Georgetown

Business SPRING /SUMMER 1998 volume 11 number 2

g e or g e t o w n u n i v e r s i t y s c ho ol of b u s i n e s s

The Soul of a New MBA

Getting By With a Little Help From Some Friends
Democracy: Good for the Economy?
Georgetown Business is
published during the academic
year by the Georgetown School
of Business for alumni, parents,
friends, and business colleagues
Dean
Kasra Ferdows, Ph.D.
Senior Associate Dean
Robert Thomas, Ph.D.
Editor
Elisabeth Liptak
Associate Editor
Elizabeth Shine
Contributing Writers
Bindu Vaswani b00
Cheryl Arndt mba99
Eric Olson mba98
Designer
Nancy Van Meter

Inquiries and updates should

be sent to:
Georgetown Business
deans office
georgetown university
school of business
old north building
washington dc 20057

phone: 202-687-4080
Georgetown Business
welcomes opinions and comments
expressed by its readers. Letters
should be addressed to:

the editor
Georgetown Business
deans office
georgetown university
school of business
washington dc 20057

Cover Photography: Keith Tishken


CONTENTS
Inside Information . . . . . . . . . . . . . 2
The Soul of a New MBA . . . . . . . . . 7
Getting By With a Little
Help From Some Friends . . . . . . . 10
Democracy:
Good for the Economy? . . . . . . . . 12
Faculty and Staff News . . . . . . . . 14
Alumni Notes . . . . . . . . . . . . . . . . . 17
LETTER FROM THE DEAN
WELCOME
As I prepare to step down from my role as acting dean and return to the
classroom, I wanted to give you an update on what is happening at the School
of Business.
In the fall, we will be implementing a new curriculum for our MBA students
that will feature many bold innovations and a fresh structure. It is a marked
departure from our existing curriculum, but one that borrows, in part, from the
modularity and cross-functional learning of our International Executive MBA.
You can read about the new curriculum in greater detail on page 7.
The innovations of the new MBA curriculum benefit the students as well as the
faculty. They will also help us as we embark on a redesign of the undergraduate
program next year. One of the immediate changes we will be making is offering
the international business survey course to freshmen. This course provides an
excellent introduction to all the core areas of business and will help students
make a more informed choice about their major early on.
On the recruiting front, we are well ahead of last year in placing our MBA stu-
dents. Over 65% of those seeking employment have accepted a job offer to date,
with a median starting salary of $72,000. We continue to work on enhancing
our relationships with corporations. One measure of success in this area is that
we had over 100 companies come to campus to interview our students, an
increase of over 75% since 1996. Our undergraduate students are also in great
demand. Approximately one-third of the seniors have job offers in the financial,
accounting, consulting, and marketing fields. Other students are going on to
such diverse experiences as law and medical school, family businesses, and the
Peace Corps.
This has been an exceptional year for the School in terms of fundraising. You
can read about our success in this area on page 5. To date, we have raised almost
$28 million since the beginning of our campaign almost three years ago. As we
go to press, there are several additional significant gifts that are being finalized.
You will hear more about these in the next issue.
This has been an exhilarating year for me and I have enjoyed it immensely. I
find many reasons to be optimistic about the future of our school. I am looking
forward to welcoming our new dean (about whom you will hear more in the
next issue) and to resuming my work as a professor.
Kasra Ferdows
Acting Dean & Heisley Family Professor of Global Manufacturing
Spring / Summer 1998 1

Ferdows Named
Heisley Chairholder
Professor and Acting
Dean Kasra Ferdows was
appointed to the Heisley
Family Chair in Global
Manufacturing. The chair,
established through a
gift from the family of
Michael Heisley (B 60),
will help further the busi-
ness school as a center
for the study of manu-
facturing from a global
perspective.
Manufacturing is an
important sector of our
economy and I look for-
ward to expanding its
global focus here at
Georgetown, said Dean
Ferdows. In addition to
continuing the business
schools work in global
logistics, he plans to look
at global operations and
manufacturing trends in
the industrialized and
developing countries.
2 Georgetown University School of Business
Inside Information
Boot Camp
G eorgetown business professors will put lib-
eral arts majors through their paces this
summer in a boot camp designed to introduce stu-
dents to the fundamentals of business.
The Gateway to Business program, created by
the School of Business Executive Programs, is the
first of its kind offered in the Washington area, and Foreign Direct Investment:
one of the few such programs in the country. The Is Theory Catching up with Reality?
intensive three-week course is open to non-business
F
students at Georgetown and students from other
irms that enter foreign markets through for-
universities, as well as recent graduates who want to
eign direct investment (FDI), as opposed to
improve their career prospects. Students are in class
trade or licensing agreements, should continue to
six days a week from nine a.m. to seven p.m., with
reexamine their strategy in light of changing inter-
breaks for meals. The curriculum includes segments
national economic conditions and industry struc-
in accounting, finance, marketing, communications,
ture, according to British scholars Peter Buckley and
organizational behavior, strategy, and information
Mark Casson. Their paper was part of a series on the
systems.
theme of Multinational Enterprise and Economic
Our primary objective is to introduce liberal
Analysis in the first issue of the Journal of Interna-
arts students to the language of business, said Al
tional Business Studies (JIBS) published from the
Razick, director of corporate programs at the School
Georgetown School of Business.
of Business. We want to introduce topics like
Buckley and Casson suggest that traditional
financial statement analysis and production opera-
economic analyses of FDI fail to address subsequent
tions management, so students who have jobs can
periodic decisions about reinvestments in changing
hit the ground running, and those that dont will be
circumstances. Such management decisions are crit-
in a better position to get them.
ical and require flexible strategies if companies are to
Classes are held on the Georgetown campus,
compete successfully. Although such a view may
and rely heavily on business case studies and apply-
seem self-evident, the theoretical underpinnings and
ing academic knowledge in practical, team-orientat-
implications of such an emphasis have not been fully
ed projects. The combination of business knowl-
explored, according to the authors. They believe that
edge and the analytical and communication skills of
the conventional theoretical wisdom about FDI
the liberal arts results in students who are more
behavior of firms largely focuses on factors that do
competitive and better equipped to handle the com-
not incorporate the dynamic features of either firms
plexities of todays business climate, said Sylvia
or the environments in which they operate.
Robinson, director of the MBNA Career Education
Buckley and Cassons article, as well as the arti-
Center.
cles by the other scholars, appeared in the March
Although the program is not a mini-MBA
issue of JIBS, a quarterly publication sponsored by
program, Razick concedes it is good preparation for
the Georgetown School of Business and the Acade-
those considering applying to graduate business
my of International Business (AIB). The journal is
schools. This program may encourage students to
edited by associate professor Tom Brewer, with asso-
consider Georgetown as a place to continue their
ciate professor Catherine Langlois as the deputy
graduate business education.
editor and Persa Economou as the managing editor.
Latin Women Lag Behind U.S. Counterparts
in Technology Skills

A study by Amina Harris (B98) finds that

Latin American women are underexposed
to vital computer technology skills.
Investing 101 with
Warren Buffett

Investor Warren Buffett

Harris, a management technology major, shared the secrets of his
became interested in Latin American womens atti- investment success with a
tudes towards technology while studying in Chile
group of MBA students
last year. To discover the technology skills required
on May 14th. The chair-
by the Latin American marketplace, Harris
answered advertisements for secretarial jobs in man of Berkshire Hath-
Searching for A Search Engine?
Argentina, Venezuela, Chile and Mexico. away advised the stu-

Although Latin American employers are look-

ing for many of the same technology skills as their
American counterparts, Harris found that Latin
American women had little exposure to or formal
I f your search for information on the World Wide
Web turns up frustrating results, you are not
alone. In order to get the information you need, most
dents, Know your circle

of competence. Buffett

said he doesn't invest in

search engines pull in more junk along with the good technology companies
training on computers for several reasons. Technolo-
information. The problem of language ambiguity, because he doesn't know
gy penetration in Latin American countries is signif-
which makes these search indexes so erratic, is mag- what they will look like in
icantly lower than in other parts of the world, and
nified as the information stored on the web contin-
technology use still tends to be dominated by men. ten years. Calling himself
ues to grow.
Latin culture does not encourage the participation of risk-averse, Buffett said
Research undertaken by School of Business
women in the workplace, and therefore does not that he would rather put
Professor William McHenry compared eight web
tend to invest in training women to use technology. a lot of money in a com-
search engines on the basis of the traditional infor-
The resistance of Latin American women to tech-
mation retrieval measurements of recall and preci- pany he understands well
nology is also highly correlated with the strong value
sion. In laymans terms, recall tells how close you are than a little money in a lot
their culture places on domestic family life.
to getting everything you could possibly retrieve on of companies he doesn't
Understanding the causes of womens resis-
the topic, while precision tells you how much junk
tance towards technology is especially important for understand. It is also
youve gotten along with the good information.
developing countries because their future competi- important to pick people
To compile the data, a class of 43 graduate stu-
tiveness in the global economy greatly depends on who love the business,
dents was divided into ten teams of four or five peo-
the effective use of technology, says Harris. not the money.
ple. Each team came up with a query that they sub-
Based on her findings, Harris has written a
mitted to the eight search engines. The queries were
paper, Understanding Latin American Womens
wide-ranging, from What are the possible causes of
Attitudes Towards Information Technology: A Self-
Gulf War Syndrome? to Can the meteorite discov-
Efficacy Perspective. She presented the paper in
ered in Antarctica be considered as evidence of life
May at a professional conference sponsored by the
on Mars?
Information Resource Management Association.
Results showed that the average search engine
She has also applied for a summer research grant at
found less than one in five items that were relevant
Georgetown, and plans to travel to Latin America to
on the first 100 pages retrieved. The search engines
conduct more research on this topic.
that scored the highest on precision were Excite,
Hotbot and OpenText, while Excite and Hotbot also
scored the highest in terms of recall.

