4/5/17

In the I-told-you-so column of gratification, I note that there is a new focus on the scandal of the Ivy League institutions and their Endowment funds.

And about time too.

I devoted the second half of my post “Academia” to what I stated was

…one of the most atrocious immoral elements of academia, especially in the Ivy League institutions, which are so influential when it comes to academia—their endowment funds

 
Now—3 years later I may add—comes a report from Open The Books that, while focusing on the fact that these institutions on top of it all get huge tax breaks, also states that:

The Ivy League endowment funds (2015) exceeded $119 billion, which is equivalent to nearly $2 million per undergraduate student.

 
In my aforementioned post, I calculated that if the Harvard endowment will use only 10% of their investment earnings every year they could pay 100% of the tuition fees for 75% of all their undergraduate students. Harvard is an extreme case as it has the biggest endowment and a relatively small number of students, but at $2,000,000 per undergraduate student and the assumption of, say, 8% per annum investment income, this will take about 40% of the investment income to pay the tuition fee for 100% of all undergraduate students.
 
Needless to say, the Ivy Leagues do not do any of that. This, as I said above, is immoral. Yet, other than Fox News (see below) I cannot find, using Google, ANY mention of this scandal anywhere.

Ivy League Colleges Collecting More Than $41 Billion in Taxpayer Money, Report Says

Critics to Ivy Leagues: ‘Taxpayer gravy train needs to end’
 
As I also said in my “Academia” post:

I usually direct my disdain and ire at the media but I hold academia as a close “next best” when it comes to disdain. Both groups have many similarities—practitioners are usually very intellectual, maintain a superiority complex, and a holier-than-thou attitude toward everyone else. They seem set to criticize everyone and everything but never hold a critical eye on themselves, and mostly live in a cocoon of marble and chandeliers, not ever experiencing the real world where things are made of tin and the light is always gray.

 
The lack of media coverage on this issue, especially given the report by the Open The Books, is preposterous.