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BDS Could Cost Universities Billions of Dollars, New ADL Report Says
Signs cover the fence at a pro-Palestinian encampment at Northwestern University in Evanston, Ill. on April 28, 2024. Photo: Max Herman via Reuters Connect.
Colleges and universities will lose tens of billions of dollars collectively from their endowments if they capitulate to demands to divest from Israel and companies that do business with it, according to a new report released on Thursday by JLens, a Jewish investor network that is part of the Anti-Defamation League (ADL).
Titled “The Impact of Israel Divestment on Equity Portfolios: Forecasting BDS’s Financial Toll on University Endowments,” the report presents the potential financial impact of universities adopting the boycott, divestment, and sanctions (BDS) movement, which seeks to isolate Israel from the international community as a step toward its eventual elimination.
The ADL describes its report as “the first of its kind” to measure the havoc BDS would wreak on university endowments, the core of a higher education institution’s financial health, by quantifying the returns for investment portfolios purged of Israel-linked companies.
“Our research demonstrates that university endowments that divest from Israel could face significant financial consequences,” JLens managing director Ari Hoffnung said in a statement. “Lower investment returns could compromise a university’s ability to provide scholarships, fund research, and invest in campus facilities.”
The numbers are harrowing. Adopting BDS, according to the report, would incinerate $33.21 billion of future returns for the 100 largest university endowments over the next 10 years, with Harvard University losing $2.5 billion and the University of Texas losing $2.2 billion. Other schools would forfeit over $1 billion, including the University of Pennsylvania, Stanford University, and Princeton University. For others, such as the University of Michigan and Dartmouth College, the damages would total in the hundreds of millions.
“This groundbreaking report approached the morally problematic BDS movement from an entirely new direction — its negative impact on portfolio returns,” New York University adjunct professor Michael Lustig said in a statement extolling the report. “JLens has done a great job in quantifying the financial effects of implementing the suggestions of this pernicious movement, and importantly, they ‘show their work’ by providing full transparency into their methodology, and properly caveat the points where assumptions must necessarily be made. This report will prove to be an important tool in helping to fight noxious BDS advocacy.”
The report adds that BDS proponents are capricious, making them unreliable investment advisers. They will add a company to the BDS “target list” for appearing to do business with Israel or Israeli companies and then fail to remove it even after the business ends. For example, JLens notes that BDS continues to name Microsoft as a “target” four years after it sold its stake in the Israeli software company AllVision. BDS proponents also offer conflicting reasons for divestment, with some limiting their grievance to the sale of weapons to the Israeli military and others aiming to halt any and all economic activity with Israel. Despite these inconsistencies, BDS proponents claim to speak with a unified voice.
“Additionally, the landscape of companies doing business in Israel is vast and ever-changing, making it challenging to compile a definitive list of BDS targets and that does not become quickly outdated,” JLens explained. “The list of potential BDS targets can expand at any time due to evolving geopolitical events and misguided activists campaigns. This dynamic nature of BDS targeting was exemplified during the editting phase of this research report, when BDS proponents expanded their calls for boycotts and divestments to include major corporations like Coca-Cola … this recent addition underscores the fluid nature of BDS campaigns and the potential for rapid shifts in targeted companies.”
American universities are largely rejecting demands to divest from Israel and entities linked to the Jewish state, but some have embraced divestment or other policies approximating it, Inside Higher Ed reported earlier this month, noting that California State University-Sacramento has said it will not invest in companies which “profit from genocide, ethnic cleansing, and activities that violate fundamental human rights,” an ambiguous turn of phrase that does not specifically mention Israel. Additionally, the outlet added, Union Theological Seminary in the City of New York has committed to implementing “socially responsible investment screens” that prevent investments in companies “substantially and intractably benefiting from the war in Palestine.”
As The Algemeiner has previously reported, Brown University’s Corporation of trustees will soon vote on a divestment proposal based on the demands of a group which calls itself the Brown Divest Coalition (BDC). According to The Brown Daily Herald, Brown president Christina Paxson initially only promised the protesters a meeting with members of the Brown Corporation, but the students pushed for more concessions and ultimately coaxed her into making divestment a real possibility.
