October 2, 2008

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The Chronicle Policy may Profs discuss or* limit news on Trustees

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Media disappointed by lack of openness by

Shuchi Parikh THE CHRONICLE

Although the Board of Trustees has no legal obligation to open its meetings to the

press, members of several media outlets said a press blockage will limit transparency and coverage of the 36-member group. Media will be barred from all parts of the Trustees meeting this weekend, and Chair Robert Steel, Trinity 73 and President ROTI analvck c rsaiysis |bU mdiaid Brodhead will not hold the press conference that traditionally capped the meeting. “In the long run, [the limited access] makes it harder for [the Trustees] to communicaie to the public and raises unnecessary barriers to media trying to get fair information,” said Bob Ashley, editor of The (Durham) Herald-Sun. The change—to be applied to all future Trustee meetings—was made following an internal governancereview over the past year. “It’s always a loss when you’ve been accustomed to having free flow of access

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LAWSON KURTZ ATM E

Five professors join President RichardBrodhead (far right) in a panel discussion of the current financial crisis Wednesday in a packed GriffithTheater.

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SEE MEDIA ON PAGE 5

CHRONICLE

Julia Love

THE CHRONICLE

The first-ever President’s Forum on Critical Issues, moderated by President Richard Brodhead, convened Wednesday afternoon to get to the bottom of Wall Street’s swift downward spiral, a phenomenon that has average Americans and brilliant economists alike scratching their heads. Nearly 1,000 students, faculty and staff members filled Griffith Theater and the first level of Page Auditorium to hear professors Craig Burnside, James Cox, Cam'Har-

vey, David Rohde and Katherine Schipper present their views on the financial upheaval and pose questions of their own. “Although I have been alive for more than a day or two, I don’t think there has ever been quite such a turbulent dme in my lifetime,” Brodhead said. “A university can’t step forward to solve the problems of this time, but this is a place ofeducation.” Harvey, J. Paul Sticbt professor of international business, explained that although there are a number of reasons for the crisis, many bankers’ currenl woes can be attributed to greed and a misunderstanding of the fundamentals ofrisk management. Financiers urge their clients to structure their portfolios so they will survive a worst-case scenario, but many fail-

ing banks ignored their own advice. Investment bankers typically bet more than even the most Steely gambler is willing to wager, said Burnside, a professor of economics. Although these bets enhance returns when markets perform well, they also amplify losses if markets sink. For example, a bank that bets double its net worth would be wiped out completely by a 50 percent drop in the market. If the government is burdened with the financial outlays ofAmerican International Group, Freddie Mac and Fannie Mae, then the expense will be |1 trillion, or about 7 percent of the gross domestic product, Burnside added. SEE CRISIS ON PAGE 4

Baldwins seek Rep. Price takes questions on East to empower by

William Hyung THE CHRONICLE

Dukefemales by

Christine Hall THE CHRONICLE

Effortless

perfection.

This term, thrown around often in campus culture discussions and debates, sprang out of the Women’s Initiative, a study commissioned by the University in 2003 that examined a myriad of genderspecific issues at Duke. “That’s where we first heard about this phenomenon about women feeling like they have to be perfect SEE BALDWINS ON PAGE 6

Rep. David Price, who represents Durham, spoke at a town hail-style meetingWednesday in Richard White Lecture Hall.

Professor and Rep. David Price has been absent from campus for much of the past decade, on leave to serve the residents ofDurham and the fourth district in Washington instead of in the classroom. But Duke Democrats welcomed him back Wednesday, along with approximately 70 students, for a town hall-style meeting in Richard White Lecture Hall. “It feels great to come back to Duke.... It is always fun,” said Price, a professor of political science and public policy studies. In the meeting, Price focused on the current economic crisis and the government’s bailout plan—passed last night by the Senate—but also addressed issues from foreign policy to personal anecdotes. “It should not be called a ‘bailout,’” Price said, explaining the complexity of the American economic situation and the necessity of a multi-stepped solution. SEE PRICE ON PAGE 4


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