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Trinity College Rejects Divestment Proposal Pushed by Anti-Israel Activists
Pro-Hamas activists gather in Washington Square Park for a rally following a protest march held in response to an NYPD sweep of an anti-Israel encampment at New York University in Manhattan, May 3, 2024. Photo: Matthew Rodier/Sipa USA via Reuters Connect
Trinity College in Connecticut has rejected a proposal to adopt the boycott, divestment, and sanctions (BDS) movement — which aims to isolate Israel from the international community as a step toward its eventual elimination.
“Guided by its fiduciary responsibilities, the board of trustees has chosen not to change or revise Trinity College’s investment policies,” a statement issued by the school on Monday said. “We will continue with our primary objective of maintaining the endowment’s intergeneration equity to support current and future generations of students.”
It continued, “The long-term and practical challenges of divesting or utilizing the endowment to exert political influence would create too much risk for the institution and potentially compromise its ability to carry out its primary educational mission. The college’s faculty, staff, students, and future students depend upon a strong and growing endowment to support our critical operations.”
In its communication, the college pointed to three groups which demanded divestment from Israel or “disclosure” of the extent of its financial ties to Israel or companies with which it does business, including manufacturers of armaments. Those groups include the Palestine Solidarity Encampment at Trinity College, TrinDivests, and a faction within the college faculty which called on school officials to comply with the students’ demands.
It also noted that acceding to demands for divestment for the sake of “utilizing the endowment to exert political influence” would injure the college financially, stressing that doing so would “compromise our access to fund managers, in turn undermining the board’s ability to perform its fiduciary obligation.”
As The Algemeiner has previously reported, American universities are largely rejecting demands to divest from Israel and entities at all linked to the Jewish state, delivering further blows to the pro-Hamas protest movement, which students and faculty pushed with dozens of illegal demonstrations to coerce officials into enacting the policy.
As Trinity College did on Monday, Chapman University trustee Jim Burra cited in September a “fiduciary responsibility” to future students and faculty which ruled out divestment as a possibility, explaining that “it is important that we make financial decisions based on risk and return.” The prior month, the University of Minnesota pointed to the same reason while touching on the extent to which the Israeli-Palestinian conflict polarizes its campus community. However, the university did adopt a new policy for its investments, a so-called “position of neutrality” which, it says, will be a guardrail protecting university business from the caprices of political opinion.
“For the past several months, we have sought expert analysis and a variety of perspectives on how the university invests its Consolidated Endowment Fund,” University of Minnesota Board of Regents chair Janie Mayeron said in a statement at the time. “We have reviewed how this fund operates, how it supports affordable education for students, groundbreaking research, and community engagement, and the possible financial challenges of divestment … In the end, it is clear our community is divided on the topic. After careful consideration of all this input, we believe today’s action honors our fiduciary duty and the long term needs of the university.”
Several weeks earlier, Oberlin College’s Board of Trustees voted against divestment after reviewing a proposal submitted by “Students for a Free Palestine,” a spin-off of Students for Justice in Palestine (SJP), which has been linked to Islamist terrorist organizations.
Colleges and universities will lose tens of billions of dollars collectively from their endowments if they capitulate to demands to divest from Israel , according to a report published in September 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 presented the potential financial impact of universities adopting the BDS movement, which is widely condemned for being antisemitic.
The losses estimated by JLens are cataclysmic. Adopting BDS, it said, 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.”
Follow Dion J. Pierre @DionJPierre.
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Treasure Trove spotlights a menorah designed in the early years of the State of Israel
This laurel branch Hanukkah menorah, designed by artist Maurice Ascalon (1913-2003), won first prize at the 1950 Tel Aviv Design Competition. Between 2,000 and 4,000 of these were made by the Pal-Bell factory in Israel, and they were sold not only in Israel but in select department stores around the world, including Macy’s in New York and Harrods in London.
The shape of the oil containers resembles ancient Roman lamps, while the large pitcher is a reference to the single jug of oil that lasted for eight days that is at the heart of the Hanukkah story.
These hanukkiyot were manufactured out of cast bronze with a green patina that was created using reactive chemicals, a process developed by Ascalon, resulting in an antique verdigris look.
Ascalon, who was born in Hungary and originally named Moshe Klein, immigrated to Palestine in 1934 after training in Brussels and Milan. He started the Pal-Bell Company in the late 1930s for the production of ritual and secular decorative items. “Pal” is short for Palestine and “Bell” is short for bellezza, Italian for beauty and an allusion to his time in Milan where the artist learned and perfected his sculpting skills. During Israel’s War of Independence in 1948, Ascalon designed munitions for the Israeli army and, at the request of the Israeli government, retrofitted his factory to produce arms for the war effort.
