Letter to University Endowments Regarding Baupost Group Puerto Rico Debt

This letter was sent to 18 University Endowments from a coalition of progressive groups.

October 16, 2017

Ana Mauri Cauce
President
University of Washington
301 Gerberding Hall
Box 351230
Seattle, WA 98195

Dear President Ana Mauri Cauce,

Baupost Group, a hedge fund that the University of Washington endowment appears to invest with, was recently revealed to be one of the largest holders of Puerto Rican debt bonds. A recent investigation found that Baupost Group, under the leadership of billionaire founder and CEO Seth Klarman, owns $911.6 million worth of Puerto Rican debt bonds, purchased through a shell company used to shield the hedge fund from public scrutiny.

Baupost Group is one of many hedge fund investors that purchased large portions of Puerto Rico’s debt at a discount and are now demanding that the island enact extreme austerity measures so that it may repay its creditors in full. However, Seth Klarman is a particularly egregious actor in the Puerto Rican economic crisis due to his decision to use an elaborate network of shell companies in order to keep the public, and presumably investors, from knowing about his dealings on the island. This type of extreme secrecy is unfortunately a pattern with Klarman, who last year was revealed by the Boston Globe to be one of several wealthy donors to nonprofit education reform organizations that spent millions on a ballot campaign in Massachusetts without disclosing their donors.

In addition to an unprecedented economic crisis, Puerto Rico now faces a humanitarian crisis following the devastation of Hurricane Maria. We are deeply concerned that the University of Washington, a highly regarded institution of higher education with a strong commitment to economic justice and human rights, could be facilitating these crises in Puerto Rico via its investment with Baupost Group. Furthermore, we believe that the university’s continued investment with Baupost Group, a company that went to great lengths to conceal its involvement in the Puerto Rican debt crisis, aids Seth Klarman in avoiding accountability for his actions.

Given the serious concerns detailed here and in the attached documents, we are requesting a meeting with you to discuss the university’s investment with Baupost Group and to hear from you how the University of Washington plans to address this matter. Additionally, we ask that you request a due diligence investigation into this matter by your endowment staff and your investment consultants.

The disturbing profit-driven tactics of Baupost Group in Puerto Rico threaten the lives and livelihoods of millions of Puerto Ricans, and the company’s extreme opacity with respect to these investments is unacceptable. The University of Washington, as both an investor in Baupost Group and a world-renowned institution of higher education, should be alarmed by Baupost’s actions and should demand accountability from Seth Klarman. We look forward to your response.

Sincerely,

Courage Campaign
Connecticut Puerto Rican Agenda
Massachusetts Jobs with Justice
Public Higher Education Network of Massachusetts
American family Voices
Alliance for Quality Education
Delaware Alliance for Community Advancement
Alliance of Californians for Community Empowerment (ACCE)
OLÉ -Organizers in the Land of Enchantment
Pineros y Campesinos Unidos del Noroeste
Center for Popular Democracy
Missourians Organizing for Reform and Empowerment (M.O.R.E)
Texas Organizing Project
CASA de Maryland
Action North Carolina
Arkansas Community Organizations
One Pennsylvania
Hedge Clippers
New York Communities for Change
Strong Economy For All
Make the Road Connecticut
Make the Road New York
Organize Florida
United Students Against Sweatshops
Make the Road Pennsylvania
Action Center on Race and the Economy (ACRE)
ReFund America Project
Responsible Endowments Coalition 


October 16, 2017

Biddy Martin
President
Amherst College
103 Converse Hall
100 Boltwood Ave
Amherst, MA 01002

Dear President Biddy Martin,

Baupost Group, a hedge fund that the Amherst College endowment appears to invest with, was recently revealed to be one of the largest holders of Puerto Rican debt bonds. A recent investigation found that Baupost Group, under the leadership of billionaire founder and CEO Seth Klarman, owns $911.6 million worth of Puerto Rican debt bonds, purchased through a shell company used to shield the hedge fund from public scrutiny.

Baupost Group is one of many hedge fund investors that purchased large portions of Puerto Rico’s debt at a discount and are now demanding that the island enact extreme austerity measures so that it may repay its creditors in full. However, Seth Klarman is a particularly egregious actor in the Puerto Rican economic crisis due to his decision to use an elaborate network of shell companies in order to keep the public, and presumably investors, from knowing about his dealings on the island. This type of extreme secrecy is unfortunately a pattern with Klarman, who last year was revealed by the Boston Globe to be one of several wealthy donors to nonprofit education reform organizations that spent millions on a ballot campaign in Massachusetts without disclosing their donors.

In addition to an unprecedented economic crisis, Puerto Rico now faces a humanitarian crisis following the devastation of Hurricane Maria. We are deeply concerned that Amherst College, a highly regarded institution of higher education with a strong commitment to economic justice and human rights, could be facilitating these crises in Puerto Rico via its investment with Baupost Group. Furthermore, we believe that the university’s continued investment with Baupost Group, a company that went to great lengths to conceal its involvement in the Puerto Rican debt crisis, aids Seth Klarman in avoiding accountability for his actions.

Given the serious concerns detailed here and in the attached documents, we are requesting a meeting with you to discuss the university’s investment with Baupost Group and to hear from you how Amherst College plans to address this matter. Additionally, we ask that you request a due diligence investigation into this matter by your endowment staff and your investment consultants.

The disturbing profit-driven tactics of Baupost Group in Puerto Rico threaten the lives and livelihoods of millions of Puerto Ricans, and the company’s extreme opacity with respect to these investments is unacceptable. Amherst College, as both an investor in Baupost Group and a world-renowned institution of higher education, should be alarmed by Baupost’s actions and should demand accountability from Seth Klarman. We look forward to your response.

Sincerely,

Courage Campaign
Connecticut Puerto Rican Agenda
Massachusetts Jobs with Justice
Public Higher Education Network of Massachusetts
American family Voices
Alliance for Quality Education
Delaware Alliance for Community Advancement
Alliance of Californians for Community Empowerment (ACCE)
OLÉ -Organizers in the Land of Enchantment
Pineros y Campesinos Unidos del Noroeste
Center for Popular Democracy
Missourians Organizing for Reform and Empowerment (M.O.R.E)
Texas Organizing Project
CASA de Maryland
Action North Carolina
Arkansas Community Organizations
One Pennsylvania
Hedge Clippers
New York Communities for Change
Strong Economy For All
Make the Road Connecticut
Make the Road New York
Organize Florida
United Students Against Sweatshops
Make the Road Pennsylvania
Action Center on Race and the Economy (ACRE)
ReFund America Project
Responsible Endowments Coalition 


October 16, 2017

Teresa A. Sullivan
President
University of Virginia
Post Office Box 400224
Charlottesville, VA 22904

Dear President Teresa A. Sullivan,

Baupost Group, a hedge fund that the University of Virginia endowment appears to invest with, was recently revealed to be one of the largest holders of Puerto Rican debt bonds. A recent investigation found that Baupost Group, under the leadership of billionaire founder and CEO Seth Klarman, owns $911.6 million worth of Puerto Rican debt bonds, purchased through a shell company used to shield the hedge fund from public scrutiny.

