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Singing the Ivy League Blues - Endowments Down 20%-30%

By Gary Starr for the Neville Awards
Sept. 15, 2009

Neville Update Sept. 29, 2009, Princeton economics professor, NY Times columnist and overall Leftist fraud Paul Krugman got an abject lesson in free market principles when Princeton University announced it's endowment dropped by 23% due to an unfavorable investment climate.

Krugman feels that Obama hasn't spent enough money however.

To sad. Ivy League schools Harvard, Yale and Columbia are reporting a dramatic drop in their endowments. That means less funding for all of the leftist causes and fewer drones graduating in the following fake fields of study:
  • women's studies
  • black studies
  • Hispanic studies
  • Arab studies
  • Middle Eastern Studies
  • Pacific Islander studies
  • social justice peace studies
  • ethnic studies
  • gay studies
  • multicultural studies
  • green studies
These "soft" programs, (they are really anti-western civilization studies) prepare our little geniuses for nothing more than a career in academia (or a career in the overthrow of the United States...think Van Jones).

From John Hechinger at the Wall Street Journal:

The schools were hurt by investments in assets that can't readily be sold, such as private-equity partnerships, which were pummeled in the past year after stellar results over the previous decade. In the category Harvard calls "real assets," including timber, commodities and real estate, annual losses neared 40%.

Harvard was already budgeting for a 30% decline, but hadn't released a final tally. On Thursday, it said its endowment shrank to $26 billion on June 30 from $36.9 billion a year before. The decline also reflects spending from the endowment and donations. The Cambridge, Mass., university's investment loss itself was 27%, dwarfing the 18% drop in the median return for large endowments calculated by Wilshire Associates, an investment consulting firm.

Yale said its endowment fell to $16 billion on June 30 from $22.9 billion a year before. The New Haven, Conn., university didn't break out its investment results. Yale had projected a drop of only 25% and Thursday warned of further budget cuts. In a letter to Yale faculty and staff, Richard Levin, the school's president, and Peter Salovey, its provost, said it now projects an annual deficit of $150 million each year from 2010-11 through 2013-14.

Other wealthy schools, including Stanford University, Princeton University and Massachusetts Institute of Technology, have predicted losses similar to Harvard and Yale's. They all follow an investment model that de-emphasizes traditional stocks and bonds and instead loads up on alternatives unavailable to the average investor.

Columbia University, reporting narrower investment losses than some of its Ivy League peers, said its endowment in the past year declined 21% in value to $5.7 billion.

[Columbia's] disclosure comes a day after Harvard University and Yale University each said their endowments, higher education's largest, had declined in value by 30%. Harvard, of Cambridge, Mass., reported an investment loss of 27%; Yale, of New Haven, Conn., didn't disclose its investment return.
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