Word: fiscal
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...purchases of assets, yes, I think it would help the markets. I do sort of expect another stimulus program in 2010 at some point, but it can't be a big one, because the American public and indeed the rest of the world is increasingly demanding some type of fiscal discipline...
...aren't the norm around Harvard, and administrators phase in and out of posts, but 2009 was host to a few surprising resignations—and they didn't bode too well for a University in dire need of the best advice and talent during a time of especial fiscal constraints. In late May, Harvard announced that its then-Executive Vice President Edward C. Forst '82 would leave the University for Wall Street, where he had worked for 26 years. But Forst was not the only high-profile finance administrator to leave the University at the tail...
...fiscal expertise wasn't the only area that underwent flux in leadership. Harvard Business School Dean Jay O. Light announced in December that he will step down at the end of this school year. In a more bygone instance, then-Harvard Law School Dean Elena Kagan announced in January that she planned to resign the deanship, which she has held since 2003. Kagan had been nominated to serve as then-President-elect Barack Obama's solicitor-general, the administration's representative to the Supreme Court. Kagan was confirmed as the nation's first female Solicitor General in March, and Martha...
...implications of a fresh start, the commencement of 2009 was unable to shed the atmosphere of financial doom and gloom that persisted from the previous year. In March, Harvard announced that the payout from the endowment would decline by 8 percent in dollar value for the fiscal year ending in June 2010, and projected another 8 percent fall from 2010 to 2011. The news came as a surprise, especially since it marked a significant departure from expectations in the previous fall for scenarios ranging from a flat payout to a 2 percent decline in dollar value. In September, Harvard announced...
...those were the numbers. The reality of the souring fiscal climate hit especially close to home when Faculty of Arts and Sciences Dean Michael D. Smith unveiled in May a series of sweeping cost-cutting measures throughout FAS, which left few areas of student life untouched: fewer hot breakfast offerings, the closure of two campus cafes, the downgrading of three junior varsity teams to club status, and even reduced shuttle service. The cutbacks published on the FAS Web site amounted to $77 million in projected savings, or a third of the total $220 million projected annual deficit that FAS administrators...