Word: invest
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Dates: during 1960-1969
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...slate had initially believed. Contrary to earlier insinuations, the Coop does not pay uniquely low wages, nor do its hiring practices discriminate against blacks and other minority groups. Because it pays back its profits in the form of patronage refunds, the Coop could probably find very little money to invest in community-oriented projects, and its tax position severely limits the use of whatever money might be available. As Profit admitted last week, "I don't know how much of our program is feasible. If elected, we just promise to take a serious look at what can be done...
Community involvement is the area in which the opposition candidates feel that their new majority on the Coop board could be most effective. As Profit puts it, "We believe that business today should have a social conscience." The Coop's financial structure puts severe limitations on any investments. Necessary expansion in the bookstore annex and the new Med School Coop have caused the Coop to be debt financed by the Harvard Trust Company. One of the terms of the present loan agreement is that, "The Company will not, directly or indirectly, make any investments in the stock, securities or other...
...Coop cannot invest its money, it could simply donate it effectively. The new board would have several alternative sources for such charity. Presently they could either siphon it out of the Coop's profits, but then it would be taxable and would mean a further reduction in patronage refunds; or they could take it from the Coop's annual charitable contribution, which amounts to about seven thousand dollars, six thousand of which goes to the Community Fund. The Coop just does not have very much money. What money it does earn, it either pays back to the members or plows...
...borrows from private lenders or gets from governments and then doles out in loans-to $10 billion in the next five years. Of that sum, large chunks would go to improve education, wipe out illiteracy and modernize agriculture. McNamara insisted that the time has come for the bank to invest more money in family planning. Unless checked, he said, overpopulation will add 3 billion people to the world before the century ends, and this crush of humans could undo most projected benefits...
Also, New Wiring. The first thing Helmsley plans to do at Parkchester is raise rents. An apartment-building own er can seek a "hardship increase" under rent control if his income fails to amount to a 6% return on his invest ment, plus 2% for depreciation. Having agreed to pay $90 million for the property, Helmsley will be in a position to make use of the hardship proviso. "Then," he adds, "we're going to put in new wiring, which brings another increase...