JLens says in its report that Brown would lose $309 million dollars if it chooses to accept the investment advice of its undergraduates. The mere possibility of it is already causing damage. Earlier this month, a trustee of the Brown Corporation, Joseph Edelman, resigned from his position, citing the upcoming vote.
“It’s no coincidence that leading pro-boycott groups have ties to terrorist organizations that seek the annihilation of the Jewish people,” he wrote in an op-ed, published by the Wall Street Journal, announcing his resignation. “In the end, that is the goal of the BDS movement, and I can’t accept the treatment of a hate movement as legitimate and deserving of a hearing. Brown’s policy of appeasement won’t work. It’s a capitulation to the very hatred that led to the Holocaust and the unspeakable horrors of Oct. 7.”
Follow Dion J. Pierre @DionJ.Pierre.
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Attempted Arson at Same Paris Kosher Market Which Was Attacked in 2015

Shoppers enter the Hyper Cacher in the 20th arrondissement of Paris, Jan. 7, 2019. Photo: Stephen Caillet / Reuters.
An arson attack occurred on Thursday outside a kosher shop in Paris—the same market where four Jews were murdered in 2015—amid an ongoing surge in antisemitic incidents in France.
The incident occurred around 3 a.m. outside the Hyper Cacher store after unidentified individuals set fire to nearby dumpsters.
While no injuries were reported and the interior of the shop remained unharmed, the fire damaged the exterior of the establishment, leaving a side wall covered in soot, according to the French newspaper Le Figaro.
Local police have opened an investigation for “willful damage by fire” and are treating the case as an act of vandalism, but have not indicated any suspicion of an antisemitic motive.
In 2015, a jihadist terrorist murdered four Jews at the Hyper Cacher, just days after his accomplices murdered 12 people at the offices of the Charlie Hebdo magazine.
Since then, annual commemorations are held outside the shop — the facade of which remained undamaged in the fire — to honor the victims of the attack.
After the attack this week, the European Jewish Congress (EJC) issued a statement that did not label the incident as antisemitic, but described it as “yet another reminder of the persistent threats Jewish communities face.”
EJC is “deeply troubled by the arson attack on the Hyper Cacher supermarket in Paris, a site forever marked by the tragic 2015 hostage crisis,” the statement reads. “Authorities must ensure that those responsible are swiftly brought to justice.”
This assault comes amid a recent rise in antisemitic incidents across France. Earlier this month, a man was attacked after being insulted with antisemitic slurs, while a woman on her way to Hebrew class was also physically attacked.
Both of the incidents happened in Villeurbanne, which is home to the second-largest Jewish community in France.
In response to the rise in antisemitism, the city’s mayor, Cédric Van Styvendael of the Socialist Party, strongly condemned the attacks and expressed his support for the victims.
Both victims have filed complaints, and there are ongoing investigations into these attacks. Local police have yet to identify the person responsible for the attack on the woman. She was physically assaulted by another woman wearing a veil, who called her a “dirty Jew” while walking to her Hebrew class.
As for the attack on the man, a suspect was arrested following the release of city surveillance footage. Local police have launched an investigation into the incident for “aggravated violence” and “antisemitic comments.”
According to the victim’s report, the attack occurred after a traffic accident. The assailant physically assaulted him, hurling antisemitic insults, calling him a “zionist,” a “dirty Jew,” and blaming him for the “massacre in Gaza.”
Based on hospital records, the victim suffered a triple fracture in his arm and multiple bruises.
Antisemitism in France continued to surge to alarming levels across the country last year, with 1,570 incidents recorded, according to a report by the Representative Council of Jewish Institutions of France (CRIF) – the main representative body of French Jews.
The total number of antisemitic outrages last year was a slight dip from 2023’s record total of 1,676, but it marked a striking increase from the 436 antisemitic acts recorded in 2022.
