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Andrew HeiskellAndrew Heiskell
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Well, unfortunately there, as usual, nothing is quite as simple as that. Namely, the gift has to be made to the Library in order for it to be tax-free; it has to be done in a certain way in order not to be taxable to him until such time as he receives it, which is the indefinite future; it has to be an agreement that is couched to take care of his worries. And it literally is a case of worries, not a case strictly of money. We just want him to feel comfortable about being there, and not to have to worry about if something, if he became ill for a year--it's mainly, it's psychic money, if you want. So we were discussing this with a trustee of ours--Jack Mascotte, who's the head of the Continental Insurance Company--as to how to set this up to satisfy his needs.

Then I was ruminating over a letter that Henry Rossovsky, who's the Acting President of Harvard, had sent me about the tuition at the Harvard Business School, which the dean proposes to--Dean McArthur proposes to increase by 10.7%, and which most of us fellows on the Corporation feel is excessive. The undergraduate increase is 5.9%, and the Business School is so rich that you wonder why they have to do this--their argument being that they're competitive; they don't charge any more than anybody else; and anyway, the market can bear it. And even those who are living on loans and grants are going to make so much money the day they come out of there, that [laughter] this is no burden on them. All of which is true, but all of which characterizes the further disparity in standards of living between the different schools at Harvard. At a certain point, the disparity gets to be too big, and you just have to do something about it. I think we're getting close to that point.

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