This is a

This is CBSi of the world. I'm John Bessu with Peter Berkowitz at the Hoover Institution

writing at real-clear politics about a new book by Derek Bach, a very famous man.

He was at the Harvard Law School as the dean, the leader in the 1960s.

He then was at Harvard University, to my knowledge,

for all of the period from the 1970s till the 1990s is now

publishing a book attacking the elites what critics get wrong and right about

America's leading universities certainly a major figure in my education in the 20th century,

Derek Bach. And I am surprised to see that he wants to defend a story that has so many moving parts but we come to the

money and that has just one moving part the astonishing fact that from the time

that President Bach was in place in the 1960s and 70s,

Harvard's Endowment was $1 billion. Sounds like a lot. It is now $50 billion and it those monies are often attached to musts from the donors and so he presents a

Harvard that is whipsawed by its need for cash money to maintain the plant, the vast

plant it has, and the needs of its alumni, the generous philanthropists in the world. It begins to sound like an excuse, Peter. How did you read that?

Well, John, I read it exactly that way, as an excuse and in a way is a distraction.

Yes, the endowment has skyrocketed $50 billion.

But the general problem I think is not as Bach presents it.

He implies that with a 50 billion dollar

endowment with big gifts from donors you have donors constantly attempting to

determine how their money will be spent on campus. I believe the historical record

would show the opposite. That is, with this great increase in endowments, the universities

have received tremendous amounts of

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