Spring / Summer 1998 3

 The Hoya Globetrotters

oya business

H students are
leaving the
Hilltop by
the droves for foreign shores.
But these jaunts overseas
are no vacation. Globally-
conscious business students
are preparing for the future
by studying abroad.
According to recently
released statistics from the
Office of International Pro-
grams, the number of GSB
students studying abroad
this year increased 20 percent
Oscar Ludwigson (B'98), Jayson Morris (B'98), and
from last year. This school year, 105 business stu-
Greg Morse (B'98) in Salamanca, Spain.
dents studied in universities in Europe, Asia, Latin
America, Africa, and Australia.
In the past five years, the number of business quick plane ride to anywhere in Europe, says Sara
students studying abroad has more than doubled. Nicholson (B98). Its a good opportunity to expose
During the 1992-93 school year, 46 business stu- yourself to the way things are done in other countries.
dents studied abroad. So many of our business stu- Although students can study at foreign univer-
dents are aware of the importance of experiencing a sities for less than it costs to attend Georgetown,
second culture, says John Hales, assistant dean for cost is rarely a reason cited by students seeking to
undergraduate students. But what is primarily an study abroad. I dont think the increase we have
educational experience often turns out to make seen is due to financial reasons, says Hales. Every
sense professionally as well. Even our students who time you turn around there is something on the
go to work at the big accounting firms are finding front page of the Washington Post or USA Today that
they are working with multinational accounts or for- has something to do with foreign business, and stu-
eign offices, says Hales. dents recognize the necessity of being able to func-
Business students who concentrate in interna- tion in a global economy.
tional business are required to fulfill an international Jayson Morris (B98) studied in the business
qualification, which can be met through language program at the University of Autonoma in Madrid,
proficiency at the business level, recent work experi- Spain. He concurs with Hales that students who
ence abroad, or study abroad. The majority pursue have the opportunity to study abroad should avail
the international study abroad, says Hales. themselves of the opportunity. The decision to go
Students can select from 30 programs in 15 abroad was one of the best decisions I made, says
countries, but business programs at British, Spanish Morris. I referred to the experience in every job
and Australian universities tend to be the favorite interview I had. The foreign experience paid off
choices. England has so much history, yet its only a Morris will work for the prestigious international
investment bank Credit Suisse-First Boston after
graduation.

4 Georgetown University School of Business

Dividends

Coopers & Lybrand Makes First Corporate Gift to

New GSB Facility

A $500,000 commitment from the consulting firm Coopers & Lybrand,

L.L.P., along with contributions from School of Business alumni and Laying the Foundations for Campaign Success
friends at the firm, represents the first corporate donation towards the
With only five months to go before the University commences the pub-
new business school facility.
lic phase of its Third Century Campaign, the School of Business is almost
Georgetown University is not only one of our most important
halfway towards it $60 million campaign goal.
clients, but also a major source of talent for our firm, said Jim Lafond,
Undergraduate financial aid receives a significant boost. Lance
Cooper & Lybrands mid-Atlantic area managing partner. We are
L. Weaver (B'76) has established the Weaver Family Scholarship Fund
proud to continue our tradition of partnership and support with this
with a commitment of $1 million to provide scholarships for undergrad-
landmark commitment to the future.
uate business students. This commitment is the largest financial aid gift
A reception to announce the gift was held in the Universitys
made to the School of Business since the beginning of the Campaign.
historic Riggs Library on April 1. Ray Ranelli, Cooper & Lybrands finan-
Board of Visitors member Ray Knape (F'53) has pledged a $1
cial advisory services vice chair and father of Lisa Ranelli (B00), pre-
million planned gift to the School of Business. Rob Johnson, director of
sented Georgetown University president Leo J. ODonovan, S.J., with a
development for the School of Business, notes that planned gifts can
mock check symbolizing the gift. Coopers & Lybrand, and 48 alumni
offer donors substantial tax savings and may also increase income.
and friends of Georgetown at the firm, are demonstrating a serious
A $500,000 commitment has been made towards the new busi-
commitment to making this facility a reality, said Fr. ODonovan. We
ness school facility by the parents of an undergraduate business stu-
are deeply grateful to Ray and Jim for their leadership. Commitments
dent who wish to remain anonymous. This gift brings the total commit-
to the new facility currently total over $16 million.
ments to the new facility to over $16 million.
Coopers & Lybrand also supports the Center for Business-Gov-
MBA technology will be enhanced by a $100,000 gift from three
ernment Relations, and scholarships for the School of Business Sum-
Georgetown alumni at HealthCare Financial Partners, Inc., a firm that
mer in Oxford program. Last year, Coopers & Lybrand was honored as
offers health care service providers with asset-backed financing. Partners
the premier employer of MBA graduates.
John Delaney (L'89), Edward Nordberg, Jr. (L'87), and Ethan Leder (L'89)

have made this gift in honor of School of Business professor John Dealy.

"I am honored by this recognition," said Dealy. "One of the

greatest pleasures a professor can have is to see his students apply their

skills in creating a successful business. That satisfaction is heightened

when as alumni, these students seek to add something to the George-

town educational experience."

Giving to the School of Business Annual Fund has increased 34

percent since last year, with gifts totaling more than $900,000. Among

other priorities, the Annual Fund provides vital research grants to the

faculty.

Gifts and commitments to the School of Business for this fiscal

year totaled almost $8 million. "We're off to a great start for the upcom-
Dean Kasra Ferdows, Ray Ranelli and Jim Lafond, Coopers & Lybrand, and President
Leo J. O'Donovan, S.J., at a reception to announce Coopers & Lybrand's commitment
ing campaign," said Dean Ferdows. "With the continued generosity of

to the new GSB facility. our alumni and friends, we hope to continue this momentum."

Spring / Summer 1998 5

Cur-ric-u-lum, n.,
a specific course of
study [Latin, a race,
course, career, from
currere, to run]
 The Soul of a New MBA
2000
When the MBA class of 2000
arrives on campus in August, it
wont be business as usual. Gone
will be traditional semester-long
classes, replaced by modules of
varying length that focus on
the skills of business. Integrative
courses will periodically punc-
tuate the modules, tie disciplines
together, and focus on solving
business problems in a global
context. The first integrative
course will be an opening live
case that allows students to
interact with executives facing a
real business challenge.
PHOTO: KEITH TISHKEN 1998 7
 Cur-ric-u-lum, n., a specific course of study
O
ne of the benefits of the new curriculum is that
it is front-loaded and exposes students to all of
the required MBA skills in their first year.
Front-loading not only gives students the best
preparation academically and for their summer
internships, but also allows students to focus on
the electives that suit their future career path in
the second year. With the new format and greater elective choices,
students will also be able to tailor a career track, such as in finance,
strategy or marketing.
The most dramatic change in the new curriculum will be a
required international experience in the second year. The entire
class travels to their choice of among several international cities,
most likely in a developing region, such as Latin America, Asia or
Central Europe, and applies its skills to a business problem affect-
ing a company in that region.
The one thing that the class of 2000 will not experience, how-
ever, is the soul-searching process that brought about the changes
from which they will benefit.
Creating a Process for Change
One of the most difficult aspects of change is that it requires
inward contemplation - an identity crisis of sorts - that requires an
organization to say what it is, but also what it is not. Successful busi-
nesses do this all the time, but it does not come as easily to the aca-
demic world, where a multitude of competing ideas is encouraged.
Despite the teaching in MBA classes about flexible organiza-
tions, just-in-time delivery, and innovation, academia has been
slower than the corporate world to practice what they preach, says
associate professor Bob Bies, who teaches organizational behavior.
2000
8 Georgetown University School of Business
Bies served on the faculty committee led by Lamar Reinsch,
associate dean for graduate programs, which met throughout last
summer to hash out recommendations for the new curriculum.
Throughout the fall, a blueprint was vetted to all of the school's
constituencies - students, administrators, faculty, recruiters, alum-
ni, and boards.
John Bowlin (B '72), president and chief executive officer of
Kraft Foods International, Inc., and a member of the School's
Board of Visitors, was an integral part of the process. We did a
self-assessment and realized that we were good - but not good
enough to get us where we wanted to be, which is world class.
Meeting between semesters in January, a team of faculty, stu-
dents, and administrators worked out the final details of the cur-
riculum design. One of the driving forces behind the change to a
vastly different curriculum was a momentum for change supported
by all of the business school's constituencies.
There was an overriding perception of the desire to change
that drove the process, especially when difficult decisions arose,
said John Venusti (MBA '98) and vice president of the MBA stu-
dent government. Venusti, along with 5 other MBA classmates,
formed a student committee that reviewed the faculty proposal and
surveyed the students for their reaction.
Students liked what they saw in the proposal. They expressed
concern that quantitative skills be adequately addressed and that
the new curriculum reflect the recruiting strategy -- from the kinds
of students that GSB admits to the jobs they will get to their rela-
tionship as alumni.
By accelerating finance and other classes, Georgetown's new
curriculum will definitely help students be even better prepared
and more competitive with other students for summer internships
and permanent jobs, said Pat Bonan, managing director, Chase
Securities, Inc.
The Tie That Binds
If you ask students why they come to Georgetown, you will often
hear, 'the international perspective,' says Diana Cortes, a second-year
MBA student who helped survey students on the new curriculum.
The Georgetown name is highly regarded around the world,
in part because of the many School of Foreign Service alumni who
live and work abroad. Although many universities have been
attracting international students in recent years, a diverse student
[Latin, a race, course, career, from currere, to run]

2000 Associate Dean Lamar Reinsch agrees. We're an MBA pro-

gram first, international second. We want to turn out people who
are solid MBAs, not just plain vanilla MBAs, but who can use
business skills throughout the whole world.

