Well, the thing is this Tshirt is a Caltech Tshirt, you think it is the standard MIT's coz you have not seen the back yet ;)
This Tshirt was another chapter of the long MIT-Caltech pranks history. A couple years ago, some Caltech students created this Tshirt and went to MIT to hand it out as a present to the new MIT students. They accepted it gratefully and wore them... however, the back of the Tshirt hid a surprise!! This is what wikipedia tells you about that:
"Recently, a group of Caltech students pulled a string of pranks during MIT's Campus Preview Weekend for admitted students. These include covering up the word Massachusetts in the "Massachusetts Institute of Technology" engraving on the main building façade with a banner so that it read "That Other Institute of Technology". A group of MIT hackers responded by altering the banner so that the inscription read "The Only Institute of Technology." Caltech students also passed out T-shirts to MIT's incoming freshman class, with MIT on the front and "... because not everyone can go to Caltech" along with an image of a palm tree on the back."
Too much talking!! This is the Tshirt! ;)