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Seems the "experts" have lost themselves $8 Billion in speculative investments. Sorry, there are no experts in gambling... only losers.
"The elite colleges are being forced to cut costs, limit salaries, freeze staff hiring and delay major expansion projects, because the value of their multi-billion dollar endowments have plunged.
One by one, the leaders of these universities have announced austerity measures, and the capitulation of Harvard this week has put the spotlight on arch-rival Yale, which is so far holding out against the economic tide.
Yale says it will re-evaluate its budgets in the New Year to reflect the unfolding economic crisis.
Harvard, meanwhile, is considering halting campus expansion plans and delaying filling academic posts after admitting its endowment fund had lost $8bn in just the past four months, with more losses expected in the coming weeks. A fund that was $36.9bn in June could be down 30 per cent by the end of the financial year, its managers warned.
It has got tied up with investments in private equity, commodities and hedge funds, all of which it is finding hard to sell because of the chaos on Wall Street. The valuations of those it is able to offload have plummeted."
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