Baupost Group is one of many hedge fund investors that purchased large portions of Puerto Rico’s debt at a discount and are now demanding that the island enact extreme austerity measures so that it may repay its creditors in full. However, Seth Klarman is a particularly egregious actor in the Puerto Rican economic crisis due to his decision to use an elaborate network of shell companies in order to keep the public, and presumably investors, from knowing about his dealings on the island. This type of extreme secrecy is unfortunately a pattern with Klarman, who last year was revealed by the Boston Globe to be one of several wealthy donors to nonprofit education reform organizations that spent millions on a ballot campaign in Massachusetts without disclosing their donors.

In addition to an unprecedented economic crisis, Puerto Rico now faces a humanitarian crisis following the devastation of Hurricane Maria. We are deeply concerned that the University of Virginia, a highly regarded institution of higher education with a strong commitment to economic justice and human rights, could be facilitating these crises in Puerto Rico via its investment with Baupost Group. Furthermore, we believe that the university’s continued investment with Baupost Group, a company that went to great lengths to conceal its involvement in the Puerto Rican debt crisis, aids Seth Klarman in avoiding accountability for his actions.

Given the serious concerns detailed here and in the attached documents, we are requesting a meeting with you to discuss the university’s investment with Baupost Group and to hear from you how the University of Virginia plans to address this matter. Additionally, we ask that you request a due diligence investigation into this matter by your endowment staff and your investment consultants.

The disturbing profit-driven tactics of Baupost Group in Puerto Rico threaten the lives and livelihoods of millions of Puerto Ricans, and the company’s extreme opacity with respect to these investments is unacceptable. The University of Virginia, as both an investor in Baupost Group and a world-renowned institution of higher education, should be alarmed by Baupost’s actions and should demand accountability from Seth Klarman. We look forward to your response.

Sincerely,

Courage Campaign
Connecticut Puerto Rican Agenda
Massachusetts Jobs with Justice
Public Higher Education Network of Massachusetts
American family Voices
Alliance for Quality Education
Delaware Alliance for Community Advancement
Alliance of Californians for Community Empowerment (ACCE)
OLÉ -Organizers in the Land of Enchantment
Pineros y Campesinos Unidos del Noroeste
Center for Popular Democracy
Missourians Organizing for Reform and Empowerment (M.O.R.E)
Texas Organizing Project
CASA de Maryland
Action North Carolina
Arkansas Community Organizations
One Pennsylvania
Hedge Clippers
New York Communities for Change
Strong Economy For All
Make the Road Connecticut
Make the Road New York
Organize Florida
United Students Against Sweatshops
Make the Road Pennsylvania
Action Center on Race and the Economy (ACRE)
ReFund America Project
Responsible Endowments Coalition 


October 16, 2017

Sian Leah Beilock
President
Barnard College
109 Milbank Hall
3009 Broadway
New York, NY 10027

Dear President Sian Leah Beilock,

Baupost Group, a hedge fund that the Barnard College endowment appears to invest with, was recently revealed to be one of the largest holders of Puerto Rican debt bonds. A recent investigation found that Baupost Group, under the leadership of billionaire founder and CEO Seth Klarman, owns $911.6 million worth of Puerto Rican debt bonds, purchased through a shell company used to shield the hedge fund from public scrutiny.

Baupost Group is one of many hedge fund investors that purchased large portions of Puerto Rico’s debt at a discount and are now demanding that the island enact extreme austerity measures so that it may repay its creditors in full. However, Seth Klarman is a particularly egregious actor in the Puerto Rican economic crisis due to his decision to use an elaborate network of shell companies in order to keep the public, and presumably investors, from knowing about his dealings on the island. This type of extreme secrecy is unfortunately a pattern with Klarman, who last year was revealed by the Boston Globe to be one of several wealthy donors to nonprofit education reform organizations that spent millions on a ballot campaign in Massachusetts without disclosing their donors.

In addition to an unprecedented economic crisis, Puerto Rico now faces a humanitarian crisis following the devastation of Hurricane Maria. We are deeply concerned that Barnard College, a highly regarded institution of higher education with a strong commitment to economic justice and human rights, could be facilitating these crises in Puerto Rico via its investment with Baupost Group. Furthermore, we believe that the university’s continued investment with Baupost Group, a company that went to great lengths to conceal its involvement in the Puerto Rican debt crisis, aids Seth Klarman in avoiding accountability for his actions.

Given the serious concerns detailed here and in the attached documents, we are requesting a meeting with you to discuss the university’s investment with Baupost Group and to hear from you how Barnard College plans to address this matter. Additionally, we ask that you request a due diligence investigation into this matter by your endowment staff and your investment consultants.

The disturbing profit-driven tactics of Baupost Group in Puerto Rico threaten the lives and livelihoods of millions of Puerto Ricans, and the company’s extreme opacity with respect to these investments is unacceptable. Barnard College, as both an investor in Baupost Group and a world-renowned institution of higher education, should be alarmed by Baupost’s actions and should demand accountability from Seth Klarman. We look forward to your response.

Sincerely,

Courage Campaign
Connecticut Puerto Rican Agenda
Massachusetts Jobs with Justice
Public Higher Education Network of Massachusetts
American family Voices
Alliance for Quality Education
Delaware Alliance for Community Advancement
Alliance of Californians for Community Empowerment (ACCE)
OLÉ -Organizers in the Land of Enchantment
Pineros y Campesinos Unidos del Noroeste
Center for Popular Democracy
Missourians Organizing for Reform and Empowerment (M.O.R.E)
Texas Organizing Project
CASA de Maryland
Action North Carolina
Arkansas Community Organizations
One Pennsylvania
Hedge Clippers
New York Communities for Change
Strong Economy For All
Make the Road Connecticut
Make the Road New York
Organize Florida
United Students Against Sweatshops
Make the Road Pennsylvania
Action Center on Race and the Economy (ACRE)
ReFund America Project
Responsible Endowments Coalition 


October 16, 2017

Adam S. Weinberg
President
Denison University
100 West College Street

Granville, OH 43023

Dear President Adam S. Weinberg,

Baupost Group, a hedge fund that the Denison University endowment appears to invest with, was recently revealed to be one of the largest holders of Puerto Rican debt bonds. A recent investigation found that Baupost Group, under the leadership of billionaire founder and CEO Seth Klarman, owns $911.6 million worth of Puerto Rican debt bonds, purchased through a shell company used to shield the hedge fund from public scrutiny.

Baupost Group is one of many hedge fund investors that purchased large portions of Puerto Rico’s debt at a discount and are now demanding that the island enact extreme austerity measures so that it may repay its creditors in full. However, Seth Klarman is a particularly egregious actor in the Puerto Rican economic crisis due to his decision to use an elaborate network of shell companies in order to keep the public, and presumably investors, from knowing about his dealings on the island. This type of extreme secrecy is unfortunately a pattern with Klarman, who last year was revealed by the Boston Globe to be one of several wealthy donors to nonprofit education reform organizations that spent millions on a ballot campaign in Massachusetts without disclosing their donors.

In addition to an unprecedented economic crisis, Puerto Rico now faces a humanitarian crisis following the devastation of Hurricane Maria. We are deeply concerned that Denison University, a highly regarded institution of higher education with a strong commitment to economic justice and human rights, could be facilitating these crises in Puerto Rico via its investment with Baupost Group. Furthermore, we believe that the university’s continued investment with Baupost Group, a company that went to great lengths to conceal its involvement in the Puerto Rican debt crisis, aids Seth Klarman in avoiding accountability for his actions.

