Word: managerized
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Put these sums in perspective. The fund manager payouts of the last two years amounted to three or four percent of Harvard’s entire $2.5 billion annual budget, and nine to twelve percent of its annual payout from its endowment—all going to just six people...
In 1990, Harvard raised some eyebrows by paying $1 million to one of its fund managers. Through the ’90s, those pay numbers drifted up and up, to the point where Harvard paid its fund managers colossal bonuses (over $100 million for the two-year period ending in...
The University argues that they are simply paying these managers “fair market value,” based upon the compensation reportedly earned by leading private hedge fund managers. But should the university’s endowment be treated like private fortunes or treated as a public trust...
These fund manager payouts also send exactly the wrong signal to students who are deciding upon careers—and mark a dramatic symptom of unhealthy changes in American higher education since we went to college. When we entered Harvard in the fall of 1965, tuition was under $1800 annually...
We do not want our generation, which in the 1960s trumpeted its concern for social and economic causes, to lead America into a new Gilded Age—but that’s what’s happening, with Harvard leading the way. When University President Lawrence H. Summers spoke...