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In response to
"they have so much money, I bet they hardly felt it. -- nm"
by
loosilu
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If you read the linked Vanity Fair article, the endowment has taken a pounding
Posted by
Brian (aka trav007)
Jul 22 '09, 19:38
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Here's one quote:
"If Harvard were a serious business facing a liquidity crisis, it would have done something drastic by now: fired senior employees, closed departments, sold off real estate. But Harvard, like most other leading universities, is stubborn and inflexible. �None of these schools has the ability to cut expenses fast enough� is how a hedge-fund manager who counts Harvard among his investors explained the problem. Running the numbers for me, proving how impossible it is for a shrinking endowment to keep up with the university�s bloated, immovable costs, the hedge-fund manager concluded, �They are completely fucked.�"
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Responses:
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