A Built-in Mechanism for Change

One of the best things about the new curriculum is that it pro-
vides the vehicle to respond to markets needs and market changes,
says Alan Randolph, a second-year MBA who served on the stu-
dent committee.
population has always been a Georgetown tradition. The business
The integrative courses are the mechanism that allows for
school is right in step with the university. The MBA class that
continuous change. The live case will change each year, and by def-
began last fall had a 30% international student population.
inition, will change the decision tools that are used in the second
The new curriculum builds on Georgetown's inherent inter-
integrative course. The industry selected in the third course will
national strengths throughout. In addition to the opening live case
also change, as will the sites for the international experience.
in international business and the required international experience
The new MBA curriculum will always be evolving, which is a
in the second year, an international thread course will be spread
challenge for the faculty who sometimes wish it would settle down.
over three modules and integrate and link the material learned in
But like the business world, it is always evolving, said Lamar Reinsch.
the modules to the international marketplace.
International business is more than a theme in the new cur- By Elisabeth Liptak
riculum, but an overarching strategy that recognizes that the global
marketplace will continue to become even more international over
the next decade.
Mark Frantz (B' 69), chairman of Frantz Medical Develop-
ment, Ltd. and a member of the School's Graduate Advisory
Board, believes that the new curriculum complements this strategy
and will help further the School's positioning in the marketplace.
A major upside of the new curriculum is the larger opportunity it
presents to establish a unique identity for the MBA program.
Nathan Richardson, a member of the MBA class of 1998 and
the student curriculum committee, typifies the kind of student that
the new curriculum will help foster. A French speaker who worked
in Senegal before returning to school, he will work for Citibank in
a rotation that will take him to London, Istanbul, Manila, Bahrain,
and finally to one of the emerging markets. Richardson believes
that his knowledge of finance and his ability to perform in the
developing world are what attracted Citibank. The international
focus is important, but we need to compete in a larger category, not
just a niche.

