Re: [Pen-l] (Fwd) Begging the alumni: time for Schadenfreud

[raghu <mraghu01@xxxxxxxxx>]

On Wed, Dec 10, 2008 at 9:08 PM, Patrick Bond <pbond@xxxxxxxxxxx> 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
pen-l@xxxxxxxxxxxxxxxxxx
https://lists.csuchico.edu/mailman/listinfo/pen-l