tailgate on November 5, in partnership with BC Athletics. On First-Gen Day, the University will honor the excellence of current and past members of the Gateway Scholars and McNair Scholars programs— which support first-gen students in, respectively, STEM and graduate education— and include remarks by Vice President for Student Affairs Shawna Cooper-Gibson.

Learning to Learn and the BC Alumni Association will sponsor a First-Gen Alumni Panel on November 10.

Information on these and other FirstGen Celebration events will be available at

bc.edu/learning-to-learn.

“First-Gen Week is an opportunity for the University to celebrate the accomplishments and contributions of our first-gen students,” said Learning to Learn Director Rossanna Contreras-Godfrey. “These trailblazers carry with them the support and admiration of their families and communities into the unknown territory of higher education and their achievements reflect their commitment and courage to pursue their dreams.”

BC has enrolled an average of about 260 first-generation undergraduates each year during the past several years; 10 percent of the Class of 2025 is first-gens. The University has been named a First-gen Forward Institution, as part of a national recognition program acknowledging colleges and universities for demonstrated commitment to first-gen student success.

—University Communications These students provided festive music for the Commencement Exercises.

Chronicle

October 28, 2021

5

Marathon Was Extra Fulfilling for BC Senior could finally take a deep breath. Three weeks later, she hit the pavement, sweating through long runs and hill workouts near her family’s home in Massachusetts, relearning what it felt like to push herself without passing out from dehydration or low blood pressure. She called this phase “life 2.0.”

After cheering on the Boston Marathon runners as a freshman at BC, Colombo asked her doctor at the time whether it

Continued from page 1

her adult life. She hit a low point in February, when the pain in her ribs and abdomen became excruciating, and her weight and blood pressure dipped dangerously low. Her medical team was unsure if she would live to graduate from college, and diagnosed her with adult failure to thrive.

At that point, Colombo was a regular at both Massachusetts General Hospital and Boston Children’s Hospital, where she’d sought opinions from 33 doctors and endured 12 overnight stays her junior year. She’d been diagnosed with a variety of chronic conditions, including postural orthostatic tachycardia syndrome, complex regional pain syndrome, and mast cell activation syndrome, but no medication or treatment had been successful in controlling her symptoms. Unable to find a solution, some doctors dismissed her condition as either psychosomatic or the result of disordered eating.

“I had doctors from the best hospitals in the world tell me that the pain was in my head, that I was anorexic—things that were so off base,” she recalled. “I felt very much lost in the middle and like I wasn’t being listened to.”

Colombo leaned heavily on her BC support network, which included friends who would drive her to the emergency room and Dr. Amy Costa of University Health Services, whom she met with several times a week.

“She was the linchpin between all the medical teams,” Colombo said of Dr. Costa. “When it was really rough, she said, ‘Don’t worry, I’m not going to give up on you. I’m not going to give up until we figure this out.’”

In particular, many doctors were dismissive of Colombo’s growing suspicion that she had median arcuate ligament syndrome, known as MALS, a compression syndrome of the celiac artery and surrounding nerves. The symptoms seemed to mirror her own: intense gastrointestinal pain (patients often describe MALS pain

During her junior year, Colombo sought opinions from 33 doctors and endured 12 overnight hospital stays. Some doctors dismissed her condition as either psychosomatic or the result of disordered eating.

BC senior Olivia Colombo en route during the recent Boston Marathon. “I was so focused on surviving each mile that I didn’t get to appreciate the enormity of it as much as I thought I would,” she says. “But I feel like my friends held that space for me, and did a good job of reminding me how huge this is.”

as being on par with end-stage pancreatic cancer) that doesn’t respond to GI medicine or show up during scopes and tests.

