Over the past several years the Bill & Melinda Gates Foundation's multibillion-dollar endowment has transformed global research on new vaccines. But the world economic crisis is hitting its plans along with everyone else in the development field. And Bill Gates has asked everyone at the foundation to help trim expenses. The Seattle-based foundation has announced that it will have to shave its payouts next year by 10 percent. No specific sums were mentioned, but the foundation has been giving about $3 billion a year to researchers.
"The financial crisis is affecting everyone, from our foundation to our partners," foundation CEO Jeff Raikes wrote in a memo.
- read the report in the Wall Street Journal