Penn is already one of the least affordable universities in the United States, and after this latest development, it may be getting more expensive. This past weekend, the University’s funds took a major hit when Amy Gutmann lost 50 million dollars in various bets on the Harvard-Yale football game. In order to cover these losses, tuition for each undergraduate is expected to increase by 5 percent.
Gutmann publicly apologized for her actions in a press release on Sunday. “My decision to put 20 million dollars in University funding on Harvard getting a 37-yard field goal in the third quarter was not a smart one in hindsight,” Gutmann admitted. “However, at 10/1 odds, I simply had no choice. If only I picked the first quarter, we would be able to afford a new college house.”
While the bets may not have been successful, the University stands by Gutmann’s decisions. She has reportedly been closely following the Ivy League football conference all season long and, while she struck out big time this year, she promises Penn students that she will win the money back next year. “I’m going to watch game film closely, follow the statistics like a hawk, and come back like you’ve never seen before,” Gutmann promised undergraduates.