Word: hmc
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Dates: during 2000-2009
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...HMC became entangled in a leveraged buyout of RJR Nabisco, prompting controversy over whether Harvard should be involved in hostile takeovers...
...Cabot’s reluctance to reinvest in the stock market caused HMC to miss the 1989 stock rebound, costing Harvard millions. By 1989, endowment returns had sunk to a quarter of 1983 rates...
...Then in 1989, HMC suffered one of its most public investing debacles. HMC lost about half of a $45 million investment—then about one percent of the endowment—in risky “commercial papers” of Lomas Financial Co., sold by Merrill Lynch, a loss that was aired publicly when HMC filed a lawsuit to recover the losses...
...Sources close to HMC say a combination of Cabot’s failing health and concerns from Harvard about declining returns led the University to begin seeking a replacement...
...Despite Cabot’s early successes, The Commonfund had outpaced the Harvard endowment by a full percentage point during Cabot’s time as head of HMC...