The Daily Tar HeelMonday, October 14, 19853
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By MARK POWELL
Busness Editor
He is an old-style Southern gentle
man, with a remembrance of things past
within a keen mind that controls one
of Wall Street's top brokerage firms.
Richard H. Jenrette, 56, was called
Wall Street's "Last Gentleman" in a
recent Sew York Times article. He was
named a UNC Distinguished Alumnist
in University Day ceremonies Saturday.
Jenrette is one of the founding
members of Donaldson, Lufkin and
Jenrette, the nation's twelfth largest
brokerage firm. The firm was founded
in 1959 by Jenrette and some friends
from the Harvard University Graduate
School of Business Adminstration.
Speaking with a still-Southern
accent, the Raleigh native says he is
flattered by being called a gentleman,
but at the same time, he wonders if it
doesn't imply that he is an anacronism.
"There are certain absolutes in
everything, including business,"
Jenrette said in an interview Sunday.
"You should be honest, even if you don't
make money."
Jenrette compared today's business
practices to those of the 19th century
robber barons. Companies are under
intense pressure to make money and be
competitive, while at the same time they
have to ward off corporate takeovers.
Takeover artists, he said, are like the
robber barons, taking over everything,
even though they may not be qualified
to own a company.
"Every major public company is
afraid of an outside takeover," Jenrette
Facvilfty Council commiUee proposes research post
By RANDY FARMER
Stall Writer
A Faculty Council committee has
recommended the creation of a position
to promote research and the enhance
ment of research communication as
ways to improve research at UNC.
The report from the Committee on
University Priorities recommended the
University establish a vice chancellor of
research who would promote research
at UNC, said Lewis Lipsitz, committee
member and professor of political
science. Lipsitz read from the report at
Friday's council meeting.
Those two recommendations are
among 14 others the committee is
studying to include in its final report,
Lipsitz said. The other recommenda
tions have not been released.
"As our scrutiny of this material
becomes complete, as the follow-up
materials become available, and as
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said. "Many of our financial operators
think they can take over anything; I find
this disturbing."
Major companies of every type are
controlled by financiers with no real
knowledge of the products their com
panies produce, Jenrette said. This leads
to what Jenrette calls "faceless institu
tions", companies with no distinctive
style or character.
Jenrette is a qualified analyst of Wall
Street history and he's been a trend
setter in business since the time he
started his brokerage firm. The firm was
the first major American brokerage to
be created in 30 years when it was
established in 1959.
Jenrette, born in Raleigh in 1929,
went to UNC after his graduation from
Broughton High School. He received
an AB in journalism from UNC in 1951,
then he worked in his father's insurance
firm briefly. After leaving the insurance
firm, Jenrette worked as a sports
reporter for the Raleigh News and
Observer for six years.
"I like journalism more as a hobby,"
Jenrette said. "I saw that you could
never make very much money at it."
During the Korean war, Jenrette
served in the U.S. counter-intelligence
service. Using the GI Bill, he enrolled
in Harvard University's business school.
Jenrette, Dan Lufkin and William
Donaldson founded their brokerage
firm after graduation from Harvard.
They were making less than $8,000 a
year and combining resources they
came up with $100,000 to create their
business.
follow-up action happens, we shall be
reporting again," Lipsitz said.
The report has been sent to all faculty
members, he said.
The committee will continue to work
on other issues, such as parking, fringe
benefits for faculty members and the
condition of classrooms, he said.
In other matters, Faculty Council
Chairman George A. Kennedy said in
a speech to the council at the New Hanes
Art Theater that he was concerned with
the structure of the council and with
the rooms that it met in.
"Some faculty members have thought
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"It was really quite hard work during
those early years," Jenrette said.
The company was greatly successful
on the basis of the firm's targeting of
institutional investors, pension and
money market funds investors, at a time
when the stock market was controlled
by private investors. DL&J prepared in
depth, 60-page stock assessments spe
cifically prepared for institutional
investors. . Most brokers made brief,
one-page reports, which private inves
tors preferred.
Ten years later, Jenrette 's company
broke new ground again by being the
first brokerage firm to go public. By
selling shares in itself, DL&J destroyed
the financial notion that if brokerage
firms go public, the investors would
bypass the brokerages and the broker
ages would go out of business.
Increasingly, American finance is
becoming popular, as a major for
college students and as a profession for
businessmen, Jenrette said.
"It's very in, very trendy," Jenrette
said. "Finance in New York is in.
"It seems like college students today
increasingly want to go into business,
where as ten years ago they were
shunning business as being evil."
Discussing the condition of U.S.
businesses, Jenrette said U.S. corpora
tions are at their strongest and weakest
in many years.
