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Harvard has refused a call from President Donald Trump to return millions in coronavirus bailout money, insisting it needs it for financial aid. Trump has threatened to "look at" Harvard's fat $41 billion endowment.In comparison:
It said it would not return $8.6 million in 'emergency' funding allotted as part of last month's $2.2 trillion CARES Act, despite pleas from several politicians, including Trump and some members of Congress who stipulated that at least half the money go to financial aid for students.
Harvard's refusal followed a press briefing in which Trump called on Harvard, with one of the largest endowments "in the country, maybe in the world," to pay back the government's largesse. "Harvard is going to pay the money back and they shouldn't be taking it."
Trump wasn't done with Harvard, however, responding to their refusal in a late-night tweet with a threat to "look at" their "whole 'endowment' system" if they did not return the funds.
Texas Senator Ted Cruz, a Harvard alum, pointed out that the school's massive endowment equates to "$13mm per student, or $171mm per faculty member."
"Universities with billions & billions stashed away in endowments should get no taxpayer money until they have tapped those endowments," Missouri senator Josh Hawley tweeted on Monday, calling the bailout of the wealthy college "obscene."
Note: Harvard University has since issued a statement after this article was published revealing it has decided not to take the bailout money after all. Read about it here.
However, Harvard administrators want students to know the school is suffering, too. The university's chief financial officer told campus outlet the Harvard Crimson last week that the value of its endowment, estimated at $40.9 billion in June, has declined to 'only' the "mid-30-billion range" due to the stock market crash.
Yale University pulled down $6.9 million despite sitting on a $30.3 billion endowment, while Stanford University got $7.4 million in bailout bucks despite a $27.7 billion endowment. Columbia University was a big winner with $12.8 million, though its $11 billion endowment is chump change compared to its Ivy League brethren. $14 billion in total was distributed to colleges and universities as part of the bailout.See also:
"As we go back to schools, we can be reassured that the risks to children are incredibly low .... and they (children) are more at risk to infections like influenza. Across the board the disease is a a low level, and its impact is minimal."
Comment: See also: Behind the Headlines: Predators Among Us - Interview With Dr. Anna Salter