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Sanders, Ocasio-Cortez Sit Down With Social Media Personality Who Defended Hamas, Hezbollah

US Sen. Bernie Sanders (I-VT) and US Rep. Alexandria Ocasio-Cortez (D-NY) are seen before a press conference on Capitol Hill in Washington, DC, on March 21, 2024. Photo: Craig Hudson/Sipa USA via Reuters Connect
Sen. Bernie Sanders (D-VT) and Rep. Alexandria Ocasio-Cortez (D-NY) raised eyebrows on Thursday by agreeing to participate in an interview with controversial anti-Israel media personality Hasan Piker.
Ahead of a joint appearance at a public rally, the duo sat with the political Twitch streamer to discuss issues affecting the pro-Palestinian movement in the United States. Piker suggested that the Trump administration has stifled the free speech rights of anti-Israel advocates, pointing to the recent deportation attempt of former Columbia University student Mahmoud Khalil.
Piker has an extensive history of repudiating Israel as an “apartheid state” and defending atrocities committed against its civilians. In a 2024 livestream, Piker minimized sexual assaults committed against Israeli women at the hands of Hamas, saying “it doesn’t matter if rapes f—ing happened on Oct. 7.” He has defended violence from the Hamas and Houthi terrorist groups as legitimate “resistance.” He has also said he doesn’t “have an issue with” the Hezbollah terrorist group, which had pummelled Israel with an unremitting barrage of missiles and rockets from the southern Lebanon border in the immediate aftermath of Oct. 7.
Piker accused the Trump administration of mirroring tactics by Nazi Germany through engaging in censorship of those critical of the ongoing war in Gaza. He also blasted the White House over its attempt to “take control” of Columbia University’s Department of Middle Eastern Studies by placing it under an academic receivership. He warned that the Trump administration could use the “Palestine conversation” as an “entry point” to expand censorship across the United States.
In the immediate aftermath of the October 2023 massacre of roughly 1200 people throughout southern Israel by the Hamas terrorist group, Columbia University erupted in protest. Many student organizations issued statements placing blame on Israel for the terrorist attacks. Protesters called for the US to stop providing military aid to Israel and for Columbia University to divest from Israeli interests. In addition, Jewish students reported intimidation, harassment, and isolation on campus.
In a letter issued to Columbia earlier this month, the Trump administration directed the Ivy League university to establish a formal definition of antisemitism, prohibit masks “intended to conceal identity or intimidate,” and place its departments of African Studies, South Asian, and Middle Eastern studies under “academic receivership,” which would place them under independent oversight.
Ocaio-Cortez (AOC), one of the most strident opponents of Israel in Congress, defended Khalil, arguing that his raucous protests on Columbia’s campus were an example of “free speech.” She added that there is “profound money and interest that remains dedicated on both sides of the aisle” attempting to “conflate criticism of Israel as antisemitism.”
AOC has an extensive history of using her platform to criticize Israel. In the 17 months following the Oct. 7 attacks, the firebrand progressive has accused Israel of committing a “genocide” against Palestinians and practicing “apartheid.” She has repeatedly called for the implementation of a full “arms embargo” against Israel, which would deprive the Jewish state of weapons needed to complete its military objectives in Gaza. Nonetheless, AOC has come under fire from progressive organizations such as the Democratic Socialists of America (DSA) for supporting a House resolution which affirmed Israel’s “right to exist.”
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Why Deportation of Dr. Rasha Alawieh Is Justified

Demonstration in support of Dr. Rasha Alawieh, Monday, March 17, 2025, at the Rhode Island State Capitol Building. Green banner on right with white Arabic lettering reads, “From Gaza to Beirut, the Intifada Will Never Die!” Photo: Screenshot
The US Department of Homeland Security on Monday issued a simple statement of the “commonsense security” considerations that led to the deportation of Dr. Rasha Alawieh, a kidney transplant nephrologist in Brown University’s Division of Kidney Disease.
