Word: alumni
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...small group of alumni from the Harvard Class of 1969 renewed its criticism of compensation paid to University endowment managers in a letter sent to President Drew G. Faust yesterday, citing the nearly 30 percent investment loss sustained this past year...
...This unprecedented loss is treated as a rather small blip on a generally upward curve, giving us little confidence that Harvard is addressing the scope and nature of the current problems,” the nine alumni wrote. They said that the University’s annual financial report, which was released on Friday, “fail[ed] to acknowledge any fundamental mistakes or to suggest any major changes in the way the endowment is managed...
...compensation for HMC’s president and top five officials totaled $26.8 million. In 2003, when managers were paid $107.5 million, many of the same alumni issued sharp protestations—which reportedly disgruntled many HMC managers and motivated them to leave Harvard to found private firms...
...managers of the Harvard Endowment...shared—indeed, led the way—in many of the practices that have brought us all to this pass,” the alumni letter said. “We think Harvard University can now take the lead in finding a way out, if it chooses...
...also voted in support of developing an official alumni organization...