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The Getty has its own bad economic news

December 17, 2008 |  3:42 pm

More bad economic news for L.A. arts, from Culture Monster:

Even the wealthy Getty Trust is hurting in today's bleak economy.

James_wood_2In an in-house memo addressed to "All Getty Staff,"  Getty Trust Chief Executive James N. Wood warns that the Getty is facing "a difficult period ahead" because the value of the Getty endowment, which ended the 2008 fiscal year at $5.98 billion, has since that time declined "roughly 25%."

Wood writes that the decline calls for the Getty to "significantly reduce spending in its fiscal year 2010 budget, "which will have an impact on staffing, programming and operations. ... I have asked our management to freeze all hiring.

Read the rest of the story here.

--Diane Haithman