Word: rauh
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Dates: during 2000-2009
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...years back, two finance professors at the University of Chicago set out to discover who was behind the spectacular rise in the very top incomes in the U.S. Steven Kaplan and Joshua Rauh quickly concluded that for all the outrage about the pay of corporate chief executives and their lieutenants, it didn't account for more than a sliver of the gains. And highly paid athletes and entertainers were too small in number to have much impact...
...gainers, Kaplan and Rauh found, were on Wall Street. At least 2,500 people at major investment banks made more than $2.5 million a year, they estimated, acknowledging that the actual figure was probably substantially higher. They couldn't nail down numbers for private-equity firms, hedge funds and other money-management outfits but concluded that their ranks and compensation had grown dramatically. The country's big law firms, many of them legal remoras attached to Wall Street, accounted for thousands more high earners. (See pictures of TIME's Wall Street covers...
Whether you think this is a problem depends on whether you agree with Kaplan and Rauh's assessment of the forces behind rising Wall Street pay. If it was all a market phenomenon, it will now correct itself, as the financial sector's employee ranks and paychecks shrink to reflect the smaller pool of assets it has to play with. Overall income inequality is likely to drop sharply as well, Kaplan says...
Christmas came early for the Harvard Art Museum. Arts patron and former Harvard curator Emily Rauh Pulitzer has recently announced a donation of $200 million worth of art and an additional $45 million—historically, the Harvard Arts Museum’s largest ever donation. The $45 million will go towards the costs of renovating the Fogg Art Museum while the art, mostly twentieth century, will give Harvard’s curator another 31 pieces to display once the renovations are done...
...Harvard Art Museum received $45 million and 31 pieces of modern and contemporary art from long-standing arts patron Emily Rauh Pulitzer, a former curator at the Museum, University officials announced Friday...