Word: petrochina
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...understand the unease of those who see little precedent for such actions in higher education, we also recognize that there are special instances that warrant overt moral decisions to be made on behalf of the University. Last year, we strongly advocated for the University to sell its stake in PetroChina because of the company’s dealings in Darfur. While it was true that the University might have had other questionable investments, PetroChina was a particularly egregious and visible case that demanded the University’s consideration. It commanded student and faculty attention and thus the University responded...
...chest. All of this makes El-Erian supremely qualified. Considering that financial managers can find similar jobs for higher pay and less visibility, the search committee must be congratulated for their excellent choice. It is also an appropriate one in light of HMC’s recent divestment from Petrochina, a Chinese Petroleum firm with projects in war-ravaged Sudan, where many have accused the government of genocide. Since knowledge of a region’s economy implies familiarity with its political situation as well, El-Erian can be trusted to have a more comprehensive understanding of where...
...both internally and externally—allows Harvard to reap returns from areas that endowments piecemealed out to hedge funds can’t touch. Harvard can also make moral decisions with its internal money, like it did last year when the Harvard Corporation directed HMC to divest from PetroChina. By speaking out against “high” salaries at HMC, members of the Class of 1969 are effectively calling for external management of Harvard’s endowment. This, in turn, would strip Harvard of all control, moral and otherwise, over its money...
...green patches that blossomed on bags as students across the undergraduate and graduate campuses joined together to push for Harvard Management Company to divest from Sudan. That movement succeeded. Although the Harvard Corporation may never explicity state that student opinion influenced the decision, Harvard did divest from PetroChina, then the most egregious known cooperator with the Sudanese government...
...PetroChina shares and green patches may be gone this year, but the students and the idealism of the Harvard Darfur Action Group (HDAG), a leading voice for divestment, continue to fight for justice in Sudan. Divestment was a good thing, but it didn’t finish the job. Since last spring, HDAG has received an infusion of new members from groups that had focused solely on divestment. People are still suffering and dying daily, and until the genocide stops, HDAG will have work to do. The crisis conditions resulting from more than two million displaced persons must be relieved...