Word: hmc
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...Jack R. Meyer, then-CEO of HMC who presided over a long period of endowment growth, left the organization with 30 employees to start a hedge fund after some alumni protests resulted in a flurry of negative media attention and salary decreases for top-performing HMC portfolio managers...
...unclear Wednesday which University officers' compensation would be examined in the audit and whether the audit would also include HMC. The IRS did not return requests for comment...
...interviews with The Crimson last year, Steven M. Rose, a former HMC tax director, questioned whether a non-profit such as Harvard ought to be utilizing investment vehicles such as offshore companies to boost financial returns. Rose also said that during the time of his employment at Harvard in 2001, HMC operated with a profit-driven mentality that he considered at odds with the University's educational mission...
Additional concerns over HMC's practices surfaced after Meyer's departure when one former employee called Harvard's use of off-shore accounts into question...
...earlier version of the Jan. 13 news article "IRS To Audit Harvard as Part of Non-Profit Probe" stated that Steven M. Rose, former tax director of Harvard Management Company, raised questions last year regarding HMC's investment practices and "profit-driven mentality." To clarify, Rose voiced such concerns to a Crimson reporter last year, but the concerns focused on HMC's practices at the time of his employment in 2001. University spokesman John D. Longbrake's statement has been added to further clarify the timing of Rose's concerns and the University's response...