Crimson: Do you think it is a good step to have all major divestments from South Africa publicized?

Bok: Well, that depends on how you're going to publicize it. If you're going to say. "Is Harvard afraid to admit what it has done?" No. If you are going to say. "Should Harvard wage a publicity campaign in order to try to pressure these banks?" I would say, no. That's not why I divest these loans. I divest those loans because I am uncomfortable that Harvard's money is being used for those purposes. I am not advocating that policy because I think Harvard ought to use its economic muscle to force corporations into changing their policy. I don't advocate that course for two reasons. One is that I think it is a fruitless policy. Harvard doesn't have the leverage to have that kind of impact. Secondly, I think it ill behooves an institution that is founded on the premise of keeping outside organizations from putting pressure on it to then turn around to use its economic assets to try to put pressure on other organizations. If Harvard pursues that policy. I will predict that you will find greatly increased pressures on Harvard's academic issues.

Crimson: Last fall, the Corporation decided that Harvard should not own shares in a company that used University-owned patents in the manufacture of drugs using recombinant DNA. At that time you said that such commercial ventures "can be structured in ways consistent with Harvard's academic values." Under what conditions--

Bok: I didn't say definitely they could be. I said it is possible they could be, but that until we are sure that they can be, we shouldn't enter into such arrangements because of the risks we run with academic values. That is an important difference because I am still not at all sure that you can structure such arrangements in a [satisfactory] manner.

Crimson: Are you at all constrained by your position as president of Harvard when you respond to the kind of ethical and policy questions that we have been discussing?

Bok: I don't think so...On these issues. I have felt free to express my own views, without feeling that somehow my job gets in the way... If there was a sustained and significant difference between my ethical feeling and what I was forced to do as president. I would not remain as president.