Wow...
March 10, 2003
Investment Losses Hurt Cleveland Hospital
By ALISON LEIGH COWAN
CLEVELAND ? The clinic that bears this city's name was always a jewel of the American health care system, dispensing world-class care that cut no corners and made money, too. Its billion-dollar endowment rivaled that of giants like New York-Presbyterian Hospital and Memorial Sloan-Kettering in New York.
But the clinic, the Cleveland Clinic Foundation, is struggling these days to live up to that privileged past. Nearly $500 million of its wealth ? almost a third of the assets it once had ? has vanished because of aggressive bets on a handful of technology stocks that fizzled....
