Word: texaco
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Dates: during 1980-1989
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...University's announcement on October 3 included plans to sell $160 million worth of investments in 8 corporations including Exxon. The other seven--Royal Dutch Petroleum/Shell, the Chevron Corporation, Ford Motor Co., Texaco, Mobil Oil, Phelps Dodge, and Schlumberger, Inc.--retain links to South Africa. Harvard's endowment still includes approximately $367 million worth of stocks and bonds in companies with South African operations...
...example, Fort Worth's Sid Bass and his brothers bought and sold 9.9% of Texaco's shares for a swift profit of $300 million. Manhattan Financier Saul Steinberg earned $60 million that year by buying 11.1% of Walt Disney Productions and then reselling it to the company at a premium, a practice known as greenmail. Boesky made much of his fortune by guessing -- and sometimes knowing -- where the corporate raiders would strike next. Says an eminent Washington securities lawyer: "The millions and millions that are made out of nonproductive deal making represent the collapse of real morality in our markets...
...funds that held at least $750,000 in bonds in South Africa-related companies. While Bozzotto has said that he divested in 1981, Labor Department disclosure forms--which he signed--show that between 1983 and 1984 Bozzotto in fact purchased a total of over $2.5 million in bonds in Texaco, General Motors, Ford and Caterpillar. All do business in South Africa. Particularly ironic is that Texaco and Ford are two of the corporations from which the University recently divested...
...smaller trust contains $80,000 in Caterpillar stock and $70,000 in Texaco. Both companies comply with the Sullivan Principles, according to a spokesman for the Investor Responsibility Research Corp. in Washington...
...Labor Department forms, which are required for all unions, show that in 1984 Bozzotto's union held $150,000 in Caterpillar stock, and $125,000 in Texaco stock, both of which were purchased that year...