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...letter fails to recognize that there is a direct connection between bonuses and value added to Harvard,” he said. “If you don’t pay the $17.5 million bonus, you don’t get the approximately $175 million in value added—so their math is a little perverse...
...letter “broadly rejects” the argument that Harvard is merely paying its managers market wages. Meyer, however, called the letter “dead wrong” on that point and said that Harvard is actually paying wages below market value...
...letter also addresses the issue of rising tuitions and other student costs, urging Harvard to apply its $19.3 billion endowment to help offset the growth of those expenses...
...spend additional Endowment earnings for the specific purpose of reversing this four-decades-long march toward an ever rising price tag for higher education that has become ever more burdensome to students and their families—not only at Harvard, but throughout the nation,” the letter reads...
Alexander said that Harvard should strive to show “moral leadership” by taking the lead on addressing rising student costs, and the letter pointed out that if Harvard were to take action, “other universities (and their alumni) would surely take note...