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Contact Information: Tanya Klein Public Relations 973-596-3433

NJIT Biz Professors To Discuss on Oct. 20, Recent Wall Street Meltdown

“Wall Street Meltdown: A Look at What Happened Last Week and What To Expect Next” will be the subject of a four-way panel talk with finance specialists from NJIT’s School of Management. The discussion, set for Oct. 20, 2008, from 3-4:30 p.m., in the Campus Center Atrium, will focus on macroeconomics, hedge funds, credit default swaps, savings and retirement strategies and more. (ATTENTION EDITORS: To attend and/or interview any of the professors, call Sheryl Weinstein, 973-596-3436.) 

Speakers include William Rapp, PhD, Henry J. Leir Professor of International Trade and Business, who will discuss macroeconomics. From 2006 to 2007, one trillion dollars of equity—a sum equivalent to ten percent of US consumption—was taken out of homes in the US, said Rapp. 

Michael Ehrlich, PhD, assistant professor, will discuss savings and retirement, with the primary message not to panic. He will also illuminate more about what the bailout represents and its ramifications.

Assistant professors Alan Yan, PhD, and Ron Sverdlove, PhD, will respectively illuminate hedge funds and credit default swaps. Hedge funds can do whatever they please because they are unregulated by the US government, said Yan. They make money by leveraging money. Sometimes the leverage was even leveraged, he adds.

Sverdlove will discuss how financial engineers, those with advanced math and physics degrees, developed a trading tool called credit default swaps and the problems this has presented. Sometimes the swaps were so far ahead in modeling new and even less understandable bets that regulators and investors couldn’t keep up, he added.

One of the nation's leading public technological universities, New Jersey Institute of Technology (NJIT) is a top-tier research university that prepares students to become leaders in the technology-dependent economy of the 21st century. NJIT's multidisciplinary curriculum and computing-intensive approach to education provide technological proficiency, business acumen and leadership skills. With an enrollment of more than 10,000 graduate and undergraduate students, NJIT offers small-campus intimacy with the resources of a major public research university. NJIT is a global leader in such fields as solar research, nanotechnology, resilient design, tissue engineering, and cyber-security, in addition to others. NJIT ranks 5th among U.S. polytechnic universities in research expenditures, topping $110 million, and is among the top 1 percent of public colleges and universities in return on educational investment, according to PayScale.com.