Wow. I guess those rumors about Harvard getting burned playing hedge fund games are true. They're putting in place a staff hiring freeze and getting ready to cancel faculty searches. Steps like that aren't surprising at, e.g., public universities in states hit hard by the housing crunch or ensuing economic crisis, but for a university with an endowment bigger than the GDP of some countries, this seems rather drastic. Still, it's hard to have too much sympathy for them, since their endowment is coming off a high of nearly $37B.