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Andrew HeiskellAndrew Heiskell
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Session:         Page of 824

who is chairman of the management bears the ultimate responsibility. This was a fellow, when I got involved there, by the name of George Putnum, a proper Bostonian. And he did a good job of organizing it, but after a while he became, I think, rather impressed with himself. Everytime I saw him he told me about another board he's been invited to go on to. And some of us began to feel that he was spending more time on other things than that. So about three years ago we used the ten-year rule [laughter], and he resigned. And we got a search committee which I headed to find the new treasurer, and we were very lucky in that a very able man by the name of Rod McDougall, who was the head of a Boston bank, which had just merged into another bank, was willing and ready and, able to take on the job, and it's been a godsend. He's just terrific.

Q:

Was Paul Cabot involved at all?

Heiskell:

Paul Cabot had been treasurer long before my time.

Q:

So he never got involved in the management company or gave his advise or anything like that. By the late 1970s, was he completely uninvolved?

Heiskell:

I would think he was pretty much uninvolved.

Q:

Where there any--Harvard, as I recall--I know that Yale, I think it was in the late 1960s, had experimented, and had dipped into the principal of its endowment, and there's a whole new wave of what was





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