The euthanasia of the rentier continues:
Harvard Endowment to Cut 25% of Staff
The Harvard endowment, stung by declines of more than 20% in recent months, says it will eliminate a quarter of its staff, or about 50 jobs, over the next several months.
The largest college endowment in the U.S., Harvard finished its June 2008 fiscal year with a 8.6% gain, beating most of its peers and bringing total assets to $36.9 billion. But like most endowments, it has stumbled badly in the months that followed. The university has said it is bracing for a 30% decline for the fiscal year ending June 2009.