No reason for the sale was mentioned in the report to the SEC.
In another blow to Israeli shares, the Harvard Management Company notified the US Securities and Exchange Commission (SEC) on Friday that it had sold all its holdings in Israeli companies during the second quarter of 2010. No reason for the sale was mentioned. The Harvard Management Company manages Harvard University’s endowment.
Harvard Management Company stated in its 13-F Form that it sold 483,590 shares in Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) for $30.5 million; 52,360 shares in NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) for $1.67 million; 102,940 shares in Check Point Software Technologies Ltd. (Nasdaq: CHKP) for $3.6 million; 32,400 shares in Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) for $1.1 million, and 80,000 Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) shares for $1.8 million.
Gordon McKay Professor of Computer Science at Harvard and former Dean of Harvard College
Harvard’s Secret Seven
At the heart of the new system of power, says Janine Wedel, is “a decline in loyalty to institutions” and “the proliferation of players who swoop in and out of organizations with which they are affiliated.” There is no more vivid example of this phenomenon than Harvard University, which for centuries was held together by institutional loyalty. Today, that loyalty has eroded, and those at the top act much more flexibly. Yet they still enjoy almost unlimited power. Like all forms of mismanagement, Harvard’s woes call for transparency and accountability. The story resonates to Washington, where Harvard’s power elite is deeply entangled.
Harvard lost $11 billion from its endowment last year, plus another $2 billion by gambling with operating cash and $1 billion in bad bets on interest rate fluctuations. Harvard had been borrowing vast sums to leverage its assets and to expand its physical plant; its president, Lawrence Summers, had described as “extraordinary investments” what ordinary people would call crushing debt. The only way to balance the looming deficits was through huge investment returns. The speculating worked for a while, but when the bubble burst, Harvard was left almost insolvent.
A presidential resignation might have been expected, but Summers, the president most responsible for Harvard’s unsustainable growth plan, had resigned already–he is now a top economic adviser to Barack Obama. In any case, plenty of costly mistakes were made after he left. In this era of heightened corporate accountability, one might have expected instead a shake-up of Harvard’s board. But Harvard’s directors are invulnerable.
Legally, the Harvard Corporation consists of the president and six “Fellows,” who serve for life if they wish and cannot be unseated by anyone except themselves. In spite of the privileges it receives as a tax exempt charity, Harvard is not subject to the financial and risk disclosure rules that protect the shareholders of public corporations.
The Corporation is stunningly secretive. The members are listed on a Harvard web page–but with no contact information. Their meetings and agendas are unannounced, their decisions unreported. The Fellows, scattered across the country, are isolated from the institution they govern. Even the university’s statutes–the closest thing to a constitution limiting the Corporation’s discretionary power–are almost impossible to locate. The colonial-era board structure is failing the modern university.
Harvard’s board is intertwined with the shadow elite of Wedel’s Chapter 5: the team of experts who disastrously advised the Russian government on capitalism in the 1990s. Engaged by the U.S. to show the Russians how the West controls corruption, the advisers became models of what to avoid. Here is the Cambridge-Moscow-Washington story in a nutshell. Continue reading »
The banksters looting the American taxpayer again.
Larry Langford, then Jefferson County commissioner, speaks at a Partnership for Prescription Assistance event in Birmingham, Alabama, in this file photo taken Feb. 2, 2007. Photographer: Gary Tramontina/Bloomberg
Oct. 19 (Bloomberg) — In its 190-year history, Jefferson County, Alabama, has endured a cholera epidemic, a pounding in the Civil War, gunslingers, labor riots and terrorism by the Ku Klux Klan. Now this namesake of Thomas Jefferson, anchored by Birmingham, is staring at what one local politician calls financial “Armageddon.”
The spectacle — a tax struck down, about 1,000 county employees furloughed, a politician indicted over $3 billion in sewer debt that may lead to the largest municipal bankruptcy in history — has elbowed its way up the ladder of county lore.
“People want to kill somebody, but they don’t know who to shoot at,” says Russell Cunningham, past president of the Birmingham Regional Chamber of Commerce.
One target of their anger is Larry P. Langford, who was the county commission’s president in 2003 and 2004 and is now mayor of Birmingham. The 61-year-old Democrat goes on trial today, charged in a November 2008 federal indictment with taking cash, Rolex watches and designer clothes in exchange for helping to steer $7.1 million in fees to an Alabama investment banker as the county refinanced its sewer debt.
