9 • CHAPTER 1 January
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Father William Faherty graces us again:
October 4, 2008
Seventy years have elapsed since I began my Jesuit ministry of teaching writing and preaching. Even though I am now confined to a wheelchair at the Midwestern Jesuit Senior Center at St. Louis University, I am still able to write and to talk on the local Covenant Radio.
I remember especially three people who helped me start as a published writer: Coach Hoffman who had written two historical novels, Dr. Peter Scanlan, an amateur historian who wrote on local history and Father Peter Brooks, our Father-Provincial, who had been president at Campion the previous six years.
I wrote about John Lawler, the Railroad executive, who gave the Property to the Jesuits, of Joyce Kilmer and the Library named in his honor and the interesting coaching career of Bill Hoffman.
I tried my typewriter with short stories and finally wrote a novel that had success beyond my fondest hopes. Published by a small Catholic publisher in California, it came to the attention of a scout for MGM. The result: “Guns of San Sebastian”, with Anthony Quinn and Charles Bronson, then at their peaks.
While I did write several other novels over the years, my main writing centered on Saint Louis Catholic institutions, after I was asked to write the history of my college Alma Mater, Saint Louis University. When I finished this book, Cardinal Ritter asked me to write the history of the archdiocese. Then requests kept coming in for twenty years on other local institutions.
I answer questions on two regional radio stations on St. Louis Catholic history. I listen to Notre Dame football games, and rooted for the Cubs since the Cardinal manager now plays uninteresting American League ball. The hitters stand on first and wait for Pujols to hit a home run. Otherwise no advance. Further, no member of the team nor the manager live here. In the days of Musial and Brock, all lived here. And still do.
As to my fellow Jesuits in the Retirement Center, only Gene Coomes attended or taught at Campion. He attended in the early Thirties.
William Barnaby (Barby) Faherty, S.J.
ONE OF OUR MOST SUCCESSFUL GRADS
William J. McDonough, CHS ‘52, president of the Federal Reserve Bank of New York and the second most important person in the Federal Reserve System, after the chairman, Retired in July 2003.
His announcement caught many people within the financial industry by surprise.
The president of the New York Fed plays the central operational role for the Federal Reserve System because the New York bank is responsible for the open-market trading operations that carry out the monetary policy decisions reached in Washington.
Mr. McDonough, 69, has been president of the New York Fed since mid-1993 and has had one of the longest tenures of any president at that bank.
A courteous and even courtly banker, Mr. McDonough played a critical role in keeping the financial system afloat after the Sept. 11 attacks devastated much of the Wall Street financial center.
But he may be remembered even more for his controversial role in averting the collapse in 1998 of Long-Term Capital Management, the huge hedge fund that ran up billions of dollars in debt it could not repay.
Afraid that a collapse of Long-Term Capital might lead to a broader financial panic, Mr. McDonough corralled many of the company’s biggest creditors most of them major banks and investment banks and persuaded them to rescue the fund by injecting $4 billion in fresh money.
Many critics complained that the New York Fed’s intervention had set an unwelcome precedent that would encourage other troubled institutions to look for official help in the future. But supporters said Mr. McDonough had helped avoid what could have been a serious setback to the financial system, and they noted that he had done it without using any public money.
"There are already people who look kindly and those who look less than kindly on that," said Alan S. Blinder, a former Fed governor who is now a professor of economics at Princeton. "My feeling now is more or less what it was then, that he took the lesser of two risks."
Mr. McDonough has been an important ally of Alan Greenspan, the Fed chairman, and Mr. Greenspan has relied on him heavily. Under Mr. Greenspan, Mr. McDonough has been the Fed’s chief negotiator in international talks in Basel, Switzerland, on how to modernize the way banks manage and account for their risks.
"I will greatly miss Bill McDonough’s counsel and advice," Mr. Greenspan said in a written statement today. "After a decade of exemplary service to the Federal Reserve System, his retirement will leave a pronounced void."
The New York Fed is unique among the 12 district banks that make up the Federal Reserve System. Because it is situated in the nation’s financial center, the president of the New York Fed is a permanent member and vice chairman of the Federal Open Market Committee, which makes decisions about interest rates.
