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☆ Wall Street titans help to fuel Ivy League donor revolt
▼ + stars: | 2023-11-02 | by ( Brian Schwartz | ) www.cnbc.com time to read: +1 min

Billionaire Marc Rowan has been in touch with what one finance executive quipped was "half of Wall Street" about halting donations to some of the country's most prestigious universities, to protest the schools' responses to the Israel-Hamas war. The CEO of private equity giant Apollo Global Management belongs to a growing group of Wall Street executives speaking privately with fellow financiers about how to use their influence as major donors to pressure schools into making leadership changes. Rowan took part in a Zoom call Oct. 23 with dozens of wealthy donors to other Ivy League schools, including Yale University and Harvard University, according to those familiar with the call. One of the things they discussed was pausing their financial support for the schools, these people explained. Rowan was one of the final speakers on the call, where he raised his own issues about the school, this person explained.

Persons: Marc Rowan, Rowan, Bill Ackman, Ackman, David Magerman, Leon Cooperman Organizations: Apollo Global Management, Wall Street, Ivy League, Yale University, Harvard University, Penn Locations: Israel

☆ UPenn donors were furious about the Palestine Writes Literature Festival. What about it made them pull their funds?
▼ + stars: | 2023-10-25 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +20 min

Gottheimer criticized UPenn for including Waters and Hill as festival speakers in a letter posted the day after the University released its statement. “Situating those individual Palestinians and our allies in league with actual antisemites is wholly irresponsible and dangerous.”At the festival, speakers acknowledged the allegations of antisemitism and denied them. It said they were notified 48 hours before the event Waters wished to show up in person, but that would have required additional security unavailable at short notice. ‘Felt like home’Planning the Palestine Writes Literature Festival took endless hours, according to Abulhawa. Susan Abulhawa, a Palestinian-American writer and human rights activist, speaks at a 2014 Palestine Festival of Literature event at Qasr al Qassem on June 4, 2014 in Beit Wazan, near Nablus, West Bank.

Persons: Liz Magill, Magill, Penn, Roger Waters, Pink Floyd, Rogers, “, Anne Frank, ”, Waters, Andreas Arnold, demagogue, ” Waters, Tala, Fahmawi, Josh Gottheimer, Marc Lamont Hill, Gottheimer, UPenn, ” Hill, Hill, Susan Abulhawa, Amer Zahr, Abulhawa, Ronald Lauder, Marc Rowan, Rowan, Scott Bok, ” Abulhawa, Dalia Al, Ahmad, Palestine — Ibrahim Nasrallah, Elias Khoury, Mahmoud Shukair, Habayeb, Salman Abu Sitta, Mahmoud Darwish, it’s, ” Dalia Al, Viet Thanh Nguyen, Pulitzer, Gary Younge, Nguyen, Younge, Israel, Bernard Schwartz, 92NY, ” Nguyen, ‘, Rob Stothard, ” UPenn, David Magerman, Cliff Asness, Lauder, Dick Wolf, Jon Huntsman, Elizabeth Magill, John Jackson , Jr, ” Rowan, Ed Rendell Organizations: New, New York CNN, The University, Ivy League, CNN, Defamation League, ADL Philadelphia, Jewish Federation of Greater, Pink, US State Department, ADL, Democratic New Jersey Rep, University, Apollo Global Management, ” CNN, The Daily, UN, Assembly, Jewish Chronicle, New York, New York City Jewish, New York Times, Palestine, Palestinian, Facebook, West Bank, Student, Daily Pennsylvanian, Penn, Twitter, Venture, Law, Renaissance Technologies, University of Pennsylvania, CNBC Locations: New York, UPenn, Philadelphia, Israel, Jewish Federation of Greater Philadelphia, Magill, Germany, Nazi, Frankfurt, “ Palestine, Palestine, The, Europe, Canada, British, New, New York City, Palestinian, American, Qasr, Qassem, Beit Wazan, Nablus, West

☆ Elite Universities Face Donor Revolt Over Mideast Conflict
▼ + stars: | 2023-10-24 | by ( Rachel Louise Ensign | Juliet Chung | ) www.wsj.com time to read: 1 min

David Magerman was in Israel celebrating a holiday by dancing with a Torah in synagogue when Hamas attacked the country earlier this month. When his alma mater, the University of Pennsylvania, put out a statement a few days later that called the assault “horrific” but didn’t explicitly condemn Hamas, he was incensed. Magerman, a hedge-fund veteran turned venture capitalist who has donated millions to the school, has since cut his ties with Penn. “I was just pushed over the edge by the equivocation of the response,” he said.

