Today's WSJ FundTrack John Hechinger
and Craig Karmin
, take on the managers of the Harvard endowment, specifically how much those managers get paid. Hechinger and Karmin point out that at a time when Congress is taking a closer look at wealth at the elite universities, pay for Harvard's investment managers doubled. Mohamed El-Erian
, who recently became co-chief investment officer and co-chief executive officer of Pimco, was paid $6.5 million in the year ended June 30, 2007. Some Harvard professors have also questioned whether paychecks of this size are appropriate for a non-profit institution to be handing out.
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