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Harvard gets largest ever donation from an individual: $125-million

Associated Press

Latest comment posted at 1:03 PM EST 08/10/08

Money from engineer and entrepreneur to fund bioengineering institute ...Read the full article

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  1. Jim **** from Canada writes: Spend it while it's worth something.
  2. J.C. Davies from Canada writes:
    Some perspective: Harvard's endowment is in the range of $25 BILLION (though after events of past few weeks may now be less). So $125 million equals another half of one percent.
  3. Conservatives Lie from Canada writes: Pass. I would never attend a program named after someone just because they gave a load of money. Money doesn't make you a good person.... a lesson Seymour Schulich should learn... and that someone should tell Western, McGill, York, and U Calgary.
  4. Wilma De Bruyn from Toronto, Canada writes: This can be a "positive" and/or "negative" contribution.

    One just has too see the video "End Game" by Alex Jones--
    end result-questionable.
  5. Ed Long from Canada writes: And we wonder why innovation, research and development, high quality culture facilities need government funding in Canada, if they even exist.

    Read some of the comments above.

    Long live nanny statism.
  6. B. R. from Vancouver, Canada writes: J.C. Davies, actually try in the neighbourhood of $34 billion for Harvard's endowment (although as you rightly point out may be less given recent events in the markets).

    Conservatives Lie writes: "Pass. I would never attend a program named after someone just because they gave a load of money. Money doesn't make you a good person...."

    What are you talking about? People don't attend programs because these programs are named after others. Rather, they attend certain institutions because of their high calibre of academics, research, etc.

    Whether Hansjorg Wyss is a good or bad person is irrelevant. His generous gift will only enhance Harvard. Congratulations to him and to his alma mater.
  7. Clear Thinker from Canada writes: Making snarky comments on a newspaper message board about someone you don't know doesn't make you a good person.
  8. Jimmy Lapierre from Sherbrooke, Canada writes: This culture of donations lacks in Québec. Most of these remarks prove that. And Canadians expect the government to pay for these things...

    What about less taxation and more donations people!??
  9. A. Be from Switzerland writes: Your donations are highly tax deductible. If you are concerned about your taxation and the fact that you are not donating enough legislation is already in place to help you with this Lapierre, no change required.
  10. Dr Demento from Winnipeg, Canada writes: Wasn't it a bunch of Harvard MBAs that destroyed the American economy . . . ?
  11. Eric Kirkpatrick from Vancouver, B.C., Canada writes: We already donate, there called taxes. And every tax deductible donation to any institute or service means tax avoidance for some one or business so that the Corporate Bosses get the credit (and pay less taxes) for their employees' and customers' hard work. Where do you think he got the money in the first place? And what percentage of the tax deduction will he be sharing with those that made it possible?
  12. Cdn Expat from Cdn Expat, United States writes: Actually it probably wasn't a bunch of Harvard MBAs who destroyed the U.S. financial system. Harvard is a management school; not many finance types go there.

    Anyway, I agree with Ed Long. It stuns me the number of Canadians who search, far and wide, for negative things to say about a philanthropic act like this. The Aussies call it the "cutting of tall poppies"; the tendency to try to promote one's own self image by cutting down others. It is, sad to say, a pervasive Canadian tendency.
  13. S C from Victoria, Canada writes: What an exciting gift and what a bold example to set in these troubled economic times. Congratulations indeed!
  14. Blaque Jacque Shallaque from Canada writes: Wow, the haters that populated the initial comments in this topic are truly a disgrace. They deserve to live in Stalin's Russia. And if we get Layton and Dion/Rae to make Canadian policy, they and we soon will.
  15. Ed Long from Canada writes: In December of last year, the Globe ran a lengthy interactive session on their Person of the Year, a gentleman whose name escapes me but was instrumental in getting the tax changes to encourage endowments.

    The great hue and cry was stunning on the comment board.

    If we wish to continue as hewers of wood, drawers of water, pumpers of oil, miners of minerals and assemblers of other country's products, then we should continue as we are.

    However, if as the head of GM stated wish to follow the only logical direction in this global interconnective world, Canada must develop high complexity manufacturing processes and the tradable intellectual property that goes with them. Add in energy technology, medicine, bio-tech, agriculture and you have a requirement in this country for research and development that simply cannot be funded by any or all governments.

