16 August 2010
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.
IOA Editor:The Harvard Management Company — a subsidiary of Harvard University charged with managing the university’s endowment, pension assets, working capital, and non-cash gifts — is best known for managing the university’s $26 billion endowment, the largest endowment in US higher education. Historically, the HMC has been the leading university investment management company, receiving a great deal of attention from all other university funds.
This is probably the first reported university endowment divestment from all Israeli holdings. Coming from Harvard, it sets a very important precedent: it is likely to be reviewed, scrutinized, and possibly followed, by other universities. Because Harvard, or HMC, has yet to make a public statement on the decision, one can only assume that it took place as a preventive measure, to avoid becoming the “next Berkeley.”
16 August 2010
Yishai Menuchin, director of the Public Committee Against Torture: “The horrible pictures demonstrate a norm of treating Palestinians like objects instead of human beings – treatment that disregards their feelings as humans and their right to privacy.”