Word: investors
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Dates: during 1970-1979
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...investments of those moneybags [April 2] may interest some, but unfortunately has little relevance to most of us. Those affluent few who can afford to invest in vineyards, professional football teams or Reno condominium developments can also afford to lose tens of thousands of dollars, while the small investor can be wiped out by the merest fluctuation of the market...
President Bok writes that Harvard's first duty is to protect the institution. But this University--through the Corporation--has another identity, quite apart from its academic nature. Harvard is also an investor, and cannot rationalize its ethical responsibilities as an investor by trumpeting the importance of the institution itself...
Next, Bok rationalizes that divestiture is "widely disputed in its merits," as though disagreement about what to do avers the investor's responsibility to do something. The essence of ethical behavior lies in making choices among difficult courses of action. Bok might counter that since there is disagreement within the academic community, choosing one course of action over another might threaten academic freedom. In the first place, his underlying assumption--that even if the seven men of the Corporation make that decision for the community, we will somehow avoid the difficulty--is contradictory on its face. And second, the issues...
...investor, the Harvard Corporation has a moral responsibility to make sure FDS observes moral boundaries," he added...
Says Stevens: "The charge has been made so often that the University has no policy. It has a very clear policy. It has one of the few clear policies that exist at any university-type investor in this country...