The Chronicle
WEDNESDAY, JULY 1, 2009
THE INDEPENDENT DAILY AT DUKE UNIVERSITY
ONE HUNDRED AND FIFTH YEAR, SEND HOME
BRAVING A RECESSION Grads confront new reality by Lindsey Rupp THE CHRONICLE
Andrew Holmberg, Trinity ’09, was an economics and public policy double major. He had an internship at Dutko Worldwide, a lobbying firm that advises public and private sector organizations. He went through the on-campus recruitment process and spent eight weekends of his senior year flying from coast to coast for more than 100 interviews with companies from Google to accounting firms. But Holmberg—who may have been the ideal candidate for a spot on Wall Street only a year ago—never did land a job in the private financial sector. Instead, he is exploring an altogether different career opportunity—with the FBI. “The importance of public service is something I overlooked when I said, ‘I want to make $100,000 when I graduate,’” Holmberg said. “If you asked me a year ago, ‘Would I be working in the FBI?’ of course I would have said no. But I have a twoyear commitment where I not only have a job, I have a unique experience and I am able to serve my country.” Holmberg said pending completion of the security process, he will be doing work with the FBI similar to what he would have done for a finance company, but he does not have to worry about layoffs like his peers in the private sector. But that is assuming graduates of the Class of 2009 get jobs in finance—or any jobs at all, as they enter the workforce in the grimmest economic environment in recent history. Slim pickings April saw a 6.1 percent national unemployment rate for graduates of four-year institutions between 20 and 24 years old, the Wall Street Journal reported May 9. And the National Association of Colleges and Employers reports that companies say they will hire 22 percent fewer college graduates this year. SEE GRADUATES ON PAGE 17
SPECIAL ECONOMIC COVERAGE, PAGES 14 AND 15:
Duke-Durham, DOWN AND OUT Employees bear brunt of Duke’s $50M cuts Duke is offering more retirement incentives to salaried employees in an effort to reduce its $125 million budget deficit. With endowment down 24%, DUMAC ups its cash liquidity DUMAC has made adjustments that will allow it to access up to $1 billion in 30 days. Durham braces for a smaller Duke A recent study shows the University generates about $3.4 billion annually for the city. Bull City car dealers staying in gear Despite widespread closings of GM and Chrysler dealerships nationwide, only one has shut down in Durham. PHOTO ILLUSTRATION BY MICHAEL NACLERIO/THE CHRONICLE