Word: allstoned
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...individual’s role in them” may also be examined to avoid possible conflicts of interest.While recent salaries of other University officials have not yet been released, Harvard’s highest paid employee in 2007 was Christopher M. Gordon, chief operating officer for the Allston Development Group, who received $587,172 in compensation for a job cited as requiring an average of 40 hours per week. University Provost Steven E. Hyman earned nearly $550,000 in salary that year for a job averaging 70 hours a week.Documentation regarding Summers in the 2006 tax filing states that...
Harvard is considering reducing capital spending and projected new debt issuance by as much as 50 percent due to recent endowment losses, according to a credit rating report issued by Moody’s Investors Service on Wednesday.The University has already slowed construction of its Allston expansion, which combined with other campus capital projects would have cost roughly $1 billion a year in capital spending and required Harvard to issue $3 billion in new debt over the next three to four years, according to the report.Planned spending could revert to higher levels “if fundraising results...
Harvard and the Boston Redevelopment Authority launched the Harvard Allston Partnership Fund on Monday, which will provide $500,000 in grants over the next five years for community improvement proposals submitted by neighborhood non-profit groups. The Fund, which aims to foster neighborhood improvement, cultural enrichment, and educational programs in Allston, is part of the Allston Science Complex Cooperation Agreement. The agreement, signed in April of last year, stipulated that Harvard provide $25 million worth of community benefits to the neighborhood in order to proceed with construction of the complex. Kevin A. McCluskey ’76, Harvard?...
...trading or speculative purposes,” but were rather used to convert variable-rate borrowings to a fixed rate. The Forbes and Bloomberg stories stated that the interest rate swaps dated back to former University President Lawrence H. Summers’ tenure, when Harvard began considering its ambitious Allston campus expansion. With interest rates favorably low and little inflation on the horizon, the University decided to use the swaps to lock in the rates. But instead, interest continued to decline, wreaking havoc on the swaps, which Forbes branded “The Summers Swap...
...recent figures, Harvard’s endowment fell by 22 percent this year, which is forcing it to make large cuts in its budget. In recent months, the university has instituted numerous measures to tighten its budget, including a hiring freeze and a slowdown of its construction projects in Allston. It is clear from cuts such as these that Harvard needs to decrease costs across the board. As an educational institution, Harvard’s first priority is to maintain its academic standards through the recession as much as possible. This means that some workers who are not critical...