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mekka okereke :verified: (mekkaokereke@hachyderm.io)'s status on Wednesday, 20-Dec-2023 01:44:36 JST mekka okereke :verified:

Something you can't unsee once you see it:
The Harvard alumns making the loudest noise about "Fair admissions" and not "lowering the standards..." are legacy admission babies. 🙂🙃
Wake me up when they start campaigning against legacy admissions.
For people outside the US: legacy admissions is where Harvard says "You might not meet our academic standards, but your parent or ancestor did, and that's good enough for us! Welcome to Harvard! Continue your legacy!" 🤡

In conversation about a year ago from hachyderm.io permalink
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  Martha Bridegam (mbridegam@mastodon.social)'s status on Wednesday, 20-Dec-2023 01:47:06 JST Martha Bridegam
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  @mekkaokereke
  And as to the meaning of "legacy," yes, they do frequently express hope for a bequest, and their Office of Gift Planning would be glad to help set up a charitable remainder trust. https://alumni.harvard.edu/college/college-giving/gift-planning/gifts-that-pay
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    Gifts That Pay You Income
    
    Reconnect with Harvard and your classmates through our alumni directory, programs and events, stories, news, and more.
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  Paul Cantrell (inthehands@hachyderm.io)'s status on Wednesday, 20-Dec-2023 01:47:06 JST Paul Cantrell
  in reply to
  - Martha Bridegam
  @MBridegam @mekkaokereke
  This is •the• reason for legacy admissions. They compromise community. They compromise academic quality. They compromise ethics. But they sure do pay the bills!
  
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  Paul Cantrell (inthehands@hachyderm.io)'s status on Wednesday, 20-Dec-2023 02:09:46 JST Paul Cantrell
  in reply to
  - Martha Bridegam
  - Aslak Raanes
  @aslakr @MBridegam @mekkaokereke
  Yeah, it’s a weird thing about Harvard: their endowment is such that they could use the interest to run an excellent free college in perpetuity, with no fundraising and no subsidy. But that’s not what they choose to do.
  
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  Aslak Raanes (aslakr@mastodon.social)'s status on Wednesday, 20-Dec-2023 02:09:47 JST Aslak Raanes
  in reply to
  - Martha Bridegam
  - Paul Cantrell
  @inthehands @MBridegam @mekkaokereke And Havard desperately need that extra money to pay the bills https://en.wikipedia.org/wiki/Harvard_University_endowment
  ≈ $50000000000 !
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    Harvard University endowment
    
    The Harvard University endowment, valued at $49.444 billion as of June 30, 2022, is the largest academic endowment in the world. Its value increased by over 10 billion dollars in fiscal year 2021, ending the year with its largest sum in history. Along with Harvard's pension assets, working capital, and non-cash gifts, the endowment is managed by Harvard Management Company, Inc. (HMC), a Harvard-owned investment management company. Harvard Management Company HMC employs financial professionals to manage the approximately 12,000 funds that constitute the endowment. The company directly manages about one third of the total endowment portfolio while working closely with the external companies that manage the rest. HMC is headed by a professional, who holds the titles of president and chief executive officer of the company. HMC is a 501(c)(3) non-profit entity and so is exempt from federal income taxation. Past management Jack Meyer managed HMC from 1990 to September 30, 2005, beginning with an endowment worth $4.8 billion and ending with a value...

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