Word: mellons
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When Bernard Berenson died in Italy in 1960 he willed Harvard the Villa I. Tatti, just outside of Florence, Italy, which has one of the best collections of Italian art. Harvard is currently a trustee of I. Tatti, and despite a $2.5 million grant from the Mellon Foundation ($1.5 million of which is a challenge grant which Harvard must match) the Italian inflation rate has galloped ahead at such a rate that the University needs a total of $4 million if it is ever to sufficiently endow the villa as a study center...
...they listened to John J. McCloy, former World Bank chief. Though he had no direct connection with Gulf, he had been chosen by the directors to head a company self-investigation ordered by the SEC. Helping him were Gulf Directors Nathan W. Pearson, a key financial adviser to the Mellon family (owners of about 20% of Gulfs stock), and Beverley Matthews, a Toronto lawyer. The three formed a special review committee and produced a 298-page report. Slowly, cogently, McCloy reviewed the evidence for the directors...
...ordered that a covert fund be set up. In 1960 the Bahamas Exploration Co. Ltd. in Nassau was transformed from an insignificant subsidiary into a firm that could "launder" Gulfs money and pass it along to politicians. Whiteford insisted that the fund be kept secret from the Mellon family and from the executives that he called the "Boy Scouts"-E.D. Brockett and Bob R. Dorsey. To the directors at last week's meeting, the key question was whether Boy Scout Dorsey had had knowledge of the fund...
...business community believed overwhelmingly that top management would have to go, if only as a symbolic act. On the other hand, they also valued Dorsey highly as a gifted executive, and knew that he had vowed not to quit. Nonetheless, a group of three directors closely identified with the Mellon interests wanted, as one family source put it, "to clear the air as quickly as possible...
...Andrew W. Mellon Foundation has awarded Harvard a $1.4-million grant for a five-year program of fellowships for junior faculty in the humanities, Dean Rosovsky announced yesterday...