Word: acsr
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Dates: during 1980-1989
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...contrast to the lack of minorities on the ACSR, President Bok has appointed an unusual number of people with financial backgrounds to this year's ACSR. Combined with a carryover appointment from last year, these selections give this year's Committee a distinctly financial character...
Last year, the manager of Northeast Investors Trust, who continues to serve as an alumni on this year's Committee, was one of the ACSR's most conservative members. This year, President Bok had four appointments to make, not counting the students representatives. Of the four, President Bok appointed three men with financial backgrounds. His sole alumni selection is another financial manager, the vice-president for investments of the Boston-based investment counseling firm, Scudder, Stevens & Clark. Two of the three faculty appointees are financial specialists...
Given the dilemma in which Scudder may have found itself following the Michigan State directive, we can see how President Bok may not receive the full range of advice regarding the financial attractiveness of the various options on divestiture from this year's ACSR, at least as far as the alumni financial experts are concerned. However, President Bok should know that there are Harvard alumni ae with strong backgrounds in finance who believe firmly that divestiture would not have to harm the University portfolio's standing...
Last year's ACSR conducted some preliminary research into this question of financial cost. Many members of the Committee concluded that previous estimates that Harvard would lose millions of dollars by divesting were very excessive and have been refuted by the recent divestiture experiences of other institutions...
Taken individually, any of the oversights, irregularities, and appointment selection I have touched upon would not be cause for much alarm. But taken together, these inconsistencies belie a certain lack of commitment to maintain the integrity and good reputation of the ACSR, and make it imperative that we reexamine the ACSR's purpose and role...