On Wed, Dec 10, 2008 at 9:08 PM, Patrick Bond <[email protected]> wrote: > (Anyone else getting these feeble letters from the alma mater? Really, can > we not pass up such an opportunity to gloat? The college I went to was > ranked, at the time, #1 for undergrad economics in the US by the silly > magazine US News and World Report. I had great teachers like Bernie Saffran > and FM Scherer, my thesis advisor. But it took *political economy* to give > me any sense of why the Crash of 2008 was inexorable, and quite a lot of > deprogramming of neoclassical dogma went into that.)
A recent article reminded me of this earlier message from Patrick Bond: it seems that rich university endowments have all suffered massive losses this year. So much for the brilliant money managers at Harvard Management Co! http://www.bloomberg.com/apps/news?pid=20601087&sid=ahX3tZz6SLxw ------------------------------------------snip Harvard University, the world's wealthiest institution of higher learning, paid its five highest- compensated investment officers a combined $25.9 million to manage its endowment for the year ended June 30, before the fund plunged 22 percent. Mohamed El-Erian, the former president and chief executive officer of the school's management arm, who quit in November 2007, was paid $921,000, the Cambridge, Massachusetts, university said today in a statement. The highest paid investment officer was Stephen Blyth, the managing director for international fixed income, who received $6.4 million, according to the statement. Harvard on Dec. 2 reported that its fund fell $8 billion, or 22 percent, in fourth months. The school wasn't unique in taking losses because of the global financial crisis. Yale University, in New Haven, Connecticut, said its endowment fell about 25 percent, or $5.9 billion, and Swarthmore College in Pennsylvania had losses of almost 30 percent. Harvard's fund is overseen by Harvard Management Co., or HMC. -raghu. -- "Why is the man (or woman) who invests all your money called a broker?" - George Carlin _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
