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First, while it’s true that high-risk investments have increased the endowment exponentially, the story doesn’t end there. Many people strongly urge slow, low risk growth for educational institutions. Careful growth discourages $35 million salaries for investment-portfolio jockeys, helps restore balance between the liberal arts and the sciences, and minimizes steep budget fluctuations (leading to better departmental planning and reducing cuts). Most importantly, it controls the viral hunger for ever-larger returns on capital—a hunger that subverts the university’s critical search for a “veritas?...
...Drexel Burnham Lambert Inc. from 1985 until the firm’s collapse in 1990. Before scandal struck, Drexel profited in the 1980s from selling junk bonds, but then Michael R. Milken, a trader under Joseph’s supervision, was imprisoned for 22 months and fined $600 million for violating U.S. securities law, according to Bloomberg News. While Joseph faced no criminal charges, he was banned for a time from assuming another position as a Wall Street CEO, according to Portfolio.com’s “Worst American CEOs of All Time” list, on which...
This year, 58 third-year students signed up for the initiative, which has a budget of $3 million per year for a five-year period ending in 2012, according to Lafler. About 50 to 60 students entered public service after graduation in previous years before the start of the tuition waiver...
Minow also announced that the school will allocate an additional $2.7 million to cover financial aid costs, despite Harvard’s 27 percent endowment investment loss during the 2008 fiscal year, which resulted in a $2.5 million drop in financial aid funding from the endowment going to the Law School...
Normal is a relative term. Houses inside Isleworth's 600 acres, 45 miles southwest of Orlando, Fla., cost between $2 million and $8 million. Aside from Woods, perhaps the wealthiest and most famous golfer in history, homeowners have included sports legends like NBA superstar Shaquille O'Neill, movie stars like Wesley Snipes and tycoons like Planet Hollywood creator Robert Earl. The development is ranked the world's No. 1 luxury golf community, and the Mediterranean-style country club is a massive 89,000 square feet. Isleworth has its own private security force with marked patrol cars and fully staffed guard...