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...Parsons made certain concessions. Time Warner pledged to buy back $20 billion in stock, up from $12.5 billion. It promised to cut costs by an additional $500 million in 2007 and agreed to add two independent directors to the board--after consulting with Icahn about the candidates. Icahn's investor group still controls 3.3% of the stock, and he isn't likely to go away soon, so Parsons made other concessions, including a promise to review the findings of a report issued by Icahn's investment adviser, Lazard. One new point of agreement: Icahn now shares Parsons' view that Time...
...understanding of the investment management business. Just yesterday, you published an article in which Dave Swenson, Yale’s chief investment officer, roundly criticized Harvard’s compensation plan as excessive and dangerous to the fabric of the University (“Yale’s Chief Investor Says HMC Overpays,” news, Feb. 9). Yale’s endowment has significantly outperformed Harvard’s; according to your own statistics, Yale’s fund has outperformed Harvard’s by 1.2 percent annually for the last twenty years. Swenson is well-paid...
Harvard’s top lawyer wrote this week to Institutional Investor magazine protesting its portrayal of University President Lawrence H. Summers’ role in the fate of a close colleague implicated in a U.S. government lawsuit. An article in the magazine’s January issue suggested that Summers’ friendship with Jones Professor of Economics Andrei Shleifer protected the professor—who led a controversial Harvard project to advise Russia in the 1990s—from consequences at Harvard. Seized by some Faculty members to criticize Summers, the article, “How Harvard Lost...
...Harvard was praised last spring for firing the first salvo and taking a leading role, after almost a year Harvard lags far behind other institutions in the scope of its decision. If Harvard is to remain a leader in the field of ethical investing—or an ethical investor at all—the University must establish both a set of ethical investment standards and a proactive system to check that such standards are being...
...partly responsible for funding the Sudanese government.The Yale Corporation, the school’s governing board, reached the decision at a Feb. 11 meeting after an advisory committee of students, faculty, and staff recommended divestment.“The time-honored principles that Yale observes as an ethical institutional investor have guided us to take this strong action,” Yale President Richard C. Levin said in a statement.Yale’s announcement follows similar moves last year by colleges and universities such as Stanford, Amherst, and Dartmouth. Harvard announced this past April that it would divest from...