Word: lynched
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According to Harvard's outside counsel Richard W. Renehan, Merrill Lynch advised Harvard that the Lomas stock was "as liquid as commercial paper" and of "investment grade." Harvard listened, and sunk $45 million into the company's "preferred" stock...
Harvard was smarting from the loss--which amounted to one percent of its total endowment--and sent its lawyers after Merrill Lynch for triple damages. Those lawyers say Merrill Lynch intentionally kept Harvard unaware of important information in order to further its own interests...
...hearing earlier this month, Renehan said that Merrill Lynch had salvaged Lomas from collapse early in 1989--before Harvard made its investment--with an "eleventh hour purchase" of Lomas stock to protect the company from seizure by banks...
...Merrill Lynch made no mention of "its clandestine role in propping [Lomas] up, or of the big deal... in the works" when it sent private placement information to Harvard, according to Renehan...
Furthermore, Merrill Lynch continued doing business with Lomas after it sold Harvard the stock, eventually acquiring the company's valuable credit card division shortly before Lomas declared bankruptcy in September. Again, Renehan said, Merrill Lynch did not inform Harvard...