Colombo asked repeatedly to be tested for MALS, but was told the condition was

Robsham Theater staged the New England premiere of the critically acclaimed Ella Hickson play “Oil,” directed by Assoc. Prof. of the Practice Patricia Riggin (Theatre). The production ran on the Robsham main stage from October 21-24. photo by lee pellegrini

“too rare” to justify the procedure. She persisted, eventually gaining a preliminary test, despite the fact that her medical condition had begun to stabilize by spring semester, allowing her to gain weight and get cleared to exercise. In May, she signed up to run the Boston Marathon on the Children’s Hospital Miles for Miracles team, just as initial testing showed evidence of MALS. “I had a mindset shift,” she recalled. “I remember thinking, this has taken so much from me. It took away my high school years, my prom, my chances of getting recruited to run in college...and I’m kind of done with it. I’m done letting MALS control my life.”

Then in June, her doctors agreed to a diagnostic procedure that gave Colombo the answer she’d been looking for. She did appear to have MALS, they said, and was a candidate for a surgical procedure widely regarded as a cure. With the operation scheduled for July 14, Colombo kept up her training, tuning out one of her doctors who said she was “crazy” for thinking the procedure would help.

When she woke up in a post-surgery haze, the first thing Colombo remembers feeling was the absence of pain. Despite having six incisions in her abdomen, she

was something she could ever hope to accomplish.

“She was really encouraging but also said ‘this is going to be a big struggle for you, there are a lot of things you need to do before then,’” Colombo recalled.

When the starting gun went off three years later, Colombo kept pace with her Children’s Hospital teammates, then slowed a bit as the middle miles took their toll. She knew if she could make it to mile 21, where her friends were waiting with signs and shouts of encouragement, she would finish.

“I was so focused on surviving each mile that I didn’t get to appreciate the enormity of it as much as I thought I would,” she acknowledged. “But I feel like my friends held that space for me, and did a good job of reminding me how huge this is.”

Colombo crossed the finish line with tears in her eyes after running for just over five and a half hours. The next day, she arrived at her field placement at the Sojourner House in Roxbury, sore but ready to work. In 2023, as part of a combined five-year program run by the Lynch School and Boston College School of Social Work, she’ll graduate with a master’s degree in social work, which she hopes to use in a hospital setting.

Going forward, Colombo is still dealing with chronic conditions, but with MALS erased from the equation she feels equipped to handle whatever life throws her way. In addition to her support network, she credits a mantra that she and her mother developed—“strong and brave”— with helping her stay positive.

“We would just repeat that back and forth to each other,” she said. “And I think I intrinsically believed that I am strong, I will get through this, and my life is worth saving.”

Alix Hackett is a senior digital content writer in the Office of University Communications

Chronicle

6

October 28, 2021

Q&A

Demystifying Cryptocurrency United States Securities and Exchange Commission (SEC) Chair Gary Gensler has characterized cryptocurrencies as the “Wild West” of digital assets and pushed for greater regulation. In contrast, entrepreneur and business magnate Elon Musk believes that regulators should simply “do nothing” and “just let it fly.” As speculation builds as to the possibility that the federal government may demand some cryptocurrency oversight, Carroll School of Management Assistant Professor of Finance Leonard Kostovetsky recently spoke with Chronicle’s Phil Gloudemans about the roots of cryptocurrencies, its pros and cons, and what the future may hold.

There’s been a surge of interest in cryptocurrencies such as Bitcoin, but to many people, the concept is confusing, if not mysterious. So, let’s start with the basics: What is cryptocurrency?

Cryptocurrencies are similar to government-issued currencies such as dollars or euros in that they can be used to pay or to receive payment. The main difference is that they only exist in electronic form instead of paper bills or coins. The “crypto” in cryptocurrencies refers to the use of encryption (i.e., code) to maintain records of ownership and transactions, which makes them secure and tamper proof.

What was the first cryptocurrency, who started it, and what motivated its creation?

The first cryptocurrency is also the one most people are familiar with: Bitcoin.

Introduced in late 2008 by an anonymous individual or group under the pseudonym Satoshi Nakamoto, Bitcoin was invented in the immediate aftermath of the 2008 global financial crisis when the risk of reliance on banks for all financial transactions became obvious. The idea behind Bitcoin is to allow people to transact online and pay directly (peer-to-peer) without third-party verification from a financial institution like a bank or PayPal. What are the most popular crypto “brands” today?

