The Trillion-dollar bailouts were supposed to help those businesses on the bubble… not Ivy League schools with hedge-fund sized endowments.
In yet another classic Liberal example of do as I say, not as I do, Harvard managed to get their slice of the pie in grant money intended to be the safety net preventing the absolute ruination of employees and the private companies that employed them.
That money dried up before all businesses could apply for it. But Harvard made sure to get their face in the trough.
When it came to light that this ‘woke’ school sitting on billions took a handout that might have been put to better use saving some mom-and-pop shop from bankruptcy, they got shamed into doing something ‘virtuous’ with the money.
The right thing to do would have been to return it, so that it could be directed to those who need it. Of course, that approach doesn’t allow much room for virtue signaling and leveraging their ‘integrity’ into public praise.
So Harvard was eventually shamed into donating all the money they got to help students.
Did we mention that Harvard laid off some of their employees? Yes, they did!
Harvard University, which has the largest endowment of any school in the country, is cutting its subcontracted dining hall workers without pay as it shuts down in response to the coronavirus pandemic.
The move is drawing criticism from employment rights advocates on and off campus who point to the university’s $40.9 billion endowment as evidence that the school is hardly in financial straits. They also claim the decision violates Harvard’s wage equality policy, which requires the university to compensate dining hall contract workers in a fashion comparable to the school’s directly hired employees. — FreeBeacon
Trump, when asked about it, said they’d be paying it back.
"Harvard's going to pay back the money." pic.twitter.com/YXGQuK17sP
— Daily Caller (@DailyCaller) April 21, 2020
The university acknowledged that they received 8 million in that funding, but say it fell under a different criterion.
A university spokesman emphasized in an emailed statement Tuesday that Harvard did not receive funds through the Paycheck Protection Program (PPP), a small-business loan program under the relief package, and that the school is committed to using all of the funds to cover financial assistance to students.
“Like most colleges and universities, Harvard has been allocated funds as part of the CARES Act Higher Education Emergency Relief Fund. Harvard has committed that 100% of these emergency higher education funds will be used to provide direct assistance to students facing urgent financial needs due to the COVID-19 pandemic,” Harvard spokesman Jonathan Swain said.
“This financial assistance will be on top of the support the University has already provided to students – including assistance with travel, providing direct aid for living expenses to those with need, and supporting students’ transition to online education,” Swain added. — TheHill
The school is sitting on tens of billions of dollars. If they want 8 million for a student handout, they’re good for it. They don’t need to go cap-in-hand to the government (who is taking a LOAN out on this money and will be paying interest for generations) just so they can look benevolent in how generous they are in giving out money.
Give out money, by all means, if it is a cause you truly value… your OWN money.
Don’t ask our children’s children’s children to be on the hook for some vanity project that you want to take credit for. That’s NOT the government’s job.