Word: portfolios
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Dates: during 1970-1979
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...Abba Eban, who only this month lost his portfolio as Israel's Foreign Minister, Nixon's trip to Arab states as well as Israel symbolizes a change in U.S. policy in the Middle East, which has suffered for years from what he calls the "seesaw" effect-"if you go up with Israel, you go down with the Arabs." Now Eban sees both ends of the seesaw rising, a "spectacular paradox" that could greatly aid stability in the region...
...financial picture in an effort to lessen his work load as he ages toward retirement. Bennett announced last year that he was retiring as treasurer to devote more time to his State Street Management and Research Co. Later he said that State Street would bow out as Harvard's portfolio this July...
...even before he stepped out as treasurer and portfolio manager, Bennett's power had rapidly eroded under Bok's administration: The view from the inside is that Bennett's style of financial management was wholly incompatible from the outset with Bok's plan to disperse responsibility and power in all facets of his administration. Bennett, like John Dunlop, former dean of Faculty, had too much power in his particular domain. In addition, Bok and most of the members of the Corporation found themselves at odds with Bennett's attitudes toward shareholder responsibility, investment policy and other aspects of Harvard...
...fitting that Putnam should succeed Bennett as treasurer, in light of his original role in the move to wrest power from Bennett, it is ironic that Cabot should succeed Bennett as the new portfolio manager: Cabot's uncle was Paul C. Cabot '21, former Harvard treasurer and co-founder of State Street Management and Research and Bennett's mentor. It was Cabot senior who trained Bennett and hand-picked him as his successor at State Street and Harvard. But the younger Cabot has already proven himself to also be wary of the financial management style his uncle and Bennett brought...
What remains to be seen is whether Cabot will steer Harvard clear of future investments in companies such as Middle South. Cabot is inheriting a portfolio which is well-stocked with oil companies and public utilities, two of the most controversial spheres in this day of energy shortages. It is highly unlikely that there will be any immediate move to get Harvard out of such companies, no matter how regressive their policies are. There may be a slight alteration of this make-up over time, but if Harvard ever does decide to divest itself of its Gulf Oils, Middle South...