Persons: David Magerman, didn’t, Magerman, “, ” Organizations: University of Pennsylvania, Penn Locations: Israel

☆ Ed Rendell: UPenn president Liz Magill made a 'mistake' but shouldn't be forced out
▼ + stars: | 2023-10-23 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

“I don’t think she is going to step down.”Magill did condemn antisemitism broadly before the Palestine Writes festival and noted that some speakers had a history of making antisemitic remarks. Indeed, some members of the UPenn faculty and even the UPenn Jewish community criticized Magill prior to the Sept. 22 Palestine Writes festival for being too critical of the event. Still, Magill’s handling of the Palestine Writes festival triggered a backlash from powerful donors in a campaign led by private-equity billionaire Marc Rowan. Organizers of the Palestine Writes festival denied that it embraced antisemitism, according to UPenn student newspaper The Daily Pennsylvanian. Given the controversy over the Palestine Writes festival, Rendell is calling for the creation of an independent commission that would approve whether outside groups can access the UPenn campus.

Persons: Ed Rendell doesn’t, Rendell, Liz Magill, ”, Magill, ” Rendell, “, ” Magill, Marc Rowan, Dick Wolf, Jon Huntsman, David Magerman, Cliff Asness, ” Wolf, Ronald Lauder, Lauder, UPenn, Huntsman Organizations: New York CNN Business — Former, University of Pennsylvania, Ivy League, UPenn, CNN, Israel, “, Wolf Humanities Center, Daily, University Locations: Palestine, UPenn, Israel, Utah, Pennsylvania

☆ Billionaire donors are loudly boycotting Ivy Leagues. It may not hurt the schools as much as you think.
▼ + stars: | 2023-10-21 | by ( Madeline Berg | ) www.businessinsider.com time to read: +5 min

But the lost donations might not hurt the schools as much as you might think — at least when taken in isolation. The donors blasting Penn also have given sums that, by any standard, are enormous. Schools could battle a reputational blowUnless the pile-on keeps coming, which it very well might, these schools' bottom lines could be just fine. "As prominent donors withdraw support, other donors may take that as a signal of the loss of institutional focus on education, and these many smaller donors may decide that they too should withdraw support," he added. AdvertisementAdvertisementAt the same time, schools that shift their policies or statements in response to the backlash may be accused of pandering to donors.

Persons: —, Marc Rowan, alums, Huntsman, David Magerman, Clifford Asness, Ronald Lauder, Victoria's, Les Wexner, Michael Hemesath, Penn, Rowan, Lauder, Elizabeth Magill, Hemesath, Max Cavitch Organizations: Harvard, University of Pennsylvania, Service, Ivy League, Penn, Wexner Foundation, Carleton College, Saint John's University, Harvard Kennedy School of Government Locations: Israel, Wharton

☆ Law & Order creator Dick Wolf implores UPenn president to quit
▼ + stars: | 2023-10-20 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN Business —Dick Wolf, the creator of “Law & Order,” wrote a letter to Liz Magill pleading with her to step down as president of the University of Pennsylvania. “President Magill, I implore you and [chair of the board of trustees] Scott Bok to step down from your UPenn positions before any more unnecessary damage to UPenn,” Wolf wrote in the letter, obtained by CNN on Friday. Organizers of the Palestine Writes festival denied that it embraced antisemitism, according to UPenn student newspaper The Daily Pennsylvanian. In the days before the Palestine Writes festival, Magill was not just facing pressure from Lauder, Wolf and others who wanted the event scrapped. Three dozen members of the UPenn faculty also wrote to The Daily Pennsylvanian in support of the Palestine Writes festival.

Persons: New York CNN Business — Dick Wolf, ”, Liz Magill, Wolf, UPenn’s, Magill, Scott Bok, ” Wolf, UPenn, Bok, Israel, Marc Rowan, Jon Huntsman, David Magerman, Cliff Asness, Ronald Lauder, Lauder, ” “, ” Magill, ” Bok Organizations: New York CNN Business, “, University of Pennsylvania, UPenn’s Wolf Humanities, Ivy League, CNN, Wolf Humanities Center, Daily, University, Penn, Greenhill & Co Locations: Palestine, UPenn, Israel, Irish

☆ Wall Street cues a lesson in Ivory Tower finance
▼ + stars: | 2023-10-20 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +5 min

NEW YORK, Oct 20 (Reuters Breakingviews) - Wall Streeters are trying to teach universities a lesson, but may provide them with a broader understanding of economics instead. The median family income for Harvard students is nearly $169,000, or about 2.5 times the U.S. average. Stockpiles of cash donated by Rowan, Ackman and other alumni also should theoretically make such institutions more accessible, but haven’t. Elite universities funnel many graduates to lucrative careers in finance and consulting, and studies have shown that social class often predetermines success. Ideally, Ivory Towers would price education closer to its actual value rather than what people are willing to pay.

