<p>Harvard was once known for the quality of its management, but times have changed. Key points from the article, IMHO.</p>
<ul>
<li><p>Between 1998 and 2008, Harvard increased spending (in real inflation adjusted terms!) by 67%, while the number of students stayed the same</p></li>
<li><p>It added more space than the Pentagon has since the year 2000, financed principally by debt!</p></li>
<li><p>It increased the percentage of the budget funded by endowment from 16% to 33% in a relatively short time</p></li>
<li><p>It neglected to unwind a bad $1billion interest rate swap that forced it to raise money at the worst possible time (nov 08)</p></li>
</ul>
<p>Princeton is clearly a better run place, and even Yale outshines it on the management front these day. It is hard to believe it hosts the world's premier business school.</p>
<p>Nina</a> Munk on Hard Times at Harvard | vanityfair.com</p>