How does a university worth $16 billion proclaim a solvency crisis?main
The historian François Furstenberg takes an almighty kick at the overpaid suits that run our universities.
My university, Johns Hopkins, recently announced a series of exceptional measures in the face of a coronavirus-related fiscal crisis. Suddenly anticipating losses of over $350 million in the next 15 months, the university imposed a hiring freeze, canceled all raises, and warned about impending furloughs and layoffs. …. How does a university with a $6-billion endowment and $10 billion in assets suddenly find itself in a solvency crisis? How is one of the country’s top research universities reduced, just a month after moving classes online, to freezing its employees’ retirement accounts?
Read on here.
John Hopkins is home to the Peabody School of Music (pictured).