Gill and the other presidents at the hearing. "Damage to the company's reputation as a result of the relationship with the university and the president"/Reuters
After this week's disgraceful appearance in front of Congress, the presidency of America's elite universities continues to come under fire. The latest development comes from American businessman Ross Stevens, CEO and owner of Stone Ridge, who has announced that he will withdraw a $100 million donation to Penn University unless President Liz Magill resigns.
She testified Tuesday at a congressional hearing that calling for genocide against Jews is not necessarily harassment, threats or bullying, but rather "context-dependent." That was the line taken by her fellow hearers—the Harvard presidency and MIT.
Stevens, a University of Pennsylvania graduate who pledged in 2017 to contribute $100 million to establish innovation in finance, wrote to employees that "unless there is a change in the university's leadership and values, I intend to withdraw the investment in the institution in order to prevent further damage to Stone Ridge's reputation as a result of our relationship with the university and President Magill."
In addition, a letter was sent from the company's law firm to the university, stating that the company has the option to withdraw the investment in case there is harm or risk to reputation or character.
The law firm of Davis Pollack, representing the company, sent a letter to the university mentioning an agreement between the parties, which gives the company the option to return the shares if there is concern about "reputation, character or status"According to the letter, the university violated the terms of the agreement between the parties, mainly due to failure to implement non-discriminatory policies and prevention of harassment: "
The permissive policy towards hate speech and calls for violence against Jews and a non-interventionist attitude towards harassment and discrimination against Jewish students, violate laws and policies prohibiting religious-based harassment and discrimination, including those of Stone Ridge," it said.
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