Chapter 12Even at Harvard
The three presidents who succeeded Derek Bok—Neil Rudenstine, Larry Summers, and Drew Gilpin Faust—led Harvard through two starkly different financial seasons, one ebullient and the other catastrophic. The Rudenstine and Summers presidencies revealed as never before Harvard's financial might. During Rudenstine's term, from 1991 to 2001, Harvard reaped the benefits of an Internet-driven stock market. In 1994 the university's endowment stood at roughly $6 billion. In the succeeding six years, it soared to more than $19 billion.
In addition to the rising market, Harvard benefited from two institutional assets. One of them was Rudenstine's focused attention and skill in cultivating donors. Under his direction, the first ...
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