Wed 15 Apr 2009
An influential alum asked me last week how much Chief Investment Officer Collette Chilton was paid. I did not know, although I had some speculations about the total cost of the Boston Investment Office, which should be closed.
With this new data, my estimate for Chilton’s total compensation is $900,000 per year.
That is absurd. But I am just a class-warfare-loving, Obama-voting, wealth-spreading Eph. No need to pay attention to me on the topic of appropriate pay for financial professionals. What do I know? Professor Sam Crane notes that:
Morty’s approach to this crisis, and managing the college generally, is not economistic. Yes, he is an economist, and uses economics as a tool, one tool, in running things. But he also recognizes the place as an organic, human community and thus does not (and I suspect will not) act precipitously, without regard for the complex interactions of the various parts of the campus. He’s a mensch. He respects what people do here, the full range of what people do here; David does not.
Perhaps. I look forward to observing the “complex interactions” at the next faculty meeting where at least some professors might wonder how Williams can afford to pay millions of dollars to decidedly unimpressive Boston-based financial bureaucrats while faculty/staff salaries are frozen. Should be fun!
I tease Sam a bit. I hope he doesn’t mind.
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