Even Harvard is cutting back!
I read this in the Chronicle this morning:
Facing projections of a 30-percent drop in its endowment, Harvard will freeze salaries for faculty members and nonunion staff members, suspend nearly all searches for tenure-track and tenured professors, and place restrictions on hiring instructional faculty members, The Harvard Crimson reported today.
The announcement, which comes a week after Harvard revealed that its endowment had lost at least $8-billion since June 30, was sent to department heads in the Faculty of Arts and Sciences yesterday and will be the subject of a faculty meeting today, the newspaper said.
it would, of course, be great to have a large enough endowment that one could actually lose $8 billion! Some of the comments about the article suggest that the great minds at Harvard have not managed their endowments very well.