THURSDAY, JUNE 8TH, 2017
The Independent Student Newspaper of the University of Pennsylvania
SUMMER EDITION
‘A responsibility to truth and logic’ Fossil Free Penn speaks up in the wake of President Trump’s withdrawal from Paris climate accord DAN SPINELLI Executive Editor
Fossil Free Penn has just called on the University to divest from holdings in fossil fuel companies in light of President Donald Trump’s decision to exit the Paris Agreement, according to an open letter published Monday. The letter was addressed to Penn President Amy Gutmann, Chair of the Board of Trustees David Cohen and the rest of the trustees. In the letter, FFP also asked for the trustees to provide the “logical analysis” used to justify the board’s decision in September 2016 to reject the group’s proposal to divest. FFP later staged a four-day sit-in in College Hall in support of divestment, but no agreement was reached. Earlier on Monday, Penn announced its commitment to reaffirm participation in
the American Campuses Act on Climate pledge, an agreement signed alongside 318 other colleges and universities in 2015. But FFP says this isn’t enough. “The statement only said we’re going to maintain the status quo,” FFP co-coordinator and rising College junior Zachary Rissman said. “Penn still isn’t taking leadership on the destructive notion that climate change is not real or strong, and that climate action is not necessary.” Rissman added that as “a research institution that should stand for Ben Franklin’s values of truth and logic,” Penn should take a stronger stance against Trump’s withdrawal from the Paris climate accord. Penn’s reaffirmation was co-signed SEE PARIS PAGE 3
Senior wins professional stock pitch competition
Board of Trustees chair opposes new fair wage statute
Dylan Adelman beat out 400-600 other candidates in the contest
Gutmann is also on the committee that opposed the law
MANLU LIU Staff Reporter
CHRIS DOYLE Staff Reporter
Rising College and Wharton senior Dylan Adelman received one of the highest honors in the investing world earlier this May when he was awarded the grand prize in the 2017 Sohn Idea Contest, a stock pitch competition. Adelman, who beat out 400-600 other candidates in the contest, will present his idea at the 2017 Sohn Conference, which is the largest professional investing conference in the United States. Other presenters include hedge fund manager David Einhorn and 1992 Engineering and Wharton graduate Larry Robbins, the donor of the renovations to the Jerome Fisher Program in Management and Technology office. Adelman’s pitch that won him the contest involved the e-commerce corporation eBay. He argued that eBay is currently undervalued. Adelman said that by 2020, when the current trade agreement between eBay and PayPal expires, eBay will process its own payments, leading to “several billion dollars of growth for eBay.” “There is a relationship between eBay and PayPal that is not properly understood by
The Greater Philadelphia Chamber of Commerce — a private lobbying group for which Penn is one of seven “sustaining investors” — is suing Philadelphia over a law designed to promote fair pay. The lawsuit’s main proponent is reportedly Penn Board of Trustees Chair David Cohen. Philadelphia’s latest pay equity
SEE ADELMAN PAGE 3
FILE PHOTO
As chair of the Board of Trustees, David Cohen heads the committee that determines Penn President Amy Gutmann’s yearly compensation.
BAYER TO LEAVE SNL
It’s astounding to me that in 2016,
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statute prohibits employers from asking for an applicant’s wage history, a practice shown to adversely affect the salaries of women and people of color. Although passed by a unanimous vote in December and originally scheduled to take effect May 23, the law has sparked strong resistance from the chamber and is now in suspension pending litigation. “In its current form, the ordinance will not advance gender wage equality, but instead will chill the SEE WAGE PAGE 2
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our president can still treat environmental issues so casually and incorrectly. - Jessica Li COURTESY OF JULIA PAN
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