Turning back to home and education,
Jenrette, a UNC Board of Trustees
member, questioned the quality of
education that college students get
today. He said the days when students
we should re-examine the structure of
faculty government, perhaps consider a
faculty senate or an executive commit
tee of the Council which would meet
monthly, with the whole council meet
ing two or three times a year," Kennedy
said.
Concerning the side of the meeting,
Kennedy said the New Hanes Art
Center did not facilitate communication
among the faculty members at the
meetings.
"The physical setting here does inhibit
much of the parliamentary feeling,"
Kennedy said. "We have tried other
rooms, all of which have their faults,
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Richard H. Jenrette
were given moral virtues from their
college education had passed.
"Many higher education facilities
have turned into factories," Jenrette
said. "Colleges need to have a taste
making role."
He said students need to live in a
civilized environment, surrounded by
examples of history and culture.
Gesturing at the architecture surround
ing him in the Morehead House,
Jenrette said students at UNC have an
advantage over students at newer
institutions because they are sur
rounded by great classical architecture.
In his statements about everything
from business and finance to architec
ture and the tree-lined beauty of UNC's
campus, the term "gentleman" echoed
and rang true. In the tough financial
world on Wall Street, Jenrette has
created a little bit of Southern gentility.
and are continuing to investigate other
possiblities. In the long, run we need
a proper faculty council room arranged
for parliamentary procedures."
Kennedy said the proposed Alumni
Center would be the best solution.
George W. Houston, associate pro
fessor in the classics department, will
chair the ad hoc committee on writing
in the undergraduate curriculum. The
committtee is scheduled to meet for the
first time Oct. 22.
The committee will study student
writing in an attempt to stress writing
throughout an undergraduate educa
tion, Kennedy said in an earlier meeting.
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By LIZ SAYLOR
Staff Writer -
About 200 people went drinking and
dancing at the Oktoberfest held at the
Community Church of. Chapel Hill
Friday night.
"Oktoberfest is a tradition: a German
band, beer, food and dance," said Beth
Herion, Oktoberfest organizer and
Delta Phi Alpha (German Honor
Society) president. The society and
UNC German department annually
sponsor Oktoberfest.
Families, students, faculty and
members of the German community
participated in the four-hour frolic at
$3.50 per person. One man came from
Winston-Salem "just for the music."
Money raised paid for the band,
refreshments and the building. Extra
cash went to the honor society.
David Reed's Bavarian Band played
polkas, waltzes, foxtrots and the
Jaegertanz or "hunters' dance." In the
Jaegertanz, women form an inner circle
and men circle around them, both
groups skip-running to a quick tempo.
Suddenly the music switches to a slow
BSM clboiir reaclhiesiflinials
By AN J ETTA MCQUEEN
Staff Writer
The UNC Black Student Movement
Gospel Choir advanced to the final
round of competition at the Carolina
Gospelfest this weekend.
Competing with 25 college, church
and community choirs from North and
South Carolina, the choir placed into
the top six.
The first-time gospel competition is
sponsored by the McDonalds Corp.
The competition began two weeks
ago, with 140 participating choirs.
Seventeen choirs are now in the final
competion to be held in Raleigh's
Creation theories topic of talk
Ian G. Barbour, professor of science,
technology and public policy at
Carleton College, will discuss the roles
of chance, law and God in the creation
of the universe when he delivers the
John Calvin McNair lecture tonight at
8 p.m. in 100 Hamilton Hall.
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Band members wore green hats, red
vests, black ties and white shirts. Some
wore authentic hiking boots and black
pants. None wore Lederhosen (short
pants), which many people said they
would have enjoyed seeing.
In Germany, Oktoberfest is a 14-day
festival held at the end of September
in Munich, said Pete Krader, a German
graduate student who moved to the
United States from Bavaria.
"You have to imagine the size of the
thing," he said. German breweries set
up huge beer tents, the biggest seating
about 1,500 people, Krader said.
"Ein Bier, bitte" "one beer, please"
was the phrase most often repeated
Friday. Some people brought their own
beer steins.
The first local Oktoberfest was held
in about 1967 at the Rathskeller, with
accordion music for dancing, but the
Rat turned out to be too small, said
Sidney Smith, German department
chairman.
"We didn't expect such a huge crowd
then," he said. "It's grown each year."
Memorial Auditorium Oct. 26, said
Dawn Lewis, vice president of the BSM
choir.
Gospel music celebrities Shirley
Caesar and Timothy Wright will appear
at the competition, said Robin Cox,
BSM choir director.
Other area school choirs competing
in the finals are N.C. State, East
Carolina and A&T, Cox said.
The first-place prize is a free record
ing with Savoy, a major gospel music
label, Lewis said. "The choir is already
planning to record its third album," she
said.
He will focus on the conflicts between
the big-bang theory used by most
astronomers and the biblical account of
the creation, ways to resolve those
conflicts and whether creation was an
initial act or a continuing process.
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