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Harvard is considering selling $1.65 billon worth of debt just two months after president Claudine Gay firing as billionaire alum Bill Ackman suggests 'dramatic decline in donations' is to blame

https://www.dailymail.co.uk/news/article-13133891/Harvard-bond-sale-gay-ackman-donors-donations.html

• The world's richest university could be forced to ask the money markets for a bail out after billionaire boycott over anti-Semitism row

• Gifts from benefactors cover nearly half of its costs but it has lost more than $1 billion in donations since October 7, critic Bill Ackman claims

• The hedge fund boss predicts it will have to slash spending and warns donors will not be back soon amid ongoing anger

Harvard University is considering putting $1.65 billion worth of bonds on sale after gifts from wealthy donors dried up in the wake of the anti-Semitism row that cost its president her job.

The move was spotted by billionaire alum Bill Ackman who predicted the college would have to slash spending after its richest benefactors axed more than $1 billion in donations.

Its president Claudine Gay resigned in January after Ackman accused her of allowing anti-Semitism to 'explode' on campus in the wake of the October 7 attack on Israel.

But the university remains mired in claims that its promotion of diversity, equity and inclusion (DEI) programs foster a climate of anti-Jewish prejudice and Ackman warned that donors 'won't be coming back for some time.'

'At a minimum, alumni will want to know who the next president is, and the status of DEI and antisemitism on campus before resuming donations,' the hedge fund boss tweeted.

'At a minimum, alumni will want to know who the next president is, and the status of DEI and antisemitism on campus before resuming donations.'

On Tuesday, the college registered its plan to sell $750 million of taxable fixed-rate bonds the week of March 4 and $900 million of tax-exempt bonds in April.

The Massachusetts university has an AAA credit rating and is the richest college in the world with a total endowment of some $50 billion, larger than the economies of 120 countries.

But most of its assets are tied up in property, venture capital and long-term investments, and donations covered 45 percent of revenue spending in 2023, leaving it vulnerable to a cash flow squeeze.

And Republican lawmakers have threatened to target the college's federal funding which makes up another 11 per cent of its spending.

'Like most endowments Harvard models expectations of fund distributions when considering its liquidity,' Ackman wrote.

'Harvard also makes assumptions about inflows from alumni donations.

'The model likely did not predict a decline in liquidity events from private equity, real estate, and venture capital and the dramatic decline in donations.

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Indiana farmers raise national security fears as China buys up over 600 acres, as lawmakers try to ban purchases near military bases amid spying threat

• Indiana lawmakers propose a law banning certain land ownership by China

• Purchases near military bases or national guard armories would be barred

• 24 states have passed similar laws including Alabama, Idaho and Virginia

https://www.dailymail.co.uk/news/article-13132977/china-buys-indiana-farms-sparks-fear-spy-threat.html

Indiana legislators are considering a bill to ban certain ownership of farmland by China and other adversaries, following similar moves in dozens of other states.

Earlier this month, Indiana's state House unanimously approved a bill to prohibit any citizen of, or entity connected with, a 'foreign adversary' from buying any agricultural land in Indiana after July 1.

This week a Senate committee approved the bill, adding language that prohibits purchases of any land, other than residential leases, within 50 miles of a military base or 10 miles of an armory or maintenance facility.

The Indiana bill does not ban specific countries, but defers to the US Commerce Department's list of adversaries, which currently includes China, Russia, Iran, North Korea, Venezuela and Cuba.

Of those, only China is identified as an owner of farmland in Indiana, with three separate entities owning a total of 618 acres in three different counties, according to WISH-TV.

As well, the firm Syngenta, a subsidiary of Chinese firm Sinochem Holdings Corporation, leases about 170 acres.

Those holdings would be grandfathered in and not impacted by the proposed law, which would ban purchases by a foreign adversary after July 1.

At least 24 other US states have passed similar laws restriction certain forms of foreign land ownership.

Federal data show that Chinese firms and investors own just over 383,934 acres in the US as of 2021, making it the 18th largest foreign investor.

That's far less than the land owned by the top foreign land owners: Canada, Netherlands, Italy, the UK and Germany.

But China's status as an adversary and rising tensions between Washington and Beijing have heightened concerns over Chinese land ownership.

Kentucky prison system in chaos after more than THIRTY workers are caught having sex with inmates behind bars, anally raping others and smuggling them drugs including meth for cash

• A shocking investigation revealed 59 cases of employee-on-inmate sexual offenses in the past five years, with 35 cases involving possible criminal charges

• A total of 62 employees were either fired or resigned across 13 state prisons and a minimum-security prison camp in Kentucky

• At least 14 others were caught smuggling drugs like suboxone and meth into prisons in exchange for money

https://www.dailymail.co.uk/news/article-13132673/kentucky-prison-sex-abuse-inmates-drugs.html

More than 30 workers with the Kentucky Department of Corrections were caught having sex with inmates behind bars during a 16-month period, while others were found smuggling drugs and guns.

A shocking investigation by Herald-Leader revealed 59 cases of employee-on-inmate sexual offenses in the past five years, with 35 cases involving possible criminal charges.

Most recently, 42-year-old Amanda Kulka was charged with third-degree sodomy earlier this month for allegedly having a sexual relationship with an inmate half her age.

The inmate, who has not been identified, was serving a lengthy sentence for burglary, assault and theft, according to the outlet.

Meanwhile, at least 14 others were caught smuggling drugs like suboxone and meth into prisons in exchange for money. One officer faced charges for carrying a handgun.

>A total of 62 employees were either fired or resigned across 13 state prisons and a minimum-security prison camp, which together house more than 11,300 inmates.