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NEWS, 4
SPORTS, 12
Volume 103, Number 06
Tuesday, October 2, 2018
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MU investments rile students
Alleged revenue gain linked to Puerto Rican debt By Sydney Czyzon
sydney.czyzon@marquette.edu
A group of students is attempting to shed light on Marquette’s alleged revenue gain of more than $100,000 in fiscal year 2016 from its investments in The Baupost Group, a Boston-based hedge fund that owns nearly $1 billion in sales tax bonds of Puerto Rico’s debt. Hannah Badeau and Sara Zaleta, both seniors in the College of Arts & Sciences, founded the informal group this semester, calling themselves the Marquette Coalition for Puerto Rican Debt Relief. Zaleta said the students obtained copies of the university’s 990-T tax form through the
non-profit organization GuideStar, which says its mission is “providing information that advances transparency” through its online data services. Badeau said a professor, who she declined to name publicly because he or she is untenured, approached her with the investment information. With hopes of incurring profit when Puerto Rico pays back sales tax bonds used to buffer its nearly $70 billion debt, Zaleta and Badeau said Baupost has advocated for austerity measures on the island. These measures include cuts to the pension system, prison closures, school closures, reductions in subsidies to the University of Puerto Rico, cuts to sick and vacation pay and consolidation of police stations and state agencies, among others. “The idea is that if you cut the spending here, you can redirect those funds somewhere else,” Michael McCarthy, an assistant
Photo by Andrew Himmelberg andrew.himmelberg@marquette.edu
Hannah Badeau talks with coalition members at a meeting Sept. 27.
professor in the Department of Social and Cultural Sciences said. He said hedge funds advocate for spending cuts on the island in an effort to receive money owed to them. “This gets into the moral question, which is, is it right to make
Puerto Rico pay off its debt if the result is just going to be an even worse economic crisis and even worse debt down the line?” McCarthy said. In an October 2017 letter to investors, Baupost founder Seth Klarman said the hedge fund
started its Puerto Rican debt investments in 2015. He said Baupost last purchased bonds in 2017 prior to Hurricane Maria, which hit the island in September of that year. Zaleta said austerity measures, especially following Hurricane Maria, would negatively affect Puerto Rico’s most vulnerable populations during the recovery process — including the approximately 44 percent of Puerto Rico’s population who live in poverty, according to a 2017 census survey. That is more than double the poverty level of any other U.S. state or territory. Updated government assessments show Hurricane Maria killed 2,975 people and left survivors without access to basic needs. “The hurricane – what it brought to light – is a wide See INVESTMENTS page 2
Lovell opens trauma forum Foxconn kicks off
competition in AMU
Meeting meant to address disparities, generational issues
Smart Cities-Smart Futures initiative to generate innovation
By Matthew Martinez
matthew.martinez@marquette.edu
Marquette University President Michael Lovell delivered the opening remarks for Scaling Wellness In Milwaukee, a threeday conference that kicked off Sept. 26 at Fiserv Forum. The conference was held with the purpose of gathering community members to explore new ways of addressing trauma in the Marquette and Milwaukee communities. “SWIM is a multi-disciplinary group dedicated to inspiring collaboration to help Milwaukee heal,” according to a press release
By Natallie St. Onge
natallie.stonge@marquette.edu
Photo by Jordan Johnson jordan.d.johnson@marquette.edu
Lovell gives a speech to open the conference at the Fiserv Forum.
Foxconn kicked off its Smart Cities-Smart Futures competition, aimed at generating new ideas from universities and technical schools, in the Alumni Memorial Union Monday. In a statement provided by Marquette, Foxconn’s initiative works to develop smart and connected communities and systems throughout Wisconsin through the ideas of students, faculty and staff. Foxconn is a Taiwanese
technology company constructing a new factory site in Mount Pleasant, Wisconsin. The company proposed a North American headquarters in downtown Milwaukee, and has committed up to $1 million over the next three years to the Smart Cities-Smart Futures initiative. The Wisconsin Association of Independent Colleges and Universities is one of the academic partners of Foxconn. University spokesperson Chris Jenkins said Marquette is a member of WAICU. “More generally, Marquette is continuing conversations with Foxconn regarding how we can help fill their talent pipeline
about the event. “The mission of SWIM is to build collaborations throughout the region that heal trauma and create resilience.”
President Lovell and his wife, Amy Lovell, president of
INDEX
NEWS
ARTS & ENTERTAINMENT
OPINIONS
MUPD releases report
Lakefront Bash and 5K
Confronting officials
CALENDAR......................................................3 MUPD REPORTS.............................................3 A&E..................................................................8 OPINIONS......................................................10 SPORTS..........................................................12
See TRAUMA page 3
Drug, alcohol arrests increased on campus over past two years
PAGE 4
Race, food trucks, music all part of Homecoming festivities PAGE 8
See FOXCONN page 4
Politicians not exempt from duties while in public spaces PAGE 11