Harvard's endowment just can't get (or at least keep) good help anymore
This just in from the W$J:
Mohamed El-Erian, head of the company that manages Harvard University's $35 billion endowment, is resigning from that position to return to Pacific Investment Management Co.
Mr. El-Erian will start at Pimco in January as the Newport Beach, Ca.-based firm's first co-Chief Investment Officer and Co-Chief Executive Officer. The move puts the high-profile investor in position to be heir apparent to Pimco CIO Bill Gross and Pimco CEO Bill Thompson. Mr. El-Erian headed the giant bond-fund manager's emerging-markets fixed-income team prior to being hired to run Harvard's endowment.
Mr. El-Erian's surprise move comes barely a year and a half after he started at Harvard, which boasts the nation's largest college endowment.
This after the hugely successful Jack Meyer and several of his top deputies bailed in 2005, in part because he was sick of getting so much flak from faculty about his big paychecks. El-Erian hadn't gotten much flak so far, but he will presumably get a bigger paycheck, plus better surfing, out at Pimco. And Yale, where endowment-chief-for-life David Swensen is content making a mere $1 million or so a year, will keep laughing all the way to the bank.
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1
I think universities should be ashamed of themselves for having endowments.
Education is for the benefit of the people. All universities hould be not-for-profit organizations. What sense does it make to claim to help better people's lives when many people cannot afford to go to the school or end up in hudreds of thousands of dollars in debt upon graduation? These universities are no better off than big corporations that hand out small charitable gifts while collecting billions.
This money is just siiting in a bank and collecting interst. How about using some of that money to allow people to go to school for free?
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2
Harvard and Yale both do allow lots of people to go to school for free, via very generous financial aid programs for undergraduates. Of course, their endowment income is so great that they could probably afford to give every last student a free ride. But it's not as if they're doing nothing with the money.
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3
"Harvard and Yale both do allow lots of people to go to school for free, via very generous financial aid programs for undergraduates."
They didn't pay for me to go there!
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4
Their loss.
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