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May 12, 2008 ADVICE OF COUNSEL
Stepping Up To The Plate 
We have been hearing about the huge increase in foreclosures brought on by the credit crisis, the rise in mortgage companies using "no and low doc" loans, and the adjustable rate mortgages that rise dramatically and become unaffordable.
April 21, 2008 ADVICE OF COUNSEL
A Debate Over Endowments
The Chronicle of Higher Education recently reported that 63 colleges and universities in the United States had endowments of at least $1 billion as of last June. Harvard and Yale lead with respective endowments of $34.6 billion and $22.5 billion, and annual returns of 19.8 percent and 25 percent. Among the smaller colleges, Williams, Grinnell and Amherst had endowments of more than $1.5 billion and annual returns of 29.4 percent, 16.7 percent, and 24.3 percent. Such high returns result in large part from the ability of these institutions to invest in private equity, hedge funds, venture capital, real estate and other "alternative investments" which are not available to those lesser endowed. Such institutions are also the beneficiaries of high levels of annual giving and bequests (particularly from alumni) and many mount billion dollar capital campaigns, often to finance specific projects such as new facilities.
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