Given the serious concerns detailed here and in the attached documents, we are requesting a meeting with you to discuss the university’s investment with Baupost Group and to hear from you how Denison University plans to address this matter. Additionally, we ask that you request a due diligence investigation into this matter by your endowment staff and your investment consultants.

The disturbing profit-driven tactics of Baupost Group in Puerto Rico threaten the lives and livelihoods of millions of Puerto Ricans, and the company’s extreme opacity with respect to these investments is unacceptable. Denison University, as both an investor in Baupost Group and a world-renowned institution of higher education, should be alarmed by Baupost’s actions and should demand accountability from Seth Klarman. We look forward to your response.

Sincerely,

Courage Campaign
Connecticut Puerto Rican Agenda
Massachusetts Jobs with Justice
Public Higher Education Network of Massachusetts
American family Voices
Alliance for Quality Education
Delaware Alliance for Community Advancement
Alliance of Californians for Community Empowerment (ACCE)
OLÉ -Organizers in the Land of Enchantment
Pineros y Campesinos Unidos del Noroeste
Center for Popular Democracy
Missourians Organizing for Reform and Empowerment (M.O.R.E)
Texas Organizing Project
CASA de Maryland
Action North Carolina
Arkansas Community Organizations
One Pennsylvania
Hedge Clippers
New York Communities for Change
Strong Economy For All
Make the Road Connecticut
Make the Road New York
Organize Florida
United Students Against Sweatshops
Make the Road Pennsylvania
Action Center on Race and the Economy (ACRE)
ReFund America Project
Responsible Endowments Coalition 


October 16, 2017

Bruce D. Benson
President
University of Colorado
Office of the President
1800 Grant Street
Dever, CO 80203

Dear President Bruce D. Benson,

Baupost Group, a hedge fund that the University of Colorado endowment appears to invest with, was recently revealed to be one of the largest holders of Puerto Rican debt bonds. A recent investigation found that Baupost Group, under the leadership of billionaire founder and CEO Seth Klarman, owns $911.6 million worth of Puerto Rican debt bonds, purchased through a shell company used to shield the hedge fund from public scrutiny.

Baupost Group is one of many hedge fund investors that purchased large portions of Puerto Rico’s debt at a discount and are now demanding that the island enact extreme austerity measures so that it may repay its creditors in full. However, Seth Klarman is a particularly egregious actor in the Puerto Rican economic crisis due to his decision to use an elaborate network of shell companies in order to keep the public, and presumably investors, from knowing about his dealings on the island. This type of extreme secrecy is unfortunately a pattern with Klarman, who last year was revealed by the Boston Globe to be one of several wealthy donors to nonprofit education reform organizations that spent millions on a ballot campaign in Massachusetts without disclosing their donors.

In addition to an unprecedented economic crisis, Puerto Rico now faces a humanitarian crisis following the devastation of Hurricane Maria. We are deeply concerned that the University of Colorado, a highly regarded institution of higher education with a strong commitment to economic justice and human rights, could be facilitating these crises in Puerto Rico via its investment with Baupost Group. Furthermore, we believe that the university’s continued investment with Baupost Group, a company that went to great lengths to conceal its involvement in the Puerto Rican debt crisis, aids Seth Klarman in avoiding accountability for his actions.

Given the serious concerns detailed here and in the attached documents, we are requesting a meeting with you to discuss the university’s investment with Baupost Group and to hear from you how the University of Colorado plans to address this matter. Additionally, we ask that you request a due diligence investigation into this matter by your endowment staff and your investment consultants.

The disturbing profit-driven tactics of Baupost Group in Puerto Rico threaten the lives and livelihoods of millions of Puerto Ricans, and the company’s extreme opacity with respect to these investments is unacceptable. The University of Colorado, as both an investor in Baupost Group and a world-renowned institution of higher education, should be alarmed by Baupost’s actions and should demand accountability from Seth Klarman. We look forward to your response.

Sincerely,

Courage Campaign
Connecticut Puerto Rican Agenda
Massachusetts Jobs with Justice
Public Higher Education Network of Massachusetts
American family Voices
Alliance for Quality Education
Delaware Alliance for Community Advancement
Alliance of Californians for Community Empowerment (ACCE)
OLÉ -Organizers in the Land of Enchantment
Pineros y Campesinos Unidos del Noroeste
Center for Popular Democracy
Missourians Organizing for Reform and Empowerment (M.O.R.E)
Texas Organizing Project
CASA de Maryland
Action North Carolina
Arkansas Community Organizations
One Pennsylvania
Hedge Clippers
New York Communities for Change
Strong Economy For All
Make the Road Connecticut
Make the Road New York
Organize Florida
United Students Against Sweatshops
Make the Road Pennsylvania
Action Center on Race and the Economy (ACRE)
ReFund America Project
Responsible Endowments Coalition 



October 16, 2017

Philip Boroughs
President
College of the Holy Cross
Fenwick Hall 119
P.O. Box PRES
Worcester, MA 01610

Dear President Philip Boroughs,

Baupost Group, a hedge fund that the College of the Holy Cross endowment appears to invest with, was recently revealed to be one of the largest holders of Puerto Rican debt bonds. A recent investigation found that Baupost Group, under the leadership of billionaire founder and CEO Seth Klarman, owns $911.6 million worth of Puerto Rican debt bonds, purchased through a shell company used to shield the hedge fund from public scrutiny.

Baupost Group is one of many hedge fund investors that purchased large portions of Puerto Rico’s debt at a discount and are now demanding that the island enact extreme austerity measures so that it may repay its creditors in full. However, Seth Klarman is a particularly egregious actor in the Puerto Rican economic crisis due to his decision to use an elaborate network of shell companies in order to keep the public, and presumably investors, from knowing about his dealings on the island. This type of extreme secrecy is unfortunately a pattern with Klarman, who last year was revealed by the Boston Globe to be one of several wealthy donors to nonprofit education reform organizations that spent millions on a ballot campaign in Massachusetts without disclosing their donors.

In addition to an unprecedented economic crisis, Puerto Rico now faces a humanitarian crisis following the devastation of Hurricane Maria. We are deeply concerned that College of the Holy Cross, a highly regarded institution of higher education with a strong commitment to economic justice and human rights, could be facilitating these crises in Puerto Rico via its investment with Baupost Group. Furthermore, we believe that the university’s continued investment with Baupost Group, a company that went to great lengths to conceal its involvement in the Puerto Rican debt crisis, aids Seth Klarman in avoiding accountability for his actions.

Given the serious concerns detailed here and in the attached documents, we are requesting a meeting with you to discuss the university’s investment with Baupost Group and to hear from you how College of the Holy Cross plans to address this matter. Additionally, we ask that you request a due diligence investigation into this matter by your endowment staff and your investment consultants.

The disturbing profit-driven tactics of Baupost Group in Puerto Rico threaten the lives and livelihoods of millions of Puerto Ricans, and the company’s extreme opacity with respect to these investments is unacceptable. College of the Holy Cross, as both an investor in Baupost Group and a world-renowned institution of higher education, should be alarmed by Baupost’s actions and should demand accountability from Seth Klarman. We look forward to your response.

