My notes about how The Harvard Endowment is expensively managed and underperforms was sent by a subscriber to his magnate cousin who got his AB there in 1955. Cousin P is a big Harvard donor and an established member of various Harvard committees and funds. Cousin P the financier responded that my remarks about my Alma Mater “show that nobody should listen to her financial advice.”

His reason: I said the Harvard Endowment overpays its advisors for underperforming other endowsments, and moreover invests in controversial entities which are ruinous for the environment in Latin America or involved with corrupt companies in Rumania.

Now the mogul is going to have to stop reading or watching Bloomberg as well as boycotting www.global-investing.com. Earlier in the week Bloomberg headlined an investigation into a payday-lending website charging illegal interest at up to 600% per year. The payday-lender is Cane Bay in which the Harvard Endowment invested 18 months ago. This one operates mainly in lending in the USA.

The company Harvard invested in gets Puerto Rico's 90% corporate tax cuts for incorporating there, but it is run from St Croix and Belize. And these high-interest payday loans are peddled on US TV to desperate Americans struggling to make ends meet and avoid bankruptcy—the jobless, the disabled, the improvident, the poor.

Once the loan has been granted, gangster-like collectors threaten, harass, pressure, and besmirch the borrowers by phone and in person while piling on new charges at monster illegal interest rates. This all according to Bloomberg now again being run by NYC's former Republican mayor. The reporter is now telling all on Bloomberg TV.

Dear Cousin P, what is Fair Harvard doing investing in such a company? That is why I am restricting my contributions and focusing my do-good donations on The Bronx High School of Science, desperate for funds. I am trying to be an ethical investor.

Also from Bloomberg earlier in the week, Mohamed El Arian, former chief investment officer of the Harvard Endowment investment arm, wrote about the US employment report which was, he writes “at headline level disappointing.” He adds: “Actually it wasn't all bad. The erport confirms tha the US economy, while steadily improving and a lot stronger than Europe's, has yet to reach the 'escape velocity' needed to overcome the risk of stagnation. It's weak enough to keep the Federal Reserve in its current policy mode (comforting for financial markets), but not bad enough to jolt Congress out of its dysfunction.”

“The whole picture corresponds to the principal hypothesis underpinning th Fed's policy approach, which foresees an exist from quantitative easing this year and, most likely, modest interest-rate increases starting in the middle of next year. The duration and magnitude of this cycle depends not only on the global economy, but also on the extent to which the recovery can overcome secular headwinds (slow productivity growth, unbalanced demand, excessive inequality, inadequate infrastructure, and remaining debt burdens.”

Cousin P: think about that unbalance demand, that excessive inequality, those debt burdens which the post-El Arian Harvard Endowment has fostered with its investments. Think of the stink Bloomberg is creating among alumni. Think of how much more you will have to donate unless Harvard changes its ways.