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...growth in the endowment has clearly benefited those who managed it. Since 1991, Bok’s final year as University president, their pay has risen 10 times faster than the endowment itself. Following his retirement, fund managers began receiving million-dollar bonuses. By 2000, those blossomed into eight-digit bonuses—two years ago topping $35 million paid to a single manager. Two months ago, Harvard announced $57 million in bonuses for six fund managers, five of whom no longer worked at Harvard...
These tuition costs, and the debts required to meet them, can have lifelong impacts. They force many recent graduates to work for top dollar, making it far more difficult for them than it was for us to enter public service, teaching, the arts, or wherever else their ideals and education might lead them. Through the last decade, for just a fraction of what Harvard spent on fund manager bonuses, it could have frozen tuition at all its schools. For just a fraction of the recent (inflation-adjusted) growth in the endowment, Harvard could have forgiven the college and graduate school...
...Saudi Arabia, we have money, so not a lot of people think about democracy or politics. The government gives us so much. I don't worry about politics. I just like to see whether the dollar is going up or down, because the riyal goes up when the dollar goes up. I think about business. I think about the stock market. I think about the future - how can I live a good life? How can I have a good family...
...American public and trade deficits are the symptoms of the aggressive macroeconomic policies that have followed the 2001 recession. Left unchecked, they could degenerate into global “malign neglect” if investors’ faith in U.S. productivity is shaken, and, consequently, massive amounts of dollars are sold on currency exchanges. Given the predominant role played by the dollar in transactions and reserves in every economic region of the planet, the collapse of the dollar would risk causing a global financial crisis...
...Judicial battles - much like his continued control of a billion-dollar media empire, his loose tongue in diplomatic circles and even his recent hair replacement surgery - have helped set Berlusconi apart from most comparatively colorless Western leader. His supporters say the debonair, center-right politician has revolutionized the perennially gray world of Italian politics, carving out an influential role for his country on the world stage thanks to his rapport with the likes of Bush and British prime minister Tony Blair. His opponents, by sharp contrast, say Berlusconi puts democracy at risk with his myriad conflicts of interest and perennial...