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Thursday, March 15, 2007

Swensen on Distributive Justice


'Harvard has to disclose how much it pays its top financial managers. In fiscal 2005, [Jack] Meyer earned $6 million, and two other managers earned about $17 million each.

Those figures — which had been higher in earlier years — drew sharp criticism from others at Harvard that the team was earning unseemly amounts, given academic pay levels.

[David] Swensen, the Yale investment chief who made $1.6 million last year and does not have any in-house managers, said he was not surprised at the friction. “Paying some people $35 million where others earn $35,000 tears at the fabric of an institution,” he said.'


---new york times---