Word: putnams
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Dates: during 1970-1979
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Last year, when George Putnam '49 took over as Harvard's new treasurer, his first job was to carefully study the way that Harvard's money had been managed in the past and to figure out the best way to manage it in the future...
...Putnam and President Bok saw it, there were three basic alternatives for Harvard's $1.4 billion endowment...
Cabot and Harvard Treasurer George Putnam '49 both said last week that they are wary of the style of money management which led former treasurer George F. Bennett '33 to serve as Harvard's chief financial officer, as President of the firm that managed Harvard's money, and as a director on several corporations in which Harvard has multi-million dollar holdings...
...treasurer and an adviser to the Corporation Bennett never gave much thought to social considerations. His rationale was always that his job was to earn maximum growth for the university and to consider any other factors was to vitiate this effort. Putnam and Cabot on the other hand believe that social factors must be taken into account in any investment decision because, they say, in the long run socially irresponsible companies will have to pay for their misdeeds out of profits. This will be a factor in all new investments made by Harvard...
Three members of the Corporation along with Putnam comprise this committee. Last year the sub-committee decided to abstain from voting Harvard's Mobil Oil stock on a resolution to have the company's foreign affiliates (including Mobil South Africa) institute affirmative action programs for minority employment. Albert L. Nickerson '33 one of the Fellows on the sub-committee, disqualified himself because he is a former chairman of Mobil's board of directors. If Corporation members removed themselves from every issue in which they were chummy with some of the principals the proposed action is directed against, the subcommittee probably...