Bank Limits Fund Access by Colleges, Inciting Fears - NYTimes.com
“In a move suggesting how the credit crisis could disrupt American higher education, Wachovia Bank has limited the access of nearly 1,000 colleges to $9.3 billion the bank has held for them in a short-term investment fund, raising worries on some campuses about meeting payrolls and other obligations.”
Incidentally, essentially the entire Olin endowment is managed by Commonfund. Eggs, baskets. Unclear right now to me what Olin’s institutional exposure really is, but (at minimum) this will almost certainly be a huge pain in (finance VP) Steve Hannabury’s ass.