Persons: Marc Rowan, Bill Ackman, Ackman, Rowan, Israel, grads, Liz Magill, Scott Bok, David Magerman, Estee Lauder, Ronald Lauder, Jon Huntsman, Larry Summers, Jeffrey Goldfarb, Aditya Sriwatsav Organizations: Reuters, University of Pennsylvania, Harvard, Rowan, Ivy League, Reuters Graphics Investment, Apollo Global Management, Ackman’s, Palestine, Literary, Renaissance Technologies, Pershing, Harvard University, Thomson Locations: Cambridge , Massachusetts, Wharton

☆ Debate over the Israel-Gaza war has raised tensions – and the stakes – on college campuses
▼ + stars: | 2023-10-19 | by ( Eric Levenson | ) edition.cnn.com time to read: +32 min

Ronen Zvulun/Reuters A woman mourns over a dead man at the Al-Aqsa Martyrs Hospital in Gaza City on Wednesday, October 18. Alexi J. Rosenfeld/Getty Images Israeli security inspects debris from a rocket in Kiryat Shmona, Israel, on October 18. Dor Kedmi/AP Fire and smoke rise above buildings in Gaza City during an Israeli air strike on October 13. Erik Marmor/AP Six-month-old Sama Alwadia is rescued from the rubble in Gaza City on October 9. Ramez Mahmoud/AP A plume of smoke rises in the sky over Gaza City during an Israeli airstrike on October 9.

Persons: ”, Michelle Deutchman, Spencer Platt, Jon Fansmith, “, ” Fansmith, you’ll, Eboo Patel, they’re, ” Patel, Bill Ackman, Larry Summers, ” Summers, Claudine Gay, —, Gay, ” “, Khan, Yasser Qudih, Ofir Libstein, Aza, Ronen Zvulun, Belal Khaled, Abed Rahim Khatib, Leon Neal, Hod, Alexi J . Rosenfeld, Ayal Margolin, Antony Blinken, Joe Biden, Benjamin Netanyahu, Brendan Smialowski, Ali Jadallah, Biden, Netanyahu, Kenny Holston, Abed Khaled, Ariel Schalit, Mohammed Abed, Kfar Aza, Ilia Yefimovich, Mustafa Hassona, Mahmoud Khaled, Samar Abu, Fatima Shbair, Dor Reder, Violeta Santos Moura, Shir Torem, Wahaj Bani Moufleh, Antonio Macías, Macías, Francisco Seco, Mohammed Saber, Eli Albag, Liri, Mohammed Talatene, Sergey Ponomarev, Hatem Ali, Dor Kedmi, Mahmud Hams, Saher, Hatem Moussa, Abraham Cohen, Valentin Ghnassia, Ghnassia, Yuri Cortez, Yousef Masoud, Ibrahim Hams, Bashar Taleb, Baz Ratner, Jack Guez, Yahya Hassouna, Mapal Adam, Abed Zagout, Tamir Kalifa, Agha, Ibraheem Abu Mustafa, Reuters Itzik, Miriam Shafir, Dor Shafir, Savion Kiper, Maya Alleruzzo, Mohammed Salem, CNN Sergey Ponomarev, Eden Guez, Atef Safadi, Ohad, Mohammed Soboh, Said, Noam Elimeleh Rothenberg, Amir Cohen, Ilai Bar Sade, Erik Marmor, Oren Ziv, Majdi, Ramez Mahmoud, Roi Levy, Alleruzzo, Tali Touito, Jalaa Marey, Oded, Khan Younis, Ahmad Hasballah, Mohammed Fayq Abu Mostafa, Tsafrir, Ahmad Gharabli, Ilan Rosenberg, Eyad Baba, Itai Ron, Hadas Parush, Idan Ofer, Batia, Les Wexner, Abigail, Israel, Liz Magill, ” Magill, Marc Rowan, Ronald Lauder, David Magerman, Jon Huntsman, ” Huntsman, Magill, Israel “, Winston, Strawn, “ Winston, Ryna Workman, ” Workman, Russell Rickford’s, ” Rickford, Abeer AbouYabis, Adolf Hitler Organizations: CNN — College, CNN, University of California National Center for Free, ” Columbia University, Getty Images Columbia, Getty, American Council, Education, Interfaith America, “, Harvard, Ivy League, University of Pennsylvania, Harvard Palestine Solidarity Groups, Harvard University, Reuters, Regional, Al, Aqsa Martyrs Hospital, Israel's, Ahli Baptist Hospital, Israel Defense Forces, Israeli, Ben Gurion International, New York Times, Shifa, Palestinian, AP, West Bank, Aris Messinis, Haim, Mount, Mount Herzl Military, Nova, Anadolu Agency, Nova Festival, Ben Gurion, Rockets, United Nations, Reuters Police, Reuters Rockets, Harvard Crimson, Penn, Apollo Global Management, Venture, UPenn, Faculty, New York University, NYU Student Bar Association, NYU, Winston, Stanford University, Cornell, ” Cornell University, Cornell Daily Sun, Emory University, Emory Winship Cancer Institute Locations: United States, Israel, Gaza, New York City, Khan Younis, Yehuda, Aqsa, Gaza City, Rafah, Tel Aviv, Hod HaSharon, Kiryat Shmona, AFP, Al, Ahli, Anadolu, Sderot, Gan, Kfar, North Sinai, Egypt, Samar, Samar Abu Elouf, Beit Kama, Haifa, Cyprus, Nablus, West, Lebanon, Kfar Saba, Israeli, Be'eri, Rehovot, Mount Herzl, Jerusalem, Kibbutz Be'eri, Modiin Maccabim, Kfar Aza, Ashkelon, Mount Herzel, Yassin, Palestinian, Beitar Ilit, Ramat Gan, Itai, Beit Hanun, Rishon Lezion, Harvard’s, UPenn, Palestine