PHOTOS: KEITH TISHKEN 1998 Spring / Summer 1998 9

 Getting by with a little help from some friends.....
here are a few things you wouldnt
T expect if you had an interview
with IBM. You wouldnt expect to
be told that if you wear a suit, you wouldnt
get hired. You wouldnt expect that your
friends, also competing for positions at the
company, would be hired along with you.
Yet this is precisely what happened when
David Gee (MBA94) hired MBA class of
1997 alumni Jeff Fassett, Leslie Givens,
Kris Lichter, and John Wolpert to help
him promote IBMs hot new program-
ming language, Java.
John Wolpert
David Gee
10 Georgetown University School of Business
Gee, a 29-year-old native Londoner,
is in charge of promoting Java, a program-
ming language for running software on
any kind of computer. IBM licensed Java
from Sun Microsystems, which invented
it, and is betting that Java is the product
that will break Microsofts monopoly on
desktop software.
Thats a tall order to fill. Gee, Javas
sole evangelist at IBM, needed to build a
team to spread the word about Java among
software developers. He needed people
who had a strong entrepreneurial streak,
Jeff Fassett
Leslie Givens
Kris Lichter
who could work well together, who could
achieve in an environment that lacked a lot
of structure. He needed pioneers, quickly.
Looking to build a team of Java proselytiz-
ers like himself, he turned to his alma
mater.
From a stack of resumes, Gee selected
the four students to interview. Fassett,
Givens, and Lichter had all worked
together on MBA teams for various class-
es. Although Wolpert hadnt worked in a
team setting with the others, he was
friendly with Fassett. We were told that if
anybody wore a suit, they wouldnt get a
job, so not to bother coming, recalls
Lichter.
Lacking ties (or in Leslies case,
pantyhose), the team showed up for their
interviews. Gee asked each candidate a
prisoners dilemma question-why should I
pick you over all the others? Without con-
sulting each other, each candidate
answered identically. We all wound up
saying the same thing--that Gee should
hire us as a team, and this is why I should
be on the team, says Wolpert. By the
time he interviewed Jeff Fassett, and he
said the same darned thing, I think David
got it into his head that he should hire us
as a team.
Wolpert describes the team as being
insanely happy when they learned Gee
had hired them, even though they were at
a group disadvantage in terms of negotiat-
ing power. We all said yes on the spot,
says Wolpert. We knew that the offer
David got us was the best he could, and we
werent going to haggle.
The first nine months at IBM have
been alternately challenging and rewarding
for the team. Located in Silicon Valley, far
away from IBMs headquarters in New
York, the team has been charged with con-
vincing software developers worldwide
that Java is, in Silicon Valley-speak, hip,
cool, relevant. To do something this cut-
ting edge, in a company as established as
IBM, has meant that the team has had to
create its own culture, its own strategy, its
own structure from scratch.
PHOTO: ANN DOWIE / NYT PICTURES The New York Times Company
Not feeling settled is tough,
admits Wolpert.
You feel like a surfer,
but being a surfer
is good.
Its a challenge,
but its OK.
By nature of its pioneering mission, the
team has a high profile at IBM. They agree
that their Georgetown team dynamic
enabled them to survive those critical first
months as they tried to establish them-
selves. We get a lot of pushback, a lot of show, David and the team sat together,
people looking at us under a microscope
because they either dont agree with what
were doing, or they do agree, but theyre new Web-based service IBM offers to Java
trying to figure us out, because what were
doing is not normal to them, says Lichter.
Without the sort of core and faith that
comes from the team dynamic, I dont know
whether we would have survived.
Givens agrees. One of the most valu-
able aspects of being part of a team is that
although you dont know the company, you
do know your team mates, says Givens.
You feel comfortable right off the bat
with these people, you feel like you can rely
on them. It makes it a lot easier.
Despite the pushback, the team can
point to a number of successes. Nike, Ral-
ston Purina, Charles Schwab & Co., and
the International Petroleum Exchange are
among the roster of companies using Java.
Their high-profile at IBM has earned
them coverage on the first page of The
New York Times business section. In
March, the team held a successful JavaOne
trade show in San Francisco.
In the constantly evolving technology
business, the team is aware they cannot
rely on past accomplishments. Their goal
of making IBM a trendsetter once again in
the computer industry is not a certainty,
and the team harbors ambiguous feelings
about the relentless change. Not feeling
settled is tough, admits Wolpert. You feel
like a surfer, but being a surfer is good. Its
a challenge, but its OK. Yet the uncer-
tainty of their position, their goal,
strengthens their bonds to one another.
They not only work together, they social-
ize together, taking a day off to go to an
amusement park and making every effort
not to talk about work.
Two weeks before the JavaOne trade
sticking labels on invitations to a lunch
party to celebrate the launch of jCentral, a
developers. Their willingness to pitch in
and help with this menial task exemplifies
the team spirit theyve shared since their
first semester at Georgetown, the team
spirit that keeps them going as they chart
unknown territory with Java. No task is so
overwhelming that it cant be tackled with
a little help from some friends. The team is
greater than the sum of its parts.
By Elizabeth Shine
Spring / Summer 1998 11
 FACULTY FORUM :
Democracy: Good for the Economy?
A
cademics have puzzled at
length about democracy's
possibly deleterious
effects on national eco-
nomic performance. It
has often been claimed that democratic
politics has a necessary cost in terms of
economic growth, which wealthy countries
can afford, but which emerging market
countries cannot. An authoritarian strong
hand is perhaps better suited than demo-
cratic political institutions to manage the
challenge of market liberalization and
rapid economic growth. It is not surpris-
ing, therefore, to find U.S. firms investing
and U.S. banks lending heavily in nations
with authoritarian regimes, and the U.S.
government making accommodations with
authoritarian regimes.
Either lending money to authoritarian
regimes or investing extensively in societies
with authoritarian regimes is poor business
practices, all other things considered, or so I
argue. Regarding democracy and economic
growth, I (with John T. Woolley at the
University of California, Santa Barbara)
find that democracies differ from dictator-
ships in that democracies seek either low
12 Georgetown University School of Business
volatility growth strategies or higher
volatility strategies that are predictably well
compensated by higher rates of growth.
Regarding political liberalization and eco-
nomic liberalization, I find that economic
liberalization arises from democratic politi-
cal contestation, and that economic liberal-
ization is more likely to be sustained with
political liberalization than without.
nations, which are generally characterized
The Costs of Democracy, National Economic Perfor-
by very high levels of existing inequality
mance, and the Sequence of Liberalization
The hypothesized negative relationship
between democracy and growth has strong
theoretical underpinnings rooted in how
voters in a democracy respond to inequali-
ty generated by market competition. Since
Adam Smith, political economists have
recognized that market liberalization leads
to higher levels of income inequality. Also
since Adam Smith, political economists
have worried that political demands for
redistribution of wealth and income are
too easily realized in democracies, com-
pared to autocracies, where rulers are pre-
sumably insulated from popular demands
for redistribution. Insofar as redistribution
reduces growth, democracies will grow less
By Professor Dennis P. Quinn
rapidly than non-democracies. Recent
papers in economics journals offer modern
versions of Adam Smiths theory. High
levels of inequality are harmful for subse-
quent economic growth, they suggest,
because in democracies, high inequality
leads to policies that reallocate national
income from investment to consumption
thereby slowing growth. Emerging market
and low levels of national investment, are
poorly positioned to transfer national
income from consumption to investment
in a democratic context.
A second version of the insulation
thesis regards international financial and
trade liberalization, which poses a thorny
dilemma for governments beyond the
investment versus consumption tradeoff. It
is known that international economic lib-
eralization is strongly associated with
increased national wealth, as well as with
increased income inequality. It is also asso-
ciated with the rapid transmission of exter-
nal shocks to a domestic economy, which
can destabilize an economy. Governments
insulated from democratic political pres-
sures are more likely to sustain internation-
al economic liberalization than are govern-
ments that respond to citizen demands for
protection from the consequences of exter-
nal shocks.
In short, the near-consensus among
academics has been that the net effect of
democracy is highly likely to be lessened
economic growth, and that the proper
sequence of economic liberalization and
political liberalization is therefore eco-
nomics first. What a remarkable reversal
this is from the time of John F. Kennedy and
his Alliance for Peace, which was premised
on the idea that democracy and economic
growth were reinforcing processes.
 Despite this theoretical near consen-
sus, the empirical results on whether
democracy helps or hurts growth are very
ambiguous. Woolley and I reviewed 27
previously published empirical studies, and
find that a third find a positive relationship
between democracy and growth, a third
find a negative relationship, and a third
report no relationship. Why?
Democracy and Risk and Return
Democracy's distinctive feature (compared
to non-democracies) is that it is a mecha-
nism whereby citizens have a routinized
opportunity to oust incumbent politicians.
Democracy can be thought of as a means
whereby deviations from citizen prefer-
ences (or changes in voter preferences) are
corrected, where the behaviors of govern-
ment officials are (more or less) circum-
scribed, and where competing political
groups are induced to reach compromise.
This view of democracy is consistent with
voter studies, which show that voters get
what they want because public opinion
and public policy are closely linked.
In this light, a long-term deviation
between voter preferences and public poli-
cies seems unlikely. Is it possible that the
democracies do not always strive for the
highest rates of growth because voters do
not want governments to undertake poli-
cies that might lead to the highest possible
rate of growth? Democracies perhaps,
compared to autocracies, undertake a dif-
ferent form of economic liberalization, one
where some of the costs of liberalization
are compensated, which thereby produces
an economic growth that is lower, but less
volatile, and more sustainable.
This suggests that the theory about
democracy and poor economic perfor-
mance contains a problematic assumption.
We know that voters want increased
wealth, and judge politicians based upon formance of the
national economic performance. We also leading economies
know, however, from financial economics a nation is it
that investment risk (i.e., volatility) and measure a coun-
expected return are positively associated. If trys growth gap.
we then pose the question of democracy Figure 1 plots
and economic performance in the risk and averaged data
return framework of financial economics, 1974-89 on
the issue is this: do voters want the high growth rates (Y
risk that is generally associated with high axis) and risk (X DENNIS QUINN
expected return? As with investors when axis) for 108
they cannot easily diversify away risk, we countries, and Professor Quinn teaches
expect voters to be generally risk averse, clusters them by and conducts research
and to prefer growth strategies that miti- level of democra- in business and
gate risk. cy. From Figure 1,
public policy at
Democracies, then, should be distinc- one can see that
tive not in their rate of growth, but in the almost all coun-
the School of Business.
way growth is related to volatility. Citizens tries that were
everywhere would reject higher volatility highly democratic
that is not adequately compensated, but in 1972-73 are located near the efficient
only in democracies could we expect these countries line, 1974-89. Most high volatili-
preferences to be reliably reflected in out- ty countries are all non-democratic. (This is
comes. What we expect to be common to strongly supported by multivariate regres-
all democracies is that voters will be rela- sion analyses, whose results will not be
tively more effective in demanding that reported here so that the author will stay
additional risks (e.g., losses from liberaliza- friends with the reader.)
tion) be compensated. The results of our research are: 1) the
The image in Figure 1 draws on an economic performance of democracies is
analogy between private investment deci- superior to that of autocracies, once
sions and national economic performance. volatility is accounted for; 2) political and
Following this analogy, risk can be economic liberalization are reinforcing
thought of as the volatility of a nation's processes, with the proper sequence of lib-
growth rate over time (the standard devia- eralization, politics first. Therefore, firms
tion of a nation's annual economic growth are more likely to find stable and liberaliz-
shown on the X axis). Return can be ing economic environments in those soci-
thought of as the observed (ex post average) eties with democratic institutions.
national growth rate (on the Y axis). Effi- The implications are clear democra-
ciency can be operationalized as any point cies reflect the risk aversion of voters in
on the line made by the risk-return perfor- their growth strategies democracies out-
mance (or risk-adjusted growth) of the perform autocracies and sustain economic
world's best-performing economies, which liberalization dont lend your money
is termed the efficient countries line. The (or your shareholders) to authoritarian
distance from the efficient countries line regimes.
measures how far from the risk-return per-
Spring / Summer 1998 13
 Faculty and Staff NEWS
From Night to Day
T hats how Karen Newman
describes the change required
to create profitable companies
in the former command
economies of Central Europe.
Drawing on nearly seven years
of research and experience in
the Czech Republic, Newman,
an organizational behavior
expert, has recently completed
a book, Managing Radical
Organizational Change, with
co-author Stanley Nollen.
The book describes case
studies of six Czech enterprises
that the authors examined dur-
ing frequent trips to the region
and teaching engagements at
the Czech Management Cen-
ter. The book is meant to
develop insights and knowl-
edge about radical organiza-
tional change in conditions of
extreme turbulence in the mar-
ket and legal environment,
says Newman.
The upheaval facing these
firms was daunting. To begin
with, Newman explains, an
enormous infrastructure had
been built around a set of
assumptions, many of which
disappeared almost overnight.
Unfortunately, no new struc-
ture was ready to stand in its
place.
There was no legal code,
no bankruptcy law, no concept
of insurance. On a more prac-
14 Georgetown University School of Business
Karen Newman
tical level, there were often no
phones or electricity.
Newman believes that the
difference between success and
mediocrity in Central Europe
can be attributed to the vision
to act on good ideas. The ability
to nurture a customer focus,
long absent in an economy
characterized by shortage rather
than competition, has also been
critical. Some of them still
have a hard time figuring out
that customers pay the bills.
Finally, Newman believes
that leadership is crucial in an
environment where people are
used to taking orders from the
top. The willingness to be
decisive has been critical to
those who have managed the
changes best, says Newman.
Reinventing Government
S chool of Business profes-
sor Rob Grant is helping to
reinvent government. He
recently testified before the
congressional subcommittee
on government management,
information, and technology
about strategic planning pro-
cesses in the private sector.
Congress is considering
amendments to the Results
Act, which demands greater
accountability from govern-
ment departments and agen-
cies by requiring them to sub-
mit three-year strategic plans
to Congress. But congressional
dissatisfaction with the plans
submitted thus far has resulted
in a call for strategic plans to
be submitted annually.
Grant believes that any
organization that engages in
strategic planning needs to do
so on an annual basis. Doing a
strategic plan on a three-year
basis means the plan becomes
Rob Grant
irrelevant, said Grant. The
process does not become part of
the whole decision-making pro-
cedure within an organization.
Strategic plans provide a
basis for accountability and
improve the decision-making
process, but they are also evolv-
ing documents, according to
Grant. The planning process is
the whole point of making
strategic plans, said Grant.
Youre continuously updating
your strategy for the future, so
you can adapt to new legislation
or a change in circumstances.
Grants testimony emphasized
the importance of the strategic
planning process rather than
strategic plans themselves.
Grant, who teaches strate-
gic management to MBA stu-
dents, is well qualified to testify
on the strategic planning pro-
cess. His recent books include
Contemporary Strategy Analysis,
which is widely used in MBA
programs in Europe and North
America, and Restructuring
and Strategic Change in the Oil
Industry.
PHOTO: KEITH TISHKEN 1998
Are you telecompetent? Banking Competition
Means More Money

