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December 4, 2008 11:20:51 AM CST

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Harvard Endowment Drops $8B in Steepest Loss Ever

Endowment's record plunge threatens school operations

Boston Globe Boston Globe Dec 3, 08 3:10 PM CST
(Newser) - Harvard, the world's richest university, saw its endowment plunge 22% between June and October of this year, the worst loss in its history, the Boston Globe reports. Revenue generated by the endowment, which fell by $8 billion, pays for 35% of the school's operation, and Harvard president Drew Faust expects a total loss of 30% by year's end. More »

More about:  Financial Crisis • college • higher education • Ivy League • endowment • budget cuts • Harvard University

Soaps Slip on Auto Ad Woes;
Even Lucci Takes Pay Cut

Dramas cut budgets amid fears of lost advertising

Advertising Age Advertising Age Nov 28, 08 12:20 PM CST
(Newser) - Trouble in the auto industry is causing drama for daytime TV as soaps lose big advertising dollars, Advertising Age reports. Local dealerships are key backers of the shows, which have been in a ratings decline for years. The upshot: trimmed budgets, fewer sets, and dropped actors, including a pair of Days of Our Lives mainstays. Even All My Children leading lady Susan Lucci is getting a pay cut, the Age notes. More »

More about:  television • auto industry • budget cuts • television advertising • soap operas

OPINION

Want to Save Detroit?
End the Iraq War

People are dying, and more importantly, money is being lost

Politico Politico Nov 26, 08 11:30 AM CST
(Newser) - You don’t hear much about the Iraq war these days, though the US death toll hit 4,205 on Monday. If human life isn't a convincing enough reason to bow out, writes Roger Simon in Politico, then here's one that "really is upsetting people these days: money." The war costs us $9-$12 billion per month, making Detroit’s request for a $25 billion bailout seem paltry. More »

More about:  Iraq • bailout • auto industry • Iraq exit strategy • Big Three • budget cuts

More Riders, Pricier Fuel Stress Out Transit Agencies

Diesel expenses eat up shrinking budgets even as commuters abandon cars

Wall Street Journal Wall Street Journal May 30, 08 4:29 PM CDT
(Newser) - The same agencies that stand to benefit as commuters turn to public transit to escape high gas prices are finding themselves hamstrung by rising fuel costs, the Wall Street Journal reports. Ridership is up by as much as 35% for some bus lines, but the cost of diesel has doubled and economic woes are slowing sales-tax revenue, the main source of transit funding. More »

More about:  fuel costs • budget • public transportation • subway • buses • budget cuts • sales tax • tax revenue

 $4M NASA Cut May Strand 
 Mars Rover  

Shrinking budget could also leave 300 jobless

CNN CNN Mar 24, 08 8:38 PM CDT
(Newser) - NASA confirmed and denied plans today to scuttle a Mars rover and fire 300 employees, CNN reports. The space agency first announced a $4 million cut to the Mars program's $20 million budget and vowed to unplug one of two rovers roaming the red planet. Then a NASA spokesman told CNN that "the cancellation of the Mars Exploration Rovers is not under consideration." More »

More about:  NASA • Mars • space exploration • job cuts • budget cuts • rover • Opportunity • Spirit

Startups in Silicon Valley Tighten Belts

Many girding themselves against possible recession

Wall Street Journal Wall Street Journal Feb 15, 08 10:16 AM CST
(Newser) - Companies in Silicon Valley are slowing spending and stockpiling funds to prepare for a possible recession, with many startups raising safety-net cash from investors. Venture capitalists, who raised more funds last year than any year since 2001, continue investing, reports the Wall Street Journal , despite a recent survey that found their confidence in the region at a four-year low. More »

More about:  recession • Internet advertising • Silicon Valley • venture capital • startup • budget cuts

States Snatch Child Support

States are tracking down more deadbeat dads, but kids aren't  getting the money

New York Times New York Times Dec 1, 07 7:20 AM CST
(Newser) - States are getting better at making deadbeat dads cough up child support, but not much of the cash is getting to the kids, the New York Times reports. The money's been going to repay back welfare benefits instead. Almost half of states keep all the money; most others pass along only $50 a month, even if they're collecting hundreds. The system is set up to prevent "double-dipping," but experts say it's counter-productive. More »

More about:  poverty • US states • budget cuts • benefits • child welfare

$4B Crunch Threatens BBC Jobs

Independent (UK) Independent (UK) Oct 10, 07 4:37 AM CDT
(Newser) - A massive funding shortfall at the British Broadcasting Corporation could trigger unprecedented job cuts, reports the Independent . As many as 2,800 people—about 12% of the BBC's labor force—could lose their jobs. Officials at the BBC, which is financed by a $270 license fee paid by viewers, project a shortfall of up to $4 billion. More »

More about:  job cuts • BBC • budget cuts • inquiry • Mark Thompson • Top Gear

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