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I won't defend multi-billion institutions receiving federal aid, which, as I understand it, is the point of critique in those tweets. But here's a bit of context about the endowment.
The Columbia Spectator published a detailed comparative account of the endowments of these Ivy league institutions. Cash-on-hand made up Just 2% of Columbia's $10 billion. Income from fixed and real assets made up 3% and 18%, respectively. Put simply, the endowment of these multi-billion dollar institutions is not liquid, and there are all kinds of restrictions, be they measured in terms of penalties or law, informal or formal. For instance, Columbia spends the "returns on its investments, an amount that constitutes around 5 percent of the total endowment value." (https://www.columbiaspectator.com/n...mbia-braces-for-widespread-financial-fallout/)
What the bailout--lets keep 100--really does is plug the expected shortfalls in revenue from tuition and clinical procedures and medical faculty practice. So Columbia may charge $71K for tuition, but it's going to see less and and less of that money from increasing numbers of students. This is because already we're seeing students withdraw (effectively taking their pledged tuition dollars back), demand tuition rebates and even launch class action lawsuits against schools like Drexel and Miami Universities claiming breach of contract (https://www.insidehighered.com/news...le-class-action-seeking-tuition-reimbursement).
In a sense the endowments of these institutions are premised on big bets: continued returns on specific financial investments, continued support of the 1%, state and local government support, and the willingness of rich undergraduate and masters students, both domestic and international, to float these Universities. There are grave concerns about each of these revenue sources. Hence, the federal bailout.
Again, I'm not defending the act or the idea of taxpayer dollars redistributed to tax-exempt, multi-billion institutions at a time when working-class Americans are being pummeled (peep the breadlines in cities around the country: https://www.bloomberg.com/news/arti...read-lines-are-forming-in-mar-a-lago-s-shadow).
But the endowment is not what it seems. Or $40 billion is not what it seems.
If we’re going criticize across the board for large institutions private and public receiving funds, there is no reason Harvard University gets a pass for getting $9mm when the money should have been better used. Tax exempt multi billion institutions have reserve funds, sometimes multiple lines, just for these occasions. Read some budget cut news, but Harvard is so efficient that they can’t find $9mm in savings anywhere?!?!
BS.
Spent two sessions in two years back in the day on University (not Harvard) budget committee for student fees as Student Rep. Ever wonder why fees never decrease? Ever wonder why each department feels the need to automatically increase line items and overall total regardless of Reality?
Wealth vs Income argument is also not helpful especially on a $40 Billion Dollar endowment. Can’t find $9mm in that pile? Then call up wealthy famous alumni to fund raise.