Beyond conducting open-market operations that carry out monetary policy, the New York Fed also conducts large amounts of foreign exchange dealings and manages much of the Treasury’s debt.
For years, the New York Fed was considered the true center of power for the entire system. That importance waned after the arrival of Paul A. Volcker, a powerful Fed chairman who took office in the 1979, and even more after the arrival of Mr. Greenspan in 1987.
But the New York Fed’s importance remains enormous. It helps massage relations with the financial community, providing reassurance and guidance in times of crisis and serving as a channel of communication from financial markets to policy makers in Washington.
"It’s the second most important job in the system," said Allan H. Meltzer, a professor of economics at Carnegie Mellon University and the author of a new history of the Federal Reserve, referring to the presidency of the New York Fed. "He is the head of the bank that does all the open-market operations, that does the foreign exchange dealings and that does a lot of the management of Treasury debt operations. It is an administrative role very different from that of the other district banks."
Mr. McDonough’s successor will be recommended by the board members of the New York Fed, who represent a cross section of people from banking and business as well as public institutions.
Peter G. Peterson, an investment banker who is chairman of the bank’s board, said today that he would organize a search committee. The New York Fed’s board will then make its own recommendation for its top choice for a new president and submit it to the Federal Reserve’s board of governors in Washington.
We have no information at all on Bill. Perhaps one of his friends can find him for us and send an address, phone and E-mail address. With his approval, of course!
A RIOT WRAP
I enjoyed reading about the riot of 1946. After the riot, Father Stemper called a meeting with the entire school body in the gym. He said that there was a lot of talk about student rights. He said “you have no rights other than the right to an education on Campion’s terms. Anyone who objects to the rules can just leave.”
Although he appeared despotic, I still have a lot of respect for the man. The school was a quasi —military academy. Rules of discipline exercised got me through life.
I had a scholarship offer to Fenwick but turned it down for Campion. Forget Austin. It didn’t hold a candle to Campion. Some of the worst crooks came from there.
John Tuohy ’50.
Dear Class of ‘60,
Just over a month ago now, we were able to have a meeting in Chicago with our classmate Fr. Tony Wach, SJ, who had flown in from Uganda just a few days prior. We received a first hand report about progress in Gulu after we celebrated Mass together and caught up on news about each other. We prayed for the departed in our class during Mass (the list grows longer) and, equally painful, for our classmates’ departed spouses. Tom Hamilton was able to make the gathering. It’s been over 6 months now since his wife has passed and his life is very different. We talked about how this is not how you would plan your retirement if you had an option. We enjoyed his tales of how his children have compensated by taking on the task of "mothering" him. But discussions such as this, made us all realize how time is passing. Our 50th reunion is only 2 years away. The group at Maggiano’s in Chicago seemed equally divided between a Chicago meeting like we had for our 40th, a "resort" type venue somewhere special to travel to (e.g. a cruise - Alaska anyone?), or a meeting in Prairie like we had for our 45th. We need a class survey to see what people think.
Tony’s report was definitive: Ocer Campion Jesuit College (OCJC) will open for classes with the school year 2009 - no matter what the conditions on the ground. The focus of Fr. Tony, the Jesuit superior for the region, is primarily on recruitment of faculty. A particular need is for the headmaster position. Our classmate, Dave Strzok’s brother, Fr. Jim Strzok, SJ, is the Jesuit "on the ground" in Gulu and in charge of construction. 100 acres just outside Gulu has been donated by a local family because they feel that education is their critical need now. The area has been fenced in and trees are being planted and the well has been bored and farming to support the future "village" that will be necessary for this coed boarding school to be self sufficient, housing both the faculty and students, has been started. They will need to provide their own electricity, water and food. The pole tent to house the equipment and building supplies (we saw pictures of the people quarrying stones and making bricks by hand) has finally made it through troubled neighboring Kenya. Classes will start even if it’s in this pole tent.