Jefferson County’s debacle is a parable for billions of dollars lost by state and local governments from Florida to California in transactions done behind closed doors. Selling debt without requiring competition made public officials vulnerable to bankers’ sales pitches, leaving taxpayers to foot the bill for borrowing gone awry.
Swaps Blew Up
Under Langford’s stewardship, the county bet on interest- rate swaps, agreements that a representative of New York-based JPMorgan Chase & Co. told commissioners could reduce their interest costs. Instead, the swaps — covering more than $5 billion in all — blew up during the credit crisis after ratings for the county’s bond insurers fell.
JPMorgan, through spokeswoman Christine Holevas, declined to comment for this story.
Thousands of public borrowers across the U.S. chose a similar strategy, and many are now paying billions of dollars to escape the contracts, said Peter Shapiro, managing director at Swap Financial Group in South Orange, New Jersey. Even Harvard University, the world’s richest academic institution with an endowment of $26 billion, fell for Wall Street’s financing in the dark: It paid $497.6 million to investment banks during the fiscal year ended June 30 because it chose to cancel $1.1 billion of interest-rate swaps.
BOSTON (Reuters) – Harvard University’s endowment has lost 22 percent or roughly $8 billion in the last four months, leaving the world’s richest university on track to deliver its worst returns in 40 years.
Harvard President Drew Faust broke the news in a letter to top administrators on Tuesday, according the school’s website. Traditionally Harvard speaks about its investment returns only once a year.
“We continue to plan for a scenario in which our endowment is down 30 percent in value for the year,” Faust said in the letter.
She warned faculty, staff, students and alumni last month that the university is looking for ways to cut costs as the Ivy League School feels the impact of the worst financial crisis since the Great Depression.
The school’s endowment grew 8.6 percent for the fiscal year ended June 30, to a new high of $36.9 billion despite double-digit losses in the broader stock market.
(NaturalNews) A congressional investigation has revealed that a group of Harvard psychiatrists, instrumental in pushing the diagnosis of bipolar disorder in children and its off-label treatment with antipsychotics, concealed from university officials the millions of dollars they earned in consulting fees for the companies that make those drugs.
Iowa Sen. Charles E. Grassley requested the financial disclosure reports that Drs. Joseph Biederman, Timothy E. Wilens and Thomas Spencer had filed with Harvard University between 2000 and 2007. He then asked a handful of pharmaceutical companies for their own records on how much had been paid to the researchers in that time.
The numbers reported by the drug companies were much higher than those on the researchers’ forms.
“Basically, these forms were a mess,” Grassley said. “Over the last seven years, it looked like they had taken a couple hundred thousand dollars.”
Upon being confronted with the discrepancies, the researchers admitted to having concealed certain consulting fees and upped their estimates. These new numbers still fell short of those reported by the drug companies.
Biederman, for example, originally told Harvard that he had received no money from Johnson & Johnson in 2001. When Grassley asked him to double check, Biederman admitted to receiving $3,500. The drug company’s records, however, recorded payments of $58,169 to Biederman in that year alone.
A more thorough investigation revealed that Biederman and Wilens had received at least $1.6 million from the pharmaceutical industry between 2000 and 2007, while Spencer had received at least $1 million.
Continue reading »
Think U.S. health authorities have never conducted outrageous medical experiments on children, women, minorities, homosexuals and inmates? Think again: This timeline, originally put together by Dani Veracity (a NaturalNews reporter), has been edited and updated with recent vaccination experimentation programs in Maryland and New Jersey. Here’s what’s really happening in the United States when it comes to exploiting the public for medical experimentation:
(1845 – 1849) J. Marion Sims, later hailed as the “father of gynecology,” performs medical experiments on enslaved African women without anesthesia. These women would usually die of infection soon after surgery. Based on his belief that the movement of newborns’ skull bones during protracted births causes trismus, he also uses a shoemaker’s awl, a pointed tool shoemakers use to make holes in leather, to practice moving the skull bones of babies born to enslaved mothers (Brinker).
New York pediatrician Henry Heiman infects a 4-year-old boy whom he calls “an idiot with chronic epilepsy” with gonorrhea as part of a medical experiment (“Human Experimentation: Before the Nazi Era and After”).
Harvard professor Dr. Richard Strong infects prisoners in the Philippines with cholera to study the disease; 13 of them die. He compensates survivors with cigars and cigarettes. During the Nuremberg Trials, Nazi doctors cite this study to justify their own medical experiments (Greger, Sharav).
