IF YOU'VE got the money, Harvard's got the time. That's the lesson of Saudi Arabian Prince Turki and his entourage's ongoing stay in luxurious quarters at the Charles Hotel. Despite the prince's history of alleged slavery and assault on police officers--a history that led Florida officials to ask that he be deported from the United States--Harvard schmoozed the billionaire Prince until he endowed a professorship in immunology at the Medical School.

Make no mistake about it--for his contribution, Prince Turki didn't just get the time from Harvard. He was toasted by Med School Dean Tosteson at a ceremony in honor of his gift. He was protected by Cambridge and Harvard police--some officers say at the expense of student protection. And over the past few months, he lunched several times in private company of President Derek C. Bok.

Bok once said something like "all money in the service of good is good," but he never explained exactly how far that logic extends. For example, would Bok sell his soul to the devil for a million dollar professorship?

In the Turki affair, it appears he did.

PRINCE Turki is no ordinary filthy rich philanthropist. Last year, two women who were hired to care for the prince's children were "rescued" by police after they dropped notes from a London hotel window saying they were being held captive. Seven other women who worked for the prince made similar claims. In 1982, the prince, his wife and their agents allegedly assaulted Miami police officers searching for a servant thought to be held as a slave. (The prince later sued, claiming the police were the ones who had been violent.)

At Harvard, the prince has not left these tactics behind--his bodyguards attacked two Crimson reporters two weeks ago. And we can't ignore that the country the prince represents has been cited repeatedly by the U.S. State Department for torture, amputation, beheading, stoning and crucifixion.

These are not trivial details, and Harvard's acceptance of an endowed chair is more than using bad money for good. By naming an endowed chair after him, Harvard allows Prince Turki to cover up for his atrocities--to buy a fresh image from Harvard U. "With the establishment of this new professorship," said Dean Tosteson, "a scholar who will work towards the goal of improving health and relieving the burden of sick and suffering will always be known at Harvard as the Prince Turki Professor."

The Prince Turki Professor who improves health? Who wants to relieve the burden of sick and suffering? Would Harvard name a professorship in civil liberties after Bull Connor? Endow a chair in international peace for Saddam Hussein?

The Prince Turki affair reveals just how low Harvard will sink in its refusal to weigh financial gain against ethical propriety. If Harvard didn't know about the prince's past, it should have. Now that it does, it should give back the money and send Prince Turki packing.