Thursday, December 30, 2010
University in Crisis
Nobuo Miyamoto, Chairman of Board Regent of Komazawa University, was fired in December. As one of the oldest universities in Tokyo, Komazawa University suffered a $15.4 billion loss from derivatives trading (i.e., currency swaps) that were manipulated by three financial institutions. Recently, both Nanzan University and Aichi University reported losses of 3.4 billion and 2.8 billion Japanese yen. In the U.S., Yale University announced billions in losses due to the financial meltdown. These are just tip of iceberg. More universities and colleges will face more financial difficulty. Will any Chinese colleges or Universities avoid losses due to the financial crisis?