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...want to stay at the top of their field, through all kinds of market cycles and economic conditions,” she wrote. Because of the recent losses in the endowment, HMC has drawn renewed criticism from some alumni, who called for the University to withdraw the multi-million dollar bonuses paid to top managers in a letter to University President Drew G. Faust. Former endowment chief Mohamed A. El-Erian and his five highest-paid associates received a total of $26.8 million in compensation for the year ending last June. In 2003, the same group of alumni from...
Part of the president’s decision should be understood as a well-timed political move. The month of January witnessed accumulating reports of multi-million-dollar bonuses, corporate retreats, and profligate spending in corporations either receiving or courting federal bailout money. Then it was confirmed that Wall Street employees had received $18.4 billion in bonuses for 2008, in spite of dismal performance for banks as a whole. Meanwhile, the Obama administration, riding on a wave of high ethical expectations, has faced embarrassing criticism for political appointees accused of tax evasion and misuse of corporate privileges. Between declining consumer...
...however, cannot be immense, mostly because the Treasury provisions have a narrow application. First, the provisions will not apply to the $350 billion of bailout funds already spent or allocated. Second, the provisions bypass large-time traders, brokers, and consultants, whose salary and bonuses often surpass the half-million-dollar limit. Third, healthier banks receiving funds through the Troubled Asset Relief Program will be effectively exempted from the provisions. Finally, the Treasury’s directives for increased financial transparency may pressure companies to reduce luxury spending, but they cannot entirely eliminate...
...group of researchers involved in planning for the liquefier was notified by Dean of the Physical Sciences Jeremy Bloxham that the project had been postponed indefinitely—a decision made jointly with SEAS, whose interim dean, Frans A. Spaepen, pointed to the machine’s multi-million dollar price tag as the reason for the decision...
...SEAS is slated to have a major part in the new Wyss Institute for Biologically Inspired Engineering, funded by a $125 million dollar donation and touted as a part of the Allston science complex that would strengthen the University’s nascent engineering efforts...