Getting your player ready...
You know the financial meltdown is bad when even Harvard is feeling the pinch. Harvard — America’s oldest university and the world’s wealthiest — helped pioneer a model of diversified endowment investing that many colleges have copied, growing its endowment to $37 billion as of last year.
But while the university isn’t saying exactly, Moody’s Investors Service has projected losses of 30 percent for college and university endowments overall this year. That would be about $11 billion for Harvard.
Harvard president Drew Gilpin Faust, in an e-mail Monday to faculty, staff and students, warned only of “unprecedented endowment losses” and said the school is looking at ways to cut spending. The Associated Press
