Word: divested
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...chairman of the Corporation's investment subcommittee, debated with various speakers over the possible results of U.S. corporate withdrawal. However, Mary Nolan, assistant professor of History, found an enthusiastic audience by bringing the focus of the discussion back to Harvard, telling the Corporation members, "If you don't divest, you're an accomplice to apartheid, and I think you should own up to that...
That siren song should win some ready listeners. When the big copper producer was forced to divest itself of Peabody Coal by Government edict last June, savvy Wall Street analysts speculated that some or all of the $1.2 billion Kennecott received would be paid in the form of a special dividend. Instead, Chairman Milliken, apparently fearing an unfriendly takeover attempt, paid $66 a share for Carborundum. The rationale: the bigger the company, the more difficult it is to finance a raid. By paying more than twice the book value for a ho-hum company, Milliken let himself in for savage...
...afternoon the students came out. Not to be outdone by recently successful demonstrators at the University of Pennsylvania and Boston University, they chanted anti-apartheid slogans, marched and held up signs urging Harvard to divest itself of stock in firms supporting apartheid...
Some colleges have already taken action. The University of Massachusetts has sold $700,000 of such securities. The Oregon state board of higher education, which administers 13 colleges, has voted to divest itself of stock valued at $6 million. Tufts University has sold $200,000 of stock in Citicorp, a holding company that through its First National City Bank has made loans to South Africa. The University of Wisconsin has been advised by the state attorney general to sell $9 million worth of holdings in companies with South African subsidiaries, as well as stock in any firms with Saudi Arabian...
Walter M. Cabot '55, Deputy Treasurer of the University, said yesterday he believes "the Corporation wouldn't divest itself of securities in any corporation for social reasons alone...