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...different shades of Crimson to put on our business cards, we’ve carried things too far.” Harvard’s endowment investments fell 27.3 percent in the fiscal year ending June 30, bringing its total value down to $26 billion—an $11 billion drop. Faust reminded audience members that payout from the endowment will decline by 8 percent in dollar value for at least this year and the next. Harvard’s other two income streams—tuition and fundraising—also shrank, with gift receipts down 8 percent. Over...
...mean that in a snobbish way. The fact is, California's state schools may be in a heap of trouble. The state legislature approved a whopping 20 percent cut in funding for the 10 schools in the University of California system—shaving $637.1 million from a $3.23 billion budget, which now stands at $2.6 billion. The legislature has also proposed a 32 percent increase in student tuition by fall 2010. In response, students, faculty, and staff protested the cuts yesterday. Imagine choosing Berkeley or UCLA over Harvard or Yale because you thought the tuition was that much lower...
...budgetary activities across the state government, according to Friday's announcement sent to FAS faculty and staff. Kirwan took the helm of the Massachusetts state budget when it was in crisis. She has helped Patrick close a series of daunting deficits in the past two years, including a $1.4 billion shortfall in October and another $1.1 billion deficit in January, according to the Boston Globe. “Leslie will lead our administrative functions and will be a key member of the University-wide administrative team,” Smith wrote in the announcement. “Working closely with...
...unexpected thought: Barack Obama may well be having an easier time handling domestic issues than foreign ones. Indeed, he may be headed for the most successful domestic-policy year by a Democratic President since Lyndon Johnson's legislative tidal wave of 1965. Obama has pushed through a $787 billion stimulus package and doubled down on the Bush Administration's financial-crisis remedies, which seem to have prevented an economic crash. He is making quiet but substantial progress on education reform; his energy policy will probably be all carrots and no sticks - that is, no cap-and-trade program for carbon...
...manage diplomatically as well as deal with substantively (two things that are emphatically not, from the government's standpoint, the same). Western environmental scientists and activists - who had directed most of their attention (and ire) at George W. Bush's U.S. - finally began embracing reality: China, with 1.3 billion people grasping the higher living standards that industrialization and market economics have brought, had only just begun to spew CO2 into the atmosphere, and it was already the No. 1 emitter. If climate change was the great global threat that the doomsayers believed it was and if there...