There are fast developments this morning....
Executive Vice President Trask has revealed the endowment -- once $6.1 billion -- has shrunk to "just north" of $4 billion, an astonishing 33 percent loss. In mid-February, Trask put the loss "in the mid 20's" percent.
For the first time, the Provost has stated faculty hires will be substantially reduced. Just weeks ago there was unofficial talk of hiring more than usual -- to exploit the availability of many scholars.
University wide, salaries are now frozen.
President Brodhead has written two emails -- one to the university as a whole that has been released, one to its medical component that will be available in the hours ahead -- dealing with the financial crisis and the future of Duke.
Brodhead says Duke will trim its budget gradually, with the Trustees authorizing dipping into reserves so there are no jolts. But he talked of inducing employees into early retirement and hinted at layoffs.
Brodhead said in a few years, Duke would be smaller, its education budget in the range of $1.75 billion. This is a step down from the current budget which is nearly $2 billion, and far far less than would have been spent if the fiscal melt-down not occurred.
Brodhead says Duke will only construct buildings like the new cancer center which has dedicated funding. New/Central Campus -- the vast expansion project -- is on indefinite hold. A month ago Trask talked about borrowing to finance this; that idea is dead.
This morning's rapid announcements establish the crisis at Duke is far far far deeper than officials had previously acknowledged.