Previous | Next
432433434435436437438439440441442443444445446447448449450451452453454455456457458459460461462463464465466467468469470471472473474475476477 of 824
What's going to happen?
Well, we finally worked it out; it's working; we
borrowed a lot of money; we capitalized the interest; we learned to
manage our finances; at the same time we learned to manage our
finances much better, we created a management company in the 1970s,
late 1970s; bit by bit the management company improved its
performance; and we have ended up having borrowed 800 million
dollars--which is more money than I ever borrowed at Time
Incorporated--and also having a portfolio that is now close to 4
You mean in endowment?
Endowment. So we're in pretty good shape. But it was a
long, hard process. And that's--the Corporation really--you could
say the Corporation was responsible for getting us into this
co-generation thing, but it was also successful in getting us,
getting Harvard into a sound shape.
[end of side one: beginning of side two].
--and particularly, as all this was occurring at the same
time as we were starting a capital drive. And if you're in a capital
drive, the one thing you need is to have the reputation of handling
your finances very well, because people don't like to give money to
anybody who they think is not financially responsible. So we were
© 2006 Columbia University
Libraries | Oral History
Research Office | Rights and
Permissions | Help