Submitted By Todd on December 16th at 10:09pm
are not alone.
Yale University's endowment has lost 25 percent, or $5.5 billion, in four months, becoming the latest wealthy university to say how much of a bite the current financial crisis has taken out of its finances. Yale President Richard Levin wrote to the school's faculty and staff on Tuesday, warning them the decline would force budget cuts in coming academic years. "Our best estimate of the endowment's value today is $17 billion, a decline of 25 percent since June 30, 2008," Levin wrote, adding: "This is the value we are using for purposes of budget planning."The creme de la creme are also breaking.
Goldman Sachs Group Inc. reported a fourth-quarter loss of $2.12 billion, its first since going public in 1999, as the most profitable of Wall Street's biggest firms succumbed to the global credit crisis.Real estate is no sanctuary.
An analysis of Zillow’s real estate market reports shows homes nationwide lost nearly $2 trillion in home values through the third quarter. About $1.9 trillion in home values was lost between January and the end of September, said Amy Bohutinsky, Zillow’s vice president of communications, on Zillowblog.com. That compares with $1.24 trillion in value lost in all of 2007, Bohutinsky said.