…Tony doesn’t like the proposal to mandate a 5% annual spending of the endowment.

Check it out in the New York Times:

“We have an eight-to-one faculty ratio, we sit in a room and we talk for hours, that’s what we do,” [Marx] said. “It costs us $80,000 a year to educate each student.”

And according to Inside Higher Ed,

much of the discussion was dominated by the presidents of Amherst College and Princeton University, two wealthy institutions.

From the New York Sun:

“We can’t and will not close the English Department or the Biology Department during a downturn,” Mr. Marx said.

UPDATE: You can find the transcript and video here.