☆ ‘Deeply ashamed.’ Another major UPenn backer halts donations and calls on other Jews to do the same
▼ + stars: | 2023-10-18 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

The donor backlash has been driven by a Palestinian literary festival that was held on campus last month, before the Hamas terror attacks on Israel. UPenn leaders acknowledged well before the start of the Palestine Writes Literature Festival that the event would feature speakers with a history of making antisemitic remarks. “Jews have played an extraordinary role in the history and legacy of the University of Pennsylvania. Billionaire Ronald Lauder, another powerful financial backer of school, is threatening to do the same if more isn’t done to fight antisemitism. Organizers of the Palestine Writes festival denied that it embraced antisemitism, according to UPenn student newspaper The Daily Pennsylvanian.

Persons: David Magerman, UPenn, Magerman, Liz Magill’s, ” Magmeran, Magill, Scott Bok, ” Magerman, Penn, Wharton, Marc Rowan, Jon Huntsman, Ronald Lauder, Susan Abulhawa, ”, ” Magill, “, ” UPenn, Magill’s Organizations: CNN — Venture, University of Pennsylvania, Ivy League, Renaissance Technologies, Penn, Venture, Daily, CNN Locations: Palestinian, Israel, Palestine, Penn, UPenn

☆ The major donor revolt at University of Pennsylvania over its response to the Israel-Hamas war is getting worse
▼ + stars: | 2023-10-18 | by ( Sonam Sheth | ) www.businessinsider.com time to read: +5 min

The megadonor revolt at the University of Pennsylvania is getting worse as the Israel-Hamas war intensifies. Penn isn't the only school facing backlash after the Hamas attacks; Harvard University and Cornell University have also drawn scrutiny. As the war with Israel intensifies in Gaza, UPenn's benefactors are slamming the school for its response and actions before and after Hamas' terrorist attacks in Israel. AdvertisementAdvertisementThe billionaire Ronald Lauder followed suit, threatening to stop donating to the university if it doesn't mount a stronger response to antisemitism. And at Cornell University, students are calling for a history professor to be fired after he described the Hamas attacks as "exhilarating" and "energizing."

