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All the chappers down at Porcellian have been most dreadfully upset:

It's as if an heiress had lost her trust fund.

At Harvard University, the talk of billion-dollar losses in its massive endowment has blown in a new age of austerity across the campus.

Faculty, administrators, and students - who had been riding what one professor termed "the gravy train" for as long as anyone could remember - are suddenly living a different reality in Cambridge.

The cuts are big and small. There are the hiring freezes that run to the core of the university's mission. But there are also the cookies and soft drinks eliminated from small faculty gatherings. A noon-hour seminar series that used to provide catered lunches from local ethnic restaurants will now serve pizza.

Posted by edelfenbein at December 15, 2008 10:27 AM