V ideo-conferencing, e-
For Minority-Owned
Businesses

mail, cell-phones the infor-
mation age promised instant,
and improved, communica-
tion. But business professor
Jeanine Turner argues that new
technology forces people to re-
evaluate the way they commu-
nicate. When you introduce a
new communication context,
like video-conferencing, people
begin to find the interaction
problematic, says Turner.
They start to question current
protocols for communication.
Examining communica-
tion issues in the field of
telemedicine, where medical
services are provided via tech-
nology, Turner is seeking
answers to how both organiza-
tions and individuals respond
to technological change. She is
currently studying patient and
physician perceptions about
the quality and efficacy of
remote care provided via
video-conferencing.
Telemedicine provides an
incredible opportunity to study
how the communication that
takes place between organiza-
tions and individuals is trans-
formed and changes to keep up
Jeanine Turner
Legal and policy issues follow
the development of technolo-
gy, says Turner. If you look at
the Web, this new communi-
cation environment has raised
many issues like copyrights
and freedom of speech.
Turner began her research
while working with a universi-
ty medical center that provided
medical services to prison
inmates using telemedicine.
We understand how to be
competent communicators in
face to face interaction, says
Turner. But how do we
become telecompetent orga-
nizations and individuals who
can use telecommunication
infrastructures to communicate
effectively?
H
ow does competition
among banks influence the
willingness of banks to extend
credit to minority-and female-
owned small business?
Recent surveys have
uncovered race-based differ-
ences in lending to small busi-
ness owners, showing that
businesses owned by white
males are more likely to receive
credit than those owned by
minorities. Yet no studies had
examined whether there were
any statistical reasons that
might explain why minority
business owners are less likely
to be granted loans than whites.
Using credit applications,
denial rates, outstanding loans,
and interest rates across demo-
graphic groups, along with
local bank market structure,
School of Business professor
Ken Cavalluzzo, and his sister
Linda, examined why minori-
ty-owned businesses were less
likely to receive credit. Caval-
luzzzo and Cavalluzzo found
the answer lies in competition
minority groups in less com-
Ken Cavalluzzo
ment in the U.S. economy,
says Ken. The more we under-
stand about the credit problems
business owners face, especially
minority owners, the better off
everyone will be.
The Federal Reserve is
applying Cavalluzzos and
Cavalluzzos research to analy-
ses of home mortgage markets
and minority default rates to
better understand the problems
minorities face in obtaining
mortgages.
Cavalluzzos and Cavalluz-
zos research will be published
in the August edition of the
Journal of Money, Credit and
Banking.
PHOTO: KEITH TISHKEN 1998

with technology, says Turner.
Key issues surrounding
telemedicine, including licen-
sure and liability, also have
consequences that are broadly
applicable to other telecom-
munications technologies.
Turner, who joined the
business faculty in August,
recently was appointed as
adjunct research assistant pro-
fessor at Georgetowns Depart-
ment of Radiology.
petitive banking markets pay
more for credit, and are less
likely to have loans, than those
located in more competitive
banking markets. Small busi-
nesses are an important ele-

Spring / Summer 1998 15


Paul Almeida and Susan Bartholomew
Almeida Studies
Info Swap
H
ow business information
is passed on-whether
by telephone, the printed page,
e-mail or face-to-face conversa-
tion-affects how that knowledge
is utilized, according to Professor
Paul Almeida.
"We're so taken with the
Internet and modern telecom-
munications that we just
assume that if we send infor-
mation through these chan-
nels, it automatically registers
with people," says Almeida.
"But this is not the case."
Almeida is studying the
way scientists in the biotech-
nology industry disseminate
and shape knowledge to create
commercially usable products.
Looking at the biotech indus-
tries in the United States, the
United Kingdom, Germany
and Japan, Almeida is examin-
ing the extent to which univer-
sities, companies, and research
labs interact and exchange
knowledge. He is also evaluat-
ing the impact of this interac-
tion on the success of a nation's
biotechnology industry.
Almeida warns that in the
age of cyberspace, geography
16 Georgetown University School of Business
and human interaction are still
vital in disseminating knowl-
edge. "Maybe I have to use
face-to-face communication
when sharing concepts that are
very subtle," said Almeida.
"This permits a dialogue, and
that's important in building
trust and sharing information.
Most firms must use a combi-
nation of mechanisms in a flexi-
ble manner to harness organi-
zational knowledge effectively."
Almeida notes that elec-
tronic communication may be
making the world a smaller
place, but he cautions against
becoming too reliant on such
faceless methods of communi-
cation. "People say that we are
one global village," said Almei-
da. "But are we really? We still
do not have all the answers."
Almeida, together with
Susan Bartholomew, a visiting
professor from Cambridge
University, recently won a
$10,000 grant from the Center
of Innovation Management
Studies at Lehigh University
to study "The Systems and
Mechanisms of Inter-organi-
zational Knowledge Transfer
in the Biotechnology Industry:
A Cross Border Comparison."
IN THE MEDIA
Michael Pastore (MBA99) was one of a team of MBA students noted
in the March 26 issue of The Wall Street Journal for winning the first con-
sulting case competition at the William E. Simon Graduate School of Busi-
ness Administration in Rochester, N.Y. Pastore and his teammates
assessed ServiceMaster Corporations management services unit, and rec-
ommended strengthening employee-incentive programs.
The March 25 issue of The Washington Post features a story about
PepsiCo CEO Roger Enrico donating his salary towards a scholarship fund
for PepsiCo employees in which Professor Robert Bies was quoted. It is
very unusual for a CEO, especially one at a company of this magnitude
and visibility, to give up his salary for a philanthropic purpose, Bies said.
Nine hundred thousand dollars is real money I actually believe he did
it for sincere reasons.
Professor Jim Angels research was cited in a March 16 Wall Street
Journal article on the proposed merger of the Nasdaq and Amex stock
exchanges. The Journal cites Angels research that the regulatory envi-
ronment gives the regional stock exchanges a sustainable position.
A January 12 Washington Post article reports that executive educa-
tion programs nationwide are flourishing, and managers who participate
in them often benefit professionally and financially. Rahul Bhandari, a
management consultant, has taken two new jobs with increased responsi-
bility since successfully completing programs at Georgetown in executive
leadership and management; his salary has also doubled, notes the Post.
In a January 20 Investors Business Daily article on Nasdaqs perfor-
mance during last years October 27 stock market swing, Professor Jim
Angel noted that Nasdaq has passed the market test. The fact that com-
panies choose to stay with Nasdaq is evidence that Nasdaq is doing
something right.
The Credit Research Centers study on how debtors who apply for
personal bankruptcy under Chapter 7 of the U.S. Bankruptcy Code could
repay some of their debts from future income has generated considerable
media interest. The Fort Worth Star-Telegram, The Des Moines Register,
The American Banker, The Journal of Commerce, and The Dallas Morning
News have cited the Centers study in various articles on bankruptcy.
PHOTO: KEITH TISHKEN 1998

Please e-mail your alumni notes
to shinee@gunet.georgetown.edu
or call Elizabeth Shine at
202-687-4080.
Alumni NOTES
UNDERGRADUATE
63 Raymond H. Shevenell
joined Mooney Engineers as
the general manager of opera-
tions in March.
72 Ronald R. Rich was
named vice president of A. J.
Martini, Inc., a general con-
tracting firm based in Malden,
Mass. He is responsible for
business planning and corpo-
rate development.
75 F. Paul Maloof (L78) was
named of counsel at Hass &
Anderson, P.C., in November
1997. He is licensed in Vir-
ginia, Maryland, and the Dis-
trict of Columbia.
75 Michael Sheehan is a
partner in Sheehan & Associ-
ates, an executive search con-
sulting firm. He currently
resides with his family in
Rochester, N.Y.
76 Donald MacNeal recently
ran for a seat on the Rumson
School district board of educa-
tion in New Jersey. He is a
partner at Arthur Andersen,
New York.
77 Robert J. Bojdak was
named district executive vice
president for underwriting
administration at KeyBank, a
wholly-owned subsidiary for
KeyCorp. Prior to joining
KeyBank in 1992, he was vice
president and deputy credit
officer at Mellon Bank in
Philadelphia.
78 Kathie Preier gave birth
to her third child, Natalie
Ilana, on January 15th. Kathie
and her family now reside in
West Hartford, Conn.
80 Fred Vandenberg and his
wife, Marjorie Williams, wel-
comed their third child, and
first daughter, Rebecca Patrice,
into their family. The family
resides in Rye, N.Y.
82 Ronald E. Blaylock joined
the board of directors of the
Advantica Restaurant Group,
Inc. He is the founder, presi-
dent, and chief executive offi-
cer of Blaylock & Partners,
L.P., a New York-based invest-
ment banking firm.
82 Sylvie A. Durham was
named partner at Weil, Got-
shal & Manges L.L.P. in
March. She works in the firms
corporate department in New
York and specializes in struc-
tured derivatives, products and
finance.
84 John R. Farrar, Jr. and his
wife Phyllis, are new parents.
Their second daughter, Julia,
was born on January 15, 1998.
John is a technology director
and a principal of Optech Sys-
tems, Inc. in New York. The
family lives in Ringwood, N.J.
85 Nancy Hubbard Burton-
Prateley received her doctorate
in April 1997 from Oxford
University, England. She is
now a consultant specializing
in mergers and acquisitions
and is also an associate fellow
at Templeton College. Her
second son, Nicholas, was born
on December 16, 1997.
85 Curtis L. Buser recently
became a partner at Arthur
Andersen, and is currently
with their communications
and technology group.
86 Kevin Sheehan married
Claudia Ryan (C86) in New
York City on October 4, 1997.
86 Ashley Jones Tagatac is
now a vice president in sales
with Morgan Stanleys equity
financing group. She offers
financing and clearing services
to hedge fund managers. Ash-
ley and her husband, Chris,
live in New York City, and are
expecting their first child in
April.
86 Sami L. Toutounji (L89)
and his wife Emma are now
settled in Paris with their new
daughter, Alexandra, who was
born last July. Sami is a partner
at the law firm of Shearman &
Sterling.
87 Richard Lucas and his
wife Lynne celebrated the
birth of their first child,
Katherine Anne, in September.
Richard is a partner at Arnold
& Porter, a Washington D.C.
law firm. He specializes in
commercial real estate financ-
ings and transactions.
88 Tom Granville is the
managing director, principal,
and co-founder of Whitney
Capital Company, a New
York-based national develop-
ment firm specializing in mul-
ti-family housing. He holds a
masters degree in development
and investment from the New
York University Real Estate
Spring / Summer 1998 17
 UNDERGRADUATE

TRENDSPOTTING IN THE TECHNOLOGY INDUSTRY

The ability to synthesize information, step back, and discern trends and Institute. Tom and his wife, 91 Janelle Lorenz Wright
patterns are all hallmarks of a Georgetown education. Chris Franco (B81) Stefanie Hecht Granville married Jay Oscar Wright
(F89) live in Stewart Manor, (B91) on October 25th, 1997.
used these skills to forecast the demand for technology employees, and
N.Y. with their two sons. Janelle is currently a buyer for
has built an innovative consulting firm around the hot high-tech industry.

