The Harvard Crimson THE UNIVERSITY DAILY, EST. 1873 | VOLUME CXLVI NO. 105 | CAMBRIDGE, MASSACHUSETTS | THURSDAY, OCTOBER 17, 2019
EDITORIAL PAGE 4
EDITORIAL PAGE 4
SPORTS PAGE 4
Harvard libraries must preserve tradition while modernizing.
Column: Writing in its many forms can serve as a call to action.
Ivy League football nears the end of non-conference play
Despite Low Returns, Bacow Backs HMC
Tourists gather outside of University Hall at the center of Harvard Yard Wednesday morning. University Hall houses several administrative offices, including those of the Faculty of Arts and Sciences of Harvard College. THOMAS MAISONNEUVE—CRIMSON PHOTOGRAPHER By ALEXANDRA A. CHAIDEZ and AIDAN F. RYAN CRIMSON STAFF WRITERS
ollowing Harvard ManageF ment Company’s announcement that it returned 6.5 percent on its investments for fiscal year 2019, University President Lawrence S. Bacow said he continues to support HMC CEO N.P. “Narv” Narvekar and the
University’s five-year plan to restructure its endowment management. Narvekar announced a fiveyear plan to improve the University’s declining endowment returns in January 2017 after he was hired to manage the $40 billion fund. Specifically, Narvekar said he wanted to shift HMC’s strategy to have a more “generalist”
approach and require all members of the University’s investment arm to bear responsibility for Harvard’s entire portfolio. Bacow said he is “confident” in Narvekar’s five-year plan and that the endowment cannot be judged by one year of a low rate of return. “I think we’re on target for where we’re going to be, but we’ll see,” Bacow said.
Faculty Prison Divestment Council Releases Report Votes On Schedule By ALEXANDRA A. CHAIDEZ and AIDAN F. RYAN CRIMSON STAFF WRITERS
By MOLLY C. MCCAFFERTY CRIMSON STAFF WRITER
The Faculty Council voted to approve tweaks to the Faculty of Arts and Sciences course schedule — which underwent an overhaul last year — at its biweekly meeting Wednesday, according to council member Kirsten A. Weld. The changes come as FAS concludes its one-year review of the new schedule, which debuted last fall. FAS Registrar Michael P. Burke presented the proposed changes — which Weld called “little, teeny-weeny, basically textual edits” — to the Council, FAS’s highest governing body. “These were really very minor amendments that did not change the thrust of any of the already existing policies governing the new schedule,” Weld said. The Faculty voted to amend its schedule in April 2017 in preparation for the opening of the School of Engineering and Applied Sciences’s new Allston campus. The schedule went into effect for the first time in August 2018. Under the strictly regimented system, FAS standardized class start and end times; extended the standard course time from 60 to 75 minutes; and eliminated “Harvard Time,” a scheduling quirk that allowed students to arrive seven minutes late to every class. Though the Allston campus is not slated to open until Fall 2020, the schedule changes were adopted earlier to allow for a two-year trial run of the system. The new schedule staggers the two campuses’ standard
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Harvard Today 2
The Harvard Prison Divestment Campaign released a report Wednesday that estimated the University has at least $3 million invested in companies tied to the prison industry and urged administrators to divest all their endowment holdings from prison-related companies. In their report, the campaign — launched in 2017 to call for the dismantling of the United States prison system — also called on the University to disclose to Harvard affiliates all
“Ask me two to three years from now,” he added. The 6.5 percent return is the lowest return rate in two years, as 2017 saw an 8.1 percent return and 2018 yielded a 10.1 percent return. Harvard has lagged behind other Ivy League institutions in recent years and fell this past fiscal year behind both Brown and Dartmouth — who posted
12.4 percent and 7.5 percent returns, respectively — but posted a higher return than the five other Ivy League universities. Bacow said the University needs to be patient with Narvekar’s plan and said there are “technical reasons” why changes shouldn’t be made too quickly. “There are commitments that were made forward, which can’t be rolled back, and it takes a while to not only exit from certain investments, but also to move resources into another area,” Bacow said. “You don’t want to try and time the market.” Bacow also said the University is still waiting to hear back from United States Treasury Department with final rules for filing a new excise tax on its investment returns. The tax — passed by Congress in December 2017 — will levy an excise tax on universities with at least 500 tuition-paying students and total assets of at least $500,000 per student. “We’ve weighed in and expressed a point of view on their proposed regulations,” Bacow said. “But until we have the final regulations, it’s hard to say precisely how it will affect different parts of the University and in different ways.” Harvard jointly submitted a formal opposition to the tax with more than 30 other colleges and universities to the Treasury Department more than two weeks ago.
