Austerity reaches the Nobel Prizes
The board of directors of the Nobel Foundation has announced a cut in the prize money to be awarded to 2012 laureates in view of bad investment decisions in the past and to safeguard the economic base of the prestigious prizes. At its meeting this week, the board set the amount of the 2012 Nobel Prizes at Swedish Krona 8.0 million per prize, amounting to a lowering of the prize sum by 20 per cent.
"The Nobel Foundation regards this as a necessary measure in order to avoid an undermining of its capital in a long-term perspective...Another part of the picture is that during the past decade, the average return on the Foundation's capital has fallen short of the overall sum of all Nobel Prizes and operating expenses", the Foundation said in a press release...
The costs of the Nobel Foundation's central administration and the Nobel festivities are also being reviewed.
From
Rediff News.
Coming soon - the NoBill prize.
ReplyDeleteI wonder if the 2012 recipients will riot/ protest like the Greeks
ReplyDeleteCameron
This is not as big a deal as has been made out to be in the news. The monetary bonus awarded with the Nobel Prize has been decreased and increased several times over the history of the Nobel Prize. It has been higher, and it has been lower than it is now. The only reason this is making news now is because of the current state of the world economy.
ReplyDelete