Franco is chief executive officer of Comforce Corporation, a high-

88 Mark Spring is of counsel Saks Fifth Avenue, and Jay is
at the law firm of Faustman, an investment banker with
tech staffing and consulting firm. Only two years old, the company Merrill Lynch & Co.
Carlton, DiSante & Freuden-
already employs 8,000 technology consultants, has annual revenues berger LLP. He practices labor 91 Eugene (Geno) Zamora
around the $500 million mark, and includes Microsoft, Sun Microsystems, and employment law. Mark married Sheila Hellams on
AT&T, Bell South, and Boeing Information Systems among its roster of
now lives in Folsom, Calif. January 2, 1998 in Santa Fe,
with his wife Sheila Spring N.M. Bob Chicoski (C91)
prestigious clients. The business is growing beautifully, says Franco.
(B90), and their daughter was the best man, and Charlie
If weve been successful at anything, its been bringing really talented Arielle. Morgan (C91) was an usher.
people to work for us.
89 Elizabeth Cannarozzi Tom Walter (B91) and Kojo
Another factor behind the compa-
recently joined Nabiscos food Mills (C91) were also guests
nys success is its rollup strategy, where the service division in Parsippany, at the wedding. Geno is now
N.J., as the manager of sales working in Santa Fe as an
company buys other technology consulting
planning and analysis. Her associate with the law firm of
firms, and rolls them into the parent com-
daughter, Elena Elizabeth, was Herrera, Long & Pound, P.A.
pany. Franco explains that this strategy has
born last June. Elizabeth now 92 Todd Kinney is presently
been successful for Comforce because he lives in Montclair, N.J. with a senior associate at Cowen &
has bought businesses that are diverse in her family. Company in the technology
terms of geography and customer bases, 89 Edward Clayton English mergers & acquisitions group.
and he has centralized services to save and Jennifer Christine Lahr He is based in Cowens New
were married in Morris Plains, York office, and resides in
money. I want to bring in talented
N.J., in January. Edward is an Manhattan.
employees and customer relationships we
accounting manager at Praecis 92 Kristen (Paulson) Wat-
dont already have, says Franco. That
Pharmaceuticals in Cam- son was married in August
way we can grow the business without bridge, N.J. The couple will 1997. She graduated from the
cannibalizing ourselves. Located in Lake live in Brookline, N.J. Kellogg Graduate School of
Success, New York, the company now has 89 Richard Martorella is Management at Northwestern
88 offices nationwide, and is seeking to expand its operations to Europe. director of strategic planning University. She is an account
and mergers and acquisitions manager at CompuServe Net-
To retain technology workers in a tight labor market, Franco initi-
at Joseph E. Seagram & Sons, work Services in Chicago.
ated Comforce University, a virtual campus on the Web that allows
Inc., a U.S. subsidiary of the
employees to improve their skills in telecommunications and information Seagram Company Ltd. Prior
technology. Comforce also plans to market the university to its clients. to joining Seagram, Richard
Franco sees Comforces future success in such innovations as the was director of strategic plan-
ning for Sony Worldwide Net-
virtual university. We see future growth in the Internet-based delivery
works, a subsidiary of the Sony
of services, says Franco. The key is to scale up our Website and get
Corporation.
widespread usage. Judging by the phenomenal growth Comforce has

experienced in its infancy, Francos assessment of this trend is probably

a sure bet.

18 Georgetown University School of Business


93 Brian (Rudy) Fuller was
named head coach of the Uni-
versity of Pennsylvania soccer
team in late January. Rudy is
currently an MBA student at
Georgetown University.
93 Andrew Kim is now a
senior financial analyst at
Miramax Films. He is also a
board member of the New
York City alumni club, and is
responsible for coordinating
community service and volun-
teer events.
94 Jeff Staadt is associate
director of marketing informa-
tion with the international
division of Sony Music Enter-
tainment in New York. Previ-
ously, he was with KPMG
Peat Marwick LLF in Wash-
ington, D.C.
95 Laurie A. Johnson joined
BT Alex. Brown Incorporated
in New York as an associate
equity research analyst cover-
ing community banks.
96 Ross F. Morrissey is cur-
rently halfway through a six-
month deployment to Oki-
nawa, Japan, with 5th
Battalion, 10th Marines. He
left his home base of Camp
Lejeune, North Carolina as
part of the unit deployment
program (UDP) in December.
MBA
87 Douglas Snyder was
appointed deputy chief of the
drug and chemical control sec-
tion at the U.S. Drug Enforce-
ment Administration. He now
resides in the Washington,
D.C. area with his wife, Cary,
and their 5-year-old son.
89 Curt Schooling recently
left Citibank after 10 years of
service. He is now the director
of business development for
E-Loan Inc., a small start-up
company, which provides mul-
ti-lender mortgage origination
via the Internet. Curt and his
wife, Susan, now live in Oak-
land Hills, California with
their son, Bryce.
90
Class Agent: Lorraine Herr
1800 West Roscoe Street, #413
Chicago, IL 60657
Thanks to everyone who sent
holiday cards and greetings, an
invaluable source of informa-
tion on our incredibly diverse
and geographically dispersed
class.
Shelia Colgan is now based in
Dublin, Ireland and working
at Johnson & Johnson.
Jeanne Tsao-Wang, I hear, has
moved to San Diego for a
huge promotion. Wow, that
Georgetown MBA must have
impressed someone!!
Steve Straske and his wife,
Janice, have their hands full in
Florida with daughters Elly
and Davis, both of whom are
quite photogenic!
Christine Campe-Price is on a
one-year leave of absence from
MCI, staying home with her
kids, Peter and Eliza. Chris-
tine writes that she and Chris
are both doing just great and
enjoying their young children.
Beth Laboe Edgar and her
husband, Jason, are settled in
Bloomington, Minnesota, just
outside Minneapolis. Beth is
working for 3M and traveling
several weeks a year to exotic
locations all over Asia.
Jane Ashton Hawes and hus-
band Dick are expecting their
second child later this year.
Jane wrote an amazing article
that was published in the
February issue of Runners
World. Buy it!
Eileen Utter-Lessin is living in
wonderful San Francisco. She
is working for Charles Schwab
in their general investor mar-
keting group. Eileen is plan-
ning trips to Hawaii (to per-
fect that golf game) and
Champagne, France.
I also hear from Eileen
that Kitty Swenson and her
husband, Steve, are living in
Salt Lake City, Utah. Kitty is a
portfolio manager and has two
little girls.
Yours truly traveled to
Switzerland and Germany in
late December with my hus-
band, Michael, my mom, sis-
ter, and a handful of close
family friends. We spent some
time with Mikes relatives in
Bavaria and drove the auto-
bahn to Munich where we had
a great visit with Roland
Manger and his girlfriend, Ire-
na. Roland is the marketing
director of Cybernet.
I am working for AT&T
and am proud to share a per-
sonal highlight of 1997: finish-
ing the Chicago Marathon on a
glorious, sunny day in October.
Feel free to drop me a line
about what is going on with
you!
Michael George Athanason
married Jennifer OGorman
Bower in Pawtucket, R.I. in
January. He is now director of
corporate finance at Ernst &
Young in Moscow.
91
Class Agent: Mary Pat Blaylock
(creativecollection@erols.com)
Ned Read writes that he is
working as arts education spe-
cialist at the National Endow-
ment for the Arts. He also
earned a certificate in organiza-
tion development from
Georgetown's School of Pro-
fessional and Continuing
Development. He lives in
Arlington with his partner, Ric.
Bill Ehrreich has moved to
sunny Florida to work as a
senior financial analyst for J.I.
Kislak, Inc. His job is to find
acquisition targets for the
company.
Sandy Kupetz reports that she
did some interesting travel last
year to Israel and Amsterdam.
She is full-time mom to A.J.
and Leslie.
Spring / Summer 1998 19
 Alumni NOTES
92
Class Agents: Jon Gafni &
Niels Nielsen
Share your news! We would really
like to expand our coverage to
more of the class, so e-mail us
directly at nielsenn@aol.com or
gafnij@lci.com. You can also send
alumni notes c/o Elizabeth Shine,
Deans Office, Georgetown School
of Business.
Like so many of our classmates,
your correspondents have been
consumed by careers and life.
Since we last wrote, we have
changed jobs and careers,
bought houses, moved, and, in
Jon's case, experienced the joys
and challenges of being a father.
So in this column, we'll catch
up with a few of the many
changes in the lives of our class.
Family Matters
John Hannula and Mara Don-
nenfeld recently became first-
time parents to Max.
Mark Niles and Lori Pidick are
enjoying son Griffin in their
new home in Washington, D.C.
Cliff Favrot and his wife Beth
recently moved back to New
Orleans where Cliff took a job
in investment banking. Ford
Favrot has a baby brother,
Michael.
Mike Murray and his wife
Anne now have two girls,
Melina and Sara Beth.
Glenn Hodges was married
last summer to Silvia Dotzler
in Germany. He is now living
20 Georgetown University School of Business
in Brussels, where he is direc-
tor of motor shows and motor-
sports for Chrysler Europe.
Mary Nowalk is getting mar-
ried this summer and moving
to New York City.
Letter from Europe
Bob McCarthy recently
returned from Bulgaria and
reports that during his last tour
of the continent he saw Chris
Melnyk and wife Liana outside
Rome, Rajeev De Mello and
family in Switzerland and Jill
Comerton in Northern Ireland,
among others. Al Kaiser is in
London with the Bank of New
York and has recently been
joined by J.P. Neal J.P. is on a
long-term assignment with
Watson Wyatt in England.
Comfortably Employed
Jon Gafni and Mark Niles are
both working at LCI.
Steve Ryan is working at MCI.
Niels Nielsen works at MCI
Systemhouse. He is currently
on assignment at The Washing-
ton Post.
Vanessa George checked in
from Fremont, California,
where she works for Pacific
Bell Communications.
Debbie Mercer is a regional
marketing manager for Pizza
Hut.
Bern Smolow is at GE Capital.
MBA
Kye Johanning is working in
finance for the Airline Pilots
Association and is one of sev-
eral Georgetown MBAs who
have formed the Rock Creek
Investment Club.
Eser Ozdeger Tuncata is
teaching and working in devel-
opment at the Maret School in
Washington.
Derek Bills is joining Fried-
man, Billings & Ramsey in
Alexandria, where he will be
working on financial informa-
tion systems.
Sharon del Valle is working in
Buenos Aires for Phillips Elec-
tronics.
93
Class Agent: Web Fletcher
(wfletche@vpartners.com)
Wayne P. Hewitt plans to mar-
ry Geraldine Taylor on Octo-
ber 31, 1998.
Denny Silverman and his wife,
Elizabeth Buckingham,
became parents of Erica Sarah
Buckingham in October 1997.
Denny is currently a senior
financial analyst at MCG
HealthCare, a benefits and
compensation consulting firm
in Minneapolis.
94
Class Agent: David Gee
(dgee@us.ibm.com)
Stanley Beraznik is currently
working at Citibank. He
recently moved to London to
start up a small risk manage-
ment and marketing team to
ALUMNI NOTES
cover large corporate and insti-
tutional investors throughout
Europe.
Simon Black, and his wife,
Alice, will be moving to Lon-
don in April with their new
daughter, Zo Hannah. Simon
will be setting up an office for
Diefenbach Elkins, a brand
strategy consulting firm.
Win Chan has left Global One
(Sprint International), and is
now a project manager in the
MCI local service delivery
group in Reston, Va.
Ron Cieri is leading an expedi-
tion to Mt. Rainier in June
with some of his MBA class-
mates, including Tom Massey,
Ted Kollina, and Martina
Ehlers (MBA 95).
Andrew Dryer is managing
director of U.S. operations at
Indus International. He is
based at the firms San Francis-
co headquarters.
Margot Jacobs left KPMG
Peat Marwick last year, and
now works for a large Russian
investment bank, United
Financial Group, as an equity
analyst in the banking sector.
She is also currently studying
for the chartered financial ana-
lyst exam.
Robert Marcum is now direc-
tor of project devlopment at
Wrtsil NSD. Recently, he
signed energy sales agree-
ments, under which Wartsila
 RUNNING BUSINESSES TO RUNNING FOR OFFICE

