Word: buyouts
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...hindsight, the attempted takeover of BCE--the all-time biggest leveraged buyout in corporate history, led by the Ontario Teachers' Pension Plan, with backing from U.S. investors including Providence Equity Partners and Merrill Lynch Global Private Equity--was doomed from the moment it was signed in 2007. Less than two months later, global equity markets began to wobble, and credit got scarce. BCE's value sank from the take-out price of 34.62 a share to 16.85 on an auditor's report that debt from the proposed LBO would render the company insolvent. (Shares of BCE, with annual revenues...
...wish to retire to do so and allows younger professors to rise in their fields. In fact, in many ways this is a better cost-cutting method than the hiring freeze, which prevents any new talent from being hired. If FAS is faced with the choice between a buyout and a hiring freeze, the buyout is the clear best choice...
...when the buyout is coupled with the hiring freeze, it suggests that the faculty intends to decrease the total number of professors it employs, which could seriously harm the diversity and breadth of course offerings and fields of study—a diversity that is central to Harvard’s educational strength. As a cost-cutting measure, the buyout has the potential to damage the depth, reputation, and integrity of the school by effectively eliminating positions and, possibly, entire fields...
...lifted, during which time undergraduate and graduate students would be unable to study under an expert in that field. For this reason, faculty should consider carefully the impact that their departure may have on the study of their field at Harvard under the current hiring freeze before taking a buyout...
With the potential to harm Harvard’s academic mission, FAS should not implement this buyout, and if they find it necessary to do so, the hiring freeze should first be lifted. We appreciate the need for cost-cutting measures in these difficult economic times, but the University’s mission is to provide education of the highest caliber. Intentionally decreasing the size of the faculty is inconsistent with that mission and should only be seen as a last resort...