Sincerely,

Courage Campaign
Connecticut Puerto Rican Agenda
Massachusetts Jobs with Justice
Public Higher Education Network of Massachusetts
American family Voices
Alliance for Quality Education
Delaware Alliance for Community Advancement
Alliance of Californians for Community Empowerment (ACCE)
OLÉ -Organizers in the Land of Enchantment
Pineros y Campesinos Unidos del Noroeste
Center for Popular Democracy
Missourians Organizing for Reform and Empowerment (M.O.R.E)
Texas Organizing Project
CASA de Maryland
Action North Carolina
Arkansas Community Organizations
One Pennsylvania
Hedge Clippers
New York Communities for Change
Strong Economy For All
Make the Road Connecticut
Make the Road New York
Organize Florida
United Students Against Sweatshops
Make the Road Pennsylvania
Action Center on Race and the Economy (ACRE)
ReFund America Project
Responsible Endowments Coalition 


October 16, 2017

Roger H. Brown
President
Berklee College of Music
Room 6G
1140 Boylston St.
Boston, MA 02215

Dear President Roger H. Brown,

Baupost Group, a hedge fund that the Berklee College of Music endowment appears to invest with, was recently revealed to be one of the largest holders of Puerto Rican debt bonds. A recent investigation found that Baupost Group, under the leadership of billionaire founder and CEO Seth Klarman, owns $911.6 million worth of Puerto Rican debt bonds, purchased through a shell company used to shield the hedge fund from public scrutiny.

Baupost Group is one of many hedge fund investors that purchased large portions of Puerto Rico’s debt at a discount and are now demanding that the island enact extreme austerity measures so that it may repay its creditors in full. However, Seth Klarman is a particularly egregious actor in the Puerto Rican economic crisis due to his decision to use an elaborate network of shell companies in order to keep the public, and presumably investors, from knowing about his dealings on the island. This type of extreme secrecy is unfortunately a pattern with Klarman, who last year was revealed by the Boston Globe to be one of several wealthy donors to nonprofit education reform organizations that spent millions on a ballot campaign in Massachusetts without disclosing their donors.

In addition to an unprecedented economic crisis, Puerto Rico now faces a humanitarian crisis following the devastation of Hurricane Maria. We are deeply concerned that Berklee College of Music, a highly regarded institution of higher education with a strong commitment to economic justice and human rights, could be facilitating these crises in Puerto Rico via its investment with Baupost Group. Furthermore, we believe that the university’s continued investment with Baupost Group, a company that went to great lengths to conceal its involvement in the Puerto Rican debt crisis, aids Seth Klarman in avoiding accountability for his actions.

Given the serious concerns detailed here and in the attached documents, we are requesting a meeting with you to discuss the university’s investment with Baupost Group and to hear from you how Berklee College of Music plans to address this matter. Additionally, we ask that you request a due diligence investigation into this matter by your endowment staff and your investment consultants.

The disturbing profit-driven tactics of Baupost Group in Puerto Rico threaten the lives and livelihoods of millions of Puerto Ricans, and the company’s extreme opacity with respect to these investments is unacceptable. Berklee College of Music, as both an investor in Baupost Group and a world-renowned institution of higher education, should be alarmed by Baupost’s actions and should demand accountability from Seth Klarman. We look forward to your response.

Sincerely,

Courage Campaign
Connecticut Puerto Rican Agenda
Massachusetts Jobs with Justice
Public Higher Education Network of Massachusetts
American family Voices
Alliance for Quality Education
Delaware Alliance for Community Advancement
Alliance of Californians for Community Empowerment (ACCE)
OLÉ -Organizers in the Land of Enchantment
Pineros y Campesinos Unidos del Noroeste
Center for Popular Democracy
Missourians Organizing for Reform and Empowerment (M.O.R.E)
Texas Organizing Project
CASA de Maryland
Action North Carolina
Arkansas Community Organizations
One Pennsylvania
Hedge Clippers
New York Communities for Change
Strong Economy For All
Make the Road Connecticut
Make the Road New York
Organize Florida
United Students Against Sweatshops
Make the Road Pennsylvania
Action Center on Race and the Economy (ACRE)
ReFund America Project
Responsible Endowments Coalition 


October 16, 2017

Ronald D. Liebowitz
President
Brandeis University
MS 100
Brandeis University
Waltham, MA 02453-2728

Dear President Ronald D. Liebowitz,

Baupost Group, a hedge fund that the Brandeis University endowment appears to invest with, was recently revealed to be one of the largest holders of Puerto Rican debt bonds. A recent investigation found that Baupost Group, under the leadership of billionaire founder and CEO Seth Klarman, owns $911.6 million worth of Puerto Rican debt bonds, purchased through a shell company used to shield the hedge fund from public scrutiny.

Baupost Group is one of many hedge fund investors that purchased large portions of Puerto Rico’s debt at a discount and are now demanding that the island enact extreme austerity measures so that it may repay its creditors in full. However, Seth Klarman is a particularly egregious actor in the Puerto Rican economic crisis due to his decision to use an elaborate network of shell companies in order to keep the public, and presumably investors, from knowing about his dealings on the island. This type of extreme secrecy is unfortunately a pattern with Klarman, who last year was revealed by the Boston Globe to be one of several wealthy donors to nonprofit education reform organizations that spent millions on a ballot campaign in Massachusetts without disclosing their donors.

In addition to an unprecedented economic crisis, Puerto Rico now faces a humanitarian crisis following the devastation of Hurricane Maria. We are deeply concerned that Brandeis University, a highly regarded institution of higher education with a strong commitment to economic justice and human rights, could be facilitating these crises in Puerto Rico via its investment with Baupost Group. Furthermore, we believe that the university’s continued investment with Baupost Group, a company that went to great lengths to conceal its involvement in the Puerto Rican debt crisis, aids Seth Klarman in avoiding accountability for his actions.

Given the serious concerns detailed here and in the attached documents, we are requesting a meeting with you to discuss the university’s investment with Baupost Group and to hear from you how Brandeis University plans to address this matter. Additionally, we ask that you request a due diligence investigation into this matter by your endowment staff and your investment consultants.

The disturbing profit-driven tactics of Baupost Group in Puerto Rico threaten the lives and livelihoods of millions of Puerto Ricans, and the company’s extreme opacity with respect to these investments is unacceptable. Brandeis University, as both an investor in Baupost Group and a world-renowned institution of higher education, should be alarmed by Baupost’s actions and should demand accountability from Seth Klarman. We look forward to your response.

Sincerely,

Courage Campaign
Connecticut Puerto Rican Agenda
Massachusetts Jobs with Justice
Public Higher Education Network of Massachusetts
American family Voices
Alliance for Quality Education
Delaware Alliance for Community Advancement
Alliance of Californians for Community Empowerment (ACCE)
OLÉ -Organizers in the Land of Enchantment
Pineros y Campesinos Unidos del Noroeste
Center for Popular Democracy
Missourians Organizing for Reform and Empowerment (M.O.R.E)
Texas Organizing Project
CASA de Maryland
Action North Carolina
Arkansas Community Organizations
One Pennsylvania
Hedge Clippers
New York Communities for Change
Strong Economy For All
Make the Road Connecticut
Make the Road New York
Organize Florida
United Students Against Sweatshops
Make the Road Pennsylvania
Action Center on Race and the Economy (ACRE)
ReFund America Project
Responsible Endowments Coalition 


October 16, 2017

David Angel
President
Clark University
Clark University
950 Main Street
Worcester, MA 01610

Dear President David Angel,

Baupost Group, a hedge fund that the Clark University endowment appears to invest with, was recently revealed to be one of the largest holders of Puerto Rican debt bonds. A recent investigation found that Baupost Group, under the leadership of billionaire founder and CEO Seth Klarman, owns $911.6 million worth of Puerto Rican debt bonds, purchased through a shell company used to shield the hedge fund from public scrutiny.

