Sunday, July 12, 2020

Harvard Blasted After Taking $9 Million in Bailout Funds in Spite of Having $41 Billion Endowment

Harvard University is now under fire for accepting over nine million dollars in bailout funds from the federal government, funds designed to help organizations and businesses teetering on the brink of bankruptcy, in spite of the fact that the notoriously liberal university has an endowment worth 41 billion dollars.

As Forbes reports:

Harvard University received nearly $9 million in funding under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, despite having the largest endowment of any university in the world, valued at $40.9 billion as of June 2019.

The move sparked outrage among many. “Why is Harvard, with its multi-billion dollar endowment, much of it built with help from taxpayer money, getting a bailout? This is obscene,” Sen. Josh Hawley (R-Mo.) wrote on Twitter.

“Taxpayer relief funds should go to those in real need. Harvard University has a $41bn endowment—the largest in the world. Put another way, Harvard’s endowment is $13mm per student, or $171mm per faculty member,” Sen. Ted Cruz (R-Texas) posted on Twitter.

…Among Ivy League schools, Columbia received nearly $13 million. University of Pennsylvania received almost $10 million, and Yale—which has the second largest endowment of colleges and universities in the U.S. at almost $25.5 billion—received nearly $7 million.

After the backlash, Harvard has now claimed that the funds go completely to student financial assistance. This is something they could have easily achieved by using the funds from their massive endowment, however, and they still have refused to return the funds as many have requested.

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Jake Walker
Jake Walker
Jake Walker has written for American Action News since the summer of 2019. His passions include geopolitics, history, and contemporary American politics. Jake's arrival in Washington, D.C. followed a rural New England upbringing in a tight-knit family.

2 COMMENTS

  1. Let’s get down to the nitty gritty – who endorsed giving Harvard 9 million dollars when it is not a small business and has private funding from its alma mater to finance it?
    And that funding through CARE Relief was really a tradeoff for What again?
    Every other ‘grant’ it receives, no matter how minuscule through all our Federal ‘programs’ MUST delete Harvard from the rosters until that greasy pork is paid down to kick the pants of anyone who poured the grease.

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