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LAST WEEK, seven members of the Advisory Committee on Shareholder Responsibility (ACSR) attended an open forum--sponsored by the Institute of Politics--on whether Harvard should invest in the nuclear arms industry. The rambling discussion on the University's nuclear investments was certainly only a start in the complicated task of forming a comprehensive policy on the subject No conclusive answers were sought, none were provided...
Until the early 1970s, students and others were largely disinterested in the ethical implications of the University's investment policy IBM's practice of selling computers to the South African government was not a topic for debate. (Harvard presently has holdings in IBM worth over $50 million.) As former President Nathan M. Pusey '28 once commented. "Our purpose is just to invest in places that are selfishly good for Harvard. We so not use our money for social purposes...
Says Frank Scioscia, whose Riverrun Books in Hastings, N.Y., is an East Coast clearinghouse for contemporary literature: "The very idea of a modern book being rare is encouraging." His advice to novices: "Start with a first edition of Pynchon's Gravity's Rainbow at $150, and invest intelligently at the remainder table. After all, many of the novels published in the '60s became important emotional furniture to a generation now competitively collecting books. Authors like Kurt Vonnegut, Walker Percy and Joyce Carol Gates now command rare-volume respect...
...package, he argues, clearly benefits the rich: When recent payroll tax increases are figured in, the Reagan cuts actually produce a net tax increase for families earning $10,000 or less. Moreover, this upward redistribution of wealth comes with no guarantees that the rich will use their windfall to invest in productivity-enhancing ventures. Rather Lekachman shows that new depreciation tax rules create more tax shelters and huge new incentives for speculation in real estate and commodities...
...finally unloaded the Pacific Palisades home that he had been trying to sell for more than a year, calls the housing picture a "nightmare." Last week, in a talk to the National Association of Realtors, Reagan proposed a plan to boost house sales. He would allow pension funds to invest more in housing, for example, and make more first-time house buyers eligible for loans backed by the Federal Housing Administration. The realtors and the National Association of Home Builders, though, regarded the action as much too modest in view of the troubles the industry faces...