Largest Donors to Harvard No Longer Chinese

Last fall, the Morningside Foundation, which is supported by Gerald Chan and his brother Ronnie Chan, made a $350 million gift to Harvard University. It was the largest single donation in Harvard’s history at the time. Last week, Wall Street Billionaire and hedge fund manager, John Paulson, topped the Chan gift with his gift of $400 million to Harvard. It is now Harvard’s largest gift of all time and added to Harvard’s $43 billion endowment.

When the Chan’s made the gift to Harvard, it generated a lot of criticism about whether Harvard needed their gift and if there were more worthier causes. This time, with Paulson’s gift, Malcolm Gladwell, author of the Tipping Point, David and Goliath and several more best selling books, jumped on twitter and attacked the donation.

It came down to helping the poor or giving the world’s richest university $40 mil it doesn’t need. Wise choice John!
– Gladwell (@Gladwell) June 3, 2015

 

Next up for John Paulson: volunteering at the Hermes store on Madison avenue. Let’s make this a truly world class retail outlet!
– Gladwell (@Gladwell) June 3, 2015

 

Working the coat check at Art basel. They’re short staffed!
– Gladwell (@Gladwell) June 3, 2015

 

If billionaires don’t step up, Harvard will soon be down to its last $30 billion.
– Gladwell (@Gladwell) June 3, 2015

 

Apparently $200 mil is earmarked for a satellite campus on St. Barts.
– Gladwell (@Gladwell) June 3, 2015

 

It’s going to be named the John Paulson School of Financial Engineering
– Gladwell (@Gladwell) June 3, 2015

 

Harvard’s pitch to Paulson: not all privileged people are equally privileged!
– Gladwell (@Gladwell) June 3, 2015

 

Paulson to Harvard: is there a way to give back without actually giving anything back?
– Gladwell (@Gladwell) June 3, 2015

Malcolm was not the only one critical of the large gift. Many question whether the school needed the money and others wondered why donors were giving millions away to support large universities when there were more worthy causes.

I wonder if we will hear about any Chinese donors wishing to top the Paulson gift?

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