The discussion afterward was lively. John Letherman, who is in commercial development in Elkhart, Indiana, pointed out that the "vision" is great but the planning specifics and presentation of them are a little sketchy. Wally Bergstrom, retired from the paper business, who traveled down from the Milwaukee area with his wife Marshelle, agreed. Both John and Wally felt that many in the Campion Community were waiting to see more concrete plans and evidence of progress before committing. Tony pointed out that this was one of the main purposes of his visit to the states and he will be meeting with the Wis Prov Jesuits and the architects from Omaha over the coming two months to firm up a staged plan of construction. I was a little dense about the Ocer (pronounced "oh-shay") Acholi (dominant tribe in northen Uganda) name in the school title until Tom Dickerson pointed out the double meaning to me. The term means "He is Risen." Of course this term represents the hope of the Resurrection for the Acholi people after 20 years of brutal civil war, but it also applies to us, Tom pointed out that this is our chance to "resurrect" the legacy of Campion. Tom received the prize (alas, a round of applause and a pat on the back) for traveling the farthest by car to make the meeting. He drove from Ohio to Johns’s house in Elkhart and they drove to Chicago together. Tom also felt strongly that the most critical feature of any fund raising drive was personal contact by fellow classmates. The Chicago stalwarts, Burke MacDonald and Jim Popjoy, who, with their wives Mary and Ryoko have made every one of these Chicago meetings, strongly seconded that concept. We discussed how to accomplish this without any firm conclusions. But let us start by sending out this call to network.
Starting in 1941, an increasing number of British airmen found themselves as the involuntary guests (POWs) of the Third Reich, and the Crown was casting about for ways and means to facilitate their escape. Now, obviously, one of the most helpful aids to that end was a useful and accurate map, one showing not only where stuff was, but also showing the locations of ‘safe houses’, where a POW on the lam could go for food and shelter.
Paper maps had some real drawbacks: they make a lot of noise when you open and fold them, they wear out rapidly and, if they get wet, they turn into mush. Someone in MI5 (similar to the FBI in the USA ) got the idea of printing escape maps on silk. It’s durable, can be scrunched-up into tiny wads, and unfolded as many times as needed, and makes no noise whatsoever.
At that time, there was only one manufacturer in Great Britain that had perfected the technology of printing on silk, and that was John Waddington Ltd. When approached by the government, the firm was only too happy to do its bit for the war effort. By pure coincidence, Waddington was also the U.K. licensee for the popular American board game, Monopoly.
As it happened, ‘games and pastimes’ was a category of item qualified for insertion into ‘CARE packages’, dispatched by the International Red Cross, to prisoners of war. Under the strictest of secrecy, in a securely guarded and inaccessible old workshop on the grounds of Waddington’s, a group of sworn-to-secrecy employees began mass-producing escape maps, keyed to each region of Germany or Italy where Allied POW camps were located. (Red Cross packages were delivered to prisoners in accordance with that same regional system). When processed, these maps could be folded into such tiny dots that they would actually fit inside a Monopoly playing piece.
While they were at it, the clever workmen at Waddington’s also managed to add: A playing token, containing a small magnetic compass, and a two-part metal file that could easily be screwed together. Useful amounts of genuine high-denomination German, Italian, and French currency were hidden within the piles of Monopoly money!
British and American air-crews were advised, before taking off on their first mission, how to identify a ‘rigged’ Monopoly set - by means of a tiny red dot, one cleverly rigged to look like an ordinary printing glitch, located in the corner of the Free Parking square! Of the estimated 35,000 Allied POWs who successfully escaped, an estimated one-third were aided in their flight by these rigged Monopoly sets. Everyone who did so was sworn to secrecy indefinitely, since the British Government might want to use this highly successful ruse in still another, future war. The story wasn’t de-classified until 2007, when the surviving craftsmen from Waddington’s, as well as the firm itself, were finally honored in a public ceremony.
At any rate, it’s always good when you can play that ‘Get Out of Jail Free’ card.
Lee Iacocca, is the man who rescued Chrysler Corporation from it’s death throes. He has a new book, and here are some excerpts.
Lee Iacocca Says:
Am I the only guy in this country who’s fed up with what’s happening? Where the hell is our outrage? We should be screaming bloody murder. We’ve got a gang of clueless bozos steering our ship of state right over a cliff, we’ve got corporate gangsters stealing us blind, and we can’t even clean up after a hurricane much less build a hybrid car. But instead of getting mad, everyone sits around and nods their heads when the politicians say, ‘Stay the course’.
