Rockefeller, Harvard, and Elitism

The comment on my post about Rockefeller and Harvard deserves a response. Basically, 3 items: First, Rockefeller did not profit from Harvard in any meaningful way; Harvard, on the other hand, profited from Rockefeller. Rockefeller profited from a family fortune--Harvard probably had little to do with it. Rockefeller was probably well educated before he went to Harvard and would have been as successful as he was had he gone to any city or state college. Second, I don't think the motivation for giving should be based on where you went to school or what organization you're a member of, but rather on where your money can do the most good. And, Harvard, isn't the spot, IMHO. Third, this type of giving is just an example of the elite giving to the elite to perpetuate their own elitism. Having said this, I believe that Rockefeller has the right to give his money where he wants, but I don't have to believe there was such noble purpose to this gesture or that the money could not have been spent more wisely or more honorably. Success--whether financial or academic--entails responsibilities and I don't see this $100,000,000 gift to Harvard as meeting the responsibilities of someone so enormously wealthy.

The Misuse of Money

I see that David Rockefeller has pledged to give $100 million to Harvard University, a university that has an endowment of $28 billion and that spends only an infinitesimal part of this endowment (rumored to be about 5%) while it earns interest in the double digits (close to 17% in 2006). Education is surely a worthy cause and I’d be the last to suggest that education is not the place for philanthropy. And I think it’s a good thing that a large part of this $ will go to cultural studies. But couldn’t that money have been better spent on colleges and other educational institutions that really need it? Does a university with an endowment of $28 billion really need another $100 million? I think not. And I think that donations like this should not be viewed positively (as does the press and, I fear, the general public) but rather as the poor use of money that it is.