To close its $150 million budget gap, Yale University will be cutting staff, freezing salaries, and limiting the number of graduate students, reports the New York Times. A memo from Yale’s president and its provost, Richard Levin and Peter Salovey, said these steps were needed because the school's endowment dropped from $22.9 billion in June 2008 to $16.3 billion in June 2009.

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