Harvard portfolio managers' pay drops

The Boston Globe reports:

Harvard Management Co., which invests the university's giant $25.9 billion endowment, paid its top six investment professionals a total of $56.8 million for the year ending June 30, a 27.6 percent drop from the $78.4 million earned by the group in the prior year.

The smaller payouts reflected a slightly lower endowment return in the university's fiscal year 2005, and the holding back of portions of departing executives' bonuses that were based on incentives for future performance, said James F. Rothenberg, the treasurer of Harvard University and chairman of the Harvard Manage-ment board.

Harvard's top-paid money managers again were David R. Mittleman and Maurice Samuels. Mittleman pulled in salary and benefits of $18 million for fiscal 2005, down from $25.4 million a year earlier, while Samuels pocketed $16.9 million, down from $25.3 million.

It was the final year at the endowment for five of the six executives who, led by former Harvard Management president Jack Meyer, left in September to form Convexity Capital, a private hedge fund that will manage up to $500 million of Harvard's assets. Meyer's paycheck was $6 million last year, down from $7.2 million a year before.

If you'll notice tuition isn't going down.For all you parents of Harvard students,notice how Harvard has almost 26 Billion dollars growing tax free and they don't want to help with the $38,000 bill.But heh, those Pell grants and student loans make the Harvard money machine even better.As we've said before, Harvard doesn't seem to want to pay its' fair share but wants you to.Libertarianism for Harvard's endowment and John Rawls socialist philosophy for your pocketbook.One of the best scams going today.Rent-seeking at its best.