Persons: Penn, —, Clifford Asness, Asness, Liz Magill, Steve McGuire, Marc Rowan, Rowan, Magill, Scott Bok, Dick Wolf, Jon Huntsman, Ronald Lauder, David Magerman, I've, Bill Ackman, Israel Organizations: University of Pennsylvania, Harvard University, Cornell University, Service, Pennsylvania's, Ivy League, Penn, American, of Trustees, Apollo, Daily, Huntsman Foundation, Pershing Locations: Israel, Gaza, Penn, Palestine

☆ UPenn President called to resign following protest of the school's response to Palestinian festival
▼ + stars: | 2023-10-18 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

Vahan Gureghian, former University of Pennsylvania trustee, is calling for Liz Magill, the Ivy League school's president, to step down amid deepening donor backlash. But apparently Liz is not ready for this job.”Debate over free speech, antisemitismMagill was not only facing pressure from Lauder and other opponents of the Palestine Writes festival. Three dozen members of the UPenn faculty also wrote a letter in student newspaper The Daily Pennsylvanian to support the Palestine Writes festival. Organizers of the Palestine Writes festival denied that it embraced antisemitism, according to The Daily Pennsylvanian. “The unanimous sense of those gathered was that President Magill and her existing University leadership team are the right group to take the University forward,” Bok said.

Persons: Vahan Gureghian, Liz Magill, Magill, Gureghian, “, ” Gureghian, Scott Bok, Marc Rowan, Jon Huntsman, David Magerman, Cliff Asness, “ You’re, Elizabeth Magill, Ronald Lauder’s, Lauder, ” Lauder, ”, “ Liz, Liz, UPenn, ” Magill, ” Bok Organizations: New York CNN Business — Former University of Pennsylvania, Ivy League school’s, CNN, Israel, University of Pennsylvania, Ivy League school's, CSMI Consulting, “, University, Pennsylvania, Penn, Daily, Greenhill & Co Locations: Penn, Palestine, Israel, Philadelphia, Lauder

☆ Big money donors are slamming Ivy League universities and pulling funding over their response to the Israel-Hamas war
▼ + stars: | 2023-10-17 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +5 min

Wealthy donors are slamming elite US colleges for their responses to the Israel-Hamas war. Thousands of civilians have been injured or killed in Hamas' attacks on Israel and Israel's bombardments of Gaza. In the past week, wealthy college donors have closed their checkbooks, citing their disagreement with the universities' responses to the Israel-Hamas war. The Huntsman family recently notified Penn that it's stopping further donations to the Ivy League school. Thousands of people have been injured or killed in Hamas' terrorist attacks on Israel and Israel's bombardment of Gaza.

Persons: —, Marc Rowan, Rowan, Huntsman, Jon Huntsman Jr, Elizabeth Magill, Magill, David Magerman, Estée Lauder, Ronald Lauder, Les Wexner, Claudine Gay, Bill Ackman, Idan Ofer, Yoav Gallant Organizations: Service, Apollo Global Management, University of Pennsylvania's, Penn, Ivy League, Daily, Huntsman Foundation, University, Computer, Renaissance Technologies, Bloomberg, Harvard, Wexner, Kennedy School of Government Locations: Israel, Gaza, Utah, China, Russia, Singapore, Penn, Egypt

☆ Billionaire Ronald Lauder threatens to stop Penn donations unless the school takes a stronger stance against antisemitism
▼ + stars: | 2023-10-17 | by ( Madeline Berg | ) www.businessinsider.com time to read: +6 min

Billionaire Ronald Lauder wrote a letter threatening to stop donations to the University of Pennsylvania. AdvertisementAdvertisementRonald Lauder, the billionaire Estée Lauder heir, wrote a searing letter to the University of Pennsylvania's president threatening to stop donations to the school if it doesn't take a stronger stance against antisemitism. "Those invited to the event had a history of not just strong anti-Israel bias, but outright antisemitism," he wrote. "The University did not, and emphatically does not, endorse these speakers or their views," Magill wrote in an email to the Penn community on Sunday. Lauder, who is worth $4.5 billion, per Forbes, has donated millions of dollars to Penn, as has his brother, Leonard.

Persons: Ronald Lauder, Lauder, —, Estée Lauder, Penn, Elizabeth Magill, Marc Rowan, Dick Wolf, Huntsman, David Magerman, Rowan, Magill, Steve Fluharty, Fluharty, Leonard, Batia Ofer, Israel's, Les Organizations: University of Pennsylvania, Service, University of, Apollo Global Management, Penn, Wolf Humanities Center, Ivy League, The Daily, Penn's Department of Arts and Science, University, Forbes, Institute, Wharton School, Penn Law, The Lauder Institute, Republican, Jewish, Harvard, Harvard's Kennedy School, University of Pennsylvania's Locations: Israel, Palestine, Penn, Cambridge

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