As if the current economic conditions were not enough, Hurricane Ike thought he would stop by Galveston, Texas and make it even worse for the folks at University of Texas' Medical Branch.
The storm caused a reported $710 million dollars of damage to the buildings that comprise the UTMB, including the John Sealey hospital. When you carry only $100 million worth of insurance coverage, this is a very large number.
The result? The University's Medical Branch has been hemorrhaging cash; $40 million a month to be precise. Purportedly, their makeshift coagulant is to put 3,800 people, or 33% of the entire staff on the street. This reduction in staff will result in the size of the island's only hospital shrinking from around 435 beds to 200-ish.
Galveston Island has a population of only about 60,000, so this is quite a dire event for the local economy.
The layoffs are to be completed by November 24th, according to President David Callender.
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