Since Bitcoin was introduced in 2008, the number of different cryptocurrencies has proliferated quickly, likely exceeding 10,000, with a total market value of nearly $2.5 trillion. Besides Bitcoin, three other well-known brands are Ethereum, Dogecoin, and Tether.

Ethereum is extremely popular because it comes with the use of “smart contracting,” a set of rules for payments (similar to a regular contract) that are automatically enforced by a computer program.

Dogecoin was invented as a joke to mock speculators in other cryptocurrencies, and ironically, it became one of the main cryptocurrency vehicles for speculation since it was adopted by a large online community, including celebrities such as Elon Musk, the richest man in the world. Tether’s pop-

ularity stems from its value being pegged to the dollar, which puts it in a special class of cryptocurrencies called stablecoins.

Is Bitcoin, for example, a widely accepted form of payment?

It depends on how “widely” is defined.

A 2020 Zogby Analytics survey found that approximately one-third of small- and medium-sized businesses accept cryptocurrency payment. Some large companies, including AT&T, Microsoft, and PayPal, accept or allow transactions in cryptocurrencies.

In February, Tesla announced that it would accept Bitcoin, but then reversed that decision in May, asserting that the electricity needed to verify Bitcoin transactions was environmentally harmful. Nonetheless, the number of businesses accepting cryptocurrencies has been gradually expanding and it’s likely to continue with more adoption.

Unlike the U.S. dollar, cryptocurrency is decentralized, so what authority is backing it and who controls it?

No authority backs it or controls it. The list of owners and transactions is stored on a digital ledger called a blockchain, which is simultaneously stored on many different computers so there is no need to rely on a particular server or a trusted third party like a bank for verification. The computers are Internet-connected and they communicate with each other to validate new transactions.

Bitcoin has demonstrated that it can be potentially valuable (but speculative) as an investment asset. How does that work? If someone invests in a cryptocurrency, where is it stored? Is it secure?

It actually works very similarly to other assets such as stocks, bonds, or foreign fiat currencies. You start by opening an account with a cryptocurrency platform such as Coinbase, the largest exchange for U.S. investors, and then transfer dollars from your bank account to the platform. Then you log into the platform from your computer or with a phone app as you would to access your online brokerage account like E-trade or Ameritrade, and start buying and selling cryptocurrency. While the process is fairly secure, there have been a number of hacks of cryptocurrency exchanges, though they are fairly unlikely for more reputable exchanges such as Coinbase.

Last week, the first exchange-traded fund (ETF) linked to Bitcoin futures was launched on the New York Stock Exchange, which gave investors exposure to the cryptocurrency without actually directly holding it through an ordinary brokerage account. What is the significance of this development and why was it heralded as such a milestone?

This event could potentially be very consequential for adoption since it will make it far easier for investors with a brokerage account to include crypto in their portfolios without the hassle of opening an account with a cryptocurrency exchange.

photo by lee pellegrini

“Governments are very protective of their monopoly power to print and mint money. Because cryptocurrencies are digital and global in nature, it makes it difficult for any specific government to eliminate them, but regulators are very skeptical of and hostile toward them. The SEC has consistently tried to make it as difficult as possible for U.S. investors to gain access to them. It’s hard to predict what will happen in the future, but the most likely outcome, in my opinion, is that they will continue to co-exist with fiat currencies like dollars.”

—Asst. Prof. Leonard Kostovetsky (CSOM) It’s a milestone because the SEC has long been reluctant to make it easy for retail investors to purchase cryptocurrencies and has previously rejected many proposed ETFs that would directly invest in cryptocurrencies. Now that they have agreed to allow the operation of several funds that track Bitcoin futures, it’s very likely that they will also soon allow others that directly hold cryptocurrencies. With the huge number of different cryptocurrencies available, the number of funds investing in them could also proliferate rapidly.

What is your opinion of crypto as an investment option?

I would not recommend it as an investment option. Cryptocurrency prices are extremely volatile because there is a great deal of disagreement on their fundamental worth, and whether they are just a fad, a tool for drug dealers to launder money, or a promising concept that will overtake fiat currencies in the future. The risk in buying cryptocurrency is extremely high and is more akin to casino gambling or buying lottery tickets than investing in financial assets like stocks and bonds.

