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...they viewed as excessive compensation in a series of letters to then-President Lawrence H. Summers. Faced with unwelcome media attention, the HMC board voted in 2004 to impose lower pay ceilings for fund managers, and HMC President Jack R. Meyer, who oversaw the endowment's growth from $4.7 billion to $26 billion, left the organization the next year to start his own hedge fund...
Lewis largely blames the seven-person board and former President Larry Summers for Harvard’s current financial crisis—noting that the Corporation lost $3 billion by “gambling” with operating cash and making bad bets on interest rates, in addition to another $11 billion lost from the endowment. He writes about the Corporation’s notorious secretiveness (“Their meetings and agendas are unannounced, their decisions unreported”) and seeming invulnerability (“[They] serve for life if they wish and cannot be unseated by anyone except...
...will deter the U.S. from backing Taiwan's ability to defend itself. But the test does signal a ratcheting up of tensions between Beijing and Washington, and highlights the continuing paradox of a strategic rivalry between two of the globe's biggest trading partners. The U.S. imports about $1 billion a day in Chinese goods to fill the shelves of Walmarts from coast to coast, making it the second-largest U.S. trading partner after Canada. That's a far different relationship than the U.S. had with the Soviet Union, its last strategic challenger. China's test also highlights what some...
...Chinese media in recent days have been slamming the $1 billion sale of more than 200 Patriots and warning that it would chill relations with Washington. Tempers are likely to flare even more in coming weeks as President Obama meets with Beijing's Tibetan nemesis, the Dalai Lama, and as Taiwan's President Ma Ying-jeou visits...
...Pentagon spends nearly 10 times as much as China's official annual defense budget of $71 billion, although military experts believe Beijing's true military spending is substantially higher. But any commotion generated by the Chinese test is somewhat passé. Ballistic missiles follow a predictable arc through the skies that makes them relatively easy to target. But both China and the U.S. have developed low-flying cruise missiles designed to fly underneath such antimissile shields...