Posted on 02/21/2009 5:56:11 AM PST by jimbo123
Harvard may be the nation’s wealthiest university, but it is short on cash.
The school relies on its endowment to generate a third of the money for its operations, and the endowment is on the verge of posting its biggest loss in 40 years. With much of its money tied up for the long term, it is scrambling to meet some obligations.
Harvard has frozen salaries for faculty and nonunion staff members, and offered early retirement to 1,600 employees. The divinity school has warned it may not be able to cover tuition for all its students with need, the school of arts and sciences is cutting its billion-dollar budget roughly 10 percent, and the university president said this week than the unprecedented drop in the endowment was causing it to delay its planned expansion, starting with a $1 billion science center, into the Allston neighborhood of Boston.
The school has even added to its debt by issuing $1.5 billion in new bonds, its largest such offering ever.
(Excerpt) Read more at nytimes.com ...
Hope they were heavily invested with Maddoff and Stanford....
Why, this can’t be true. The best economists in the world come from Harvard. Don’t they? I mean, if they can’t manage their own affairs...
Time to start demanding that tenure be abolished and a ‘Fairness Doctrine’ among professors with performance based reviews.
We have to fight fire with fire.
Cry me a river. Why does this make me smirk?
Any and every Ivy League grad who works in Government should be fired, no matter what their position is.
Obama names recovery advisers
http://www.politico.com/news/stories/0209/18486.html
President Obama named an Economic Recovery Advisory Board Friday that includes such marquee names as GE chief executive Jeffrey R. Immelt, AFL-CIO leader Richard L. Trumka and Harvard’s Martin Feldstein.
Yes, it just makes me want to cry....a liberal university with untold billions in endowments can’t make enough interest off the principal to pay the 1/3 it takes to run their precious liberal brainwashing mill......God forbid, they might have to dip into the principal.....(likely not, just raise tuition and charge the government more for the affirmative action grants..)
“...Any and every Ivy League grad who works in Government should be fired, no matter what their position is...”
I have a cousin who has “3 college degrees and is half way to a PhD” as he likes to say. We had a big blow up online for the world to see. His rants and raves about GWB, Iraq, the economy, were identical to the childish stuff on Kos and DU.
I demolished him. I have actually started and run a business, made payroll, dealt with fed and state regulators, etc, etc. I reminded him that a lifetime of experience as academic is a life without experience.
He will no longer speak to me. I’m crushed, I tell ya. ;-)
HAHAHAHHAHAHAHAHAHAHHAHAHAHAHAHAHAHAAHH!!!
N.Y.Times is a death spiral and now this?
Harvard hitting the skids.
There is a GOD.
That would make my day!
This is awful!
I ran across a guy like that and told him "Some people know alot about one thing and not enough about everything else. Once we find out what you know alot about, you'll be one of those guys."
Too big to fail?????
In a way, that is true, but Mendillo is another leftist, socialist, secularist - and she doesn't have the guts to turn things around at Harvard. All she offers are more speech codes, more quotas, more radical curriculum, and more bowing to the unions.
Absolutely right. Harvard should have the best of the best in charge of their finances. And every time one of these elite economic prognosticators releases an economic report, it is either “higher or lower than expected”. I could do that.
Oh how the mighty are falling. The peered review is meeting its self full circle.
After the Caterpillar CEO contradicted Obama earlier this week, I’m surprised to see his name. O got Penny Pritzker on .. as I recall her enormously wealthy family had an investment firm that went belly up before the meltdown last Fall. Once again, beyond Yale/GE, th list is heavily Illinois-based which should give no comfort at all.
Well, we can nationalize Harvard, too: University of Massachusetts at Cambridge.
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