Monday, November 30, 2009

Time to Bail Out Harvard?

School's Endowment Fund Loses $2 Billion

My Fellow Americans,

It appears the Ivy League is not immume to this financial crisis.  The Boston Globe reported on Nov. 29 that the Harvard endowment fund has lost $1.8 billion.

The main players:
  • Jack Meyer, the hugely successful head of Harvard’s endowment;
  • Lawrence Summers, then the school’s president.
The main points:
  • The topic: cash and how the university was managing - or mismanaging - its basic operating funds;
  • Through the first half of this decade, Meyer repeatedly warned Summers and other Harvard officials that the school was being too aggressive with billions of dollars in cash;
  • But Meyer still invested almost all of the endowment with a risky mix of stocks, bonds, hedge funds, and private equity.
This is typical isn't it?  I mean this is our government on a smaller scale.  Instead of using taxpayer money (although I'm sure they get plenty from us), they are playing with the money their students and alums pay them.  The type of attitude displayed by the Harvard brass is completely reprehensible, most notably that of Lawrence Summers.

What I find most intriguing (and flat out scary) is the fact that Summers is the head of President Obama's economic advisory team.  Really?  The guy that almost bankrupted Harvard's endowment fund is advising the President.  Not to mention the fact that this situation has a tie to Goldman Sachs (read here).  Isn't that great?

America, are we stupid?  Are we idiots?  What is to stop them from saying, "let's bail out Harvard?"

I'll tell you right now -- I am sick of egomaniacal liberals messing things up.  I refuse to let our country, businesses, and schools be run by people who don't care about those that put them in power.

The fact that Summers and other Harvard officials were arrogant enough to think they could get away with hijacking the endowment fund is unbelievable.  When will our leaders in all facets of our lives realize that they work for us?  Summers works for Harvard students and their alums.  Not himself.  I don't care what anyone says.  He works for the present, past, and future students.

It's time we stand up, America.  Don't let anyone push you around anymore.

(Picture Source: Google Images)

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