Astroboy
Dec 18, 2008, 22:36
Few higher education institutions around the world appear to have escaped the collapse of financial markets. In Asia, Africa, North America, Europe, Britain and down under in Australia and New Zealand, universities have been hit hard as the value of their investments in property and shares and, in many cases, their income from diverse sources crumples.
With the worldwide collapse in financial markets, the result has been catastrophic:
Komazawa University, a major private institution in Tokyo, incurred losses of 15.5 billion yen or almost US$170 million in trading high-risk derivatives. The university put up its land and buildings on the campus to obtain $120 million in loans from the Mizuho Bank to cover the losses.
Keio University, the alma mater of numerous Japanese politicians including former Prime Minister Junichiro Koizumi, accumulated 22.5 billion yen (US$233 million) in unrealised losses on investments ranging from hedge funds to real estate investment trusts.
Waseda University, a training ground for Japanese politicians since 1882, expected a 500 million yen ($5.4 million) loss, incurred on investments as of March, to deepen significantly.
Plus, in the USA.....
One of the most famous universities in the world - Yale niversity has said that its marketable securities had declined 13.4 percent for the first four months of the university’s fiscal year and that it had since fallen even more. Taking into account such illiquid assets as real estate and private equity, he said, the endowment, which is led by David Swensen, was down 25 percent, and Yale is now anticipating it will be down that much for its full fiscal year.
Another famous university - Harvard’s endowment, which recently said that the value of its $36.9 billion endowment had fallen 22 percent during the same period and that the total decline for the full fiscal year is expected to be as much as 30 percent.
http://www.nytimes.com/2008/12/17/business/17yale.html
Academic couldn't avoid the financial turmoil. It is said "What economists say is not trustable". :blush:
With the worldwide collapse in financial markets, the result has been catastrophic:
Komazawa University, a major private institution in Tokyo, incurred losses of 15.5 billion yen or almost US$170 million in trading high-risk derivatives. The university put up its land and buildings on the campus to obtain $120 million in loans from the Mizuho Bank to cover the losses.
Keio University, the alma mater of numerous Japanese politicians including former Prime Minister Junichiro Koizumi, accumulated 22.5 billion yen (US$233 million) in unrealised losses on investments ranging from hedge funds to real estate investment trusts.
Waseda University, a training ground for Japanese politicians since 1882, expected a 500 million yen ($5.4 million) loss, incurred on investments as of March, to deepen significantly.
Plus, in the USA.....
One of the most famous universities in the world - Yale niversity has said that its marketable securities had declined 13.4 percent for the first four months of the university’s fiscal year and that it had since fallen even more. Taking into account such illiquid assets as real estate and private equity, he said, the endowment, which is led by David Swensen, was down 25 percent, and Yale is now anticipating it will be down that much for its full fiscal year.
Another famous university - Harvard’s endowment, which recently said that the value of its $36.9 billion endowment had fallen 22 percent during the same period and that the total decline for the full fiscal year is expected to be as much as 30 percent.
http://www.nytimes.com/2008/12/17/business/17yale.html
Academic couldn't avoid the financial turmoil. It is said "What economists say is not trustable". :blush: