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...consider these issues to be directly related,” the letter says. “If Harvard can afford to pay over $50 million per year to a small number of financial managers, and if it does so because the Endowment has recently experienced excellent growth, it is clear that Harvard can afford to reduce more than $50 million per year from the ever-increasing cost burdens on current students and debt burdens on recent graduates...
...signatories—who also sent copies to the officers and reunion co-chairs of their class, Vice President for Alumni Affairs and Development Donella Rapier and Vice President for Government, Community and Public Affairs Alan J. Stone—leverage their financial power in the letter, threatening to curtail their giving to the University unless it reconsiders the issues they raise...
...Unless the University limits payments to financial managers to appropriate levels, stabilizes the costs for current students at the College, and reduces debt burdens on recent graduates, we see no reason why alumni should be asked for gifts,” the letter says...
Over two weeks later, neither Summers nor anyone else at the University has responded to the letter, according to Stone. He said a response would be forthcoming and declined to comment further...
Meyer said the letter failed to account for the improved endowment performance that such large bonuses generate...