Word: stocke
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Dates: during 1990-1999
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Concerning our bottom line, the business pages tell us that our Herculean economy may be on shaky ground. The financial troubles of so much of the rest of the world may finally be creeping across our borders. Our soaring stock market has hit some turbulence. Long-time stock superstars like Coca-Cola, American Express, and Walt Disney have all recently taken dives. In response, our play-it-cool financial captain Alan Greenspan, as if in a fit of nostalgia for the early '90s, recently announced a rare cut in interest rates...
...Wall Street insiders say what really spooked the Fed was indications that Long Term Capital had off-balance sheet derivative contracts with a value of more than $1 trillion. Derivatives are financial instruments that bet on the future direction of interest rates, stock indexes or currencies. Defaults representing less than 1% of that whopping sum could have sunk the fund and punished banks and investment firms around the world...
...else would George Steinbrenner want to abandon The Stadium for a multi-billion dollar ballpark on the west side of Manhattan? Surely he knows that the money could be used to help people; real people, not stock symbols or baseball team owners or grown millionaires playing a kid's game...
...this kind of educational influence cannot be overestimated. However, scholarship is not the only way in which Harvard impacts the outside world. With an $11 billion endowment, Harvard also wields the financial power of a major corporation. The majority of Harvard's endowment is invested in an enormous stock portfolio of over 1450 companies and banks, under the direction of a Corporate Committee...
...should hold Harvard to an effort at socially responsible investing. Despite its financial strength, Harvard is foremost committed to its ideals and principles as an educational institution, and should not be financially supporting companies known for labor, human rights, environmental or other abuses; whenever possible, Harvard should use its stock-holding clout to compel such corporations to change their policies...