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Politics : Ask Michael Burke
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To: Pogeu Mahone who wrote (118999)7/23/2009 11:40:03 AM
From: Knighty Tin  Read Replies (1) of 132070
 
Good piece. The story out there is that Yale is smart while Harvard is dumb, as far as investments go. I think we have to withhold judgement until Yale opens up its books a bit. It may be like Wells Fargo, saying everything is great while the balance sheet says otherwise.

A similar mess happened to Penn in the mid 1970s. They allowed the Wharton Professors to run the portfolio. What were they thinking?!!!! The university looked like it was going down the tubes when they brought in John Neff, formerly of The Windsor Fund, to fix it. It didn't take Neff long. However, Penn was not spending like drunken sailors, as Harvard seems to be.

Harvard will have little trouble righting itself. A combo of stopping expansion where it can and expanding admission to the high priced professional schools will do that. Also expanding the Medical School admissions, against AMA union restrictions, is something Harvard Medical School can pull off better than anyone else. (The AMA would be a laughing stock if they said that they no longer accredited Harvard) And Obama is asking the medical schools to do just that as part of his Health Care Plan. The Law School could double its class size. As with the B School and the Dental School.

As long as saying "I went to Harvard" makes everyone groan at a cocktail party, they can find the money.
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