SEE ENDOWMENT PAGE 3
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endowment holdings in companies connected to the prison industry. “We have more questions than answers about the 96% of the endowment invested in private holdings; these asset classes are relatively unregulated (compared to public assets) and frustratingly obscure,” the report reads. HPDC listed certain companies they claim Harvard has invested in that could presumably impact incarcerated individuals. The list includes private prison operators, like CoreCivic
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Northwestern professor Joel Mokyr visited Harvard to speak about the Industrial Revolution QUINN G. PERINI—CRIMSON PHOTOGRAPHER
Remark Upsets Band Event By SHERA S. AVI-YONAH and DELANO R. FRANKLIN CRIMSON STAFF WRITERS
More than 70 members of the Harvard Band walked out of a banquet celebrating the group’s centennial Saturday after an alumnus joked about the group’s decision to implement a sexual harassment policy. At the banquet, former band member Richard “Rich” D. Horn ’72 began his speech with a joke about the group’s decision to implement the policy, which undergraduates distributed to alumni ahead of the reunion. As Horn continued to speak, roughly 75 attendees left the room, according to an emailed statement by the band’s senior staff. Many of those who walked out did not return for the remainder of the event. Horn wrote in an email that he regrets that others interpreted his remarks as a criticism of the policy, which provides band members with a formal disclosure system to report incidences of sexual misconduct, according to a copy of the policy obtained by The Crimson. “I sympathize with the frustration of decades of Band women in dealing with sexism both in the Band and elsewhere. I strongly support the Band’s sexual harassment policy and did not mean to imply otherwise,” he wrote. “I deeply regret any implication to the contrary. This is an issue on which emotions understandably and rightly run high, and I ought to have known better. Hopefully, I will do better in any future occasion.” A separate speaker had also joked about the sexual harassment policy before Horn, according to the band’s staff. That speaker later apologized for his remarks, the band wrote in its statement. After some attendees left the room, Harvard Band Foundation president Camaron “Cammie” S. O’Connor Wynn ’94 made an impromptu speech apologizing for the disruption, according to the band. O’Connor Wynn wrote in an email that band leadership, including both undergraduates and alumni, sought to address concerns about Horn’s comments both during and after the banquet.
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Bank of England Gov. Talks at JFK Jr. Forum By FIONA K. BRENNAN and BRAMMY RAJAKUMAR CONTRIBUTING WRITERS
Bank of England Governor Mark J. Carney ‘88 discussed the different ways in which international cooperation can solve global issues at an IOP talk Wednesday evening. Carney is currently traveling around North America for high-level official meetings with the World Bank Group and the International Monetary Fund. He will vacate his position at the Bank of England in January 2020, according to Carney. As part of the annual Albert H. Gordon Lecture series — which focuses on international finance — the event addressed multilateral responses to potential international crises like climate change and financial recessions. Reflecting on his experiences with global economics, Carney spoke in his lecture about the importance of multilateralism — which Carney used to mean international cooperation — as an “out
Professor Larry Summers introduces Bank of England Governor Mike Carney at the IOP on Wednesday evening. The two professionals discussed The New International Economic Order. QUINN G. PERINI—CRIMSON PHOTOGRAPHER
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TODAY’S FORECAST
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comes-based” tool that “tackles specific problems.” “It has flexible geometry, so it’s different stakeholders for different problems, and it is inclusive,” Carney said. Former University President Lawrence H. Summers — who was Carney’s economics professor when Carney was an undergraduate at Harvard — moderated the event. Throughout the talk, Carney said he is optimistic about the future of international cooperation, but also acknowledged that current multilateral reforms need to be improved. “I’m trying to be glass halffull about multilateralism,” Carney said. “But it’s not the comprehensive multilateralism that reigned up until the great financial crisis.” Connor P. Chung ’23, who attended the talk, asked Carney about his stance on the controversy surrounding Harvard investments in the fossil fuel industry. In response, Carney said that
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