Word: compensationitis
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The group of alumni who in 2003 led a successful charge to reduce what it termed “excessive” multi-million compensation for Harvard’s money managers has renewed its push for lower pay in light of Harvard’s plummeting endowment value.
The group, which first protested Harvard money manager compensation in 2003, when Harvard Management Company paid its top officials a total of $107.5 million in salaries and bonuses, wrote in a letter to University President Drew G. Faust that “it is unquestionable [that managers] collected hundreds of...
In response to the alumni letter, University spokesman John Longbrake wrote in an e-mail that senior management compensation “reflects industry standards [and] saves significant money for the university, relative to the costs of external investment management.”
Last year, compensation for HMC’s president and top five officials summed to $26.8 million for the fiscal year ending June 30—a 20 percent increase from the previous year, but a marked drop from that of five years earlier.
Revisiting Ariel Sharon v. TIME In his "To Our Readers" letter, managing editor Richard Stengel asserts the honesty of the magazine in its coverage of the Middle East, saying, "People still recall the libel suit we won against Ariel Sharon in 1985" [Jan. 19]. For the sake of fairness, I...