Cutbacks at Harvard

Harvard Cuts Back, Contentions, June 30, 2009. "Last year at about this time, Harvard’s endowment was $35 billion. In the first four months of the fiscal year, through October 2008, it lost $8 billion. Observers believe the losses may actually total $18 billion. Harvard relies on income from its endowment to cover about 35% of its budget. Late last week, a memo from Harvard President Drew G. Faust put two and two together. The result: 275 layoffs. Harvard had already skipped raises for 9,000 faculty and non-union staff and shed 500 employees through a voluntary early retirement program. It wasn’t enough. The reaction from union organizers at Harvard was predictable. . . ."