The University of Texas Medical Branch

The University of Texas Medical Branch in Galveston, still reeling from Hurricane Ike, is laying off some 3,800 people. In a news release, the UT Board of Regents said it was forced to make the job cuts because the teaching hospital was running out of money. "UTMB's current rate of expenditures, including the continuation of wages and benefits for faculty and staff who have not returned to work, exceeds revenues by almost $40 million per month," the statement said. "UTMB will deplete its financial resources and reserves in approximately three months, leaving the institution in the untenable position of having no funds to continue to operate." Ike caused nearly $710 million in losses to UTMB when it hit the island in September and officials have said that only about $100 million of the damage is covered by insurance.