Rewarding failure at Harvard's endowment

  @FortuneMagazine November 21, 2013: 8:54 AM ET
PRI09 harvard university

Each spring a familiar ritual plays out at Harvard University. The school reveals how much its endowment's top investment managers were compensated, and a small group of alumni and faculty complain about it (sometimes privately, sometimes to local media). It's usually a philosophical argument about how the money could be better spent on other things, or about the intrinsic offense of cutting larger checks to money managers than to educators.

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