Word: investers
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Dates: during 1980-1989
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...they're really at Harvard for--teaching a few graduate students and doing their research. Nor is it the fault of the Business and Government schools that don't require courses in ethics. Nor can the blame be laid at the doorstep of those men in downtown Boston who invest Harvard's money in defense and energy stocks in order to keep the University solvent for another financial year...
...bigger issues. It is harder for the small investor to get ahold of the most exciting stocks because brokers usually give the first shot to their larger clients who will buy 5,000 to 10,000 shares at a time. Federal regulations in 1979 encouraged pension funds to invest part of their huge assets in riskier ventures like new issues, antiques and diamonds; and institutions have soaked up about 70% of the larger initial public offerings this year. For example, Chemical Bank's $90 million Aggressive Equity Fund bought stock in Applicon, Cado Systems, Boston Digital and BancTec...
...those all too tempting tax dodges. Invest $30,000 in Wyoming coal fields, the pitch went, and use a loophole in the law to take a legitimate $150,000 deduction on Form 1040. Like many tax-shelter schemes, the offer attracted big names with big money: Basketball Stars Spencer Haywood and Earl ("the Pearl") Monroe, Candid Camera Host Allen Funt, Rock Singer Alice Cooper and Model Margaux Hemingway. The late Elvis Presley was the biggest customer of all: he sank $500,000 into the enterprise...
Over the years, Congress has fiddled with the tax code to allow deductions for investments in ventures considered worthwhile but risky, like coal mining, oil drilling and public housing construction. The shelters encouraged the wealthy to invest chunks of income that would otherwise have been heavily taxed. The problem was that in some cases lawyers and accountants found clever ways to make such investments appear much larger on paper than they actually were. In 1976 a major revision of the tax code eliminated some of the most abused shelter provisions...
Citibank's loan also might violate a University of Pennsylvania policy that states that the university should not invest in banks making loans to South Africa unless the loans "substantially benefit non-whites." UPenn now has $1.5 million invested in Citibank...