    Our very future, including those huggable social programs, requires that we follow the above route.

    We do not have the tax base to even maintain and upgrade our own infra-structure.

    And the arts ..... poor cousins begging for nickels and dimes.

    Worldwide, when you enter cultural facilities, university buildings, hospitals, specialty colleges, sports stadiums ... there is a very good chance that you will see at least a plaque declaring an endowment or private sponsorship.

    The effects of lowest common denominator thinking and nanny statism are the greatest threat to Canada's future.
  16. D Chiu from Victoria, Canada writes: Good things happen sometimes. I hope the research/development will improve the quality of life and the environment; and make some health care procedures more efficient and accessible. I hope the patents coming out of this will be available to many to use at a low cost. Also I agree with those would not like to simply extend life when life has come to a natural end. Good luck to all those involved.
  17. Dr Demento from Winnipeg, Canada writes: Cdn Expat from Cdn Expat, United States writes: "Actually it probably wasn't a bunch of Harvard MBAs who destroyed the U.S. financial system."

    I'm not so sure of that. Henry Paulson has a Harvard MBA . . .
  18. gerry matheson from Halifax, Canada writes: The positive is that this money will effect change. Hopefully that change will be seen in our lifetime. I worry that negativism will limit the potential of this great gift. He could have spent it differently!
  19. Dr Demento from Winnipeg, Canada writes: George Bush also has a Harvard MBA. Did I make my point yet?
  20. George BrownIII from Christmas Island writes: All you naysayers prolably dont have a pisspot paid for in full.
  21. skinny american from Boston, United States writes: Harvard's endowment as of the summer of 2008 is 37 billion USD; by comparison the U of T (a school with a massive number of students like many Canadian universities) has a 1.7 billion CN endowment. McGill has an endowment LESS than 1 billion CN.

    2 Canadian universities have an endowment larger than 1 billion CN: U of T and University of BC @ 1.10 billion CN. By comparison the University of Texas system has an endowment of 15.5 billion USD; U of T at Austin has a share of over 7 billion USD. Stamford has a 17 billion USD endowment, Yale around 22 billion USD, Princeton around 13 billion USD, MIT 10 billion USD.

    Harvard is FABULOUSLY wealthy. All these premier American schools are very wealthy.
  22. skinny american from Boston, United States writes: George Bush got into Harvard off a legacy; the Bush family are wealthy, privilaged old school New England Yankees with incestuous ties to The Establshment.
  23. B. R. from Vancouver, Canada writes: Dr Demento writes: "I'm not so sure of that. Henry Paulson has a Harvard MBA . . . " and " George Bush also has a Harvard MBA. Did I make my point yet?"

    Dr Demento, if your point was to show us how simplistic your logic is, mission accomplished.
  24. David McKenna from Toronto, Canada writes: So much bitterness.

    There are survey's that show that conservatives donate more than liberals do. Likely to do with liberals believing that government will take care of things (so my taxes are enough) while conversvatives not believing in government will donate.

    If you want the world to improve put money into it.

    Personally I think this is an amazing donation. He could've spent the money numerous other ways but instead is building something at a school that will give back to mankind, the school and the city.
  25. Midtown Bob from Toronto, Canada writes: Wilma De Bruyn from Toronto, Canada writes: This can be a "positive" and/or "negative" contribution.

    Wilma B Dum. Cash inflow of $125,000,000. Positive.
  26. Midtown Bob from Toronto, Canada writes: skinny american from Boston, United States writes: Harvard is FABULOUSLY wealthy. All these premier American schools are very wealthy.

    So why does Harvard charge $75,000 per year for tuition?
    Because they can!
  27. Dr Demento from Winnipeg, Canada writes: B. R. from Vancouver: I gave two examples of Harvard MBAs who are part of the problem - not part of the solution.

    Then again it probably went right over your head . . .
  28. J.C. Davies from Canada writes:
    "So why does Harvard charge $75,000 per year for tuition?"