Baupost Group is one of many hedge fund investors that purchased large portions of Puerto Rico’s debt at a discount and are now demanding that the island enact extreme austerity measures so that it may repay its creditors in full. However, Seth Klarman is a particularly egregious actor in the Puerto Rican economic crisis due to his decision to use an elaborate network of shell companies in order to keep the public, and presumably investors, from knowing about his dealings on the island. This type of extreme secrecy is unfortunately a pattern with Klarman, who last year was revealed by the Boston Globe to be one of several wealthy donors to nonprofit education reform organizations that spent millions on a ballot campaign in Massachusetts without disclosing their donors.

In addition to an unprecedented economic crisis, Puerto Rico now faces a humanitarian crisis following the devastation of Hurricane Maria. We are deeply concerned that Clark University, a highly regarded institution of higher education with a strong commitment to economic justice and human rights, could be facilitating these crises in Puerto Rico via its investment with Baupost Group. Furthermore, we believe that the university’s continued investment with Baupost Group, a company that went to great lengths to conceal its involvement in the Puerto Rican debt crisis, aids Seth Klarman in avoiding accountability for his actions.

Given the serious concerns detailed here and in the attached documents, we are requesting a meeting with you to discuss the university’s investment with Baupost Group and to hear from you how Clark University plans to address this matter. Additionally, we ask that you request a due diligence investigation into this matter by your endowment staff and your investment consultants.

The disturbing profit-driven tactics of Baupost Group in Puerto Rico threaten the lives and livelihoods of millions of Puerto Ricans, and the company’s extreme opacity with respect to these investments is unacceptable. Clark University, as both an investor in Baupost Group and a world-renowned institution of higher education, should be alarmed by Baupost’s actions and should demand accountability from Seth Klarman. We look forward to your response.

Sincerely,

Courage Campaign
Connecticut Puerto Rican Agenda
Massachusetts Jobs with Justice
Public Higher Education Network of Massachusetts
American family Voices
Alliance for Quality Education
Delaware Alliance for Community Advancement
Alliance of Californians for Community Empowerment (ACCE)
OLÉ -Organizers in the Land of Enchantment
Pineros y Campesinos Unidos del Noroeste
Center for Popular Democracy
Missourians Organizing for Reform and Empowerment (M.O.R.E)
Texas Organizing Project
CASA de Maryland
Action North Carolina
Arkansas Community Organizations
One Pennsylvania
Hedge Clippers
New York Communities for Change
Strong Economy For All
Make the Road Connecticut
Make the Road New York
Organize Florida
United Students Against Sweatshops
Make the Road Pennsylvania
Action Center on Race and the Economy (ACRE)
ReFund America Project
Responsible Endowments Coalition 


October 16, 2017

Martha E. Pollack
President
Cornell University
333 Day Hall
Cornell University
Ithaca, NY 14853

Dear President Martha E. Pollack,

Baupost Group, a hedge fund that the Cornell University endowment appears to invest with, was recently revealed to be one of the largest holders of Puerto Rican debt bonds. A recent investigation found that Baupost Group, under the leadership of billionaire founder and CEO Seth Klarman, owns $911.6 million worth of Puerto Rican debt bonds, purchased through a shell company used to shield the hedge fund from public scrutiny.

Baupost Group is one of many hedge fund investors that purchased large portions of Puerto Rico’s debt at a discount and are now demanding that the island enact extreme austerity measures so that it may repay its creditors in full. However, Seth Klarman is a particularly egregious actor in the Puerto Rican economic crisis due to his decision to use an elaborate network of shell companies in order to keep the public, and presumably investors, from knowing about his dealings on the island. This type of extreme secrecy is unfortunately a pattern with Klarman, who last year was revealed by the Boston Globe to be one of several wealthy donors to nonprofit education reform organizations that spent millions on a ballot campaign in Massachusetts without disclosing their donors.

In addition to an unprecedented economic crisis, Puerto Rico now faces a humanitarian crisis following the devastation of Hurricane Maria. We are deeply concerned that Cornell University, a highly regarded institution of higher education with a strong commitment to economic justice and human rights, could be facilitating these crises in Puerto Rico via its investment with Baupost Group. Furthermore, we believe that the university’s continued investment with Baupost Group, a company that went to great lengths to conceal its involvement in the Puerto Rican debt crisis, aids Seth Klarman in avoiding accountability for his actions.

Given the serious concerns detailed here and in the attached documents, we are requesting a meeting with you to discuss the university’s investment with Baupost Group and to hear from you how Cornell University plans to address this matter. Additionally, we ask that you request a due diligence investigation into this matter by your endowment staff and your investment consultants.

The disturbing profit-driven tactics of Baupost Group in Puerto Rico threaten the lives and livelihoods of millions of Puerto Ricans, and the company’s extreme opacity with respect to these investments is unacceptable. Cornell University, as both an investor in Baupost Group and a world-renowned institution of higher education, should be alarmed by Baupost’s actions and should demand accountability from Seth Klarman. We look forward to your response.

Sincerely,

Courage Campaign
Connecticut Puerto Rican Agenda
Massachusetts Jobs with Justice
Public Higher Education Network of Massachusetts
American family Voices
Alliance for Quality Education
Delaware Alliance for Community Advancement
Alliance of Californians for Community Empowerment (ACCE)
OLÉ -Organizers in the Land of Enchantment
Pineros y Campesinos Unidos del Noroeste
Center for Popular Democracy
Missourians Organizing for Reform and Empowerment (M.O.R.E)
Texas Organizing Project
CASA de Maryland
Action North Carolina
Arkansas Community Organizations
One Pennsylvania
Hedge Clippers
New York Communities for Change
Strong Economy For All
Make the Road Connecticut
Make the Road New York
Organize Florida
United Students Against Sweatshops
Make the Road Pennsylvania
Action Center on Race and the Economy (ACRE)
ReFund America Project
Responsible Endowments Coalition 


October 16, 2017

G. Gabrielle Starr
President
Pomona College
333 N. College Way

Claremont, CA 91711

Dear President G. Gabrielle Starr,

Baupost Group, a hedge fund that the Pomona College endowment appears to invest with, was recently revealed to be one of the largest holders of Puerto Rican debt bonds. A recent investigation found that Baupost Group, under the leadership of billionaire founder and CEO Seth Klarman, owns $911.6 million worth of Puerto Rican debt bonds, purchased through a shell company used to shield the hedge fund from public scrutiny.

Baupost Group is one of many hedge fund investors that purchased large portions of Puerto Rico’s debt at a discount and are now demanding that the island enact extreme austerity measures so that it may repay its creditors in full. However, Seth Klarman is a particularly egregious actor in the Puerto Rican economic crisis due to his decision to use an elaborate network of shell companies in order to keep the public, and presumably investors, from knowing about his dealings on the island. This type of extreme secrecy is unfortunately a pattern with Klarman, who last year was revealed by the Boston Globe to be one of several wealthy donors to nonprofit education reform organizations that spent millions on a ballot campaign in Massachusetts without disclosing their donors.

