Harmon Leon

Remember back in the day when it was fun to flamboyantly flaunt your status by waving around a Gucci wallet and/or Rolex watch? It was an unspoken way to tell the world that you were a Wall Street hotshot.

Now with the economic downturn, the NY financial crew who still happens to be raking in the cash are experiencing something not unlike, survivor’s guilt. Those still making bank, are becoming closet spenders; keeping their high-rolling hush-hush not to offend cohorts who are losing their jobs and homes.

Oh my god! Is this a clear sign of the apocalypse? As the market downturn continues, Ivy League schools spew away endowment money from all orifices, and graduating seniors are faced with a gloomy job market, short-term career focuses have greatly changed.

In a different era those vying for six-figure jobs with top firm or a road-to-the-fast-track internship, have
now taken a surprisingly different route that makes you question humanity. Yes, there's been a surge of Columbia students applying for the Teach for America program; where they are trading Wall Street for teaching the poor.

What? Helping humanity instead of making bushels of money!? Has Hell truly frozen over? These truly, truly ARE dark times!

Poor, poor Harvard University—literally! Yes, Harvard-- the university that many consider the Harvard of Harvard-- is losing billions in the current market downturn. Ouch. Those poor, poor Ivy League elitist!

According to Gawker, Harvard's university endowment is down 25%-30% on a mark-to-market basis.
With an endowment of almost $37 billion, Harvard is selling off $1.5 billion in private equity holdings, about a third of its total. Market rate now is only about 50% of their face value, meaning they are in serious need of cash.