Mar 20 2008
Basic Economics
In this March 5 article in the Bohemian, New College trustee Jane Swan faults the school’s rapid growth for the financial disaster—indicating that if the trustees had a few more years to build an endowment, things might be peachy. What Swan neglects to mention, however, is that the neglect to build an endowment in the past, combined with ill-thought-out real estate investments and whimsically-added programs that hemorrhaged funds, were all decisions made by the trustees themselves. How a professional adviser to the wealthy like Northern Trust VP Jane Swan could fail to understand basic economics is beyond me.
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