News of failing companies and massive layoffs continue daily. Now colleges are at risk. Aren't they made up of the smart people who can help us get out of this mess? Here's a list of the latest U.S. economy catastrophes ...

Harvard loses $8 billion. The Wall Street Journal is reporting "Harvard University's endowment suffered investment losses of at least 22% in the first four months of the school's fiscal year ... (they are) planning for a 30% decline for the fiscal year ending in June 2009."

AT&T to cut 12,000 jobs. From the AP: "AT&T Inc. joined the recession's parade of layoffs Thursday by announcing plans to cut 12,000 jobs, about 4% of its work force."

Viacom announces it's cutting 7% of their staff. Gawker reports the media conglomerate who houses the MTV Networks and Paramount among others could lay off as many as 300 people this week. 

NBC News & Ad Sales facing cuts. The Hollywood Reporter is reporting that the layoffs are part of NBC Universal chief Jeff Zucker's plan to cut their budget by $500 million.