NSD will build, own, and
operate a cogeneration facility
on the Mexican island of
Cozumel.
Mary Nowalk is planning to
get married this summer and
will be moving to New York
City.
When Mike Gottlieb (MBA'85) was
a student, he used to joke that a
Georgetown MBA would be great
training to be a politician because of

Alona Ponomareva was mar- 95 the emphasis on business-govern-

ried to Steve Smith in
September 1997. Fellow class
of 1994 guests included Adam
Struve, Win Chan, and Mar-
got Jacobs. Also in attendance
was Andy Corsig (MBA93).
The newlyweds spent their
honeymoon in Spain and the
Canary Islands. Alona left
Ernst & Young corporate
finance to join the Internation-
al Finance Corporation in
Washington, D.C. as an asso-
ciate investment officer in the
Latin American and
Caribbean department. In
addition, Alona passed the lev-
el 2 chartered financial analyst
exam, and is now busy study-
ing for the level 3 exam.
Stephanie Prager works in
product management at Mat-
tel. She now handles the Cab-
bage Patch Kids account.
Geoff Stricker is a telecom
equity analyst at Lehman
Brothers in Washington, D.C.
Ian Steinberg married Elise
Schlackman in September
1997 in Baltimore. Other class
of 1994 members in atten-
dance were Kelly Best, Beverly
Welch, Mary Vargas, Alona
Ponomareva and Win Chan.
The couple spent their honey-
moon in Hawaii. Ian works
at American Management
Systems.
Class Agent: Lisa Bell, ment relations. Now that Gottlieb is
Martina Ehlers
hoping to be the Republican nomi-
(mehlers@ACNielsen.com),
nee for Southern California's 29th
Kelly Reed, & Scott Shore
(sos@h-s.com) district in the U.S. House of Repre-
Some 95s may have a busy day sentatives in November, he's finding
on September 6th 1998, as his business-government knowledge
Susan Tomkin is getting mar-
is no laughing matter. Mike Gottlieb
ried on the same day as class-
mate Kerry Olsen. Susan is Gottlieb, who is competing
engaged to Marc Friedman, for the Republican nomination in June, describes himself as a progressive
and is now working for US Republican--fiscally conservative but socially progressive on issues con-
Airways in Arlington.
cerning transport, the environment and education. But rather than rely-
Scott Shore married Mari Lu ing on government involvement to solve challenges in his district, such
White in November 1997. as metrorail construction in Los Angeles, he believes business should
That, coupled with purchasing
take a more active role in identifying problems and devising solutions.
a townhouse in Glover Park
"You can't rely on government to do everything."
has, he says, pretty much
pegged the fun meter. But, on Experience in corporate America is what Gottlieb believes distin-
the plus side, there is ample guishes him from his opponent. After graduating from Georgetown, he
room for visitors. Joining him worked in various divisions of TRW before joining George Smith Part-
in the wedding festivities were
ners, a real estate development group. "Too few politicians understand
Bruce Dincin and Ron Cieri
how the real world works," says Gottlieb. "Having worked in various
(MBA '94).
aspects of business for the last 13 years, I think I can offer some real
Carrie Sauer, still working at world experience."
Sprint, is also seen about town
Gottlieb credits his Georgetown education with increasing his
scoring points for her touch
awareness as to how business and government can work together bet-
football teams. If something's
going on, Carrie's there. Now ter. "Being in the MBA program at Georgetown made me aware of how
joining Carrie in the legendary poorly business and government work together," says Gottlieb. "My
Reservoir House is Bruce goal is to get them to work together more efficiently."
Dincin. He just moved to
Washington D.C. from Chica-
go and is now working for US
Airways.
Scott Shore also reports that he
got an e-mail from Pam Cald-
well - the true 90's woman. She

