Cultural institutions fear bear-market toll-WEB ONLY
Cost-cutting and layoffs at the city’s museums and full-time orchestra haven’t brought many visible changes so far. The scenario could darken considerably in 2010, 2011 and 2012, as cultural institutions fully account for devastating investment losses in their endowments-a key source of income. “It’s a bigger problem than what most people think,” said Andy Bawel, […]