Why are universities w/ multi-billion $$ endowments announcing wage cuts/freezes, hiring freezes, letting “non-essential” workers go, etc.? This article, shared by many folks already, goes a long way towards explaining things: https://bit.ly/2X8x8L3
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As I said, I'm not at all involved in any of this. I think that the simplest answer is that the financial structure was never engineered for this sort of crisis. Some is encumbered, dividend income will be way down next year, and the stock market has tanked.
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I understand the limitations! But it seems terrible, to have an endowment that has grown by billions in the good years not cushion at least employment especially for the vulnerable during a crisis of this magnitude!
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@zeynep’s response - it will be interesting to see if/how major univs decide to model this kind of a crisis into planning for the next 2-3 decades. If we'd like to see higher-ed be better than a random corporation, perhaps we can hope for some fundamental restructuring?Thanks. Twitter will use this to make your timeline better. UndoUndo
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