Update at the end
Harvard has a $41 billion endowment, yet they took the rescue package money and will not return it. They will use the rescue funds/stimulus grant of $8.6 million for financial assistance to students.
PRESIDENT STATES HARVARD WILL RETURN THE GRANT
President Trump said Tuesday that Harvard had to pay it back given their endowment. “Harvard is going to pay back the money and they shouldn’t be taking it,” Trump said. He added they have one of the largest endowments in the country, perhaps the world.
Moments later, Harvard issued a statement saying they were keeping it. They plan to use it for financial assistance. Why don’t they do that anyway with their endowment?
What greedy people at a time when people desperately need that money.
Harvard received the grant through the educational relief fund in the $2+ trillion rescue package. The fund was supposed to help small businesses stay afloat, but the education assistance was pork. Shouldn’t it be used for schools that are struggling, not Harvard?
Larger companies have also received bailout funds. Apparently, the loopholes have to be closed up.
There are 22 million on unemployment lines so far and Harvard is keeping the grant with a $41 billion endowment.
On Tuesday, Treasury Secretary Steve Mnuchin said, “very clear guidelines” would be released to clarify what companies are eligible for the stimulus funds.
“The intent [of the program} was not for companies that have access to plenty of liquidity and other sources, he said. “To the extent these companies didn’t understand this and they repay the loans, that will be OK. And, if not there will potentially other consequences,” he stated.
There will be consequences Harvard! It sounds like the greedy elites are prepared to sue to keep the funds.
Update: After being rebuked and embarrassed for their greed, Harvard will join Stanford and Princeton in not taking the bailout money. All of these universities have huge endowments they never want to touch.
In a statement Harvard said it was concerned “that the intense focus by politicians and others on Harvard in connection with this program may undermine participation in a relief effort that Congress created and the President signed into law for the purpose of helping students and institutions whose financial challenges in the coming months may be most severe. As a result of this, and the evolving guidance being issued around use of the Higher Education Emergency Relief Fund, Harvard has decided not to seek or accept the funds allocated to it by statute.”