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Regional
News • 11/1/00
WCU Business College sponsors
hands-on Wall Street excursion
SMN
Western Carolina University’s College of Business recently sponsored
a field trip to the Wall Street financial district to give business students
an in-depth, first-hand look at New York’s financial service industry.
“This trip provides unique and invaluable insight into how Wall Street
functions,” said WCU finance professor Grace Allen. “My students come away
from this trip actually believing everything I have been teaching them
in a way they couldn’t fully appreciate in the classroom.” Fifteen students
and five faculty members participated.
“Although Charlotte has displaced New York as the nation’s center for
domestic banking, there are still many financial service activities that
center on Wall Street, especially international and investment banking,
bond trading, and brokerage activities,” said WCU economics professor Robert
F. Mulligan. “If you want your students to see these things first hand,
you have to take them to New York.”
The group visited the New York Mercantile Exchange (NYMEX) at the World
Financial Center, which specializes in fuel and agricultural commodities.
“We saw traders running around, gesturing frantically to buy or sell
contracts, generally displaying a high energy level,” said financial planning
senior Pete Eich. “It was easy to understand why floor traders tend to
be highly aggressive, alpha-male types, and why so many experience career
burn-out.”
The students next visited the New York Stock Exchange (NYSE) on Wall
Street, where NYSE director of education Murray Titelbaum explained how
the brokers value, buy and sell shares of stock in corporations.
“We were all struck by how much more relaxed the NYSE trading floor
was compared the NYMEX, even though it handles over a billion shares on
a slow trading day,” said marketing major Harjit Sandhu.
The group also visited the Investment Management Division of J.P. Morgan,
where vice president James H. Russo explained different strategies the
bank follows to address different clients’ financial needs, and Salomon
Smith Barney, where national vice president for sales Lee Degenstein described
the firm’s brokerage business.
Students who participated were Dustin Alsop (financial planning), Cornelius;
Samantha Briatico (financial planning), Cleveland, Tenn.; Shannon Canter
(corporate finance), Mocksville; Stacy Cappel (marketing), Kernersville;
Pete Eich (financial planning), Charlotte; Jessica Gross (corporate finance),
Cullowhee; Amber Head (financial planning and accounting), Highland, Ill.;
Holger Hebenstreit (MBA candidate), Ludvigshafen, Germany; Shawn Moore
(computer information systems), Fletcher; Jason Morton (financial planning),
Roanoke Rapids; Nicole Root (corporate finance), Globe, Ariz.; Harjit Sandhu
(marketing), Birmingham, United Kingdom; Matt Sorrells (corporate finance),
Canton; Bridget Tyson (financial planning and accounting), Clyde; and Dustin
Watson (financial planning), Cashiers.
Participating faculty included professors Grace Allen (finance), Balsam;
Robert F. Mulligan (economics) Cullowhee; Susan Swanger (accounting), Fines
Creek; Beth Jones (accounting), Cullowhee; and Rita Noel (computer information
systems), Cullowhee.
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Copyright 1999, The Smoky Mountain News.
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