When the Pros screw up Students Suffer
Posted on | September 15, 2009 | No Comments
There is an interesting article in Valuehuntr today. It talks about how Harvard and Yale, traditional rivals in the sports arena, have become rivals of a dubious sort: whose investment portfolio is suffering more. I am not sure that this was the intention of the original article, but what I took away from this was the following. The professional money managers of the Yale and Harvard endowments failed at their jobs of preserving capital. They took unnecessary risks and/or used too many outside investment groups. Instead of sucking it up, they have cut services, frozen wages, the usual cost cutting measures to Universities themselves. This from two of the richest universities in the country. Sad. I am sure that the managers responsible have also taken cuts in pay, and taken drastic measures of cost cutting in there domain, before they cut student services. O.k., maybe not.
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