In addition to an unprecedented economic crisis, Puerto Rico now faces a humanitarian crisis following the devastation of Hurricane Maria. We are deeply concerned that Pomona College, a highly regarded institution of higher education with a strong commitment to economic justice and human rights, could be facilitating these crises in Puerto Rico via its investment with Baupost Group. Furthermore, we believe that the university’s continued investment with Baupost Group, a company that went to great lengths to conceal its involvement in the Puerto Rican debt crisis, aids Seth Klarman in avoiding accountability for his actions.

Given the serious concerns detailed here and in the attached documents, we are requesting a meeting with you to discuss the university’s investment with Baupost Group and to hear from you how Pomona College plans to address this matter. Additionally, we ask that you request a due diligence investigation into this matter by your endowment staff and your investment consultants.

The disturbing profit-driven tactics of Baupost Group in Puerto Rico threaten the lives and livelihoods of millions of Puerto Ricans, and the company’s extreme opacity with respect to these investments is unacceptable. Pomona College, as both an investor in Baupost Group and a world-renowned institution of higher education, should be alarmed by Baupost’s actions and should demand accountability from Seth Klarman. We look forward to your response.

Sincerely,

Courage Campaign
Connecticut Puerto Rican Agenda
Massachusetts Jobs with Justice
Public Higher Education Network of Massachusetts
American family Voices
Alliance for Quality Education
Delaware Alliance for Community Advancement
Alliance of Californians for Community Empowerment (ACCE)
OLÉ -Organizers in the Land of Enchantment
Pineros y Campesinos Unidos del Noroeste
Center for Popular Democracy
Missourians Organizing for Reform and Empowerment (M.O.R.E)
Texas Organizing Project
CASA de Maryland
Action North Carolina
Arkansas Community Organizations
One Pennsylvania
Hedge Clippers
New York Communities for Change
Strong Economy For All
Make the Road Connecticut
Make the Road New York
Organize Florida
United Students Against Sweatshops
Make the Road Pennsylvania
Action Center on Race and the Economy (ACRE)
ReFund America Project
Responsible Endowments Coalition 


October 16, 2017

M. Craig Barnes
President
Princeton Theological Seminary
Princeton Theological Seminary
64 Mercer St. 
Princeton , NJ 08542

Dear President M. Craig Barnes,

Baupost Group, a hedge fund that the Princeton Theological Seminary endowment appears to invest with, was recently revealed to be one of the largest holders of Puerto Rican debt bonds. A recent investigation found that Baupost Group, under the leadership of billionaire founder and CEO Seth Klarman, owns $911.6 million worth of Puerto Rican debt bonds, purchased through a shell company used to shield the hedge fund from public scrutiny.

Baupost Group is one of many hedge fund investors that purchased large portions of Puerto Rico’s debt at a discount and are now demanding that the island enact extreme austerity measures so that it may repay its creditors in full. However, Seth Klarman is a particularly egregious actor in the Puerto Rican economic crisis due to his decision to use an elaborate network of shell companies in order to keep the public, and presumably investors, from knowing about his dealings on the island. This type of extreme secrecy is unfortunately a pattern with Klarman, who last year was revealed by the Boston Globe to be one of several wealthy donors to nonprofit education reform organizations that spent millions on a ballot campaign in Massachusetts without disclosing their donors.

In addition to an unprecedented economic crisis, Puerto Rico now faces a humanitarian crisis following the devastation of Hurricane Maria. We are deeply concerned that the Princeton Theological Seminary, a highly regarded institution of higher education with a strong commitment to economic justice and human rights, could be facilitating these crises in Puerto Rico via its investment with Baupost Group. Furthermore, we believe that the university’s continued investment with Baupost Group, a company that went to great lengths to conceal its involvement in the Puerto Rican debt crisis, aids Seth Klarman in avoiding accountability for his actions.

Given the serious concerns detailed here and in the attached documents, we are requesting a meeting with you to discuss the university’s investment with Baupost Group and to hear from you how the Princeton Theological Seminary plans to address this matter. Additionally, we ask that you request a due diligence investigation into this matter by your endowment staff and your investment consultants.

The disturbing profit-driven tactics of Baupost Group in Puerto Rico threaten the lives and livelihoods of millions of Puerto Ricans, and the company’s extreme opacity with respect to these investments is unacceptable. The Princeton Theological Seminary, as both an investor in Baupost Group and a world-renowned institution of higher education, should be alarmed by Baupost’s actions and should demand accountability from Seth Klarman. We look forward to your response.

Sincerely,

Courage Campaign
Connecticut Puerto Rican Agenda
Massachusetts Jobs with Justice
Public Higher Education Network of Massachusetts
American family Voices
Alliance for Quality Education
Delaware Alliance for Community Advancement
Alliance of Californians for Community Empowerment (ACCE)
OLÉ -Organizers in the Land of Enchantment
Pineros y Campesinos Unidos del Noroeste
Center for Popular Democracy
Missourians Organizing for Reform and Empowerment (M.O.R.E)
Texas Organizing Project
CASA de Maryland
Action North Carolina
Arkansas Community Organizations
One Pennsylvania
Hedge Clippers
New York Communities for Change
Strong Economy For All
Make the Road Connecticut
Make the Road New York
Organize Florida
United Students Against Sweatshops
Make the Road Pennsylvania
Action Center on Race and the Economy (ACRE)
ReFund America Project
Responsible Endowments Coalition 


October 16, 2017

Chancellor Sam Hagwood
University of California San Francisco
Office of the Chancellor
Box 0402
San Francisco, CA 94143

Dear Chancellor Sam Hagwood,

Baupost Group, a hedge fund that the University of California San Francisco endowment appears to invest with, was recently revealed to be one of the largest holders of Puerto Rican debt bonds. A recent investigation found that Baupost Group, under the leadership of billionaire founder and CEO Seth Klarman, owns $911.6 million worth of Puerto Rican debt bonds, purchased through a shell company used to shield the hedge fund from public scrutiny.

Baupost Group is one of many hedge fund investors that purchased large portions of Puerto Rico’s debt at a discount and are now demanding that the island enact extreme austerity measures so that it may repay its creditors in full. However, Seth Klarman is a particularly egregious actor in the Puerto Rican economic crisis due to his decision to use an elaborate network of shell companies in order to keep the public, and presumably investors, from knowing about his dealings on the island. This type of extreme secrecy is unfortunately a pattern with Klarman, who last year was revealed by the Boston Globe to be one of several wealthy donors to nonprofit education reform organizations that spent millions on a ballot campaign in Massachusetts without disclosing their donors.

In addition to an unprecedented economic crisis, Puerto Rico now faces a humanitarian crisis following the devastation of Hurricane Maria. We are deeply concerned that the University of California San Francisco, a highly regarded institution of higher education with a strong commitment to economic justice and human rights, could be facilitating these crises in Puerto Rico via its investment with Baupost Group. Furthermore, we believe that the university’s continued investment with Baupost Group, a company that went to great lengths to conceal its involvement in the Puerto Rican debt crisis, aids Seth Klarman in avoiding accountability for his actions.

