The Boston Globe is reporting today that Harvard University "is looking for ways to reduce spending, raising the prospect of cuts to programs and compensation. Harvard is assessing all aspects of its sweeping plans to expand across the Charles River in Allston..." These efforts are intended "prepare to absorb unprecedented endowment losses..."
This is an interesting twist to the economic situation. As state budgets fell and the impact was burdened by public colleges and universities we all lusted after the Harvard endowment. As public institutions have fought to hit fundraising and enrollment goals we have all lusted after the Harvard endowment. Now we are seeing that what we perceived as utopia has its own set of issues. Okay, we all know we still lust after the Harvard endowment....
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