Word: chairmens
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...clarity with a detailed proposal for a relatively hardline incomes policy issued by the Research and Policy Committee of the Council for Economic Development, a group of corporate chieftains and economists. The sponsorship of the report was as impressive as its precision. The C.E.D. recommendation was approved by 25 chairmen and other senior executives of major companies, including Jersey Standard, IBM, TWA, General Foods, Continental Can, Pillsbury and Federated Department Stores. These business leaders could do much to make or break a wage-price guidelines policy by cooperating with it or defying...
Even within the C.E.D., these tough and sweeping proposals are controversial. Several executives, notably Vice Chairmen Richard Gerstenberg of General Motors and Herman Weiss of General Electric, dissented from the incomes-policy recommendation, largely on the ground that it would be unworkable. Nevertheless, the majority argued that, at worst, the plan would do little harm; at best, it might reduce by half a percentage point the rate of unemployment that the nation must suffer as the cost of curbing inflation. Hypothetically, a 5.5% jobless rate would do as much to slow price increases as a 6% rate under present policy...
...these consumption/savings decisions are made before department chairmen get their money and then even they are encouraged to save money out of this. Added to this is a portfolio that is saddled with oil and utility stocks and utility bonds which do not provide the capital reserves Harvard needs as government and private gifts go down; this goes on for a portfolio managed by Mr. George Bennett who is accountable for his investment management performance to the Corporation whose expert on finances is its treasurer, the same Mr. George Bennett...
...time for students to get together and think about why they should continue to pay more for less and have no say in decisions that limit their educational experience. It is time for department chairmen and even deans to ask some hard questions about where all this needed money has gone to. It's time for teaching fellows to get together and bargain for their rights. I think that we should see the Corporation and Dean Dunlop in the role of money changers and not revealers of the Harvard Financial Gospel; their job is to honestly and fairly make available...
...hope to have the meetings with department chairmen completed by early November when another overall outlook can be projected. I would then plan to report to the Faculty Council and to the Faculty as a whole before the Christmas recess on salary matters and other issues essential to financial and educational planning for the year 1971-72. I would also hope that members of this Faculty and students will be active in discussions of the basic and longer term financial questions raised in the Governance Committee paper on Harvard and Money...