Word: renewal
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Dates: during 1970-1979
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Daniel Steiner '54, general counsel to the University, told the picketers that "all banks in which we (Harvard) hold certificates of deposit have told us they will not make or renew loans in South Africa...
...April 27 report also accepts the recommendation that Harvard divest itself of bonds "in banks which make renew, or extend" loans to the South African government. Yet Manufacturers Hanover continues to renew and extend such loans. Hugh Calkins, a member of the Harvard Corporation, has tried to wriggle out of this contradiction by claiming that "We don't mean our statement to mean that renewals can't be made...we will be satisfied if (the banks) work their way out of their loan situation in a responsible business-like way...in a reasonable time and in a reasonable...
...whole question sounds very complicated, and no doubt the administration will try to delay and defuse the issue by emphasizing its complexity. In fact, the contradictions are crystal-clear. Manufacturers Hanover's policy is to make, renew and extend loans to the South African government. Harvard has promised to divest itself of bonds in banks that have such a policy. Yet Harvard continues to hold $11 million in Manufacturers Hanover bonds...
Brustein will leave Yale next year, because Yale President A. Bartlett Giamatti, in a controversial decision last year, did not renew Brustein's contract...
...Corporation's report stated the University would not hold debt securities in those banks whose policy is not similar to the ACSR recommendations that "Harvard refrain from investing in banks which make, renew, or extend such loans to the South African government or state-owned companies, or refuse to disclose whether or not they are doing...