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About The daily Nebraskan. ([Lincoln, Neb.) 1901-current | View Entire Issue (Oct. 11, 1994)
11 sports ^ CjL, 1 1 \ ^ ■ Phillips shoulders load with QB shortage, page 7 _ I * I _ Arts and Entertainment I ■ Film series shows art of architecture, page 9 I W I | ^ B B I PAGE 2: Clinton sees no indication of Iraqi pullback COVERING THE UNIVERSITY OF NEBRASKA SINCE 1901 VOL. 94 NO. 35 - -- - - -■ ■-■ - ■■ ■ ■ 1 '■ 1 ■■■■■■■ .1 * ■■' ■ i ■ . Damon Lee/DN Warron Buffott addroaaoa tho crowd In tho Contonlal Ballroom of tho Nobraoka Union Monday morning. Buffott, who la tho aocond richoat man In AmoHca, apoko aa part of tho E.J. Faulknor Locturo aortoa and anaworod atudonta’ quoatlona. Buffett offers advice about business, life By Matthaw Walta _ Senior Reporter Warren Buflctt told an audience of about 1.0(H) people Monday that the traits needed to succeed were not impossible to have. The three things needed. Buflctt said, were intelligence, energy and character “If you don’t have the last one. the first two will kill you.” he said. Buffett, ihe second richest man in America, offered advice, encouragement and some humor about life and bupness to a group consisting of mostly business students and U niversity of Ncbraska-Lincoln faculty. Buffett was speaking as part of the E.J. Faulkner lecture series. £ The Omaha businessman spbkc to the audience in the Nebraska Union about him self and his business sense and answered questions from the audience for more than an hour. The charismatichalf-owner of Berkshire Hathaway, a stock-holding company, an .-•- I . I -- n AGE - 64. Bom Aug. 30, 1930, in Omaha. EDUCATION • Graduated University of Nebraska Lincoln, 1950. Application to Harvard University's graduate business school rejected. Studied under Benjamin Graham at Columbia University’s busi ness school, graduating with a master’s degree in economics in 1951. BUSINESS - Worked for two years at Graham Newman Corp., a New York investment firm. Founded Buffett Partnership in 1956 in Omaha with $105,000 from relatives and friends, invested In Berkshire Hathaway; Berkshire Hathaway became Buffett's investment vehicle after 1969; chairman and chief executive officer Berxsmre namaway 1970-; interim chairman Salomon Inc., 1991. Owns 40.3 percent of Berkshire Hathaway; estimated net worth $9.2 billion in 1994. POLITICS - Republican until '60s, when he became a Democrat; honorary chairman of Sen. Bob Kerrey, D-Neb., re-election campaign, 1994. FAMILY - Wife, Susan, 62, who lives In San Fran cisco, owns 3.1 percent of Berkshire Hathaway; three children: Susan Buffett, who lives in Omaha; Howard, corporate vice president of Archer Daniels Midland Co., in Decatur III.; and Peter, a composer living in Milwaukee. swercd questions ranging from stock options to whether he believed in true love. “I do,” Buffett said, “in securities and elsewhere." Buffett advised students to look i nto busi nesses for whom they would enjoy working. He said working a job that one didn't like was not smart. “Essentially, it’s like marrying for money, which is not a good idea,” he said “It's absolute madness when you’realready rich.” People make life more complicated than they should, he said. Buffett told the students to use common sense and keep their reasons See BUFFET on 3 ASUN court will discuss ISO election By DoPra Jaw—n Senior Reporter ASUN’s student court will clarify this week a decision made last spring involving the Inter national Student Organization election. Last May, thecourt ruled the organization's April 7 election was invalid because it was not held in strict accordance with election rules set by the organization’s constitution. The court called for new elections for sometime after the fall semester began. The organization's previous officers would retain their positions until a new election was held, the court decided. The student court also recommended the organization change its elec tion procedures and revise its vague constitu tion. The court met Thursday to discuss its deci sion, said Marlene Bcykc, an adviser for the Association of Students of the University of Nebraska. The court may clarify its decision as early as Wednesday, she said. Sunjae Park, who won the ISO presidency in the invalid election, petitioned the court for the clarification. Park requested the court specify a date for the new election. He also requested that the court specify whether ISO’s interim government or the new government had the authority to change elec tion procedures and revise the organization's constitution. The interim government currently is revising the constitution. Park asked that the court specify wnetner tne new elections should be limited to candidates from the April 7 election or whether it should be open to new candidates. Park’s petition to the student court is one of several recent efforts he has made to resolve the election issue. He has taken his case to James Griescn. vice chancellor for student affairs. Griescn recommended he file the petition. Park also has appealed the student court's decision to the University Appeals Board, but the board declined to hear the appeal Park said the student court’s decision to rule the election invalid was wrong because election rules were followed in accordance with the constitution and with tradition. The election rule in question by the student court involved the verification of authorized voters. According to the ISO constitution, ail authorized voters must provide evidence of their citizenship to the Electoral Committees for Identification. Traditionally, the Electoral Committee has used a student checklist provided by the Office of I ntcrnational Affairs to verify the citizenship of voters. But identification has never been required to verify that voters were actually the students on the list. At an April 6 meeting. Park said he met with Judy Wendorff, ISO adviser, and Sekar See ISO on 6 UNL hopes to prevent the ‘brain drain,’ Griesen says • «i « _1_ By P«Pra Jan—n Senior Reporter UNL is a major agent to clog Nebraska’s “brain drain,” the vice chancellor for student affairs said. James Griesen said UNL gradu ates often left Nebraska because other states offered more and better job opportunities. “If people with a degree find better opportunities in other states, they're going to leave,” Griesen said. “It’s a problem the university doesn't cause, but it’s a problem the university can indeed help remedy.” A study recently released by the Federal Reserve Bank of Kansas City showed that in the last two decades. More high-tech job opportunities should keep graduates here more people left Nebraska than any of the other states in the I Oth Federal Reserve District. Those states include Nebraska, Colorado, Kansas, western Missouri, northern New Mexico, Okla homa and Wvoming. Though the brain drain occurred across all age groups and education levels, 54 percent of those who left Nebraska from 1985 to 1990 were college graduates or advanced degree holders, the study showed. However, Griescn said, during those years Nebraska’s economy per formed poorly in comparison to the national economy. Gricscn said the study showed Nebraska's brain drain had been de creasing in the '90s. Slightly more people came into the state than left it in 1991-92. the study indicated. “The more recent news looks kind of good,” he said. Griesen said the university helped combat brain drain by attracting more out-of-state students to Nebraska and by promoting economic growth and development in the state. “Universities lend to spin ofThigh tcch type industries in the areas where the : located,” he said. ause of its research capabili ties, he said, the university attracted industries, such as Transcrypt Inter national Inc. and Information Tech nology Inc. to Lincoln. Not only do those industries pro vide job opportunities for UNL gradu ates, they provide job opportunities for graduates from other states, Gricscn said Also, Griescn said, the university is working with the city to develop a business enterprise in Lincoln known as “Technology Park." That enter prise will create new employment opportunities in the city, he said. However, Griescn said, there al ways will uc suiuc pcupic wnu leave the state. “We don’t live with borders around our states,” he said. Larry Routh, director of Career Services, said some students deft nilely planned to leave the state after gradu ation. But, he said, most students want to stay in Nebraska Routh said his office helped gener ate job opportunities for students who want to stay in Nebraska through a program called the resume referral service. Students who use the service sub mit resumes to the Career Services office, he said. Employers can call the office and request those resumes.