Oh, yeah, the REASON THEY LOST BILLIONS is because of LOUSY INVESTMENTS!!!
(For more on the ills of the great globalist institution, please type "Harvard" into my blog search)
"Harvard classrooms, labs feel pinch of budget cuts; Teaching ranks to get thinner" by Tracy Jan, Globe Staff | June 17, 2009
CAMBRIDGE - While the dismal economy has pummeled university endowments everywhere, Harvard - the world’s wealthiest college - is in a particularly precarious position because it relies heavily on proceeds from the endowment for day-to-day needs.
What's heavily?
The endowment supports a third of the university’s $3.5 billion operating costs, and more than half of the $1.1 billion operating budget of the Faculty of Arts and Sciences, the largest of Harvard’s 10 schools.
Harvard’s $36.9 billion endowment, as of last June, is expected to drop by at least 30 percent by the end of this month. That would still leave Harvard with about $26 billion, close to 2005 levels.
I kind of feel sorry for them, don't you? All the good $26 billion could do in this world and these guys are using it as a butt-cushion.
But the university, along with its ambitions and budget, has grown substantially since then as it added faculty, overhauled buildings, and embarked on a groundbreaking - and expensive - financial aid initiative. Further exacerbating Harvard’s financial crisis, some professors said, are the risky financing decisions stretching back to the early part of the decade.
Try any institution in America, readers, and you find that.
Schools, yup.
Government, check:
Insurance industry, right:
The university borrowed money on a large scale for construction while its endowment soared. Those debts now must be repaid, and Harvard is struggling because so many of its investments have lost value.
Not to defend Harvard; however, (and you know the answer when I say banks) how come BANKS and WALL STREET do not have to sacrifice after they got ALL THAT BAILOUT LOOT?
That new reality leaves administrators scrambling to scale back. Early retirement, already offered to staff, is now in the works for faculty, professors say. The music department is set to lose the world’s leading Bach scholar when he retires next year. The classics department, already down two classical archeologists, will lose one of two specialists in ancient history.
Without replacing key faculty, Harvard will be unable to run graduate programs in certain specialties and risks damaging its academic reputation, said classics professor Mark Schiefsky....
Already irretrievable, bud.
Bumping up the classes by even a few students would be a slide backward for a university that has worked diligently in recent years to lower the student-faculty ratio to 7-to-1....
And some even LESS: A Class of One
And they are crying budget woe?
“This is the biggest budget crisis in the history of Harvard University,’’ said Ingrid Monson, a professor of music and African and African American studies. “Everyone is worried here that no matter what they say, the level of cuts that are required threatens to change the character of this institution.’’
Look, I'm not knocking the pursuit of all knowledge. I have other interests as much as the next fella; however, that kind of "major" -- like others -- isn't doing us any good -- save maybe for AGENDA-PUSHING DIVISIONS!
sure enough, the GLOBALIST HARVARD is PROMOTING SAID CLASSES:
Yeah, I think I got it right.
--more--"