President's Corner, March 2010
President's Letter
Dear Classmates,
Reunions
are rapidly approaching and over 350 of us have already registered.
Please register as soon as you can since early registration gives the
Reunions Committee a good sense for our budget, which in turn helps us
plan the best events possible. Note that Reunions are scheduled for
Thursday, May 27 - Sunday, May 30, Memorial Day Weekend. Approximately
30 of us gathered at Stacey (Roth) and Rob Goergen's home in New York
City on Tuesday, March 16, and there was plenty of enthusiasm for
Reunions. Our Reunion is shaping up to be a great weekend.
We
are making steady progress on the Annual Giving (AG) front but need a
big push as we approach June 30. We have set a target of $1.990MM and
have raised approximately $1.100MM so far. This is a solid result to be
sure, particularly given the economy. At the same time, if you haven't
participated in Annual Giving this year, I would encourage you to
consider the benefits of your own Princeton experience, the University's
mission, and indeed, its place as a national institution. The
University has made difficult budget cuts in light of the current
economic environment, meaning that Annual Giving is more important than
ever. As many of you already know, AG dollars provide Princeton with a
discretionary pool of capital to award financial aid, recruit
professors, and fund special projects. In short, AG helps Princeton
maintain its position as a preeminent university, a position we should
never take for
granted.
Lastly, it's time to select the
leadership team for the next five years, and we need your help. We have
several stalwarts who have been carrying the load over the past few
years, in some cases since graduation. If you have both the willingness
and the time to volunteer for a leadership position, please let us
know. (Email nominations@princeton90.com with a short statement on why you would be
good for the job.) If you know of someone who would be a good
candidate, please nominate him/her by emailing us a brief note on why
you think he/she is a good fit for a particular position. The 25th
Reunion is a very important event in the life of the class, and we will
need a capable and energetic team to organize the best event possible.
In addition, Annual Giving will remain a focus, and we need a team that
can lead us toward our fundraising goals.
As always, you can
contact me at bw90@mac.com. See you in May at Old Nassau.
Best,
Brad
president@princeton90.com~~~~~~~~~~~~
In the Nation's Service
by Brad Williams
Dear Class of 1990,
As we approach the end of 2008, I thought I would update you on several important developments.
First, notwithstanding the economy, the class enjoyed a very successful Annual Giving fund raising drive. Many thanks to everyone who participated.
Here are a few of the numbers: we achieved a 50% participation rate, our highest in the last four non-major years. 50% represented a 5% increase over 2007 (47.5%). Many thanks to Paige Bondor for her leadership on the participation front. In addition, the class raised $233,284, our highest non-major total and a 20% year over year increase ($198,233). Since inception, the class has contributed over $2.6MM to the University. Well done.
We are beginning to make plans for the 20th Reunion and welcome your suggestions. We are looking for volunteers to assist with both the event itself and the Annual Giving effort. German Lara will be leading the Reunion committee and has assembled a very good team. The class leadership, including Class Agents Mary Claire Allvine and Kent Hawryluk, is working closely with Cathy Weber in Annual Giving to begin the planning effort for a successful fund raise. Several classmates have already stepped forward to lead the effort, but we can always use more help, particularly in this economy.
Which brings me to my last point . . . The recent economic downturn has been swift and severe. It is the biggest dislocation of our lifetime, even worse than the '79 - '82 period when we were in grade school. The Princeton community has always played a role in our national life, and that point was illustrated to me again when I attended an investment conference earlier this month.
I had the privilege of listening to Professor Alan Blinder and Martin Feldstein of Harvard discuss the recent crisis. Blinder was my Econ 101 professor. He served in the Fed and the Council of Economic Advisors in the Clinton White House before returning to Princeton. He framed the current situation in the same way he discussed the challenges of the 80s during our class in 1988 - look at two ratios in particular, total debt to GDP and annual fiscal deficits to GDP. From an 80s perspective, the situation was serious, but not nearly as dire as today. After examining today's numbers, Blinder believes we are headed for an old fashion recession which will result in sharp increases in unemployment, shrinking incomes, and a general malaise for several quarters. At the same time, he believes that his former colleague Ben Bernanke, while not perfect, understands the lessons of the Depression and is leading us in the right direction. Blinder talks to government officials frequently, including Bernanke, and it appears as though his influence will increase now that Obama is the President-elect.
I only mention this anecdote because Blinder's status in his field speaks to Princeton's influence in our national dialogue – which, in this case, has a significant impact on the global economy. In this sense, Princeton is more than a merely a school. Rather, the University is a national asset, and one that we should support with both our time and resources.
Besides our direct contributions to Princeton, each of us should also look for ways to contribute locally in the best spirit of "In the Nation's Service". In the New York area, some of my friends have been soul searching about their priorities going forward. One friend, a 15 year Wall Street veteran, may resign from his current position at a bank and become a volunteer at an international charity. While that option is not for everyone, we can all make an impact in our local communities. Many of us contribute already, but as the recession continues, we should all think of ways we can do more. In many parts of the country, the need has never been greater.
On a personal note, I have completed the move to Greenwich, Connecticut. New York has a certain gravitational pull, however, and I am usually there one or two times per week for business and/or fun. If your travels bring you to the area, give me a call and hopefully we can connect in person. In the meantime, I will be visiting with many of you as my travels take me around the country and abroad.
All the best for the holidays.
Brad Williams
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