I've mentioned the financial problems at Stony Brook here in the past. One thing I might not have mentioned is that our problems are directly tied to problems in Albany. Basically, the state of New York is in the middle of a ridiculous fiscal crisis and they are dealing with it partially by simultaneously drawing money from and cutting funding to to state universities.
The latest This American Life podcast details the crisis. It doesn't touch on the university problems, but it is very much worth a listen. Stream it here (or download it here). Its almost comical how ludicrous the whole situation is.