Given the serious concerns detailed here and in the attached documents, we are requesting a meeting with you to discuss the university’s investment with Baupost Group and to hear from you how the University of California San Francisco plans to address this matter. Additionally, we ask that you request a due diligence investigation into this matter by your endowment staff and your investment consultants.

The disturbing profit-driven tactics of Baupost Group in Puerto Rico threaten the lives and livelihoods of millions of Puerto Ricans, and the company’s extreme opacity with respect to these investments is unacceptable. The University of California San Francisco, as both an investor in Baupost Group and a world-renowned institution of higher education, should be alarmed by Baupost’s actions and should demand accountability from Seth Klarman. We look forward to your response.

Sincerely,

Courage Campaign
Connecticut Puerto Rican Agenda
Massachusetts Jobs with Justice
Public Higher Education Network of Massachusetts
American family Voices
Alliance for Quality Education
Delaware Alliance for Community Advancement
Alliance of Californians for Community Empowerment (ACCE)
OLÉ -Organizers in the Land of Enchantment
Pineros y Campesinos Unidos del Noroeste
Center for Popular Democracy
Missourians Organizing for Reform and Empowerment (M.O.R.E)
Texas Organizing Project
CASA de Maryland
Action North Carolina
Arkansas Community Organizations
One Pennsylvania
Hedge Clippers
New York Communities for Change
Strong Economy For All
Make the Road Connecticut
Make the Road New York
Organize Florida
United Students Against Sweatshops
Make the Road Pennsylvania
Action Center on Race and the Economy (ACRE)
ReFund America Project
Responsible Endowments Coalition 



October 16, 2017

Robert Zimmer
President
University of Chicago
The University of Chicago
5801 South Ellis Ave
Chicago , IL 60637

Dear President Robert Zimmer,

Baupost Group, a hedge fund that the University of Chicago endowment appears to invest with, was recently revealed to be one of the largest holders of Puerto Rican debt bonds. A recent investigation found that Baupost Group, under the leadership of billionaire founder and CEO Seth Klarman, owns $911.6 million worth of Puerto Rican debt bonds, purchased through a shell company used to shield the hedge fund from public scrutiny.

Baupost Group is one of many hedge fund investors that purchased large portions of Puerto Rico’s debt at a discount and are now demanding that the island enact extreme austerity measures so that it may repay its creditors in full. However, Seth Klarman is a particularly egregious actor in the Puerto Rican economic crisis due to his decision to use an elaborate network of shell companies in order to keep the public, and presumably investors, from knowing about his dealings on the island. This type of extreme secrecy is unfortunately a pattern with Klarman, who last year was revealed by the Boston Globe to be one of several wealthy donors to nonprofit education reform organizations that spent millions on a ballot campaign in Massachusetts without disclosing their donors.

In addition to an unprecedented economic crisis, Puerto Rico now faces a humanitarian crisis following the devastation of Hurricane Maria. We are deeply concerned that the University of Chicago, a highly regarded institution of higher education with a strong commitment to economic justice and human rights, could be facilitating these crises in Puerto Rico via its investment with Baupost Group. Furthermore, we believe that the university’s continued investment with Baupost Group, a company that went to great lengths to conceal its involvement in the Puerto Rican debt crisis, aids Seth Klarman in avoiding accountability for his actions.

Given the serious concerns detailed here and in the attached documents, we are requesting a meeting with you to discuss the university’s investment with Baupost Group and to hear from you how the University of Chicago plans to address this matter. Additionally, we ask that you request a due diligence investigation into this matter by your endowment staff and your investment consultants.

The disturbing profit-driven tactics of Baupost Group in Puerto Rico threaten the lives and livelihoods of millions of Puerto Ricans, and the company’s extreme opacity with respect to these investments is unacceptable. The University of Chicago, as both an investor in Baupost Group and a world-renowned institution of higher education, should be alarmed by Baupost’s actions and should demand accountability from Seth Klarman. We look forward to your response.

Sincerely,

Courage Campaign
Connecticut Puerto Rican Agenda
Massachusetts Jobs with Justice
Public Higher Education Network of Massachusetts
American family Voices
Alliance for Quality Education
Delaware Alliance for Community Advancement
Alliance of Californians for Community Empowerment (ACCE)
OLÉ -Organizers in the Land of Enchantment
Pineros y Campesinos Unidos del Noroeste
Center for Popular Democracy
Missourians Organizing for Reform and Empowerment (M.O.R.E)
Texas Organizing Project
CASA de Maryland
Action North Carolina
Arkansas Community Organizations
One Pennsylvania
Hedge Clippers
New York Communities for Change
Strong Economy For All
Make the Road Connecticut
Make the Road New York
Organize Florida
United Students Against Sweatshops
Make the Road Pennsylvania
Action Center on Race and the Economy (ACRE)
ReFund America Project
Responsible Endowments Coalition 


October 16, 2017

Gregory L. Fenves
President
University of Texas
110 Inner Campus Drive
Stop G3400
Austin, TX 78712

Dear President Gregory L. Fenves,

Baupost Group, a hedge fund that the University of Texas endowment appears to invest with, was recently revealed to be one of the largest holders of Puerto Rican debt bonds. A recent investigation found that Baupost Group, under the leadership of billionaire founder and CEO Seth Klarman, owns $911.6 million worth of Puerto Rican debt bonds, purchased through a shell company used to shield the hedge fund from public scrutiny.

Baupost Group is one of many hedge fund investors that purchased large portions of Puerto Rico’s debt at a discount and are now demanding that the island enact extreme austerity measures so that it may repay its creditors in full. However, Seth Klarman is a particularly egregious actor in the Puerto Rican economic crisis due to his decision to use an elaborate network of shell companies in order to keep the public, and presumably investors, from knowing about his dealings on the island. This type of extreme secrecy is unfortunately a pattern with Klarman, who last year was revealed by the Boston Globe to be one of several wealthy donors to nonprofit education reform organizations that spent millions on a ballot campaign in Massachusetts without disclosing their donors.

In addition to an unprecedented economic crisis, Puerto Rico now faces a humanitarian crisis following the devastation of Hurricane Maria. We are deeply concerned that the University of Texas, a highly regarded institution of higher education with a strong commitment to economic justice and human rights, could be facilitating these crises in Puerto Rico via its investment with Baupost Group. Furthermore, we believe that the university’s continued investment with Baupost Group, a company that went to great lengths to conceal its involvement in the Puerto Rican debt crisis, aids Seth Klarman in avoiding accountability for his actions.

Given the serious concerns detailed here and in the attached documents, we are requesting a meeting with you to discuss the university’s investment with Baupost Group and to hear from you how the University of Texas plans to address this matter. Additionally, we ask that you request a due diligence investigation into this matter by your endowment staff and your investment consultants.

The disturbing profit-driven tactics of Baupost Group in Puerto Rico threaten the lives and livelihoods of millions of Puerto Ricans, and the company’s extreme opacity with respect to these investments is unacceptable. The University of Texas, as both an investor in Baupost Group and a world-renowned institution of higher education, should be alarmed by Baupost’s actions and should demand accountability from Seth Klarman. We look forward to your response.

