Colleges Slash Budgets in the Pandemic, With ‘Nothing Off-Limits’

Background

Harvard got started with opium drug money from the boston brahmins. 

Opulence and Opium: The Legacy of Harvard’s Drug Syndicate

From Harvard, the opium trade spread throughout New England. According to Bradley, Yale University’s infamous Skull and Bone society was funded by the Russels, the most successful family of opium dealers in America. Columbia’s Low Memorial Library was also named after a key member of the family. Even Princeton’s first large benefactor, John Green, funded his contribution through the opium trade.

BLUE BLOOD GATE KEEPERS SINCE THE BEGINNING

Boodle Boys
Thomas Handasyd Perkins, a wealthy merchant and Boston Brahmin, amassing a huge fortune smuggling Turkish opium into China.
Frances Perkins was born Fannie Coralie Perkins in Boston in 1880.
Warren Delano, Jr., the grandfather of Franklin Delano Roosevelt, was chief of operations for Russell & Co., another Boston trading firm which did big business in the China opium trade in Canton.

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Colleges Slash Budgets in the Pandemic, With ‘Nothing Off-Limits’

By one estimate, the pandemic has cost colleges at least $120 billion, with even Harvard University, despite its $41.9 billion endowment, reporting a $10 million deficit that has prompted belt tightening.
Russian Revolution Money Bags Graphic
Russian Revolution Money Bags Graphic

So, a deficit equal to .02% (not 2%, .02%) of its endowment.  A deficit that could trivially made up with the interest on the endowment; a tiny blip on the level of “loose change in couch cushions”.

And Harvard’s institutional response is to “tighten its belt”.

If instead they used 1% of that endownment (about $.4B) then they could cover that $10M, stash another $10M for next year, and give out $400M to other universities who are struggling.  And they’d still have $41.5B.

—rsk

One thought on “Colleges Slash Budgets in the Pandemic, With ‘Nothing Off-Limits’”

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