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Frequent Contributor

Harvard gets CARES money

73 Replies
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Frequent Contributor

Re: Harvard gets CARES money

It is obscene.

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Frequent Contributor

Re: Harvard gets CARES money


@GLI2019 wrote:

Poor Harvard.  Only has a $41 billion endowment.

https://www.huffpost.com/entry/harvard-richest-9-million-cares-aid_n_5e9cc9f5c5b63c5b58707122

Appalling!

Bob


+1

This is an ethics, as well as "qualification" issue.

When I retired, I qualified for food stamps.  Did not take it.  Asked my kids, who occasionally "qualified" for same, not to take food stamps.  They didn't.

R48

 

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Re: Harvard gets CARES money

Soon Harvard administrators will receive a directive that at least once a day for an hour they must walk the streets of Cambridge, with six feet of separation, looking for loose change on the streets. 

The Endowment needs the money. 😡

Bob

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Re: Harvard gets CARES money

I remember reading that Harvard's residence halls have very small rooms (shared by two students, IIRC).  Some of today's newer university residence halls in the country are luxurious.  Some years ago, Harvard was in the news because it asked residence hall students to bring their own soaps for the shared areas.  It's a great institution but... Harvard is tight!  Maybe they will take action when Harvard has a $410B endowment.

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Re: Harvard gets CARES money

Mark Twain:

"Man is the only animal that blushes. And needs to."

Bob

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Re: Harvard gets CARES money

https://finance.yahoo.com/news/nyu-marketing-pro-expects-tremendous-price-pressure-on-us-colleges-af...

Education is in for big changes. Big ones will change and adopt. The small ones will die causing more education deserts in the US.

Here is a comment from one in the Yahoo on this story.

"Government involvement in higher education is precisely what has driven up costs. Schools use government funds to hire Deans, Assistant Deans, Associate Deans, Assistant to the Associate Dean, Special Assistant to the Associate Dean, Provosts, Assistant Provosts, Associate Provosts and, well, you get it. This bloated administration, combined with degrees in Lesbian Dance Theory and Queer Studies are what drives student debt and unemployability."

All these guys will have to go sooner or later because students are not going to pay enough to cover for all these people. Some parents are demanding refunds right now - especially the from private liberal arts colleges.

On the other hand, I read yesterday in USA Today that there is a backlash on the online education because most students are not motivated enough to do heavy lifting by themselves. 

e-books will become a reality reducing the cost of text books. We are printing some of the stuff my granddaughter receives from her school.

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Re: Harvard gets CARES money

 We applied for three loans, two were approved and no reason was given for the one that was not approved. The business that was not approved has enough in the operating account to last for about eighteen months and the reason I thought the loan may not have been approved. After seeing this thread there must have been another reason. I feel for the businesses that really need the cash only to see it go to Harvard and others that could well manage without taking such large sums out of the pot.

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Re: Harvard gets CARES money

Sure, Harvard does not really need the money. But I'll bet they will loose more than 9 million dollars this year. And perhaps for several years. It would have been foolish for them not to apply. Especially since they were likely invited to apply.

 

With restrictions on international travel, and in person teaching, likely many Universities will be having to rethink their business plan. I just hope they do not use this as an excuse to hire more administrators.

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Re: Harvard gets CARES money


@dknightd wrote:

Sure, Harvard does not really need the money. But I'll bet they will loose more than 9 million dollars this year. And perhaps for several years. It would have been foolish for them not to apply. Especially since they were likely invited to apply.

 


Last time I checked, a $41 billion endowment reserve, means Harvard has:

$41,000,000,000 available.

Brother, can you spare a dime!

R48

 

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Re: Harvard gets CARES money

Amen, 48.

Bob 

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Re: Harvard gets CARES money

I assume Harvard expected more than $9.000.000 when they applied.

I understand the outrage, I think.

They probably put $9m into the effort to apply. But maybe it was "only" 8m. If so they benefited by $1m. Properly applied that could help some students.

 

To me it is very unfortunate that education has become a business. I guess it perhaps always has been.

 

I went to school to learn.

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Re: Harvard gets CARES money

I assume that Harvard got the cash legally. Then, what is the point of griping about the legally obtained funds?

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Re: Harvard gets CARES money

48 identified what's wrong with one word: "ethics."

I understand that's a meaningless term among some.

Bob

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Re: Harvard gets CARES money

Hi,

Jeff Bezos net worth is about $145,600,000,000.

MacKenzie Scott Tuttle net worth is about $47,400,000,000.

Harvard endowment is about $41,000,000,000.

Do any of the above pay any Federal taxes?

S

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Re: Harvard gets CARES money

Congress passed a package and the President signed the bill to make it a law. There is a pot of money assigned to the universities in general. The law does not say that this pot of money goes to Harvard, Columbia, UT, or TNTECH. Harvard applied and got the cash from this pot, which is lawful. Just because, Harvard have several billions, that does not mean that they cannot use a few millions. Where is ethics here? What has ethics got to do here?

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Re: Harvard gets CARES money


@ECEPROF wrote:

Congress passed a package and the President signed the bill to make it a law. There is a pot of money assigned to the universities in general. The law does not say that this pot of money goes to Harvard, Columbia, UT, or TNTECH. Harvard applied and got the cash from this pot, which is lawful. Just because, Harvard have several billions, that does not mean that they cannot use a few millions. Where is ethics here? What has ethics got to do here?


I'll repeat from my earlier post:

This is an ethics, as well as "qualification" issue.

When I retired (age 48), I qualified for food stamps.  Did not take it.  Asked my kids, who occasionally "qualified" for same, not to take food stamps.  They didn't.

The issue with most of our federal programs is that the handouts assistance is based on "qualification", and not "NEED."  When the godfathers in the Italian Community assisted others, it was always based on need.

R48

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Harvard gets CARES money

[WSJ / 4/21/2020] PPP Loan Terms Amount to Legalized Fraud. Healthy companies can easily exploit aid meant for those that had to shut down.

https://www.wsj.com/articles/ppp-loan-terms-amount-to-legalized-fraud-11587422730?mod=hp_opin_pos_2

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Re: Harvard gets CARES money

Harvard will (or is forced to) return the money.

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Re: Harvard gets CARES money

"Education is in for big changes. Big ones will change and adopt. The small ones will die causing more education deserts in the US."

I have been thinking this for years.  The money paid to the top level of university heads and staff is ridiculous (the retirement systems are a case to themselves and mostly separate than the state systems for other levels of education or government), boards of regents compensation, etc.  The massive upgrades to dorm size and quality, etc.  I recall showing up to my first freshman class in an auditorium that held at least 250 students and that was 30+ years ago, lived in a 1940's era dorm, had friends living in really poor excuses of dorms built into the stadium with no AC and sporadic heat in the winter, and plenty of asbestos.  Now students at many universities have opulent dorms which are funded by debt.  The Power 5 conferences have separate athletic booster groups that provide funding in order to build stadium additions of 100k+, etc, primarily with debt that will be serviced by football booster/donor contributions, ticket sales and other revenue sources, primarily TV/cable/streaming services.  If power programs and other football is not played this year, or is played with very limited crowds, who pays for all the sports, etc, and former booster donations to cover stadium loans?  Perhaps this is the real beginning of the end of the NCAA, and college athletes that drive huge revenue for sports get paid some money instead of just admin and coaching staffs.  So, did Yale, with its super investor at the helm, obtain CARES $?

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