NCEE/Goldman Sachs Foundation 'National Economics Challenge' Winners Announced

Minnesota High School Wins the Adam Smith Division in a Buzzer-Beater; Michigan Never Looks Back in Their Victory in the David Ricardo Division in the 2004 NCEE/Goldman Sachs Foundation 'National Economics Challenge'

NEW YORK, NY -- Student teams from high schools in Michigan and Minnesota this week outpaced other regional champions in separate final-four competitions to win their respective divisions and the title of National Champions in the 2004 NCEE/Goldman Sachs Foundation "National Economics Challenge." The preliminary rounds began in April with more than 3600 students on over 700 teams participating in 33 state and four regional competitions.

The final rounds of the National Economics Challenge employ a "college bowl" format as student teams are called upon to answer tough questions on complex economic concepts and theories involving micro- and macroeconomics, international economics, and current events. Each team previously won its state and regional competitions to advance to the championship series. The final round of the competition for both divisions was held before hundreds of students and guests at the New York High School of Economics and Finance in Manhattan.

The winning team in the Adam Smith Division (for advanced placement, international baccalaureate and honors students) is from Moorhead Senior High School in Moorhead, MN. Team members are Ben Hanna, Zachary Kenz, Nick Sternhagen and Tim Weaver. Their teacher advisor is Douglas Johnson, represented at the Finals by Audrey Erickson. Moorhead took the contest in a nail-biter, beating Bellaire High School 15-14.

The winner of the David Ricardo Division (for single semester students) is from International Academy in Bloomfield, MI. Team members are Fariha Hussain, Nashmia Khalid, Caitlin Kearns and Alex Radocea and their teacher advisor is Steve Eschrich. International Academy led wire to wire, triumphing over Iolani School.

"Seeing these bright young people from across the nation demonstrate their knowledge of economics in the financial capital of the world was inspiring," said NCEE's President and CEO, Robert F. Duvall, who emceed the championship rounds. "These young people are well on their way to developing the economic skills they will need to lead informed, productive lives. We are also pleased to see a growing number of students participating in the National Economics Challenge and more and more teachers using it as an integral educational resource in the teaching of economics."

"We believe that business and economics education are critical tools for developing leaders of tomorrow," said Stephanie Bell-Rose, President of The Goldman Sachs Foundation. "We congratulate all of the participants in this year's Challenge. They have put to test skills which will prove indispensable not only to their future success, but that of the nation as well."

U.S. Savings Bonds with an aggregate face value of $105,000 were awarded to the first and second place teams and their teacher-coaches for their winning efforts in the national and regional competitions. Members of the national championship teams and their teacher advisors each received a $3,000 bond. A $1,500 bond was awarded to each member of the second place teams and their teacher advisors. As regional champions, members of the eight student teams and their teachers previously received a $1,000 savings bond apiece. Members of the second place teams in the regional competitions and their teacher advisors each received a savings bond of $500.

The first runner-up team in the Adam Smith Division is from Bellaire High School from Bellaire, TX. Team members are Russell Hawkins, Justin Lee, Avinash Krishnan and Elton Pinto and their teacher advisors are Mike Clark and Jenna Davis.

The David Ricardo Division first runner-up team is also from Iolani School in Honolulu, HI. Team members are Kimberlee Collins, Brandon Inouye, Kyle Sombrero and Stephanie Le and their teacher advisor is Richie Kibota.

Following each division championship round, the teams and their teachers were presented with their U.S. Savings Bond awards, team trophies and individual medals. Moorhead High School and International Academy teams were also featured the next morning on both the CBS Morning Show and CNNfn.

NCEE and The Goldman Sachs Foundation created the National Economics Challenge in 2000 to promote student interest in economics, reinforce classroom instruction, advance academics and school spirit and reward scholarship. The Economics Challenge is one of several key initiatives in NCEE's "Campaign for Economic Literacy" which seeks to focus public attention on the importance of economic literacy and the need for a high-quality, standards-based economic curriculum in every state.

The Goldman Sachs Foundation has awarded NCEE grants totaling over $1.8 million to launch its Advanced Placement Economics program and to support the Economics Challenge.

The Foundation's goals are to promote excellence in economic education and to bring new opportunities to underrepresented and gifted high school students by improving their opportunities for admission to highly competitive colleges and universities. A portion of that grant funds the National Economics Challenge.

While in New York for the final competition, the final-four student teams participated in a variety of educational and cultural activities including a Broadway show, tours of New York City sites, and a visit to the New York Federal Reserve Bank where they met with E. Gerald Corrigan, former CEO of the New York Federal Reserve Bank and presently Ombudsman for investment research at Goldman Sachs. In addition, a luncheon was held on Sunday, May 23rd, at which the students were addressed by Alan Blinder, the distinguished Professor of Economics at Princeton University and former Vice Chairman of the Board of Governors of the Federal Reserve System.

About NCEE

NCEE is a non-profit organization dedicated to improving economic literacy. Through its nationwide network of state Councils and 230 affiliated university-based Centers for Economic Education, NCEE administers programs that annually reach over 120,000 teachers and over seven million students in 70,000 schools. For more than 55 years, NCEE has been helping thousands of young people in grades K-12 learn lifelong skills to enable them to become knowledgeable consumers, prudent savers and investors, responsible citizens and productive members of the workforce.

About The Goldman Sachs Foundation

The Goldman Sachs Foundation is a global philanthropic organization funded by The Goldman Sachs Group, Inc. The Foundation's mission is to promote excellence and innovation in education and to improve the academic performance and lifelong productivity of young people worldwide. It achieves this mission through a combination of strategic partnerships, grants, loans, private sector investments, and the deployment of professional talent from Goldman Sachs. Funded in 1999, the Foundation has awarded grants in excess of $54 million since its inception, providing opportunities for young people in more than 20 countries.