A real-estate and hedge-fund concern that happens to have a college attached
Annie Lowrey writes in NY Mag:
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.
If it wanted to maximize its $32 billion worth of utility, it could, say, admit more students, especially poor ones, reduce its focus on property development, and double down on its focus on research, which currently makes up $800 million of its $4.2 billion in annual operating expenses.Harvard alum include a gaggle of current corporate school "reformers" and ed profiteers, including Arne Duncan, Michelle Rhee, TFA's Wendy Kopp,John Schnur, Geoffrey Canada and Joel Klein. This group alone may be reason enough to yank Harvard's non-profit status.
But it has also produced some of our best old (W.E.B. DuBois, Ted Sizer...) and current thinkers, researchers and progressive ed activists like... Well, I'm sure there are some (just kidding). There are some great and distinguished education faculty in the Graduate School of Education. Sara Lawrence-Lightfoot comes to mind as does Linda Nathan, Eleanor Duckworth, Marshall Ganz, Howard Gardner, Patricia Graham and others too numerous to mention.
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| Susan Moore Johnson |