Spring / Summer 1998 21

 Alumni NOTES
will be telecommuting between
San Francisco and the Ken-
nolyn Camp in San Jose, CA.
Steve Genn and wife Julie now
have a united household. Steve is
no longer on the road for his
healthcare consulting job and has
gone back to Arthur Andersen.
He is based in the Washington,
D.C. area.
Edward Boehme is still work-
ing for MCI in the Washing-
ton, D.C. area. When he's not
analyzing spreadsheets for
MCI, he may be found explor-
ing currents as he continues to
teach himself how to sail on
the Potomac.
Andy Libuser and wife Andi
recently bought a nest in
Herndon, Va., and are expect-
ing their first child in June.
Another addition to the D.C.
crew: Michelle Russey has
moved here from Connecticut
and is working for Iridium.
Dionne Anthon is now work-
ing for Deloitte and Touche in
Philadelphia doing software
training.
Tony Hovsepian can often be
found gallivanting around on
various golf courses around the
country, thanks to his US Air-
ways passes.
96
Class Agents:
Leslie Blair
(leslie.blaire@spcorp.com),
Tim Doyle
(tdoyle@washington.palisades.org),
22 Georgetown University School of Business
Julie Jaoudi (jaoudi@aol.com),
Jill Kianka (jillk@fool.com), &
Miriana Martinova
(martinom@lci.com).
Michelle Berk practices corpo-
rate tax law at Fried, Frank,
Harris, Shriver and Jacobson
in Washington. On August 23,
1997 she was married to Eric
Gold.
Michael Berman is working on
the photo illustration of an epic
poem entitled Save the World.
Sara Conner was promoted to
manager at AT&T Solutions
in Chicago in January. She
continues to focus on develop-
ing and implementing elec-
tronic commerce strategies for
her clients.
Bob Gabriel is a retail stock-
broker for Salomon Smith
Barney in Washington, D.C.
Jennifer Herron recently
received a promotion to associ-
ate product manager at
SmithKline Beecham Pharma-
ceuticals.
Kokeb Kassa is the director of
sales and marketing at Sound-
Stone Entertainment in Cam-
bridge, MA. Her company just
launched http://www.sound-
stone.com - a literary music
retail site.
Amy Kauffman is the director
of Campaign for America in
Washington, and is involved in
the bill for campaign finance
MBA
reform. Amy and her husband,
Ken Weinstein, recently had a
baby girl, Raina. They live in
Georgetown.
Scott Keough works at
MicroStrategy in October
1997. Based in Vienna, Va.,
MicroStrategy is a software
company with a complete on-
line analytical processing
(OLAP) tool suite. Scott is on
the product management team
for the companys Web-based
product, DSS Web.
Sandi Mao is working as a
compliance examiner at
NASD Regulation in New
York. She married Keith
George on November 8, 1997.
Theresa Preslik recently
moved from her job as a con-
sultant with Coopers &
Lybrand to take a position as
market manager with General
Electric Information Services
(GEIS) in Rockville. She will
promote electronic data inter-
change and electronic com-
merce solutions to companies
in the telecommunications
industry.
Matteo Recagni is a senior
product marketing engineer
with Altera Corporation. He
and Ramiro Sanchez-Gutier-
rez share an apartment in San
Francisco.
John Sanborn is one of the
founders of Chaos Consulting,
an Internet design agency.
John is also one of the found-
ing partners of Leisure Travel
Marketing, an Alexandria-
based company that creates
promotional tools for corpo-
rate travel agencies.
David Wigglesworth is a
market development manager
at ORBCOMM Global L.P.
in Herndon, Va. ORBCOMM
operates a global wireless data
and messaging network that
will utilize up to 36 low earth
orbit satellites, and will enter
full commercial service in
mid-1998.
97
Class Agent:
Andrea Alexander
(alexamnder.ah@pg.com)
Jane Oyugi (joyugi@dutts.com)
Megan Mulvihill
(memulvihill@leggmason.com)
Rochelle Cheng
(rcheng36@aol.com)
Kelly Taylor writes that she has
a new job at John Deere & Co.
She is now working in parts
marketing for overseas regions,
including Latin America. Dur-
ing an upcoming business trip
to Colombia, she is planning
to meet up with Anne Lufkin
who is working for Deloitte &
Touche in Bogota.
Jane Oyugi is also at Deloitte
& Touche, and writes in a hel-
lo to everyone from their San
Francisco office.
The Bay area is also now home
to Mary Schneck who sent in a
hello and new contact infor-
mation from her job at 3Com.
You can send her an e-mail at
Mary_Schneck@3com.com.
Andrea Gothelf is in the D.C.
area and working for a health-
care consulting company,
which focuses on the biotech-
nology and medical device
industries. She wrote to share
the adventures of a bunch of
'97s who congregated in Tam-
pa for the Third Annual
Georgetown MBA Fantasy
Baseball Draft. Attendees
included:
Scott Humphrey, who is in
Atlanta working as an opera-
tions analyst for General
Electrics power systems divi-
sion, and will be getting mar-
ried in October;
Tom Javitch, who is in Cleve-
land working as the director of
financial planning for Office
Max. Tom and his wife are
expecting Baby Javitch this
summer;
Todd Corley, who is in New
York consulting with Towers
Perrin in change management
and diversity training, and
enjoying newlywed life;
Phil Cefaratti, who is in the
San Jose area doing a little bit
of everything for his boss and
all the vice presidents as the
aide to the chief executive offi-
cer for Force Computers;
Dan Smink, who is in Denver
doing strategic planning for a
healthcare company and plan-
ning a May wedding;
Scott Williamson, who is in
the D.C. area and working in
financial advisory services for
Coopers & Lybrand;
Max Smith, who is in Cincin-
nati working for Towers Perrin
in human resources consulting.
Max is also planning a summer
wedding;
Rosemary Baisch, who is
struggling through the winter
in Minneapolis while pound-
ing away in marketing for 3M.
(Rose also wrote in to say that
at least two houses of 97 alums
are scheduled to join the crowd
of '98's headed for Nag's Head
in late May. Come join the
fun!); and
Meg Mulvihill, who is in Bal-
timore (spitting distance to
Camden yards) and is selling
municipal bonds for Legg
Mason.
Andrea reports, The festivities
included two Yankee spring
training games, a golf outing,
and lots of beer and pizza as
we drafted our teams.
Also expected at the beach this
May is former class President
Jeremy Akel who plans to
come in all the way from
Dubai, where he works for
Tidewater Marine, a company
that specializes in oil-drilling
support ships and services.
Jeremy says that prior to his
arrival in Dubai, his work took
him through 80% of Louisiana
and placed him in an apart-
ment a block from Bourbon
street. (Wouldnt you love this
job?) Afterwards he traveled to
Egypt, where he lived in a
trailer at a Red Sea Camp for a
month (then again). After
two months living in Cairo
working as the operations
manager for Tidewater Egypt,
he went to Greece for a week
over New Years, made cus-
tomer calls in India, and visited
business partners in Yemen.
He says he now plans to travel
to Baku, Azerbaijan for busi-
ness development work and
will probably travel to Qatar as
well. Typically, Jeremy reports
that, Otherwise, its been very
mundane.
Matt Anderson reportedly
spent St. Patrick's Day in Lon-
don with Patty Molloy and
some other 97s working in
Europe.
Kevin Roots is working as a
consultant for AT&T Solu-
tions in Virginia and wrote in
to say hello to all.
Abby Weinstock, one of seven
'97's who now work at Price
Waterhouse (along with Isabel
Marques, Elena Yiassemidou,
Erica Webber, Deborah Chew,
Kelley Grossman and Fernan-
do Turmo), writes in that a
gang of 97s got together for
New Years Eve here in D.C.
Thanks Abby, for all those
addresses!
Laura Mayer also writes in
greetings from her job with the
Red Cross and passes along
that Melissa Tucker had a baby
girl, Alexa Marie, on March 28.
IEMBA
96 Chip Christian has been
given additional responsibili-
ties at the Rocco Corporation
in government relations, regu-
latory affairs, total quality
assurance, and internal audit
departments. This is in addi-
tion to his work in human
resources and public relations.
96 Caulley Deringer was
recognized by Carey Winston
as the top commercial real
estate producer in the Virginia
office for 1997.
96 Terri Frick has been free-
lancing on a six-month con-
tract with Citibank in Lugano,
Switzerland, where she is
responsible for client profiling.
96 Pietro Gerosa is the new
director of business develop-
ment and legal affairs for TSI,
the Italian speaking branch of
Swiss TV, located in Lugano,
Switzerland. He has been
there since December and is
responsible for legal affairs,
sponsorship, and outside sales
of TSI programs.
96 Bill Harrison has changed
markets from Brazil to Mexico
at the Export-Import Bank of
the United States. He handles
transactions for the Mexico
division, which is the Export-
Imports largest market.
96 Ron Pippin has been pro-
moted to manager of strategic
planning and market analysis
at Ericcson Inc.
Spring / Summer 1998 23
 Alumni NOTES
Greg Spierkel has accepted the
position of president at Ingram
Micro Asia/Pacific, in Singa-
pore. Greg and his family have
been living in Singapore for
the last seven months.
97 Kurt Gastrock has been
promoted to executive assistant
to the president of technology
services for Sprint. Kurt and
his family will be relocated to
Kansas City, Mo., as a result of
his promotion.
97 Bill Grove is still working
for Andersen Consulting,
and was recently promoted to
consultant.
97 Bob Johnson became
managing associate at Coopers
& Lybrand Consulting in
January.
97 Susan McVay was pro-
moted from project leader to
manager of lodging systems
strategies and solutions for
Marriott International.
97 Dennis Morris recently
began consulting with Booz
Allen & Hamilton on man-
agement consulting projects
for government and commer-
cial clients in senior level
strategic planning and analysis,
management assessments, and
business operations issues.
97 J. D. Pellecchia left the
U.S. Marine Corps in Septem-
ber to accept an investment
banker position with Friedman,
Billings, Ramsey & Co., Inc.,
located in Arlington, Va.
24 Georgetown University School of Business
97 Eric Sklar was recently
elected to the board of direc-
tors of Business for Social
Responsibility. The organiza-
tion was founded to promote
corporate responsibility and to
provide education in responsi-
ble practices. In addition to his
responsibilities as CEO of
Burrito Brothers, Eric has
begun teaching entrepreneur-
ship as an adjunct professor at
Georgetown.
97 Gene Troy has accepted a
position as senior consultant
with the Cadmus Group,
located in Alexandria, Va.
97 Kim Watson has been
promoted to manager of con-
sumer and community rela-
tions at Potomac Electric Pow-
er Company. In addition, Kim
was asked to speak at the
Howard University Business
School on the topic of Man-
aging Corporate Change on
April 2nd.
NEW FOUNDATION SEEKS TO SERVE COMMUNITY
Remember the OB Challenge? Well, the honorable MBA project that
helped to raise funds for worthy causes has been taken one step further.
A new service foundation run by Georgetown MBA students has been
established to provide community-based organizations with financial
and strategic support.
"We felt that by creating a foundation, rather than having an
annual fundraiser, students would have a more long-term and coordinat-
ed impact on the community," says Cindy Ho (MBA'99), the fund's execu-
tive officer. "The foundation also allows alumni the opportunity to sup-
port Georgetown in a meaningful way."
Founded by Jim Anderson (MBA'98), the Community Service Fund
currently has a $3,000 endowment. "We want to find innovative ways
for the MBA program to impact the community," says Ho. "We want to
build awareness for the fund and develop ongoing relationships with
organizations in need."
Top priorities for the foundation this year are to designate a
$1,000 grant to a local community service organization and to raise addi-
tional endowment money. The foundation is currently reviewing applica-
tions for the first grant recipient.
MBA students involved with the fund also can gain valuable
financial and non-profit management experience through administration
of the fund's assets. "Managing this fund will help students become
more effective community leaders," says Ho.
The foundation is currently investigating alternative means to
expand its endowment, including fundraising events and investment
options. "Our goal is to raise an additional $3,000 over the next three
years so that we can continue to provide support to organizations in
need," says finance officer Denise Tran (MBA'99).
,
georgetown university Non Profit Organization
school of business US Postage
old north building PA I D
Washington DC
washington dc 20057-1008 Permit 3901