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| Lafalum |
2 IvyLeague Schools Announce Hiring FreezeCornell is freezing the hiring of non faculty members of its staff from outside the university. It will also delay all new construction at its campus in Ithaca. The actions do not apply to its medical schools in New York.They cite a decline in money from the state for research and a 6 billion dollar decline in their endowment and a potential fall in private donations. Brown has also announced a hiring freeze for ALL staff and administrative positions. Faculty searches will be "carefully reviewed." Brown is facing a large decline in the value of its endowment, increases in demand for student aid and the loss of donations from major donors whose wealth was tied up in hedge funds according the student newspaper. The president of Brown said they would have to spend more time raising money. Well, is there anyone out there who think we are immune from this, and are they all in Markle Hall??? I think perhaps the answer is self evident. FIFTY PERCENT of our endowment is in hedge funds that's 5-0. |
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| TheTruth |
Williams also announced a hiring freeze. | ||
| TheTruth |
Below is a link to the electronic letter sent to the members of the Marquis Society from President Weiss explaining the economic impact of the market decline on the college. Very interesting statements about the endowment. Counter to what Lafalum has been reporting, the letter states the BOT has done an outstanding of managing the endowment and is well diversified (Somebody isn't being completely truthful).
http://www.lafayette.edu/news.php/view/12876-alumninews Happy reading! |
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| Lafalum |
This letter is prevarication of the truth. At the end of June the portfolio was down 4 % from a top of 800 mio that is 32 mio ( that amount was confirmed to me by an administrator.) To me that means there was no earnings last year!!! Two trustee told me at the end of sept, the portfolio was down 100 mio additional and now we have a bad Oct on top. We know they have not been able to get 18 mio that is tied up in the Wachovia Common fund and that may be for years. That is public.
It is true that the draw from the fund has a five year rolling average which means the draw could still be increasing for another year or so and then it drops like a stone. The next time you see a high ranking official or a trustee , ask them the exact evaluation of the portfolio, see if you get an answer. It wasn't in the letter was it??? If everything was "hunky dory" why is he asking the staff for 1 % give backs on this year's budgets. You should ask what kind of car the President has as a college owned vehicle??? I'll buy a beer for the first person who comes back with the correct answer!! |
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| TheTruth |
i should have put a "smiley face" after my post, lafalum. I trust what you reported. There was a number of questionable statements in that letter. I'm not sure why we simply don't institute a hiring freeze like many institutions are doing now. It's completely understandable. | ||
| Xboreturns |
I'll say a Mercedes, a brown one. | ||
| Lafalum |
That's what frosts me. Just fess up guys!!(the administration) We are buying luxury autos for the president and his wife, spending hundreds of thousands of dollars to fix a house the provost will not move into. Spending the same amount for a house for the new diversity Dean. Additional hires in the adminstration.
Intituting a 2,2,3 teaching schedule( Two classes a semester for two semesters then 3 for a third) sabaticals once every seven years. This is all after a 7 pct tuition hike and when they are about to ask all of us all for 400 mio dollars. But thks for the smiley face. I'm watching my net worth decline by the day in the market and these selfish, pompous academics seem to think they are entitiled to my money!! At the same time they want to work less and get paid more. Geez if I ran my business that way I would've been let go by my Board in two seconds. I will write my checks to my favorite athletic teams because, I can see where it goes, and I think it is appreciated... that's all. Close but no beer.. on the Mercedes. BMW's The spending, waste and conspicuous consumption in higher education is starting to remind me of those bankrupt S and L's in the 90's. |
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| Pard4Life |
The later point you make has been a focal point in the NY Times for a few years... luxurious, country club like settings. I'd brag in my AAR pitches the school reminds me of being in a "park". Seriously, I laughed at how good my living environment was that I didn't think it was overly necessary... I am greatful though, it's better than my current abode. BMWs? Are you serious? Well maybe not... campus security drives around in an SUV... why? Who are they arresting? How bad is the weather? They patrol 150 acres. |
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| TheTruth |
BMW, huh? Art Rothkopf and Gary Evans drove Honda Accords. Art's was a stick shift. | ||
| ranger |
Lafalum has it right! TWO BMW's- yes the wife got a BMW SUV from our generous BOT or don't they know the President's wife got a new BMW also. Since our BOT is clueless, it would not surprise me if they did not know. Lafalum has it right on the endowment also. This administration is less than forthcoming on finances. Tax and Spend- sorry that's Congress. Gift and Spend that's our administration, but not on athletics unless the alumns( Kirby, Fisher, Bourger) force them. This President and BOT are out of control. They need to go before LC is seeking government funding. | ||
| LC Fan |
Ranger--I know your next claim will be that our president's a Muslim and he associates with Bill Ayres......besides driving a BMW. You might try mixing in some actual facts into your ridiculous claims but thinking about it, you must not know enough to have any facts.
The truth is that our endowment is extremely well managed and has outperformed all of the benchmarks for several years. When you make your $10 contribution, Ranger, you can be assured it will be invested wisely. |
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| TheRock90 |
LC Fan, are you saying the college did not buy the president and his wife BMWs? | ||
| ranger |
LC fan answer the question- a 5 series and an SUV paid for by the College- I know those facts. I give at a higher than $10 level. You may not want to assume. It makes you an ass. I would be happy to meet you at Holy Cross or Lehigh games and compare giving histories, then accept you apology. | ||
| Lafalum |
Harvard is now announcing spending cuts due to unprecented declines in its portflio and smaller govt grants. | ||
| TheTruth |
Expect to hear more colleges doing the same once they have had a chance to evaluate their endowment performance over the past several months. | ||
| TheRock90 |
Anybody know what the "Blue Book" value is on the used Beamers, in case we have to trade down? | ||