Word: compensationitis
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Roosevelt accordingly assured Soviet Foreign Minister Vyacheslav Molotov in the spring of 1942 that he could "expect the formation of a second front this year." Stalin was momentarily mollified. But he was soon disappointed and then venomously embittered when it became clear that the U.S. would not open a second...
Certainly, the run of greed-inspired scandals beginning in 2001 with Enron has brought about meaningful changes. The accounting industry now has a federally chartered oversight board. Stock analysts are no longer permitted to shill for investment bankers at road shows. Bankers at Goldman Sachs can't talk to analysts...
Summers, whose University-owned home on Elmwood Avenue is not counted as part of his compensation, received $500,112 in standard compensation, $29,285 in benefits and $152,338 in other income, which included a $139,547 housing subsidy.
Marcus Samuels, senior vice president for international fixed income, pulled in $35,130,990, followed closely by David R. Mittelman, senior vice president for fixed income, who earned $34,072,169. All told, Harvard’s top six fund managers totaled over $100 million in compensation.
In the wake of criticism of the fund-manager salaries, the management company board voted to lower the cap on maximum compensation.