Does it look like we need any more fucking money?
So now this is happening:
A spokesman for the University of Cambridge said the institution’s council Monday established a working group, including three students, to devise rules meant to ensure that investments made by the endowment—the biggest of any university in Europe—are socially responsible. The school’s total endowment, including the investments of Cambridge’s independent colleges, is valued at £5 billion ($7.86 billion). The new guidelines will apply to a portion equal to half that amount.
Not everyone is applauding the move:
Ethical investing has detractors. The history of such “vanity investing” is “littered with disasters,” said Jon Entine, a visiting fellow at the American Enterprise Institute and a former adviser to the Bill & Melinda Gates Foundation. “If you believe social responsibility is to adopt a cause and disproportionately put money into an investment area supporting that cause, it’s going to be a lose-lose situation because you’re not making sober financial decisions,” he said.