Word: citibanker
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Members of the Advisory Committee on Shareholder Responsibility's (ACSR) subcommittee on South Africa will meet with an executive vice president of Citibank in two weeks to discuss details of the bank's $250-million loan to the South African government last year...
...University, in compliance with its current investment policy--which prohibits investments in banks that loan money to the South African government--sold $50 million in Citibank notes and securities last fall...
...Editors of the Crimson: I think it's important for people to understand exactly why Harvard didn't publicize its recent sale of $5 million in Citibank bonds...
...administration holds, onto stocks of corporations which are up to no good in South Africa, and even abstains on some of the shareholder resolutions it claims can accomplish so much. And it washes its hands of the tainted Citibank bonds on the sly--not because it hopes to influence Citibank management or other investors, but because supporting apartheid is immoral. Yes, it is immoral. But pretending that Harvard can do nothing about it--not even trying to do anything about it--is in my mind even worse. Who can seriously doubt that a letter from Derek Bok about Citibank loans...
Viewed in this light, ACSR Secretary Larry Stevens' assertion that the Citibank divestiture was kept secret to avoid a conflict of interest is truly laughable. It would be simple enough to avoid a conflict of interest for ACSR members by publicizing the sale only after it was completed. He knows this as well as anybody, and I feel rather sorry for him for being the one who has to spout the administration line on this. Not only Larry Stevens' dignity but the cause of "reasoned debate" which Derek Bok champions so loudly would be much better served if Harvard admitted...