00:00President Trump said a while ago, posted actually on social media, that they were in the process of removing the tax-exempt status from Harvard.
00:10There have been a lot of issues at Harvard, but that's one that comes within your bailiwick.
00:13Where is that process right now?
00:16The president is moving forward with that, and we're also looking at taxes on endowments.
00:25And I think the important thing here, and it goes a little bit back to this Main Street versus the elites, that Harvard, to have a tax-exempt status, there are rules you have to follow.
00:40And if you're not following the rules, no one's above the law.
00:43So we will see if they're following the rules.
00:46It looks like there's a substantial number where perhaps they weren't.
00:50And, you know, again, too, Harvard is a gigantic hedge fund.
00:56They run a leveraged investment model.
01:00So we'll see where all that goes.
01:02Is it Harvard alone, or are there other universities or colleges that also might be subject to review on tax-exempt status?
01:09I haven't seen that.
01:12But, you know, again, back to cutting government expenses, you know, these things are more out of control.
01:20The universities, they are more out of control than the government.
01:25There is a separate inflation index.
01:29It's called, like, the Index of Higher Education Inflation Index.
01:33And most of the expenses have grown at CPI plus 3%.
01:40So, you know, they need to get their houses in order.
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