<p>This article in Boston Magazine pulls no punches about the very dire fiscal situation of the university. The arrogance and irresponsibility of the financial management corporation (entering in to interest rate swaps as a speculative investment?????) is appalling. The last time the endowment was at the current deflated level was in 2005, when the A & S budget was $800 million. Now it's saddled with a $1.2 billion budget and that same endowment.</p>
<p>Note that even university officials in their discussions acknowledged that Harvard undergraduate education "could be better" and was "incoherent".</p>