Word: hmcã
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...Cummings, a former managing director at private equity titan The Carlyle Group, will join the Company at the end of June. The appointment comes at a crucial time, with University officials scrambling to adjust budgets to accommodate a projected 30 percent drop in the endowment for the fiscal year. HMC??s previous director for real estate, David Ferrero, stepped down in Aug. 2007, according to money management newspaper Pensions & Investments. HMC announced in February that it would lay off roughly a quarter of its 200 employees, mostly support staff, in an attempt to “re-balance...
...Rose was not alone in voicing such concerns. A 2004 New York Times article raised questions about HMC??s advantageous relationships with firms run by former employees, and quoted then-Chief Executive Jack R. Meyer as saying the special agreements had yielded $125 million in savings for the University up to that point...
After his resignation, Rose said his concerns only deepened, fueled in part by Enron’s high-profile implosion due to unethical accounting practices—including the liberal use of offshore accounts. He says he noticed disturbing similarities in Enron’s and HMC??s investment strategies, which prompted him to file a disclosure in early 2002 detailing his concerns with the Internal Revenue Service and the U.S. Senate Finance Committee...
...further point of contention was HMC??s use of complex “structured finance agreements,” which created and linked so many investment entities that tax reporting became nearly impossible to conduct without attending planning discussions among the managers and HMC lawyers, Rose said...
...They were really tax-adverse, and they did anything possible to reduce taxes,” Rose said, pointing to the individual greed of HMC??s executives. “I had to deal with the money managers’ mindset [that] if Harvard somehow has to pay a tax, that would reduce their take-home pay as well...