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Andrew HeiskellAndrew Heiskell
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trying to put blankets over our co-generation plant [laughter] while we were raising money for the university, so nobody could see it.

Q:

You mean so that a potential donor would not think that they are pouring money down a drain, right? [laughter].

Heiskell:

Exactly [laughter].

Q:

Now, I would like you to go into something in a little detail here. You've talked about the financial problems caused by the co-generation project, and then you talked about getting the finances together, forming a management company, and I guess, the increase of the endowment, the growth of the endowment. What's the connection there? I mean, was the finance--the management company organized to deal with this co-generation plant problem?

Heiskell:

No--

Q:

Why don't you discuss the finances a little bit.

Heiskell:

Most universities employ outside--

Q:

Hold on one second [static on tape]. Go ahead.

Heiskell:

Most universities will employ 3,4,5,6, outside investment advisors to handle their portfolios, and indeed Harvard did.



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