Big Donors Punish Harvard for Losing Its President

Harvard University has lost at least four major donations worth $390-million because of the resignation of its president, Lawrence H. Summers,The Wall Street Journal reports.

Three of the withheld gifts would have been the largest in Harvard’s history, the newspaper says.

Mortimer Zuckerman, the publishing magnate, planned to make a gift, as did the philanthropist David Rockefeller, and Richard A. Smith, a former member of the university’s governing board. Lawrence Ellison, the head of Oracle software, previously disclosed that he would not give Harvard $115-million he had promised.

Donella Rapier, director of development at the university, would not confirm the losses, but said it was normal for donors to withhold funds as they wait to see who will be the next leader of a nonprofit organization they wish to support. (A paid subscription is required to view this article.)