Word: hmc
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...significant Harvard donor has demanded a public airing of the books at the Harvard Management Company (HMC) and said he will sue for the information if his demands...
...vituperative three-page screed interspersed with capital letters and an 85-word run-on sentence, Bennett called for immediate transparency at the HMC and a full accounting of fund managers’ salaries. The HMC said last month its six highest-paid managers received more than $100 million in salaries and bonuses last fiscal year...
...while Bennett’s exact numbers appear dubious—the top fund manager at HMC received $35.1 million last fiscal year—his dissent joins those of other vocal donors who have questioned the HMC salaries...
Bennett’s original $4-million gift, financed by the sale of his antique automobile collection in 1991, was placed in an HMC-managed charitable remainder unitrust, which pays a donor a fixed percentage of the trust each year for the rest of the donor’s life. Bennett was slated to receive five percent of the trust annually, with the entire trust going to Harvard upon his death...
Geoff P. Carens, who has worked in Lamont Library’s Government Documents section for 15 years and is a union representative with the Harvard Union of Clerical and Technical Workers (HUCTW), said the HMC fund manager salaries indicate that Harvard can afford to create more full-time jobs and does not need to lay off workers...