A Threefold 'Thank You' to Los Angeles
Canter's & Ice Cream Sandwich Could Live in Perfect Harmony
Dear Los Angeles: I'm Thankful For...
-thumb-110x110-213475.jpg)
A Photo Gallery of the Things I am Grateful for This Year
I LOVE L.A.! My Thanksgiving Thanks
"Let me begin by stressing that the Gettys endowment is managed prudently, with careful oversight," wrote Getty Trust Chief Executive James N. Wood in a memo to staff that was obtained by the LA Times. "But the Getty has not been immune to the steep decline in financial markets which has affected so many of our peers even more seriously. Our endowment ended the 2008 fiscal year at $5.980 billion and, since that time, with financial markets deteriorating further, the value of the endowment has declined roughly 25%."
Add The Getty to the list of Museums with $$$ Problems
add to stumble upon
add to reddit
tweet this
post to facebookComments (6) [rss]
Post a comment (Comment Policy)
Tips
Contribute
Latest Tip:
Begley is a raving nutball and he is dead wrong. StrokerMcgurk
[more]
Wow. So the endowment lost 1.495 billion leaving 4.485 billion dollars. They better watch out!!!
Don't forget that the Getty employs over 1500 people, gives away millions of dollars to employ others all over the world and has a hand in almost everything research and conservation related. So yes BingosDingo, it does make a big impact. I don't think sarcasm is really an appropriate reaction when we're talking about people losing their jobs because of our economy.
if Jim Cramer said pull your money out of the stock market, maybe the Getty should have too.
/end sarcasm
> I don't think sarcasm is really an appropriate reaction when we're talking about people losing their jobs because of our economy.
Point taken, but, and I say this with due respect, $4,485,000 in the black is not a deficit. I'm sure there are many other companies/institutions out there that wish they had one tenth that amount in reserve. For exactly the reasons you state above.
Did the Getty have any investments with Madoff, (pronounced made-off)?
Not to worry too much folks, the Getty took a huge hit in 2001 when they were heavily vested in tech stocks. They've been through this before, and they will be fine, but it might take a decade or so for the endowment to recover. Unlike, MOCA, the Getty seems to understand that your endowment is something you actually have to manage in order to function.