We only wish more donors to elite institutions were like Ross Stevens, the CEO of Stone Ridge Asset Management. This week, in complete disgust with his alma mater’s handling of anti-Semitism on campus he has threatened to withdraw a $100 million gift he made to the University of Pennsylvania for a center for innovation in finance.
Stevens wrote to Liz Magill, Penn’s president, that the school has violated the terms of the limited partnership agreement, including its anti-discrimination and anti-harassment policies through “its permissive approach to hate speech.”
The final straw came on Tuesday when Magill testified before the House and Congressman Jim Banks of Indiana nailed her for her blatant hypocrisy on free speech. He noted that she failed to discipline Professor Ahmad Almallah for leading a student mob in chanting: “There’s only one solution: intifada revolution?” This even after Penn canceled a speech by Indian leader Narendra Modi and an event with former Immigration and Customs chief Tom Homan because he had served in the Trump administration.
Now that Magill has cost the university she runs a cool $100 million gift, will the board that oversees her remove her from office for both incompetence and a refusal to enforce fundamental American values? Don’t hold your breath, which is why more donors must follow Ross Stevens’ example.
BTW: if you’re in a holiday-giving mood, but your Alma mater has gone ideologically bonkers, you can always make an end-of-year donation to CTUP instead. We are a tax-deductible charitable organization that uses our donations to promote freedom of speech, civil liberties, and prosperity – just the opposite agenda of most universities.