There's an old line about how the United States government is an insurance conglomerate protected by an army. Harvard is a real-estate and hedge-fund concern that happens to have a college attached. It has a $32 billion endowment. It charges its rich students — and they are mostly from rich families, with many destined to be rich themselves — hundreds of millions of dollars in tuition and fees. It recently embarked on a $6.5 billion capital campaign. It is devoted to its own richness. And, as such, it is swimming in cash.
Wednesday, September 10, 2014
Annie Lowrey thinks...
There's an old line about how the United States government is an insurance conglomerate protected by an army. Harvard is a real-estate and hedge-fund concern that happens to have a college attached. It has a $32 billion endowment. It charges its rich students — and they are mostly from rich families, with many destined to be rich themselves — hundreds of millions of dollars in tuition and fees. It recently embarked on a $6.5 billion capital campaign. It is devoted to its own richness. And, as such, it is swimming in cash.
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