Word: harkens
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Professional athletes cannot bet on their own games--even if they bet on their own team to win. Similarly, traders cannot be trusted to make objective decisions about Harvard's investments when their personal interests are tied to the same companies. If Harvard were to decrease its holdings in Harken, the investors' personal holdings would plummet. They would benefit if Harvard purchased more Harken stock...
...actually has a policy in place to prevent conflicts of interest. HMC investors may not buy or sell stock in companies on HMC's "restricted list" of firms that Harvard is heavily invested in. In this case, Eisenson purchased 3000 of his shares a few weeks before Harken was added to the list...
...President Jack R. Meyer has said that he realizes that personal and institutional interests may be at odds over Harken investments. "There is the possibility of conflict," Meyer said. "There is that potential...
EISENSON AND BEANE sit on Harken's board of directors. By law, they are required to disclose the amount of stock they own in the company. Otherwise, we would never have heard about Harken Energy Corporation...
...most troubling aspect of this affair is what we don't know. We don't know if other HMC traders own Harken stock. We don't know if they own shares in other corporations in which Harvard is a major shareholder...