    Harvard (like the rest of Ivy League and other top US universities) has essentially a "pay what you can" approach towards tuition. No one who qualifies academically is denied admission because of the lack of money. Only the sons and daughters of the very wealthy pay the full pop.
  29. Syed Abbas of Toronto from Seattle WA, United States writes:

    .... render not vain your alms by reproach and injury like him who spends his wealth to be seen by men .... Koran [2:265]
  30. B. R. from Vancouver, Canada writes: Dr Demento writes: "B. R. from Vancouver: I gave two examples of Harvard MBAs who are part of the problem - not part of the solution.
    Then again it probably went right over your head . . ."

    No, Dr Demento, it didn't go over my head. Rather, you completely missed the mark.

    I'm curious to know which first-year Logic class you failed. You have provided two examples of Harvard MBAs who are, in your own words, "part of the problem," and so carrying on the next logical step, what's your point? That some Harvard MBAs are in your eyes "bad apples"? What significant relevance do those Harvard degrees have with respect to the two individuals you cited?

    Sure you've provided two examples but we could provide many more examples to the contrary.

    Thankfully if you can't see the weakness in your logic, other posters on here will.
  31. James Blanchard from Ottawa, Canada writes: Haha good one Dr. Demento!

    I've got another name: Robert C. Merton (of Long-Term Capital Management fame)

    He's not a graduate of Harvard, but a professor at the Harvard Business School (worse?)

    Anyway I'm sure the money will allow already rich people to get even richer.
  32. Stude Ham from Outremont, Canada writes:

    Let's give a cheer for Harvard...
    Not too loud to be vulgar...
    But loud enough to show our determination...
    H - A - R - with a V
    V - A - R - with a D
    Knit One... Pearl Two...
    HARVARD! YOOHOO!!
  33. Hail to the Conservatives ! from London, Canada writes: Cdn Expat from Cdn Expat, United States writes: Actually it probably wasn't a bunch of Harvard MBAs who destroyed the U.S. financial system. Harvard is a management school; not many finance types go there.

    Anyway, I agree with Ed Long. It stuns me the number of Canadians who search, far and wide, for negative things to say about a philanthropic act like this. The Aussies call it the "cutting of tall poppies"; the tendency to try to promote one's own self image by cutting down others. It is, sad to say, a pervasive Canadian tendency.
    -----------------------------------------------------------------------

    Sadly to say, you are right.
  34. Wind Songs from Canada writes: "Cdn Expat from Cdn Expat, United States writes: Actually it probably wasn't a bunch of Harvard MBAs who destroyed the U.S. financial system. Harvard is a management school; not many finance types go there."

    Dr. Demento only commented on your initial statement. If it 'probably' was not a bunch of Harvard MBA's who destroyed the U.S. financial system then who would it be? Paulson, Bush and Merton seem to be at the top of the list so far.

    Please do not attempt to create sides for all of us here as well. I can see the entire picture without siding up with you against Dr. Demento's credited statements.
  35. Bill Smith from Canada writes: Hail to the Conservatives ! from London, Canada writes: Cdn Expat from Cdn Expat, United States writes: Actually it probably wasn't a bunch of Harvard MBAs who destroyed the U.S. financial system. Harvard is a management school; not many finance types go there.

    Anyway, I agree with Ed Long. It stuns me the number of Canadians who search, far and wide, for negative things to say about a philanthropic act like this. The Aussies call it the "cutting of tall poppies"; the tendency to try to promote one's own self image by cutting down others. It is, sad to say, a pervasive Canadian tendency.
    -----------------------------------------------------------------------

    Sadly to say, you are right.
    --------------------------------------------------------------------------------------------

    It's not the philanthropic act people object to, it's the fact that Harvard is American that they don't like.
  36. Michael Rudin from United States writes: The Board of Jealousy speaks. A persons generosity is belittled by people like A. Be from Switzerland donations are highly tax deductible. Dumb comment. In context the US highest income tax rate is 35%. If capital gains highest is 35% for short term and 15% long term. So he potentially saved $43mil in taxes for $125 mil. For all you nay sayers, and anti anything American, donations by people like this are what make great universities greater.
  37. Dr Demento from Canada writes: Just as I thought - right over B.R.'s head . . .

    As I stated earlier "Wasn't it a bunch of Harvard MBAs that destroyed the American economy?"

    Mainly just one - Dubya . . .

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