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Notable New     Yorkers
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Andrew HeiskellAndrew Heiskell
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of inviting him to be the speaker at commencement this next year, and decided that his comments about America's educational system being dragged down by the minorities would probably not make him the most applauded speaker [laughter]. And the one thing you don't want is to have a speaker booed by the students.


Let's talk about the disinvestment issue, which we hadn't talked about.


Oh, we hadn't! That's right. Well, that's been a subject that has cursed us for now--what? three, four years, five years. And we've taken a rather firm stand that we were against disinvestment for several reasons. The first of which is that--what do you accomplish by fleeing, when you can accomplish more by staying there--the presumption being that American companies that do abide by the Sullivan laws are improving the lot of black Africans in South Africa? The second reason being that if you disinvest, or at least disinvest in haste, you will loose quite a bit of money. We have disinvested selectively, in the cases of companies that sold directly to the government, or sold products that could be used to suppress, to oppress the blacks. In some cases, we've had to sell because there's a South African law that says that companies are not allowed to reveal what their sales are to the government. And obviously, the likes of Exxon and so on sell to the government, so we have divested there. But the student feeling runs very strong, and always has run very strong. I personally am rather dubious that divestment is going to do anything accept make the lot of the blacks worse and make the

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