Word: bidness
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Dates: during 1980-1989
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...bought the cookies before last week's news that the management of RJR-Nabisco, a publicly-held consumer products conglomerate, had proposed a $17 billion offer to buy stock and take private ownership of the company. It was the largest buyout bid in history...
Shortly afterwards, the Green Berets of the financial world at Kohlberg, Kravis, Roberts (or KKR, as the company which introduced "leveraged buyouts" to the world is known) announced a $20 billion bid...
Harvard is a major player in the KKR bid, contributing a big chunk on the $2.3 billion downpayment for the takeover of RJR. But as a condition for investing in KKR last year, the University gave up virtually any say of what KKR will do with the money, which is in part our money...
SUCH ethical considerations, however, become somewhat of a mockery in the face of the KKR bid. The takeover of RJR means that the University will "make a killing" on the portion of the company it owns when KKR or RJR managers bid top dollar for its share. Essentially, the University hit the daily double--if KKR wins, the downpayment it makes for RJR will include several million Harvard dollars it invested in KKR last year. Harvard will eventually get a healthy return on that portion...
With Bernheimer back and healthy, the Crimson should make a strong bid for this weekend's National fiveman championship in Atlanta. Harvard last won the tournament...