Word: divests
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Dates: during 1970-1979
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Unfortunately, such a coincidence does not exist in the case of the central issue, namely, the decision not to divest. Those defending the University's decision have argued that continuing ownership of shares in Gulf Oil will not only make good sense economically, but is morally right in that Harvard is thereby in a better position to ensure improved conditions of work and pay for Angolans employed by Gulf...
...That the Harvard Corporation, however, not divest itself of its Gulf stock. In their April 19th statement, the President and the Fellows reject divestiture as ineffective and socially irresponsible. We reject divestiture simply because we believe that most American corporations accrue profits that can be construed as "blood money". Therefore, if Harvard were to sell its stock in Gulf, it must similarly divest itself of stock in all other companies that, as the Harvard Corporation states, "do business in Portugal, Angola, South Africa, or other nations whose governments are widely criticized." Such a sale would affect most of Harvard...
...discussing the University's decision to retain its Gulf holdings. Robinson noted an incongruity between the University's explanation of its action and numerous statements by African and black American organizations, officials, and scholars urging the University to divest. "The overwhelming African voice has said to Bok that it is in our interest to have Gulf out. To have you out of Gulf and to have Gulf out of Angola. But the Corporation never deferred to the African voice," Robinson said...
Nonetheless, President Bok's belated expression of the moral relativism inherent in University investment is far from beside the point. Given the fact that there is hardly a "pure" corporation around, there is no way that Harvard can hope to divest itself of all companies involved in imperialist ventures. While it is certainly preferable that Harvard rid itself of the worst of them, it can at least act as a positive nuisance in the affairs of the rest...
...deceive ourselves, though. Gulf, in underwriting the Portuguese regime, is a major offendor in this area; if only for embattled moral reasons. Harvard should divest itself of Gulf stock, regardless of the precedent it will set. But, similarly, let's not pretend that in disposing of its relatively meagre shares Harvard can expect to save black Angolese lives any more than, in 1969, Harvard's expulsion of ROTC failed to undermine the nationwide ROTC program...