Word: rose
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Harvard Management Company—which oversees Harvard’s multi-billion dollar endowment—was plagued by a culture of ethical laxity, Rose said. Special relationships with funds run by former employees and the use of offshore investment companies—both used to boost HMC’s once-legendary returns—may not be illegal, but are considered to be ethically questionable by some, particularly in light of Harvard’s non-profit status...
...Sept. 2001, Rose resigned after deciding he could no longer subordinate his judgment to others at the company, and he sent a four-page memo to then-University President Lawrence H. Summers outlining his concerns, causing the University to hire an external legal counsel to investigate. But whether the move led to substantive changes in Harvard’s investment policies remains unclear...
...Rose was not alone in voicing such concerns. A 2004 New York Times article raised questions about HMC’s advantageous relationships with firms run by former employees, and quoted then-Chief Executive Jack R. Meyer as saying the special agreements had yielded $125 million in savings for the University up to that point...
After his resignation, Rose said his concerns only deepened, fueled in part by Enron’s high-profile implosion due to unethical accounting practices—including the liberal use of offshore accounts. He says he noticed disturbing similarities in Enron’s and HMC’s investment strategies, which prompted him to file a disclosure in early 2002 detailing his concerns with the Internal Revenue Service and the U.S. Senate Finance Committee...
...documents and correspondence in this article were provided by Rose, and many of the entities and people mentioned declined to discuss the exchanges, citing policies not to comment on their relationships with clients...