Dr. Hideyo Noguchi of the Rockefeller Institute for Medical Research publishes data on injecting an inactive syphilis preparation into the skin of 146 hospital patients and normal children in an attempt to develop a skin test for syphilis. Later, in 1913, several of these children’s parents sue Dr. Noguchi for allegedly infecting their children with syphilis (“Reviews and Notes: History of Medicine: Subjected to Science: Human Experimentation in America before the Second World War”).
Medical experimenters “test” 15 children at the children’s home St. Vincent’s House in Philadelphia with tuberculin, resulting in permanent blindness in some of the children. Though the Pennsylvania House of Representatives records the incident, the researchers are not punished for the experiments (“Human Experimentation: Before the Nazi Era and After”).
Dr. Joseph Goldberger, under order of the U.S. Public Health Office, produces Pellagra, a debilitating disease that affects the central nervous system, in 12 Mississippi inmates to try to find a cure for the disease. One test subject later says that he had been through “a thousand hells.” In 1935, after millions die from the disease, the director of the U.S Public Health Office would finally admit that officials had known that it was caused by a niacin deficiency for some time, but did nothing about it because it mostly affected poor African-Americans. During the Nuremberg Trials, Nazi doctors used this study to try to justify their medical experiments on concentration camp inmates (Greger; Cockburn and St. Clair, eds.). Continue reading »
Tags: acne, Agent Orange, AIDS, American Cancer Society, Bacteria, BBC, biological warfare, blood poisoning, BP, brainwashed, Cancer, cancer cells, cancer patients, Central Nervous System, Chemical Warfare, Chevron, Children, cholera, CIA, Clinton, Columbia University, comas, Dani Veracity, dengue fever, Depression, dioxin, Dow, Dow Chemical, drugged, DuPont, electroshock, Epilepsy, experimental drugs, experimentation, Exxon, FDA, fenfluramine, Fluoride, food poisoning, Gardasil, George Bush, Gonorrhea, Guinea Pig Kids, Guinea pigs, Gulf War, Gulf War Syndrome, Harvard, hepatitis, hepatitis B vaccine, Herpes, HIV, homosexuals, Honeywell, HPV, hypnotized, Immune System, Inmates, insulin, Iodine, Iodine-131, J. Marion Sims, Kaposi's sarcoma, Lockheed Martin, LSD, Manhattan Project, measles vaccine, Medical Experiments, Merck, Mescaline, Mind-Control, Minorities, MIT, MKULTRA, Monsanto, mustard gas, myelin, Nazis, nuclear detonations, Pellagra, perchlorate, Philippines, Plutonium, Procter & Gamble, pyridostigmine, Radiation, radioactive, radioactive iron, raped, respiratory problems, Rockefeller Institute for Medical Research, Syphilis, threatened, thymidine, thyroid cancer, Torture, tuberculin, Uranium, Vaccination, Vaccine, yellow fever
Neuroscience and marketing had a love child a few years back. Its name – big surprise – is neuromarketing, and the ugly little fellow is growing up. Corporate pitchmen have always wanted to get inside our skulls. The more accurately they can predict how we’ll react to stimuli in the marketplace, from prices to packages to adverts, the more money they can pull from our pockets and transfer to their employers’ coffers.
But picking the brains of consumers hasn’t been easy. Marketers have had to rely on indirect methods to read our thoughts and feelings. They’ve watched what we do in stores or tracked how purchases rise or fall in response to promotional campaigns or changes in pricing. And they’ve carried out endless surveys and focus groups, asking us what we buy and why.
The results have been mixed at best. People, for one thing, don’t always know what they’re thinking, and even when they do, they’re not always honest in reporting it. Traditional market research is fraught with bias and imprecision, which forces companies to fall back on hunches and rules of thumb.
But thanks to recent breakthroughs in brain science, companies can now actually see what goes on inside our minds when we shop. Teams of academic and corporate neuromarketers have begun to hook people up to functional magnetic resonance imaging (fMRI) machines to map how their neurons respond to products and pitches. Continue reading »
Tags: Business Week, Economy, Forbes, Harvard, journal, magnetic resonance imaging, manipulation, mind reading, MRI, Neural Predictors of Purchases, Neurons, Neuroscience, Nicholas Carr, Science, The Big Switch