How does the IRS treat cryptocurrency? Is it taxable?

This is one of the bigger problems with investing in and using cryptocurrency.

Because it is both an investment and an exchange medium, it presents major dilemmas for figuring out the taxes owed. If held in an investment account, it’s treated like any other investment, and capital gains taxes must be paid if sold for a profit. But

without tax forms, which many cryptocurrency exchanges don’t provide, many investors make incorrect calculations and pay the IRS either too much or too little. Also, if a cryptocurrency is used for transactions, all purchases must be reported (and the dollar exchange rate at that moment) because you are technically selling that asset when you use it to buy goods or services.

Do you anticipate that the U.S. government will eventually step in to regulate it? What’s the future of cryptocurrencies such as Bitcoin?

Governments are very protective of their monopoly power to print and mint money. Because cryptocurrencies are digital and global in nature, it makes it difficult for any specific government to eliminate them, but regulators are very skeptical of and hostile toward them. The SEC has consistently tried to make it as difficult as possible for U.S. investors to gain access to them. It’s hard to predict what will happen in the future, but the most likely outcome, in my opinion, is that they will continue to co-exist with fiat currencies like dollars.

Interestingly, central banks have explored issuing competing digital currencies called central bank digital currencies (CBDCs), which would be legal tender. There will also likely be new offshoots or applications like the growing trend in decentralized finance, or DeFi, a collective term for financial products and services that are accessible to anyone with an Internet connection who can use Ethereum.

Chronicle

October 28, 2021

STM Faculty Member Fr. Baldovin Recognized for Work in Pastoral Liturgy

BY KATHLEEN SULLIVAN STAFF WRITER

School of Theology and Ministry Professor of Historical and Liturgical Theology John F. Baldovin, S.J., is the recipient of the 2021 Jubilate Deo Award, given in recognition of his substantial contribution to the development of pastoral liturgy in the United States. The Jubilate Deo Award is the highest honor bestowed by the National Association of Pastoral Musicians (NPM), an organization dedicated to fostering the art of musical liturgy by serving the Catholic Church in the U.S. as musicians, clergy, liturgists, and other leaders of prayer.

“I am deeply honored by this recognition from the National Association of Pastoral Musicians, especially in view of the wonderful colleagues I join as recipients of this award,” said Fr. Baldovin, an expert in the history and theology of the liturgy, sacramental theology, and the theology of ministry ordained and lay. He has taught at the STM, and previously Weston Jesuit School of Theology, since 1999.

Fr. Baldovin was presented with the award at the NPM’s annual convention where he delivered, in virtual format, a keynote address on “Singing the Lord’s Song in Time of Trouble: How Can the Eucharist be a Celebration of Reconciliation, Hope and Joy?” His talk explored how the Church and pastoral musicians will recover from what the COVID pandemic has wrought; how the Eucharist can be a means of reconciliation in an American culture that is fractured by civil discord; how liturgical celebrations can address the persistent, sinful, and endemic racism that pervades society; and how to avoid making the Eucharist a battleground for the culture wars that characterize the Catholic Church, especially in the U.S. today.

The text from his keynote address was published in the NPM’s magazine, Pastoral Music.

BC in the Media With Federal Reserve chairman Jerome Powell’s term expiring next February, Murray and Monti Professor of Economics Peter Ireland provided historical perspective on the central bank’s role for National Review.

guez, on view at the McMullen Museum of Art, was featured by a number of media outlets, including WGBH’s “Open Studio,” the PBS Newshour, Art Daily, and MetroWest Daily News.

Prof. Seth Jacobs (History) discussed the career of the late Secretary of State Colin Powell in an interview with CBS Boston/ WBZ TV 4.

As lawyers gave their closing arguments in the first trial of the Varsity Blues scandal, Asst. Prof. of the Practice Jeffrey Cohen (Law) offered comments to The New York Times.

The New York Times highlighted findings of a study by the Center for Retirement Research on how much help older Americans will need and for how long.

In a Q&A with WalletHub, Asst. Prof. Megan Hunter (CSOM) discussed the impact on consumers of insurance company reviews and advertising.

