Student's Ad Raises Eyebrows

Edward B. Schwenk III '76-'77, a graduate student in sociology and economics, is billing his proposed new "New York Corporation" as a "cross between a Japanese trading company and a research corporation."

But parties mentioned in Schwenk's barrage of recent newspaper advertisements, including the College's Office of Career Services (OCS), said yesterday that some of Schwenk's claims are misleading.

In a full-page ad in The Crimson on Monday, Schwenk urged interested students to contact OCS. But according to OCS Director Martha Leape, her office is not prepared to answer any questions about the company.

Leape said that although she was contacted by Schwenk last week, she hadn't received any specific information about his corporate plans.

To date, the corporation has been funded exclusively from Schwenk's personal assets. Schwenk said he has approached prominent philanthropists for investments. He also wrote in his Crimson advertisement that he planned to use investment bankers Greenwich Capital Markets, Shearson Lehman and Salomon Brothers to help raise $100 million in capital.

However, Tim Dann, a vice president at Greenwich Capital Markets, told The Crimson that he only received Schwenk's proposal a few days ago, and that Schwenk is not officially a client.

"I worked briefly with Ed in the mid-80s at an insurance company in Philadelphia," Dann said. "I told him I'd look over the proposal as an individual."

Dann said he found Schwenk's proposal "a little crazy."

In an interview yesterday, however, Schwenk insisted that he is going ahead with plans to open an office in Harvard Square, the first of 70 to 80 worldwide. He said he hopes to hire 300 to 400 employees.

Once he has staffed his New York Corporation, Schwenk said, his goals range from building a network of bullet trains across the U.S. to cloning human organs for transplant.

Schwenk, who trained as a pathologist at Columbia University, ran a program in preventative medicine from 1977 to 1980 in Hershey, Penn., under the auspices of the American Heart Association.

To Seek Irish Prince

Schwenk said his corporation will also seek a prince for Ireland and will offer a service tracing lineages of Americans.

"If the Irish, like the British, had royalty, perhaps the British wouldn't look down on them so much, which would help the peace process," Schwenk said.

In the last week, Schwenk said, he has taken out ads in the New York Post, the Boston Phoenix, the Chicago Reader, as well as in The Crimson.

For prospective board members, Schwenk has suggested, among others, former Secretary of State Cyrus Vance, Baker Professor of Economics Martin S. Feldstein '61, Stone Professor of International Trade Jeffrey D. Sachs '76, and Professor of Government Jorge I. Dominguez '68.

None of his nominees has yet accepted his offer, Schwenk said.