Harvard cuts 275 jobs, cites drop in endowment (BIG COLLEGE cartel Update)

al-Reuters ^ | Tue Jun 23, 2009 | Erin Kutz

[MuttTheHoople]

BOSTON (Reuters) - Harvard University announced 275 job cuts on Tuesday, the latest cost-cutting measure at the world's richest university after the financial crisis triggered big losses in its multibillion-dollar endowment.

The Ivy League school took the action to meet budget constraints caused by an estimated 30 percent fall in its endowment for its 2009 fiscal year, ending June 30.

[MuttTheHoople]

Here's my problem with the BIG COLLEGE Cartel-they refuse to actually USE their money towards the skool itself (mispelling intentional). Because the brilliant Hahvahd-trained minds don't have a clue about where to invest their endowment, it's shrunk from $36 Billion to a paltry $29 Billion. Any idiot could put that $29 Billion into a 1% CD, and not only operate the skool and pay the profs and the crew that maintains the buildings, but you could probably let every student go there for free.

[freespirited]

It pains me to say this, but if it werent for tenure, all 275 would be conservatives. That is, if Harvard had that many.

[Integrityrocks]

This is the best news I’ve heard in weeks. Nothing could be better than shutting down these liberal Bill Ayers producing mills. When they start teaching and not infusing propaganda, maybe I’ll change my mind.

[penelopesire]

Dittos!! I truly believe that conservatives need to stop sending their kids to these schools too. Hillsdale is a great conservative college.

[spald]

Perhaps you could read the article and you'd find the job cuts are among the common people, not the elites:

The cuts mostly affect administrative, clerical and technical jobs and will take place this week and next

It's a shame for the people to lose their jobs when the investments go south. There will be snowballs in hell before the professors and leadership positions are affected.

[TASMANIANRED]

They will probably lay off everyone teaching something real and keep all the social justice teachers.

[HowlinglyMind-BendingAbsurdity]

You're right. Let's send Obama back to Harvard for a couple more years to study political theory with Harvey Mansfield. We'll all save a lot of money.

It's true about there being enough for students to attend free. And not just at Harvard. The private prep school I attended rakes in enough each year from the alumni that most of the students could attend free but...somehow the money manages to go elsewhere. To the salary of the "Director of Campus Diversity" among others. There is a LOT of waste in the educational system.

[jamaksin]

In many, many cases the use of endowment money is very restricted. It can only be used in the furtherance of the specific purpose which established that fund.

For example, XYZ "endows" a new science center building - generally $n millions over m years, perhaps with matching/challenge funding - the Class of abcd. In fashion today, part of this money may be applied to this specific building's maintenance - note, only for this building. Those funds cannot be used to cover the general operating expenses of institutions of higher education - salaries, benefits, deferred maintenance, ..., etc.

Several years ago an institution was found to be not faithful to a certain endowment's requirements. It was forced, very publicly, to return the money and suffer the effect of reduced "giving." Not good.

A very specialized field of accounting, fund accounting, applies.

[SuperLuminal]

No probalem for the selected 275.

Plenty of government (federal & state) jobs open for any, and all, good marxists.

[puroresu]

You are correct. And no doubt Harvard has many leftist profs who bitterly denounce private businesses when they lay off blue collar workers while protecting management jobs. Wonder if Michael Moore will demand that some of the left-wing profs at Harvard share the burden of this downturn?

[puroresu]

You are correct. And no doubt Harvard has many leftist profs who bitterly denounce private businesses when they lay off blue collar workers while protecting management jobs. Wonder if Michael Moore will demand that some of the left-wing profs at Harvard share the burden of this downturn?

[puroresu]

You are correct. And no doubt Harvard has many leftist profs who bitterly denounce private businesses when they lay off blue collar workers while protecting management jobs. Wonder if Michael Moore will demand that some of the left-wing profs at Harvard share the burden of this downturn?

[puroresu]

You are correct. And no doubt Harvard has many leftist profs who bitterly denounce private businesses when they lay off blue collar workers while protecting management jobs. Wonder if Michael Moore will demand that some of the left-wing profs at Harvard share the burden of this downturn?

[puroresu]

Sorry for the multiple posts!

[gussiefinknottle]

Gee, I think all the people at Harvard who get to keep their jobs should take pay cuts so that no one has to be fired!

[Ole Okie]

Gee, I think all the people at Harvard who get to keep their jobs should take pay cuts so that no one has to be fired!

Seems fair. That would redistribute the wealth as our maximum leader seems intent on doing.

Anyone touched base with Zerobama on this idea?

[spectre]

LET'S GO BACK TO 2006.

How to Get a Free Education at Harvard
By Yoji Cole

November 26, 2007

Harvard University is now free for students whose parents make $60,000 per year or less.

Known for its elite status among the nation's Ivy League school, Harvard University has opened its doors to low-income students who are accepted.

"Parents with incomes of less than $60,000 will no longer be expected to contribute to the cost of their children attending Harvard. In addition, Harvard will reduce the contributions of families with incomes between $60,000 and $80,000," reports Harvard's financial-aid web site.

Harvard's Financial Aid Initiative (HFAI) for low-income families started in 2004 when the university announced that families earning $40,000 annually or less would not pay tuition. In March 2006, Harvard announced it increased the low-income threshold to $60,000 annually.

"We want to send the strongest possible message that Harvard is open to talented students from all economic backgrounds," said former Harvard President Lawrence H. Summers in 2004 when announcing reduced admission for low-income families. "Too often, outstanding students from families of modest means do not believe that college is an option for them, much less an Ivy League university."

As a result of HFAI, the class of 2011, which starts school in September, will be the most economically diverse in Harvard's history. An estimated 26 percent of students entering Harvard in September are eligible for HFAI. Since the inception of the program, there has been a 34 percent increase in aid for students from families with incomes under $60,000. Of the students admitted, 50.5 percent were women, 10.7 percent were black, 19.6 percent were Asian American, 10.1 percent were Latino, and 1.5 percent were Native American, according Harvard records.

sw

[Costumed Vigilante]

20,000 Ivy Leagues Under the Sea (is a good start)

Sink 'em all, the rotten mind-murdering misanthropic malcontents...