"Let me say this: We hear you. You are valid. You. Matter. Secondly, and no less importantly, let me make something clear: The. Endowment. Is. Not. For. You." Beautiful
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"...many of you have asked why an institution with a $46B endowment is freezing salaries, rescinding job offers, refusing to adjust tenure tracks, and laying off staff instead of using an endowment the size of Iceland’s GDP to keep our community afloat."https://www.mcsweeneys.net/articles/a-university-president-responds-to-those-who-have-suggested-the-school-should-dip-into-the-endowment …
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"It goes on like that for a while, but the gist is that, if you think about this whole thing less as a school with an endowment and more as an endowment with educational benefits..." xD
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Every single part of this is just so, so good
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I spent spent a decade advising school endowments. Some observations: -Career suicide if endowment goes down -Belief that spending more that 5% threatens the corpus of the endowment -corpus of the endowment is sacrosanct - must answer to lawyers and trustees if corpus breached
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Priceless!!
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Ego. Greed. That's it.
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