The first major United States exhibition on Cuban modernist painter Mariano Rodrí-

Assoc. Prof. Matt Sienkiewicz (Communication) weighed in on the ascension of Fox News’ late night talk show “Gutfeld!” and right-wing comedy in an essay for The Conversation.

There’s no such thing as the “perfect” Bible translation, but some might be better for Catholic readers than others, commented Prof. Emeritus Richard Clifford, S.J. (STM), for a piece in America magazine.

John Baldovin, S.J.

Fr. Baldovin is president of the International Jungmann Society for Jesuits and the Liturgy and is a member of the board of directors of the esteemed journal, Theological Studies. He is past president of the North American Academy of Liturgy (NAAL) as well as the international ecumenical Societas Liturgica. He served on the advisory committee for the Bishops’ Committee on the Liturgy of the U.S. Conference of Catholic Bishops as well as on the advisory committee of the International Commission on English in the Liturgy. He received the Berakah Award for distinguished achievement from the NAAL in 2007.

He is an author of numerous books and articles, notably the award-winning book Reforming the Liturgy: A Response to the Critics. His writings have been translated into French, German, Spanish, Italian, Japanese, and Albanian.

CSON Dean to Present Pinnacle Lecture Nov. 2

photo by lee pellegrini

7

Connell School of Nursing Dean and Professor Katherine Gregory, left, will give the Pinnacle Lecture this coming Tuesday at 5 p.m. As the Dr. Maureen P. McCausland Pinnacle Keynote Speaker, Gregory will present “Babies, Biomes, and Boston: A Journey in Leadership.” The lecture takes place in the Yawkey Center Murray Room but also will be available via Zoom. Details and registration are at https://www.bc.edu/bc-web/ schools/cson/about/traditions/pinnaclelecture-series.html.

photo by caitlin cunningham

The Connell School of Nursing saluted the careers and contributions of six retiring faculty members at an October 18 ceremony on Brighton Campus: (L-R) Jean Weyman, William Fehder, Pamela Grace, Catherine Read, Ellen Mahoney, and Dorothy Jones.

Jobs The following are among the recent positions posted by the Department of Human Resources. For more information on employment opportunities at Boston College, see www.bc.edu/jobs.

Administrative Assistant, Office of Senior Vice President for University Advancement Program Nurse Program Director, Ever to Excel Assistant Director, Data Visualization Laboratory

Fiscal & Grant Administrator, Morrissey College Service Center Graduate Programs Assistant, Theology Assistant Director, Strategic Sourcing, Procurement Senior Associate Director, Digital Marketing Senior Employment Assistant, Human Resources Creative Graphic Designer, Athletics Associate General Counsel

Associate Director, Urban Outreach Initiatives

Facilities Supervisor, Residential Life

Residential Life Administrator

Assistant Director, Residential Life

Color Guard Instructor Operations Coordinator Technology Consultant

Lead Teacher, Pine Manor College Administrative Assistant, Sponsored Programs Post-doctoral Research Fellow (multiple positions)

Chronicle

8

October 28, 2021

WCAS Takes Career Fair in a New Direction

BY PATRICIA DELANEY SENIOR DIRECTOR FOR UNIVERSITY COMMUNICATIONS

As many touchpoints along the career advancement trajectory—from in-person interviews to networking events—fell victim to COVID-19 restrictions, new platforms have emerged to enable, in virtual format, the show to go on.

But for Boston College students pursuing graduate degrees in applied economics, a weeklong online career fair shook up all the usual formats, combining the networking aspects of a “reverse” career fair with elements of a research poster presentation.

Instead of a venue filled with tables representing organizations and companies, the reverse career fair flips the model: Attending recruiters and hiring managers navigate among stations assigned to each participating student. At the BC event, the virtual platform took it a step further, allowing each student to showcase not only their credentials but also their recent research in the field.

The pilot expo, which took place last spring, was customized specifically for the M.S. in Applied Economics program at BC’s Woods College of Advancing Studies

by Open Data Science Conference, organizer of some of the largest global events in the data science and artificial intelligence realms, in cooperation with MSAE director Aleksandar Tomic, who is also the school’s associate dean for strategy, innovation, and technology. The event was so successful that Tomic has incorporated it into the program’s ongoing portfolio of career services.

