Word: hmc
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...recent setback from Marriott's division of its stock is only the latest in a series of blunders that have plagued HMC. The university has a 12% stake in Marriott preferred shares, worth about $35 million. (Incidentally, dividends on this investment to date cannot even pay Meyer's salary.) In an upcoming split, announced last fall, Marriott will become two different companies, Marriott International and Host Marriott of which the latter will absorb most of the company's $2.9 billion debt. The terms of this split, made clear in March, will stop dividends on the preferred stock and allow conversion...
...That the HMC has shown poor descretion in this one investment is not really the issue, despite Meyer and Co.'s continued purchase of shares in Marriott even after the company announced in March that no further dividends would be paid. The stinging embarrassment for Harvard, one of the few institutions of higher learning that has the resources to boast an endowment management corporation, is that its financial performance is not even competitive with the average national university's endowment portfolio...
...pitches got worse. Sporting the top graduate school of business administration in the country. Harvard cannot even manage its own finances. (An anology with the second-to-last place Oakland A's bloated payroll and its spoiled children, comes to mind.) It has brought to life in the HMC a mutant of one of Crichton's dinosaurs: a Moneysaurus-Rex. In place of the don't-play-God-with-nature message of Jurassic Park, we get a don't-play-ball-with-the-Harvard-endowment...
Just last month, the U.S. Navy announced plans to vacate two HMC-owned office buildings in Virginia that it has been leasing. According to several experts, the Navy's move from the Crystal City buildings could significantly reduce the investment's estimated value of $113 million...
Neither Hampshire President Moshe J. Lubin nor HMC President Jack R. Meyer returned a phone call last night