Ascalon closed Pal-Bell and moved to the United States in 1956, where he taught sculpture at the University of Judaism in Los Angeles and opened Ascalon Studios, which produces large-scale sculptures for public spaces and houses of worship.
The studio, which is now run by Ascalon’s son David and his grandson Eric, was retooled during the COVID pandemic to manufacture safety boxes that allowed health-care workers to assist a patient on a ventilator while minimizing exposure.
Treasure Trove wishes you a happy Hanukkah , which starts on Dec. 25. This year, as Peter, Paul and Mary sang, “Light one candle for the terrible sacrifice, justice and freedom demand. Don’t let the light go out!”
The post Treasure Trove spotlights a menorah designed in the early years of the State of Israel appeared first on The Canadian Jewish News.
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Germany: 5 Killed, Scores Wounded after Saudi Man Plows Car Into Christmas crowd
Magdeburg Christmas market, December 21, 2024. Photo: REUTERS/Christian Mang
i24 News – A suspected terrorist plowed a vehicle into a crowd at a Christmas market in the German city of Magdeburg, west of the capital Berlin, killing at least five and injuring dozens more.
Local police confirmed that the suspect was a Saudi national born in 1974 and acting alone.
German Chancellor Olaf Scholz expressed his concern about the incident, saying that “reports from Magdeburg suggest something bad. My thoughts are with the victims and their families.”
Police declined to give casualty numbers, confirming only a large-scale operation at the market, where people had gathered to celebrate in the days leading up to the Christmas holidays.
The post Germany: 5 Killed, Scores Wounded after Saudi Man Plows Car Into Christmas crowd first appeared on Algemeiner.com.
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Syria’s New Rulers Name HTS Commander as Defense Minister
A person waves a flag adopted by the new Syrian rulers, as people gather during a celebration called by Hayat Tahrir al-Sham (HTS) near the Umayyad Mosque, after the ousting of Syria’s Bashar al-Assad, in Damascus, Syria, Photo: December 20, 2024. REUTERS/Ammar Awad/File Photo
Syria’s new rulers have appointed Murhaf Abu Qasra, a leading figure in the insurgency which toppled Bashar al-Assad, as defense minister in the interim government, an official source said on Saturday.
Abu Qasra, who is also known by the nom de guerre Abu Hassan 600, is a senior figure in the Islamist Hayat Tahrir al-Sham (HTS) group which led the campaign that ousted Assad this month. He led numerous military operations during Syria’s revolution, the source said.
Syria’s de facto leader Ahmed al-Sharaa discussed “the form of the military institution in the new Syria” during a meeting with armed factions on Saturday, state news agency SANA reported.
Abu Qasra during the meeting sat next to Sharaa, also known by the nom de guerre Abu Mohammed al-Golani, photos published by SANA showed.
Prime Minister Mohammed al-Bashir said this week that the defense ministry would be restructured using former rebel factions and officers who defected from Assad’s army.
Bashir, who formerly led an HTS-affiliated administration in the northwestern province of Idlib, has said he will lead a three-month transitional government. The new administration has not declared plans for what will happen after that.
Earlier on Saturday, the ruling General Command named Asaad Hassan al-Shibani as foreign minister, SANA said. A source in the new administration told Reuters that this step “comes in response to the aspirations of the Syrian people to establish international relations that bring peace and stability.”
Shibani, a 37-year-old graduate of Damascus University, previously led the political department of the rebels’ Idlib government, the General Command said.
Sharaa’s group was part of al Qaeda until he broke ties in 2016. It had been confined to Idlib for years until going on the offensive in late November, sweeping through the cities of western Syria and into Damascus as the army melted away.
Sharaa has met with a number of international envoys this week. He has said his primary focus is on reconstruction and achieving economic development and that he is not interested in engaging in any new conflicts.
Syrian rebels seized control of Damascus on Dec. 8, forcing Assad to flee after more than 13 years of civil war and ending his family’s decades-long rule.
Washington designated Sharaa a terrorist in 2013, saying al Qaeda in Iraq had tasked him with overthrowing Assad’s rule and establishing Islamic sharia law in Syria. US officials said on Friday that Washington would remove a $10 million bounty on his head.
The war has killed hundreds of thousands of people, caused one of the biggest refugee crises of modern times and left cities bombed to rubble and the economy hollowed out by global sanctions.
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