Word: fiscal
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...With stock markets collapsing around the world, nobody needs an illustration of where that kind of hubris can lead. Ordinary folks with bills to pay may smell something funny in fiscal instruments with names like "credit-default swaps," but when you work on Wall Street and people call you a "master of the universe," you think you can make the things pay off. Even nonpartisans would agree that George W. Bush waded into the Iraq mess with more certainty than strategy. And Bill and Hillary Clinton might actually have achieved health-care reform if they had tried negotiating with...
...anticipation of a 30 percent drop in endowment value, University administrators are already scaling back on operating expenses and planning budget cuts for the next fiscal year...
Harvard affiliate Beth Israel Deaconess Medical Center announced last week that it will consider layoffs to cope with grim financial projections. The hospital announced an anticipated $20 million operating loss for the fiscal year beginning next October, due in part to a projected decline in number of patients. The hospital hopes to break even, under best case scenario projections, for this fiscal year. The announcement is a marked departure from previous predictions of Beth Israel’s CEO, Paul Levy, who said in an interview last month that “we have chosen not to do layoffs...
...with the recent passage of Obama’s $787 billion stimulus package, potentially making stem cell researchers nationwide eligible for some of the $10.4 billion earmarked for the National Institutes of Health, an unrivaled source of federal funding for biomedical research that gave Harvard researchers $351 million last fiscal year. Until today, federal funding for embryonic research—which some criticize as unethical because it requires the destruction of embryos—had been constrained by a 2001 order from President Bush that limited funding to research using only the 21 cell lines existing at the time...
University-wide budget cuts, due to a predicted drop-off in endowment value, have prompted the creation of early retirement packages, and 1600 workers are currently eligible. Administrators estimate a 30 percent fall in endowment value by the end of the fiscal year...