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That's Gonna Sting: U Penn Loses $100 Million Donation After President Magill's Congressional Testimony

AP Photo/Mark Schiefelbein

After the appalling behavior of their presidents at Tuesday's Congressional hearing on antisemitism, Harvard, the University of Pennsylvania, and MIT have faced tremendous (and richly deserved) backlash.

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And it continues today:

Axios reports:

A University of Pennsylvania donor is withdrawing a gift worth around $100 million to protest the school's response to antisemitism on campus.

The big picture: The final straw for Ross Stevens, founder and CEO of Stone Ridge Asset Management, was Tuesday's widely criticized congressional testimony by Penn president Liz Magill.

Details: The gift from Stevens, a Penn undergrad alum, was given in December 2017 to help establish a center for innovation in finance.

  • It was in the form of limited partnership units in Stone Ridge, with the current value estimated at around $100 million.
  • Stevens, in a letter from his lawyers to Penn, alleges that the school has violated the terms of the limited partnership agreement, including its anti-discrimination and anti-harassment policies.
  • Referring to Penn, Stevens writes: "Its permissive approach to hate speech caling for violence against Jews and laissez faire attitude toward harassment and discrimination against Jewish students would violate any policies of rules that prohibit harassment and discrimination based on religion, including those of Stone Ridge."
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One of the biggest roles of a university president is fundraising. Magill has now cost U Penn another $100 million (they lost millions after donor John Huntsman closed his checkbook several weeks ago).

Better late than never.

Magill, and her counterparts at Harvard and MIT are focused on one thing: excusing antisemitism on campus. Likely in violation of their own university codes regarding bullying and harassment. They didn't care about things like donor terms, or even civil rights investigations.

We doubt it.

We can only hope. They all deserve to be fired.

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A lot. And we love to see it.

Do not relent. Make it hurt.

Yes. Huge consequences.

Hundreds of millions of reasons.

While U Penn seems to have not disclosed her salary, the previous president -- Amy Gutmann -- was paid $23 million in her last year. So no, Magill is probably not worth $100 million.

Yes it is.

FAFO, indeed.

We feel pretty darned wonderful about it.

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Oh, if they do, discovery would be a lot of fun.

MORE. Please, more.

We're sure Magill is going to have an awful weekend. That she, and the presidents of Harvard and MIT weren't ceremoniously frog-marched from campus after their behavior on Tuesday says just how far gone our universities are.

We hope that pulling donations to the tune of hundreds of millions of dollars will be what finally gets them shown the door.

And that their replacements are left-wing bigots.

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