Word: citibank
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Dates: during 1980-1989
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...Crimson article March 3, 1982. Harvard's policy of divesting from banks making direct loans to the South African government had been adopted as a limited concession to student demands for total divestment in 1978. In 1980, this policy compelled the Corporation to divest $50 million in Citibank debt securities after Citibank joined a consortium loan to the South African government. Harvard's action became the focus of press attention which embarrassed both Citibank and South Africa...
Shortly thereafter the Corporation, at the urging of Citibank, attempted to alter their policy to permit such loans. Rebuffed by the ACSR in 1981, they tried again in 1982. Their proposal stated that "Harvard will encourage all banks with which it does business to make humanitarian loans...Harvard will encourage foreign banks which have supplied the bulk of South Africa's credit needs in recent years to make humanitarian loans...the contemplated change offers greater hope of spurring expenditures that benefit non-white South Africans than does the current policy." (Harvard Gazette...
...Corporation representative suggested to the ACSR that this proposal was a "minor" change--in fact, it would have reversed the entire thrust of the bank divestment policy. The proposal also specifically denied any cause-and-effect relationship with the Citibank loan experience; however, Corporation member Hugh Calkins told the ACSR that the Citibank loan served a "worthy" purpose. In fact, over half of the Citibank loan money went to finance forcible eviction and relocation of Black and "colored" South Africans...
...about the country and represent the cornerstone of apartheid; and (in the near future) to discontinue producing hardware or supplying any capital whatsoever which might directly aid the South African government itself. The University indicated its intention to forward this last reform when it divested of $51 million in Citibank in 1979 after Citibank continued to make loans to the South African regime. Along these lines, Bok stated in his open letter of last week, the University will begin to persuade companies in Harvard's portfolio to phase out any operations which directly, by sale or loan, buffet any agency...
...money and interest rates drop too far, foreigners could start shunning U.S. investments and send the dollar into a steep decline. That might cause a sudden burst of inflation by making imports more expensive. For the moment, though, the dollar seems to be holding its own. On the day Citibank led the prime-rate cuts last week, the dollar surprisingly rose against the deutsche mark and the French franc. One reason for the dollar's continued strength is that foreign central banks, especially in Western Europe, have been reducing interest rates in their countries just as the Federal Reserve...