“Last month, Rasha Alawieh traveled to Beirut, Lebanon, to attend the funeral of Hassan Nasrallah — a brutal terrorist who led Hezbollah, responsible for killing hundreds of Americans over a four-decade terror spree,” the statement read. “Alawieh openly admitted to this to CBP (Customs and Border Patrol) officers, as well as her support of Nasrallah. A visa is a privilege, not a right — glorifying and supporting terrorists who kill Americans is grounds for visa issuance to be denied. This is commonsense security.”
Multiple media outlets that were given access to Alawieh’s immigration proceeding documents have elaborated on her fawning admiration of Nasrallah — the long-time leader of the Iran-backed, Lebanon-based jihad terrorist group Hezbollah who called for the annihilation of Jews — as a “spiritual leader.” Alawieh, a Shiite Muslim, reportedly declared, “If you listen to one of his [Nasrallah’s] sermons, you would know what I mean. He is a religious, spiritual person … His teachings are about spirituality and morality.”
I was a very active clinical kidney transplantation researcher who worked for almost 20 years in the Brown University Division of Kidney Disease. Moreover, as a recognized scholar of jihadism and Islamic antisemitism, I have studied Nasrallah’s alleged “spirituality and morality” and, understatedly, found it wanting.
Invoking antisemitic references from the Qur’an, Nasrallah characterized Jews as “apes and pigs” (Qur’an 5:60) and as “Allah’s most cowardly and greedy creatures” (Qur’an 2:96; 4:53; 59:13–14). He elaborated these themes into an annihilationist animus against all Jews, not merely Israelis”
Anyone who reads the Qur’an and the holy writings of the monotheistic religions sees what they did to the prophets, and what acts of madness and slaughter the Jews carried out throughout history … Anyone who reads these texts cannot think of co-existence with them, of peace with them, or about accepting their presence, not only in Palestine of 1948 but even in a small village in Palestine, because they are a cancer which is liable to spread again at any moment … There is no solution to the conflict in this region except with the disappearance of Israel … If we searched the entire world for a person more cowardly, despicable, weak and feeble in psyche, mind, ideology and religion, we would not find anyone like the Jew. Notice, I do not say the Israeli … [I]f they [the Jews] all gather in Israel, it will save us the trouble of going after them worldwide [emphasis mine].
Nasrallah’s recent funeral in Beirut — which Alawieh attended, in reverence — was punctuated by the enormous throng of tens of thousands bellowing “death to America” and “Death to Israel.”
The Department of Homeland Security acted appropriately in deporting Alawieh, and I wholeheartedly endorse that decision. Particularly as a non-citizen visa holder, there is no place for Alawieh’s support of a vicious advocate of jihad terror, and mass-murdering Jew-hatred, in the US, let alone in American medicine.
I also denounce those feckless, morally blind medical “academics” who are seeking Alawieh’s return to the US and reinstatement at Brown University. A scene pathognomonic of their willful ignorance unfolded Monday evening, on the steps of Rhode Island’s State Capitol building. While Alawieh’s supporters including, sadly, former colleagues, stood enraptured facing the speaker’s location, adjacent to it, a group of women in hijabs held a green banner with white Arabic lettering that read, “From Gaza to Beirut, the Intifada Will Never Die!” The “Intifada” is synonymous with lethal jihad violence that targets non-combatant Israeli Jews, in fulfillment of Nasrallah’s “spiritual” Shiite Islamic religious ideology.
Finally, I am thoroughly disgusted with a recently retired colleague of 30 years, and former chief of the Brown Division of Kidney Disease, Dr. Douglas Shemin, who hired Alawieh and would not state categorically he would not have hired her had he known she was a disciple of Nasrallah!
Andrew G. Bostom, MD, MS, is a retired Brown University academic internist and clinical epidemiologist, who is also the author of The Legacy of Jihad: Islamic Holy War and the Fate of Non-Muslims, The Legacy of Islamic Antisemitism: From Sacred Texts to Solemn History, Sharia versus Freedom: The Legacy of Islamic Totalitarianism, and other books and essays on Islam. His non-medical research focus has been on the impact of Islamic conquest, colonization, and governance on non-Muslims.
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