Word: renehan
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Dates: during 1990-1999
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According to Harvard's outside counsel Richard W. Renehan, Merrill Lynch advised Harvard that the Lomas stock was "as liquid as commercial paper" and of "investment grade." Harvard listened, and sunk $45 million into the company's "preferred" stock...
...hearing earlier this month, Renehan said that Merrill Lynch had salvaged Lomas from collapse early in 1989--before Harvard made its investment--with an "eleventh hour purchase" of Lomas stock to protect the company from seizure by banks...