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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Organize Florida

United Students Against Sweatshops

Make the Road Pennsylvania

Action Center on Race and the Economy (ACRE)

ReFund America Project

Responsible Endowments Coalition