The Blubber

Per Fortune

After numerous reports of how some major colleges prioritized alumni or donor families, a Massachusetts bill aims to tax them. The tax collected from these colleges would be placed to good use.

The report also names Harvard, where numerous reports say that the school prefered alumni and donor families, making it harder for other applicants. Harvard reportedly has a $50.1 billion endowment, which sponsors say is around $103 million yearly.

The bill notes that the money collected from schools like Harvard would be given to poorer community colleges. The filers of the bill, Simon Cataldo, state representative, and Senator Pavel. M. Payano, withe the signatures of nine other legislators.

Cataldo: “The schools could not simultaneously defend race-conscious affirmative action – which benefitted historically disadvantaged minorities — while also insisting on maintaining admissions policies that elevated the chances of generationally wealthy applicants above those very groups that race-conscious affirmative action was meant to help,”

This comes as Harvard was recently sued by groups regarding the preferential treatment it had for alumni children and children of wealthy donors. The lawsuit alleges that this violates the Civil Rights Act.

In April, Ken Griffin gave $300 million to Harvard University. This was his biggest gift ever to his alma mater.

See flow at unusualwhales.com/flow.

Other News:

• Harvard University sued by groups over preferential treatment for alumni children and wealthy donors violating Civil Rights Act
• Ken Griffin has given $300 million to Harvard University, his biggest gift ever to his alma mater

Resources:

Fortune