Sincerely,

Courage Campaign
Connecticut Puerto Rican Agenda
Massachusetts Jobs with Justice
Public Higher Education Network of Massachusetts
American family Voices
Alliance for Quality Education
Delaware Alliance for Community Advancement
Alliance of Californians for Community Empowerment (ACCE)
OLÉ -Organizers in the Land of Enchantment
Pineros y Campesinos Unidos del Noroeste
Center for Popular Democracy
Missourians Organizing for Reform and Empowerment (M.O.R.E)
Texas Organizing Project
CASA de Maryland
Action North Carolina
Arkansas Community Organizations
One Pennsylvania
Hedge Clippers
New York Communities for Change
Strong Economy For All
Make the Road Connecticut
Make the Road New York
Organize Florida
United Students Against Sweatshops
Make the Road Pennsylvania
Action Center on Race and the Economy (ACRE)
ReFund America Project
Responsible Endowments Coalition 


October 16, 2017

Drew Gilpin Faust
President
Harvard University
Harvard University
Massachusetts Hall
Cambridge, MA 02138

Dear President Drew Gilpin Faust,

Baupost Group, a hedge fund that the Harvard University endowment appears to invest with, was recently revealed to be one of the largest holders of Puerto Rican debt bonds. A recent investigation found that Baupost Group, under the leadership of billionaire founder and CEO Seth Klarman, owns $911.6 million worth of Puerto Rican debt bonds, purchased through a shell company used to shield the hedge fund from public scrutiny.

Baupost Group is one of many hedge fund investors that purchased large portions of Puerto Rico’s debt at a discount and are now demanding that the island enact extreme austerity measures so that it may repay its creditors in full. However, Seth Klarman is a particularly egregious actor in the Puerto Rican economic crisis due to his decision to use an elaborate network of shell companies in order to keep the public, and presumably investors, from knowing about his dealings on the island. This type of extreme secrecy is unfortunately a pattern with Klarman, who last year was revealed by the Boston Globe to be one of several wealthy donors to nonprofit education reform organizations that spent millions on a ballot campaign in Massachusetts without disclosing their donors.

In addition to an unprecedented economic crisis, Puerto Rico now faces a humanitarian crisis following the devastation of Hurricane Maria. We are deeply concerned that Harvard University, a highly regarded institution of higher education with a strong commitment to economic justice and human rights, could be facilitating these crises in Puerto Rico via its investment with Baupost Group. Furthermore, we believe that the university’s continued investment with Baupost Group, a company that went to great lengths to conceal its involvement in the Puerto Rican debt crisis, aids Seth Klarman in avoiding accountability for his actions.

Given the serious concerns detailed here and in the attached documents, we are requesting a meeting with you to discuss the university’s investment with Baupost Group and to hear from you how Harvard University plans to address this matter. Additionally, we ask that you request a due diligence investigation into this matter by your endowment staff and your investment consultants.

The disturbing profit-driven tactics of Baupost Group in Puerto Rico threaten the lives and livelihoods of millions of Puerto Ricans, and the company’s extreme opacity with respect to these investments is unacceptable. Harvard University, as both an investor in Baupost Group and a world-renowned institution of higher education, should be alarmed by Baupost’s actions and should demand accountability from Seth Klarman. We look forward to your response.

Sincerely,

Courage Campaign
Connecticut Puerto Rican Agenda
Massachusetts Jobs with Justice
Public Higher Education Network of Massachusetts
American family Voices
Alliance for Quality Education
Delaware Alliance for Community Advancement
Alliance of Californians for Community Empowerment (ACCE)
OLÉ -Organizers in the Land of Enchantment
Pineros y Campesinos Unidos del Noroeste
Center for Popular Democracy
Missourians Organizing for Reform and Empowerment (M.O.R.E)
Texas Organizing Project
CASA de Maryland
Action North Carolina
Arkansas Community Organizations
One Pennsylvania
Hedge Clippers
New York Communities for Change
Strong Economy For All
Make the Road Connecticut
Make the Road New York
Organize Florida
United Students Against Sweatshops
Make the Road Pennsylvania
Action Center on Race and the Economy (ACRE)
ReFund America Project
Responsible Endowments Coalition 


October 16, 2017

Peter Salovey
President
Yale University
Yale University
P.O. 208229
New Haven , CT 06520

Dear President Peter Salovey,

Baupost Group, a hedge fund that the Yale University endowment appears to invest with, was recently revealed to be one of the largest holders of Puerto Rican debt bonds. A recent investigation found that Baupost Group, under the leadership of billionaire founder and CEO Seth Klarman, owns $911.6 million worth of Puerto Rican debt bonds, purchased through a shell company used to shield the hedge fund from public scrutiny.

Baupost Group is one of many hedge fund investors that purchased large portions of Puerto Rico’s debt at a discount and are now demanding that the island enact extreme austerity measures so that it may repay its creditors in full. However, Seth Klarman is a particularly egregious actor in the Puerto Rican economic crisis due to his decision to use an elaborate network of shell companies in order to keep the public, and presumably investors, from knowing about his dealings on the island. This type of extreme secrecy is unfortunately a pattern with Klarman, who last year was revealed by the Boston Globe to be one of several wealthy donors to nonprofit education reform organizations that spent millions on a ballot campaign in Massachusetts without disclosing their donors.

In addition to an unprecedented economic crisis, Puerto Rico now faces a humanitarian crisis following the devastation of Hurricane Maria. We are deeply concerned that Yale University, a highly regarded institution of higher education with a strong commitment to economic justice and human rights, could be facilitating these crises in Puerto Rico via its investment with Baupost Group. Furthermore, we believe that the university’s continued investment with Baupost Group, a company that went to great lengths to conceal its involvement in the Puerto Rican debt crisis, aids Seth Klarman in avoiding accountability for his actions.

Given the serious concerns detailed here and in the attached documents, we are requesting a meeting with you to discuss the university’s investment with Baupost Group and to hear from you how Yale University plans to address this matter. Additionally, we ask that you request a due diligence investigation into this matter by your endowment staff and your investment consultants.

The disturbing profit-driven tactics of Baupost Group in Puerto Rico threaten the lives and livelihoods of millions of Puerto Ricans, and the company’s extreme opacity with respect to these investments is unacceptable. Yale University, as both an investor in Baupost Group and a world-renowned institution of higher education, should be alarmed by Baupost’s actions and should demand accountability from Seth Klarman. We look forward to your response.

Sincerely,

Courage Campaign
Connecticut Puerto Rican Agenda
Massachusetts Jobs with Justice
Public Higher Education Network of Massachusetts
American family Voices
Alliance for Quality Education
Delaware Alliance for Community Advancement
Alliance of Californians for Community Empowerment (ACCE)
OLÉ -Organizers in the Land of Enchantment
Pineros y Campesinos Unidos del Noroeste
Center for Popular Democracy
Missourians Organizing for Reform and Empowerment (M.O.R.E)
Texas Organizing Project
CASA de Maryland
Action North Carolina
Arkansas Community Organizations
One Pennsylvania
Hedge Clippers
New York Communities for Change
Strong Economy For All
Make the Road Connecticut
Make the Road New York
Organize Florida
United Students Against Sweatshops
Make the Road Pennsylvania
Action Center on Race and the Economy (ACRE)
ReFund America Project
Responsible Endowments Coalition 

Categories:

Seth Klarman