Harvard's endowment grows to $29.2 billion

USA Today reports:

Harvard University said Tuesday its endowment rose by 16.7% to $29.2 billion in its latest fiscal year, extending its longtime growth despite recent changes in management.

The endowment's value at the end of June, the end of its fiscal year, compares with $25.9 billion in mid-2005.

Harvard depends on its endowment — a combination of about 11,000 individual funds — for a large portion of its annual expenses. In the 2006 fiscal year, nearly a third of its operating budget, or more than $930 million, came from the university's endowment.

Last year, Harvard named Mohamed El-Erian, a specialist in emerging market debt, as CEO of Harvard Management Co. El-Erian succeeded Jack Meyer, who helped dramatically grow Harvard's endowment from $4.7 billion in 1990.

Harvard wants to be subsidized by federal taxpayers through Pell Grants and other students loans,it wants to raise tuition beyond CPI year after year,and is for virtually everyone else paying taxes except places like Harvard! Now you can understand why Harvard would give tenure to a guy like John Rawls.Harvard's Theory of Justice is compound your wealth tax free while the other guy's wealth is confiscated to make Harvard richer.I guess not everyone really believes in egalitarianism if they did:they'd pay taxes.