Like all of the graduate programs of the Woods College, the MSAE attracts both traditional and nontraditional students, including working professionals, from across the United States and abroad. The program is accustomed to offering flexible scheduling to accommodate them, Tomic said, so it was a natural extension to consider the time constraints faced by recruiters and hiring managers as well. The career event’s format enabled them to explore the fair and speak with participants at their own

“We pride ourselves on finding new and creative ways to engage employers so that our students are presented with opportunities to build a network they can leverage during their time in the program and post-graduation,” says Woods College of Advancing Studies Associate Dean Aleksandar Tomic of the virtual “reverse” career fair the college held earlier this year (above).

photo by christopher soldt/MTS

convenience—and without having to travel to campus.

At any time during the weeklong expo, visitors could enter a password-protected virtual auditorium and choose among an array of stations each representing a participant. There, current students and recent graduates of the MSAE program made available video statements of their achievements and career goals, presentations of their research findings, and downloadable resumes. Visitors could interact with each student directly through a chat function or LinkedIn connection, or by scheduling an appointment to talk live.

The genesis of the event stems back to 2018, when the MSAE program participated in Open Data Science Conference’s annual AI conference in Boston. “We hosted an event for recruiters at which our students presented their work and had very good results,” Tomic said. “When COVID hit, ODSC had to move their conference

to a virtual platform. I liked what I saw and proposed that we build our event on that platform, as it provided for a very rich experience even when the students were not present to connect directly.”

In addition to the customized ODSC platform, student preparation was key to the event’s success, Tomic said. Before the event, MSAE faculty member Robert Bradley ran a five-week seminar for participants that covered presentations, videos, job search strategies, and mock interviews.

An important aspect of the process was to help each participant prepare to speak with both recruiters and research managers—two very different audiences, Bradley said. “Each person needed to have quality research and a compelling story to tell about it—to showcase their skill sets and also their ability to communicate ideas. My approach was to work with each person one-on-one as much as possible, while also encouraging them to take advantage of their classmates

to get as much constructive feedback as possible.”

Each participant would have a short window to make a meaningful connection that would ideally lead to a potential interview, whether as a direct result of that brief interaction or down the road based on the connection, Bradley said.

While many MSAE students are intensively searching for jobs close to graduation, others are already in various stages of career planning at any point during the program.

“I have worked in different capacities at a number of universities and I honestly have never seen students so prepared to do the work necessary to succeed,” said Bradley.

“They are not just looking for help landing a job, they are looking for us to prepare them to succeed in their work.”

Junhui (Michelle) Lei MSAE ’21, whose research explored the interaction between income and marital status on workplace attrition, welcomed the opportunity to present her project to a larger audience and receive feedback to improve her work, she said, as well as to connect with others and exchange thoughts on behavioral economics.

Lei, who is now pursuing a master’s degree in behavioral finance at Cornell University, also cited appreciation for the one-on-one preparation sessions offered by both Bradley and Tomic, as well as for the research guidance provided by MSAE faculty member Lawrence DeGeest.

Some students even received job offers during the prep seminar, Tomic noted: One had taken the opportunity to do a mock interview with a faculty member who works at the Boston Federal Reserve and was hired as a research associate there; another landed a new job in Germany.

“We look at every opportunity to help our students in their careers and to introduce them to recruiters and potential employers,” Tomic said. “We pride ourselves on finding new and creative ways to engage employers so that our students are presented with opportunities to build a network they can leverage during their time in the program and post-graduation.”

Read the full version of this story at https:// bit.ly/MSAE-career-expo

BC Scenes Art After Dark

The McMullen Museum of Art hosted “A Grotesquerie of Lights” last Friday night as part of its “Art After Dark” series for students.

The event, which took its theme from the museum’s current exhibition on Cuban artist Mariano Rodríguez, included video and photography installations by students, live performances, and Halloween-themed activities.

PHOTOS BY JUSTIN KNIGHT