Stay the course? You’ve got to be kidding. This is America, not the damned Titanic. I’ll give you a sound bite: ‘Throw all the bums out!’
You might think I’m getting senile, that I’ve gone off my rocker, and maybe I have. But someone has to speak up. I hardly recognize this country anymore.
The most famous business leaders are not the innovators but the guys in handcuffs. While we’re fiddling in Iraq , the Middle East is burning and nobody seems to know what to do. And the press is waving pom - poms instead of asking hard questions. That’s not the promise of the America my parents and yours traveled across the ocean for. I’ve had enough. How about you?
I’ll go a step further. You can’t call yourself a patriot if you’re not outraged. This is a fight I’m ready and willing to have.
The Biggest ‘C’ is Crisis!
Leaders are made, not born. Leadership is forged in times of crisis. It’s easy to sit there with your feet up on the desk and talk theory. Or send someone else’s kids off to war when you’ve never seen a battlefield yourself. It’s another thing to lead when your world comes tumbling down.
On September 11, 2001, we needed a strong leader more than any other time in our history. We needed a steady hand to guide us out of the ashes. A Hell of a Mess!!
So here’s where we stand. We’re immersed in a bloody war with no plan for winning and no plan for leaving. We’re running the biggest deficit in the history of the country. We’re losing the manufacturing edge to Asia while our once-great companies are getting slaughtered by health care costs. Gas prices are skyrocketing, and nobody in power has a coherent energy policy. Our schools are in trouble. Our borders are like sieves. The middle class is being squeezed every which way. These are times that cry out for leadership.
But when you look around, you’ve got to ask: ‘Where have all the leaders gone?’ Where are the curious, creative communicators? Where are the people of character, courage, conviction, omnipotence, and common sense? I may be a sucker for alliteration, but I think you get the point.
Name me a leader who has a better idea for homeland security than making us take off our shoes in airports and throw away our shampoo? We’ve spent billions of dollars building a huge new bureaucracy, and all we know how to do is react to things that have already happened.
Name me one leader who emerged from the crisis of Hurricane Katrina. Congress has yet to spend a single day evaluating the response to the hurricane, or demanding accountability for the decisions that were made in the crucial hours after the storm.
Everyone’s hunkering down, fingers crossed, hoping it doesn’t happen again. Now, that’s just crazy. Storms happen. Deal with it. Make a plan. Figure out what you’re going to do the next time.
Name me an industry leader who is thinking creatively about how we can restore our competitive edge in manufacturing. Who would have believed that there could ever be a time when ‘The Big Three’ referred to Japanese car companies? How did this happen, and more important, what are we going to do about it?
Name me a government leader who can articulate a plan for paying down the debt, or solving the energy crisis, or managing the health care problem. The silence is deafening. But these are the crises that are eating away at our country and milking the middle class dry.
I have news for the gang in Congress. We didn’t elect you to sit on your asses and do nothing and remain silent while our democracy is being hijacked and our greatness is being replaced with mediocrity. What is everybody so afraid of? That some bonehead on Fox News will call them a name? Give me a break. Why don’t you guys show some spine for a change?
Hey, I’m not trying to be the voice of gloom and doom here. I’m trying to light a fire. I’m speaking out because I have hope. I believe in America. In my lifetime I’ve had the privilege of living through some of America’s greatest moments. I’ve also experienced some of our worst crises: the Great Depression, World War II, the Korean War the Kennedy Assassination, the Vietnam War, the 1970s oil crisis, and the struggles of recent years culminating with 9/11. If I’ve learned one thing, it’s this:
You don’t get anywhere by standing on the sidelines waiting for somebody else to take action. Whether it’s building a better car or building a better future for our children, we all have a role to play. That’s the challenge I’m raising in this book. It’s a call to Action for people who, like me, believe in America. It’s not too late, but it’s getting pretty close. So let’s shake off the crap and go to work. Let’s tell ‘em all we’ve had enough.
Joe Riley ‘69 was kind enough to send us a passel of little CHS lapel pins. While supplies last we will send you one for the unbelievable sum of $7.98. That includes Shipping and handling. Pls make check to Campion Forever. These are very attractive - - - our famous prancing horse is featured on a red background set in gold.
Happy Holidays, every one - - - Hope to see y’all in April.