Word: payout
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Smith said it would have been difficult to plan the cuts earlier, since the Harvard Corporation—the University’s chief governing body—did not announce the eight-percent reduction in the payout rate until March...
Smith said it would have been difficult to plan the cuts earlier, since the Harvard Corporation—the University’s chief governing body—did not announce the eight-percent reduction in the payout rate until March...
University officials said yesterday that they have reversed preliminary budget guidance that would have prevented new programs from tapping a recently created source of additional endowment funding in the next fiscal year. The decision to continue allowing new initiatives to benefit from the strategic payout program—which grants high-priority projects across the University modest increases in endowment funding—came shortly after schools received notice that only programs already receiving the funding would be eligible to use strategic payout funds next year. Former University President Lawrence H. Summers originally conceived the program to up the payout...
...firm can purchase a CDS on a company with which it has no direct relationship. Consequently, if a firm looks like it will fail, one can purchase a CDS on it so that when it collapses one receives the insurance payout. This incentivizes firms to work against each other and was one reason why Lehman Brothers collapsed. As the Financial Times asserts, “a house insured for more than its value is always considered a fire risk.” Healthy competition among banks is essential to a vibrant economy, but incentivizing the failure of banks...
...April 7 news article “Princeton Forecasts Endowment Drop” incorrectly implied that Harvard’s payout as a fraction of its endowment would decrease next fiscal year. In fact, that fraction will likely increase due to the projected 30 percent decline in Harvard’s endowment...