"Harvard alters financial strategy; Risk to be lowered as endowment drops 27.3%" by Andrew Caffrey and Beth Healy, Globe Staff | September 11, 2009
".... Historically the endowment keeps little cash available and often has a negative cash position, as it did at the start of last year, meaning it borrows money in an effort to amplify returns....
Now wait a minute here. So they are sitting on $25 billion but can't get at it, have no cash? Pffft!
And they have to BORROW (cui bono?) to "amplify returns?" Borrow to falsely present statements of financial health? Isn't that fraud?
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"Williams, Brown, Yale also report declines; Colleges alter spending plans" by Globe Wire Services | September 11, 2009
.... The leaders say that because only a fraction of the endowment is invested in publicly traded securities, the recent market rebound has not helped.
Yeah, I'VE NOTICED the ONLY ONES the REBOUND has helped are BANKS and CORPORATIONS. 401ks and the like are still s*** because that money (along with endowments) was tossed away to money-losing special interests.
Most of the endowment, they said, is in “illiquid assets, which have not begun to recover their value.’’
And now you know why, readers.
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