Student Experiences

Students at Phillips Academy have been forced to remain vigilant about the economic crisis, for both personal and business purposes. Andover Economic Society (AES) has seen a dip in its financial holdings due to the market crisis. According to Whitney Ford ’10, an associate for AES, “Our investments are pretty much down, but relative to the market, their not so bad.” Ford said AES has been helped because it invests in commodities like gold, oil, and silver, which are not as volatile as other sectors of the market. Kwon-Yong Jin ’09, Chief Executive Officer of AES said, “The current crisis has exposed a lot of faulty mechanisms within the American stock market and within the world stock market itself.” “It’s exposed various problems such as the investment banks being too high a risk and too high a return, as well issues with information where investors are in a way being deceived by CEOs of these investment banks who claimed until the day they melt down, that everything is fine.” He also said, “In a more non academic level, it definitely has an impact on every single Andover student because its not just the investment banks going down. People who had investments as individuals in the market are also affected greatly by the crisis.” Hannah Turk ’09 said, “My mom teaches Japanese to businessmen at Lehman Brothers, so when [they went bankrupt], she called me and was like, ‘I don’t have a job anymore’, but then [Nomura Holdings, Inc.] bought Lehman Brothers.