Friday, March 6, 2009
AS THE OBAMA ADMINISTRATION
continues its assault on Wall Street and American capitalism, I must remind my LibDem friends, especially those in academia, that there are consequences to these attacks and the complete lack of economic confidence in the Obama administration.
According to The Cornell Alumni Magazine, Cornell’s endowment, which was valued at $6.1 billion on June 30, 2008, fell 27 percent during the second half of 2008.
Returns on Dartmouth’s endowment had dropped by 18 percent, or $700 million, as of Dec. 31, College officials disclosed on Thursday. The loss will require the College to implement staff layoffs, according to vice president of finance and administration Adam Keller.
Santa Clara University: As former President Paul Locatelli, S.J., prepared to leave for a working sabbatical, he had one last announcement to make to the campus community, and it wasn't a pleasant one.
In a letter addressed to students and parents, Locatelli explained that the university's endowment has been in a state of decline over the past year.
In a letter to students, faculty and staff, Princeton President Shirley M. Tilghman said university officials will seek to cut $50 million in spending for the 2009-10 academic year because of a rapidly-shrinking endowment.
Harvard endowment recently reported a 22% drop in the funds value from a year ago. The 22% drop does not include the drop in assets which are managed by external managers. Those numbers have not come in yet and they are expected to add to the decline. 22% may be a conservative estimate.
A report to the UNC-Chapel Hill Board of Trustees on Thursday revealed that the endowment, worth $2.5 billion in July, had lost 13 percent of its value, or about $320 million."It's certainly the toughest time I've experienced," Jon King, president of the UNC Investment Fund, said Thursday at a meeting of UNC-CH trustees. The fund manages private money donated to UNC-Chapel Hill.
Posted by Joaquin at 8:03 AM