U.C. Berkeley Looks to the World Bank for Financial Help

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    NEWSLETTERS

    Christie Smith
    Protesters block the famous gate to the UC Berkeley campus.

    U.C.Berkeley is turning to the World Bank to help navigate the muddy waters of budget shortfalls.

    But the public university is not looking for a loan, instead the University of California, Berkeley announced it has hired former World Bank economist John Wilton as the school's vice chancellor of administration and finance.

    The Marin Country resident will be in charge of cutting costs at the university without "hurting efficiency too badly," according to the Business Times.

    The hiring comes on the heels of Gov. Jerry Brown announcing that he is cutting $500 million from the U.C. system's budget.

    U.C. President Mark Yudof said the problem could actually be much worse. In an interview with the Los Angeles Times he said the $500 million cut actually creates a $1 billion hole in the state budget.

    That interview has prompted some talk that if the buck is passed to U.C. students that their tuition could rise as much as 70 percent.

    Wilton worked for the world bank for 25 years.