A recent article on the New York Post did not mince words when it called students of Harvard University spoiled and petulant. The message was in reference to a recent editorial which bemoans the school's endowment this year.
The editorial which appeared in the university's paper, the Harvard Crimson, said that it is unacceptable that the university lost $2 billion in its endowment last year and calling this year's $36 billion endowment horrible.
According to the article, this reaction is expected given the fact that Yale bested it in terms of endowment, a fact which Harvard finds difficult to swallow. The editorial in Crimson wrote about it saying that Princeton bested "Harvard Management Companies by seven points."
It also told the students to stop whining saying that at $35.7 billion, Harvard is the "benefactor of one of the biggest tax scams in the civilized world." He was referring to the fact that Harvard benefactors get a full tax reprieve for endowing the university with millions of dollars. The writer also added that Harvard has a very large endowment that it could actually purchase two banks as big as Deutsche Bank and still manage to have change for it.
The Crimson's ploy seemed to work as the university announced days earlier that it is making N.P Narverkar, an Indian investment analyst as its new endowment head. Naverkar, a Wharton graduate, was previously the head of Columbia University Investment Management Company since 2002. At that time until his departure, he oversaw Columbia's $9.2 billion endowment fund.
Narverkar will take over the helm from Stephen Blyth, who resigned after just 18 months of overseeing the Harvard Management Company. Naverkar was warmly welcomed into the university and Harvard president Drew Faust said that Naverkar's leadership will move HMC for long-term success in the future.
