The layoffs begin at Harvard and elsewhere....

[coureur]

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<p>So, a 30% drop in the endowment with an even bigger drop in income (among other things, the private equity funds are not making distributions at the moment or if they are not large like they used to be in the golden days) means a big drop in what they were counting on to cover operating expenses<<</p>
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<p>Not only that, but Harvard money managers have invested heavily in very illiquid assets. So for the most part they couldn’t spend down the endowment to make up the income shortfall even if they wanted to. Hence, big budget crunch and layoffs.</p>