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Approximately 45 people rallied in front of Massachusetts Hall yesterday afternoon to laud Harvard President Derek C. Bok and the Corporation for divesting of $157 million of stocks and bonds in companies doing business in South Africa.
"This divestment only covers companies thatdirectly supply the South African police andmilitary," Seidman said of the announcement ofdivestment. The University said it was selling the$150 million in stocks and bonds because thecompanies sold "strategic goods" to the SouthAfrican government.
A review of Harvard's portfolio following the adoption of that policy ended in Thursday's announcement that the Corporation will divest over the next 12 months of $79 million in stock and $92 million in bonds in such firms as Exxon, Ford and Mobil.
But MacDougall also stressed the University'ssatisfaction with its policy of "intensivedialogue" for monitoring its $520 million investedstocks and bonds of South Africa-linked firms. Hesaid the Corporation is still committed toinvesting in those companies that the CCSR judges"do more good than harm" in South Africa.
The main beneficiaries of the interest cut will be medium- and small-size businesses that typically borrow at or near the prime rate. (The nation's largest corporations are usually offered rates below prime to prevent them from turning to alternative financing sources, such as bonds and overseas capital markets...