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The Superbar / Re: IDF targets and kills food aid workers
« Last post by Not A Serious Person on May 26, 2024, 11:07:04 PM »Harvard's got a $50+ billion endowment. It needs Bill Ackman's money about as much as you need a boost to your sense of self importance.
The idea that Harvard needs Bill Ackman is hilarious.
Typical Heisey nonsense.
lol. Why do you think they are doing that? Because of lack of donor support?
Do you realize the Crimson is Harvard's school paper? They answered the question, and you elected to ignore it and instead linked to administration talking points in Harvard Magazine.
Since you did not read it the first time, I'll let the reporters at Crimson answer this question for you ... again.
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Harvard Plans $1.65 Billion Debt Financing Amid Donor Turmoil
https://www.thecrimson.com/article/2024/2/27/billions-debt-financing/
The planned sale, which would be spearheaded by Goldman Sachs & Co. and Barclays Capital Inc., is unprecedented given its magnitude — even for an institution of Harvard’s size — but remains within the normal guidelines of financial management for corporations with annual revenues that exceed $5 billion.
A University spokesperson declined to comment on the filing.
The move provides the latest glimpse into the University’s financial situation which has been under stress as it faces donor backlash, a series of costly legal battles, and the threat of a possible Massachusetts endowment tax that would carry an annual cost of $1.2 billion.
The potential bond sale comes as the University — which relies on philanthropy for 45 percent of its annual revenue — has seen billionaire donors like Kenneth C. Griffin ’89 and Len V. Blavatnik pause donations to the University over its handling of antisemitism on campus.
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Hedge fund manager Bill A. Ackman ’88, one of Harvard’s fiercest critics since Oct. 7, claimed that the recent filing is a result of a decline in alumni donations that Harvard financial managers did not predict in their forecasts.
“The model likely did not predict a decline in liquidity events from private equity, real estate, and venture capital and the dramatic decline in donations,” Ackman wrote on X.
“That is likely why Harvard announced this recent bond offering, which is being done in a substantially higher interest rate environment than where the funds could have been raised a couple of years ago,” he added.
Harvard now joins Princeton, which sold $600 million in bonds last week, as many higher education institutions attempt to sell debt in a deteriorating credit market. Both universities currently hold top credit ratings from Moody’s and Fitch, but received a bleak outlook for the 2024 fiscal year in December.