Word: hmc
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Finance experts disagree on whether the top employees of Harvard management Company (HMC) should be paid their million-dollar salaries...
...investing the University's endowment, the top HMC managers earn several times more than Harvard President Neil L. Rudenstine. Last year, six took home a whopping $800,000 or more in compensation and benefits, according to tax records...
...HMC officials--Vice President Jon Jacobson and Dave Mittelman, senior vice president and director of fixed income development--were paid more than $1.2 million last year...
...University has resisted calls to reduce the salaries at HMC and distribute more of Harvard's money to outside money managers. Meanwhile, alumni and faculty members around the University chafe at the high salaries HMC pays for average to below-average performance...
...Harvard embarks on the biggest fundraising campaign in higher education history, we think the University's reluctance to reassess HMC's purpose and procedures in unfortunate. There has never been a better time for a comprehensive re-evaluation of the way Harvard manages its money...