Word: hmc
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...future, as happened when Harvard weathered the 1930s Depression. Allston will bring better research, attract better faculty, and bring more prestige to the university. Housing renovations will improve student life and happiness surveys—the backbone of FAS. Hence the debate should not be about changing the way HMC invests (they almost always know better than the pundits), but rather about enacting counter-cyclical measures to take advantage of the downturn in order to grow faster and stronger than the competition...
...repeatedly inquired about a seemingly purposeless investment vehicle, a lawyer informed him that the company was actually set up to help a former employee defer his income to a Cayman Islands entity—thereby avoiding substantial tax payments. He also mentions another instance in his disclosure in which HMC officials adamantly opposed the reporting of a foreign entity—likely because the form used would have been attached to the publicly visible IRS Form 990, exposing Harvard to questioning about its use of offshore accounts...
Eventually, Rose said that the culture of silence and the “creativity” that managers encouraged among employees to circumvent tax payments became so disruptive that he could no longer properly conduct his work. The culture of HMC, Rose said, was such that managers consciously avoided providing him with necessary reporting information. He recalls one incident in particular in which a lawyer told him he was “rocking the boat” after he raised a legitimate tax issue...
Jerome Kurtz, the independent attorney retained by Harvard to investigate the HMC practices and a former Internal Revenue Service commissioner, said he does not recall Rose or his concerns, though “that doesn’t mean it didn’t happen.” He added that he only remembers being hired to examine compensation arrangements with some of the investment managers, though he verified that signatures on correspondence with Rose regarding the concerns were indeed...
...recent years, Harvard has included increasing amounts of disclosures on its tax forms. And in 2006, then-HMC chief Mohamed A. El-Erian hired a “chief compliance officer,” echoing a suggestion Rose made in a letter to Kurtz four years earlier. El-Erian, who succeeded Meyer and pledged to “rebuild and reinvent” the company, said at the time that the move was not prompted by regulatory requirements, but merely a desire to stay “at the forefront of the industry...