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Harvard’s decision to divest from PetroChina Monday may not have severed the University’s financial ties to the Sudanese government. As of the University’s most recent Securities and Exchange Commission (SEC) filing, Harvard owned 10,000 shares in a subsidiary of Sinopec, a Beijing-based firm that is reportedly constructing a pipeline that could substantially boost Sudan’s oil exports...
While the present size of Harvard’s holdings in PetroChina is not known, filings with the Securities and Exchange Commission (SEC) reveal that as of December 31, 2004, the University held 67,200 shares of the stock, which would be worth $4.4 million at the close of business yesterday...
...SEC does not require Harvard to report its holdings on foreign stock exchanges. University President Lawrence H. Summers said last month that Harvard had held shares in PetroChina on the Hong Kong Stock Exchange...
Still, this stain may not wipe away easily. As reported first in TIME, Buffett has been summoned to speak with regulators. He is scheduled to meet in New York on April 11 with representatives from the Securities and Exchange Commission (SEC), the Justice Department and the New York attorney general's office. Greenberg is set to be deposed the next day. "The stakes are high for anyone even superficially attached to the AIG transactions," says Christopher Bebel, a Houston securities lawyer and former federal prosecutor. "This is how things are today. It's hardball." After all, prosecutors aggressively hunted down...
...SEC, which has only limited jurisdiction--and only over insurers that raise capital in the public markets--has begun jockeying for a larger role. Republican Senator John Sununu of New Hampshire has explored proposals that would give power to the Treasury Department to oversee critical aspects of the industry, including accounting. A federal authority "could pick up patterns of behavior more effectively than 51 separate regulators," says Craig Berrington, general counsel at the American Insurance Association...