Hard Times For Harvard

Even hallowed Harvard University isn’t immune to the ravages of economic recession. The school has announced that it plans to cut capital spending by as much as half after its $36.9 billion endowment lost as much as $8 billion in the last quarter of 2008 alone.

The spending cuts are expected to impact Harvard Medical School, as well as the planned Harvard Stem Cell Institute, which broke ground early last year in the city’s Allston section.

Apparently, Harvard’s research on growing stem cells into money hasn’t panned out as they initially hoped.