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...cases, “all allegations brought to the attention of the Management Company and its board are taken seriously and investigated thoroughly in order to ensure the integrity of HMC processes.” He further points to HMC’s average annual investment return of 13.8 percent over the 10 years up through 2008 as evidence of the Company’s “strong portfolio management, personnel and risk management systems...
...After years of soaring returns, the University's endowment plunged at least 22 percent in the four months starting July 1, and Harvard officials are projecting a decline of 30 percent for the full year...
...year veteran of HMC, Larson delivered 11.6 percent average annual gains in his section of the Company’s portfolio for the five years prior to his departure, blowing past the 4.1 percent benchmark for his asset class, according to the Boston Globe...
According to the most recent figures, Harvard’s endowment fell by 22 percent this year, which is forcing it to make large cuts in its budget. In recent months, the university has instituted numerous measures to tighten its budget, including a hiring freeze and a slowdown of its construction projects in Allston. It is clear from cuts such as these that Harvard needs to decrease costs across the board. As an educational institution, Harvard’s first priority is to maintain its academic standards through the recession as much as possible. This means that some workers...
...revenue, and an increased need for spending,” Kirwan said. Both speakers noted that raising taxes is not the answer to the budgetary concerns, despite the increasing gap between tax revenues and spending. The Massachusetts Division of Unemployment Assistance recently released reports that unemployment has reached 7.8 percent, which is still below the national average, but represents a 4 percent increase from January. Both speakers focused on the impact of budgetary shortfalls on Massachusetts’ education system and health care system. The budget for fiscal year 2010 will almost certainly include significant cuts in health care spending...